From: Cy.Huang@f921.n720.z6.fidonet.org (Cy Huang)
Newsgroups: k12.ed.business
Subject: Educational finance
Date: Tue, 22 Dec 92 22:37:00 PDT
Organization: FidoNet node 6:720/921 - World Data Exchange, Taipei Taiwan

Andrew:
The idea about the billions contributed to the Government was from the Dec.7 issue of Forbes magazine. You may wish to make comments on the following weekly column about world's futures trading that I have writing for a local English press.


                        WEEKLY FUTURES MARKET
                    Dec.10 - Dec.17 REVIEW PERIOD


     Futures Contract                          Profit/Loss %*
     01/93 Crude Oil                                    +8.67
     02/93 Gold                                        +31.58
     03/93 Silver                                      +17.19
     01/93 Platinum                                     +7.41
     01/93 Copper                                      +24.67
     03/93 British Pound                               +38.58
     03/93 Canadian Dollar                              +7.41
     03/93 DMark                                       +42.59
     03/93 Swiss Franc                                 +15.70
     03/93 Yen                                         +47.39
     **    Taiwan Dollar                                -0.88
     03/93 U.S. Dollar Index                           -26.25
     03/93 Nikkei Stock Index                           -4.20
     03/93 S&P 500                                      +6.25
     **    Taiwan Stock Index                          -13.01
     03/93 U.S. Treasury Bond                           -6.17
     03/93 U.S. 10 year Treasury Notes                 -16.20
     03/93 Cocoa                                       -16.67
     03/93 Coffee                                       -1.88
     03/93 Cotton                                     -115.00
     02/93 Pork Bellies                                +40.74
     03/93 Sugar                                        +8.96
     01/93 Soybean                                     -12.73
     01/93 Soybean Meal                                +46.29
     01/93 Soybean Oil                                 -20.00
     03/93 CRB Index                                   +13.75

          Source:  Paul C.  Y.  Huang, Taipei.  Mr.  Huang
     specializes in economic-financial consulting, investment
     management, and training for professional financial licenses.
     Tel. & fax:  (02)729-0603. Internet: idpt199@tpts1.seed.net.tw

          ** These "equivalent contracts" are included here for
     comparative purposes.
          * Profit/Loss calculations are changes in Thursdays'
     closing prices relative to the respective exchange's initial
     margin deposit requirement of one futures contract.

                           ____________________

      Equity market and political uncertainty

      The relative weakness of Taiwan's equity market reflects the
      uncertainty of the outcome of the legislative elections in
      Taiwan on Saturday. Most of the aging legislators chosen 45
      years ago in elections throughout China were forced to retire
      last December. The new Legislative Yuan will be younger and
      more assertive. It will increase pressure on the executive
      branch on various policy issues. Moreover, the ruling
      Kuomintang is no longer as unified as it once was. The status
      of a strongman leader with a one-party state and a compliant
      legislature is at risk.

      Clinton's economic stimulus uncertain

      The futures market this week reflects the uncertainty whether
      Mr. Bill Clinton will adopt an economic stimulus after he is
      inaugurated as the new U.S. president on Jan. 20.

      The U.S.  trade deficit took a dive to $7.03 billion from $8.58
      billion in September, but many analysts believe that this
      monthly improvement is unsustainable.  More than half the
      export improvement came in jet aircraft, up by $526 million,
      and telecommunications, up $329 million, two volatile
      categories that rarely repeat their performance.

      More important, the economic slow down in the rest of the
      world, as forecast Thursday by the International Monetary Fund
      in Washington, means U.S.  export improvement is very likely to
      stall as other countries buy less.  While the gradual
      improvement in the U.S.  economy will be buying more imports.

      Moreover, new unemployment claims during the week of Dec.5 rose
      by 22,000 after dropping during the previous week.  The
      four-week moving average, however, continued declining to
      352,000, lowest in two-and-a-half years.

      Uncertainty in employment gains

      The U.S.  economy may be expanding modestly, even adding some
      jobs by the small and medium-sized companies, but big companies
      are continuing to cut.  A survey of more than 800 companies by
      the American Management Association found that one in four --
      like GM, IBM and Sears, Roebuck & Co.  -- is planning work
      force reductions by the middle of 1993.  This is the highest
      level since the research group began its survey six years ago.
      Moreover, the 45,000 private-sector jobs added to the economy
      in November, excluding government workers and people employed
      in the fall political campaigns, were about one-sixth the
      monthly rate during the 1983-84 expansion.

      Significance of gold's rise

      During the week, the substantial improvement in gold price
      accompanied by an increased total open interest reflects the
      continued uncertainty over the European Exchange Rate mechanism
      and the expectation of eventual worldwide economic stimulative
      polices for growth with inflationary risk as secondary
      consideration.

                         ___________________



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