Central Europe - the new frontier

Article Abstract:

Central Europe's stock markets are booming. In 1996, Hungarian, Polish and Czech bourses outperformed their counterparts in the industrial world. In US dollar terms, the Hungarian equity market rose by an impressive 128%, the Polish market by 63% and the Czech market by 24%. In contrast, the British and American markets grew only by about 23% and 20%, respectively. The bourses' robust performance has grown even stronger in 1997 with a burst of activity at the start of the year. Despite the fact the central European stock markets are still small and illiquid, there are indications of a brighter long-term outlook. Poland, Hungary and the Czech Republic are all pursuing reform, deregulation and liberalization. These economic measures, combined with solid economic growth and growing international interest, could bolster the stock markets.

Czech Republic, Poland, Eastern Europe, Hungary, Central Europe

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Bull market high hides economic low

Article Abstract:

The robustness of the stock market in Germany is in sharp contrast to the nation's gloomy macroeconomic situation. Since the start of 1997, the stock market has repeatedly broken previous records, with the DAX index expanding to 40%. However, the level of German unemployment skyrocketed to levels observed only during the international economic crisis of the early 1930s, without any sign of any abatement. Moreover, insolvencies have been rising, particularly in the former East Germany, where economic growth is anticipated to less be impressive than in the western region. The main driving force behind the growth of the stock market is the large companies, which were able to deal with structural difficulties, achieve earnings growth and, most importantly, gain significant inflow of liquidity without offering investment options.

Economic aspects, Germany, Unemployment

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Going to New York

Article Abstract:

The US capital markets attract foreign commercial enterprises because of their depth of funding sources, breadth of coverage, stability and tight regulatory supervision. There are currently about 1,000 non-US companies listed on American exchanges, up from just around 400 in 1992. US markets are just as eager to attract foreign companies. The New York Stock Exchange, for instance, considers it a top priority to increase its international business and plans to double the number of non-US firms listed on the bourse. The Nasdaq Stock Market, which currently lists 450 non-US firms, is also aggressively targeting foreign companies. Because the rules and requirements for gaining a US listing can be complicated, interested non-US companies are advised to seek the assistance of financial consultants, accountants and legal advisers.

Foreign corporations, Securities listing, Foreign business enterprises

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