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Enron Mail |
Thought you would find that interesting.
-----Original Message----- From: Parks, Joe [mailto:Joe.Parks@enron.com] Sent: Tuesday, February 12, 2002 8:39 AM To: Fenner, Chet Subject: RE: Flows THIS IS AN INTEREST STATEMENT "foreigners want to add to their holdings of US assets when they already hold 11% of the US equity market, 21% of corporate bonds and 36% of the Treasury market?" -----Original Message----- From: Fenner, Chet [mailto:Chet_Fenner@bmc.com] Sent: Tuesday, February 12, 2002 7:43 AM To: Parks, Joe Subject: Flows In some of this morning's analysis w/r/t our discussion yesterday... * The net EUR/$ equity flow is Euro supportive currently mainly due to US buying in Euroland, the same is happening with US investors buying Japan. Net government bond flows are also US$ bearish both with Euroland and with Japan, the latter due to strong signs of Japanese repatriation still. * All this backs up what seemed a peculiar weakening of the US$ yesterday. For the remainder of the year the big question for the Dollar is will foreigners want to add to their holdings of US assets when they already hold 11% of the US equity market, 21% of corporate bonds and 36% of the Treasury market? * We know that the there is likely to be net FDI outflow from the US in 2003, with our pipelines suggesting a net US$46.2bn pending outflow currently the worst it has been for many years. It is noteworthy that FDI has funded around a third of the US current account deficits over the last 3 years, as important as, net equity inflow. ********************************************************************** This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you. **********************************************************************
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