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MORE WOES ON WALL STREET AS ASIAN TROUBLES WORSEN

          Stocks "buckled Tuesday as investors grew increasingly
     fearful that sickly Asian economies would drive down
     corporate earnings at U.S. companies in the second half of
     the year," according to Gretchen Morgenson of the N.Y.
     TIMES.  The Dow lost 1.3% on the day, closing at 8462.85. 
     Tuesday's drop "came amid a raft of fresh and frightening
     world developments," including a Japanese report that that
     country's "worst slump since World War II was deepening." 
     That sent the Japanese yen "plunging to 147.27 versus the
     dollar, setting an eight-year low" (N.Y. TIMES, 8/12).  In
     DC, Bluestein & Sugawara write the drop came "amid mounting
     fears that Asia's troubles pose a serious threat to the
     earning power of U.S. corporations and, ultimately, the
     confidence of American consumers." Although the Asian crisis
     has sparked steep drops in markets "elsewhere several times
     since its onset a year ago, the latest bout of contagion has
     raised the prospect that its effects are rapidly becoming
     more global in scope" (WASHINGTON POST, 8/12).  
          TV SOUND BYTES: CNBC's Ron Insana: "Japan's economic
     conditions seem to be worsening rather than improving. 
     There are worries about Indonesia, Malaysia and other
     countries" ("NBC Nightly News," 8/11).  ABC's Bob Jamieson:
     "A new study links Asia's troubles to the loss of as many as
     100,000 U.S. jobs this year.  Wall Street is also losing
     confidence that Japan's new government will move
     aggressively to revive its economy" ("World News Tonight,"
     8/11).  Tom Schlesinger, A.G. Edwards: "People have to
     realize this is not going to be over quickly, and nobody can
     predict how long it's going to go on, how deep it's going to
     get" ("The Edge," CNBC, 8/11).  CNN's Rhonda Schaffler:
     "Analysts are now saying earnings fallout from Asia -- once
     thought to be a one or two quarter problem -- may spread
     into next year" ("Moneyline," CNN, 8/11).    

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