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CNN Live At Daybreak
International Market Update: European Stocks
Aired June 23, 2003 - 05:18 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now to check the overseas markets and get a hint at what may be ahead for Wall Street. Let's head live to London now and check in with Todd Benjamin.
Welcome back.
TODD BENJAMIN, CNN FINANCIAL NEWS CORRESPONDENT: Thank you so much, Carol.
Hey, the markets getting off to a shaky start this week. The FTSE is actually down about a half percent, the DAX is off just a third of a percent, the CAC is off nearly 1 percent and Zurich's SMI is off 1 percent. Actually, the markets were off more, so they're coming back just slightly. Part of the reason may be the futures market in the U.S. is pointing to just pretty much a flat open for Wall Street right now. Some caution in the markets. No surprise, these markets have had a just fabulous run both in Europe and the U.S. Both the S&P, the Nasdaq and the Dow were all up last week.
And of course the big focus right now is what is the Fed going to do. Now they're starting a two-day meeting starting tomorrow. We'll get the decision on Wednesday. It's in the bag for at least a quarter point cut and rates are already at 1.25 percent, a near 50-year low, but many economists think it could be as much as a half point. And if that were the case, that would indeed be further good news for those looking for a mortgage.
Back to you. Have a great day.
COSTELLO: You too, definitely so. Todd Benjamin reporting live from London this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired June 23, 2003 - 05:18 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now to check the overseas markets and get a hint at what may be ahead for Wall Street. Let's head live to London now and check in with Todd Benjamin.
Welcome back.
TODD BENJAMIN, CNN FINANCIAL NEWS CORRESPONDENT: Thank you so much, Carol.
Hey, the markets getting off to a shaky start this week. The FTSE is actually down about a half percent, the DAX is off just a third of a percent, the CAC is off nearly 1 percent and Zurich's SMI is off 1 percent. Actually, the markets were off more, so they're coming back just slightly. Part of the reason may be the futures market in the U.S. is pointing to just pretty much a flat open for Wall Street right now. Some caution in the markets. No surprise, these markets have had a just fabulous run both in Europe and the U.S. Both the S&P, the Nasdaq and the Dow were all up last week.
And of course the big focus right now is what is the Fed going to do. Now they're starting a two-day meeting starting tomorrow. We'll get the decision on Wednesday. It's in the bag for at least a quarter point cut and rates are already at 1.25 percent, a near 50-year low, but many economists think it could be as much as a half point. And if that were the case, that would indeed be further good news for those looking for a mortgage.
Back to you. Have a great day.
COSTELLO: You too, definitely so. Todd Benjamin reporting live from London this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
