Global Markets and Economic Update

FOREIGN STOCK MARKETS

Stock index trends in native currencies and in dollars adjusted for currency fluctuations. The dollar-adjusted returns are what U.S. investors would realize.

Source: Morgan Stanley Capital International

MEXICAN STOCKS

This week's trading has seen very low volume, most likely due to the upcoming Thanksgiving holiday and to investors taking a break after the market run-up that followed the debate between Vice Al President Gore and Ross Perot and preceded the House of Representatives vote on the North American Free Trade Agreement.

Standard & Poor's is expected to re-rate Mexico's government issues to investment grade within 10 months to a year.

The market could get a boost from new issues expected as a result of the increased interest in Mexico due to approval of the free-trade agreement.

Source: D.A. Campbell

SPOTLIGHT: POLAND

The first Central European country to undertake a transformation to a market economy, Poland is now recovering from three years of recession. In addition, the government has been forced to implement worker retraining programs and credits to small business to combat rising unemployment--now at about 14%.

Sources: Bank of America; World Information Services

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