Pressure is growing in the financial markets for the U.S. to take overt action to stabilize the dollar even though doubts linger that it has fallen far enough to help redress world trade imbalances, economists and dealers said. Some experts believe that a half-point increase in the U.S. discount rate, preferably in conjunction with rate cuts in Tokyo and Bonn, would be enough to discourage sellers. But many fear that more drastic action, such as a U.

The glitter of gold has generated a three-way competition among the world’s largest futures exchanges for a 100-ounce contract for the precious metal. When the Chicago Mercantile Exchange (CME) re-introduces gold futures trading here Tuesday (at 9 a.m. CDT), it will go toe-to-toe in an uphill battle against the Commodity Exchange Inc. of New York (Comex), which brokerage executives describe as the world’s precious metals futures capital for institutional business.

The World Bank said it will provide Morocco a 125 mln dlr loan for a project intended to improve, expand and modernize its telecommunications network. The Bank said the project expects to satisfy about 80 pct of the demand for telephone service and the 100 pct of the demand for telex service by 1994. The total cost of the project is 647.5 mln dlrs, with the Office National des Postes et Telecommunications du Maroc providing 359.

The European Community is launching a 500 mln franc, 10-year bond fungible with its 600 mln franc 8-3/4 pct, April 7, 1997 issue, lead manager Banque Indosuez said. Co-lead manager is Bank of Tokyo International. The issue price of the new tranche is 96-5/8 pct. Fees are two pct, with 1-3/8 pct for selling and 5/8 pct for management and underwriting combined including a 1/8 pct praecipuum. Payment date of the non-callable issue is July 7, plus accrued interest.

The most likely reason for West German producers withdrawing white sugar from intervention stores is that they already have, or are reasonably certain of, obtaining European Community (EC) export licences for it, traders said. They were responding to EC Commission sources in Brussels saying West German producers have withdrawn most of the 79,250 tonnes of the sugar they put into intervention on April 1. The traders said it is also likely that French producers, who put over 700,000 tonnes into intervention, will withdraw a significant proportion of this for the same reason before they are due to accept payment for the sugar in early May.

Dry, warm weather over Western Europe sugar beet areas this week will allow planting to progress rapidly, private forecaster Accu-Weather Inc said. Sugar beet areas in Britain will be dry and warm Thursday and Friday while beet areas from France to West Germany will have dry, seasonable weather, becoming warmer. But damp, chilly weather will delay planting in all Soviet beet areas, it said. Eastern Soviet sugar beet areas were windy yesterday with rain and snow showers.

Iran’s navy commander warned that Iran would close off the Strait of Hormuz, entrance to the Gulf, if there was any disruption to its shipping or sea-bound trade, Tehran radio said. Commodore Mohammed Hoseyn Malekzadegan told a news conference Iran was ready to maintain security in the Gulf. But he added “If there is any disruption in the movement of our ships and our imports and exports, this waterway would not be left open for any country.

The U.S. M-1 money supply number to be announced next Thursday is expected to show one of the largest one-week increases in history, analysts said. The average forecast of economists polled by Reuters calls for a 17.7 billion dlr M-1 jump for the week ended April 20. Estimates of the increase range from five billion dlrs to 26.3 billion dlrs. “The M-1 surge will be very temporary. About two thirds of the increase is likely to be washed out in the following week,” said Kim Rupert, an economist at Money Market Services Inc.

Finance Minister Manuel Azpurua said today he will travel to Japan in mid-May to seek new credits for planned expansions in Venezuela’s state aluminum, steel and petrochemical industries. Azpurua told reporters he will be accompanied by Central Bank President Hernan Anzola and Director of Public Finance Jorge Marcano. ‘The idea is to hold meetings with Japanese economic and financial authorities, with the banks which have business and credits in Venezuela and with some of the Japanese companies already active here,’ Azpurua said.

Fresh tremors hit the northern area of the Indonesian island of Sumatra after an earthquake measuring 6.6 on the Richter scale yesterday and local officials told Reuters they fear flooding after a dam was cracked. Contacted by telephone, they said the area around the town of Tarutung, south of the city of Medan and about 560 km west of Singapore, was shaken by more tremors this morning. The dam on the Sigeon river is leaking and there is a possibility of flooding if it rains in the next few days before repairs can be made, they said.