Saturday, August 29, 1998
World markets rout spreads tentacles
Global financial turmoil still raged on Friday as the impact of Russia's economic catastrophe showed no signs of a letup and continued to raise fears of a worldwide recession. Stock markets buckled again, although there were signs in Europe that share prices were steadying after Thursday's rout.
Russian bear tramples world stock markets
The Russian bear trampled through financial markets again on Friday with European stock markets following Asia and Wall Street into a downward spiral. German shares, which are heavily exposed to events in Russia, tumbled five per cent in early trade and that story was taken up as each bourse opened in Europe.
T-bills auction disolves wholly on central bank
For the second consecutive week, the 91-day treasury-bill auction held on Friday fully devolved on the Reserve Bank of India (RBI). The other short-term instrument -- the 14-day treasury-bill auction -- devolved on the central bank to the extent of 95 per cent. The response to the three-day fixed-rate repo was also feeble as the central bank mopped up Rs 734 crore.
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