The market's overall movement for the near term could continue to be basically flat

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The Zurich Investment Group Newsletter   U.S. Market Update  .Global Quantitative Strategy Monday March 25, 2002. Mark Zuckerman Managing Director Research Zurich Investment Group E-mail Market Comment The market appears to be working hard to do something but remains stuck in a range. The DJIA and Nasdaq both have good support and resistance levels within a few percentage points either way, and although the market may look volatile on an intra-day basis, the overall movement for the near term could continue to be basically flat for some time, in our opinion. [for more subscribe here] -U.S. Market News NEW YORK -- The Dow broke a five-week winning streak as investors braced for the first-quarter pre-announcement season, which kicks into full gear over the next couple of weeks. [for more subscribe here] _Asia Market News TOKYO- Fears over the government's reluctance to take additional anti-deflation steps dampened Tokyo's market sentiment, sending stock prices sharply lower Friday. [for more subscribe here] _Europe Market News LONDON - After more than a month, where all signs pointed to recovery, investor enthusiasm seems to be waning as markets struggle to break out of their current trading ranges. [for more subscribe here] _Taiwan Market Update 1. Local consensus is for the TAIEX to range between 5,900 and 6,250 this week. Taiwan's economy is in a strong cyclical recovery phase. Taiwan's leading economic indicator (LEI) due out this Wednesday, forecast to continue rising. U.S. economic figures due out Tuesday, March 26 -- durable goods and consumer confidence. Thursday, March 28 -- final 4Q 2001 real GDP growth number out. 2. Taiwan domestic mutual funds average equity holdings 81.0% (up 0.54 percentage point); OTC funds average 87.0% (up 0.78 percentage point), as of March 22. No major change week-on-week. [for more subscribe here] DOWJONES 10,427.67 -52.17 -0.50% NASDAQ 1,851.39 -17.44 -0.93% NEWZEALAND 2067.71 +7.73 +0.38% TAIWAN 6178.08 +37.66 +0.61% HONGKONG 10863.07 0.00 0.00% FTSE100 5250.50 -2.80 -0.05% NIKKEI225 11261.11 -83.97 -0.74% AUSTRALIA 3377.40 -4.20 -0.12% Equity Analysis James Morgan Senior Analyst E-mail The recovery is "different" in that it is front-loaded, the inventory drawdown exceptionally severe and it is more likely that consumption will slow rather than accelerate. Specifically, top of the list is the "upside- down" behaviour of US consumer spending. Next comes the almost unprecedented severity of the global inventory run-down last year, when 9/11 caused an abrupt reduction of activity in many sectors on top of large cutbacks that had already been implemented. Also on this list of special factors is the way that the tech sector led the world economy down last year. [for more subscribe here] Market Report Monica Marais Senior Analyst E-mail - Growth Stock: HOLD-rated SLR reports 2Q EPS at bottom of its range. - Value Stock: Reiterating BUY on Ford and $22 target price. - Value Stock: Increasing target price on BUY-rated HCP to $45. - Value Stock: Raising target price on BUY-rated BR to $51. - Utility Scope: Raising price target on BUY-rated PGN to $55 from $50. [for more subscribe here]   Equity Analysis Joseph Wong Senior Analyst E-mail Companies Included CHKP Nokia's move would favorably impact CHKP's top line growth while supporting its high margins. FNM Bi-partisan legislation was introduced late Wednesday that would repeal Fannie Mae and Freddie Mac's exemption from SEC requirements. FRE Bi-partisan legislation was introduced late Wednesday (March 20) that would repeal Fannie Mae and Freddie Mac's exemption from SEC requirements. [for more subscribe here] Zurich Investment Group E-Mail Center subscribe or unsubscribe to Newsletter at Zurich Investment Group Ltd. ________________________________________ Copyright © 2002 Zurich Investment Group Ltd. All rights reserved. Zurich��궰�ιq�l�l�󤤤� �n�O�P���n�O �s�D�q�T�Ш�Zurich��궰�� ________________________________________ ���v�Ҧ�2002�~Zurich��궰��