Market focuses on speech to be made by Greenspan this evening.

Fed chairman Greenspan will make speech at 9:45 pm Hong Kong time on the subject of Currency Policies in Developing Economy. Market paid close attention to it and expected to get information about the possibility of advancing rate cut. Fed which had cut down 0.5% rate last week said close attention should be paid on the exist of mutation risk in economy. Market took it as a sign of advancing another rate cut. Consumer Confidence Index of the month to be announced after the speech of Greenspan also attracted attentions of the market for Greenspan reiterated that internal consumption ability was also an important index to evaluate US economy. Market expected Consumer Confidence Index to undergo consecutive 6th fall. An analyst at Wall Street predicted a fall of 2.3 pts from 106.8 pts in Feb to 104.5 in March. The analyst said if CCI saw weak performance as expectation, the possibility of advancing rate cut would be high. Actually, Anthony Santoero , executive director of Philadelphia Fed bank, said yesterday as soon as CCI fell consecutively, Fed should take immediate action to avoid worse situation. 

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