Stocks dip a little at openingThe stock market declined...

BUSINESS DIGEST

September 23, 1992

Stocks dip a little at opening

The stock market declined slightly today in the wake of yesterday's broad setback. The Dow Jones average of 30 industrials slipped 2.70 to 3,278.15 in the first half-hour of trading. Losers held a narrow edge on gainers in the overall tally on the New York Stock Exchange. Big Board volume totaled 26.09 million shares as of 10 a.m. on Wall Street.

Analysts said buying interest was muted by continuing uncertainty over the international outlook for interest rates and currency markets. On the domestic front, they noted, investors have been bedeviled by both earnings worries and the election campaign.

GM scales back production

General Motors Corp. said yesterday that it has scaled back this year's North American production plans by more than 100,000 cars and trucks, mostly because of its expectation of a slow recovery in the U.S. economy.

GM said it forecasts production of 897,000 cars and trucks in the third quarter, 79,000 units below its previous estimate. Of the reduction, GM said 48,000 units are a result of lost production at several facilities because of last month's strike at its parts plant in Lordstown, Ohio.

Aug. budget deficit $24.7 billion

The shortfall between the government's spending and income was $24.7 billion in August as the annual budget deficit moved steadily to record heights, the Treasury said yesterday.

In the first 11 months of the fiscal year that ends Sept. 30, the deficit has swollen to $295.6 billion from $262.6 billion in the first 11 months of fiscal 1991. It already has superseded the fiscal 1991 record deficit of $269.5 billion.

Mexico rejects new NAFTA talks

President Carlos Salinas de Gortari said in a television interview that Mexico will not renegotiate the North American Free Trade Agreement now awaiting legislative approval in the United States and Canada. "No renegotiations. This is a very good agreement -- good and serious for the three countries," he said in an interview to be aired Sunday on the NBC network. NAFTA, which would knock down most trade barriers among Mexico, Canada and the United States, has come under fire in recent weeks in the U.S. Congress over job-loss and environmental concerns.

Fitch confirms A+ for BG&E

Fitch Investors Service Inc. confirmed Baltimore Gas & Electric Co.'s A+ rating on first refunding mortgage bonds and preferred stock yesterday. Fitch reported that BG&E has been able to cut costs and improve the performance of its nuclear power plant, eliminating the need to buy $350,000 in supplemental power a day.

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