Return to Transcripts main page
CNN Live At Daybreak
International Market Update: European Stocks
Aired October 03, 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 for a glimpse into what it might be like on Wall Street later today. For that, as usual, we head across the pond to London. Todd Benjamin is standing by -- good morning.
TODD BENJAMIN, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol. Not a bad day here in Europe, considering it was just a lackluster performance on Wall Street yesterday. The markets here up just about two tenths of 1 percent.
Right now you've got the FTSE in London here up a third of a percent. The DAX and the CAC up about three-quarters of 1 percent. And Zurich's SMI is up about a half of 1 percent.
You have friends who are traveling in Europe, the euro is at -- right around that 1.17 (ph) level against the dollar. And the pound here in the U.K. is at 1.67 (ph). So it's a lot more expensive to travel to London these days than it was last year, for instance.
And in terms of the big focus for the U.S. markets today, it is the employment report. Now U.S. September jobless rate is seen rising to 6.2 percent from 6.1 percent. The number of Americans losing their jobs expected to be about 25,000. That would be an improvement over last month when it was more than 90,000. Nevertheless, as you are well aware, Carol, you know this jobless recovery that we have been having has been weighing on consumer confidence. It certainly hurt consumer confidence in the latest month.
And politically, it's also hurting Mr. Bush in the opinion polls. And with an election 13 months away, he knows he has to start having some sort of job creation. But it's been very tough, first of all, because the economy had been weak. Even though it's improving now, businesses are very cautious to start hiring on workers until they are confident that the recovery is here to stay. And the other thing, of course, you know a lot of jobs have been lost to cheaper nations with lower wage bills as well as improving productivity. So you add it all up, it's a tough thing to try and fill that hole.
Back to you.
COSTELLO: Yes, a lot of people out of work these days.
BENJAMIN: Absolutely.
COSTELLO: Todd Benjamin, many thanks, 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 October 3, 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 for a glimpse into what it might be like on Wall Street later today. For that, as usual, we head across the pond to London. Todd Benjamin is standing by -- good morning.
TODD BENJAMIN, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol. Not a bad day here in Europe, considering it was just a lackluster performance on Wall Street yesterday. The markets here up just about two tenths of 1 percent.
Right now you've got the FTSE in London here up a third of a percent. The DAX and the CAC up about three-quarters of 1 percent. And Zurich's SMI is up about a half of 1 percent.
You have friends who are traveling in Europe, the euro is at -- right around that 1.17 (ph) level against the dollar. And the pound here in the U.K. is at 1.67 (ph). So it's a lot more expensive to travel to London these days than it was last year, for instance.
And in terms of the big focus for the U.S. markets today, it is the employment report. Now U.S. September jobless rate is seen rising to 6.2 percent from 6.1 percent. The number of Americans losing their jobs expected to be about 25,000. That would be an improvement over last month when it was more than 90,000. Nevertheless, as you are well aware, Carol, you know this jobless recovery that we have been having has been weighing on consumer confidence. It certainly hurt consumer confidence in the latest month.
And politically, it's also hurting Mr. Bush in the opinion polls. And with an election 13 months away, he knows he has to start having some sort of job creation. But it's been very tough, first of all, because the economy had been weak. Even though it's improving now, businesses are very cautious to start hiring on workers until they are confident that the recovery is here to stay. And the other thing, of course, you know a lot of jobs have been lost to cheaper nations with lower wage bills as well as improving productivity. So you add it all up, it's a tough thing to try and fill that hole.
Back to you.
COSTELLO: Yes, a lot of people out of work these days.
BENJAMIN: Absolutely.
COSTELLO: Todd Benjamin, many thanks, 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
