Friedrich Sturm market report 21.03.03
The US $ in EURO
1,0530
What happened this week: The war is on and everyone can only hope it will not last very long and victims will be few. Since the decision is taken the general circumstances are starting to normalize. Stock markets recover from their massive losses, the USD is gaining further ground and oil prices have been temporarily falling, but remain extremely volatile. Thinking where we were just 10 days ago things look fundamentally much better with the exception, that a war is nothing good at all. The war and the SARS disease is weighing on the mood of many people and quite a few cancellations of trips are heard. Quite a few people claim, that they will not travel to Hongkong this year for that particular reason. We expect, however - as usual – that most will still change their mind when the event is really getting closer and the final decisions on the air tickets have to be made. By the way, there was also hide business during the week. Despite all negative news and influences, sales were once again reasonable. Most of the interest was again from shoe tanners.
