2000-03-15 Profit taking
Daily Brady Bond Trading Commentary
Wednesday March 15, 2000
Profit-taking ahead of the U.S. inflation releases and Tuesday's FOMC meeting sent emerging markets debt lower Wednesday.
The corrective move in tech stocks, rationally or not, has unquestionably had a negative impact on sentiment. Technically, the market appears weak at the moment. Crossover buyers of Mexico have been slower to materialize than the market anticipated, and dealers have all been the same way -- long. The theme of improving fundamentals being offset by burgeoning supply and external shocks continues to hold true, particularly for Latin debt, which is much more sensitive to U.S. interest rates.
Contributed by
Credit Lyonnais Securities (USA) Inc.
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