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CNN Live At Daybreak

America's New War: Turbulent Times for Markets Around the World

Aired September 21, 2001 - 08:49   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.
PAULA ZAHN, CNN ANCHOR: Let's turn now to Andy Serwer, who is the editor at large of "Fortune" magazine.

Quick reaction, the airline news, and then give a half hour preview look at what's going to happen in the markets today.

ANDREW SERWER, "FORTUNE" MAGAZINE: Well, the point about airlines I think we should remember is that this was a industry in distress, and that may be a little too strong, but it was not a very healthy industry before this. So tipping it over into this kind of really bad situation it's in right now, it didn't come from a position of extreme health to this place right now. So it's not a very good situation. The layoffs I think exceed 100 thousand people at this point, if you include Boeing. So it's an airline -- it's an industry that's going to require a tremendous amount help from the U.S. government.

ZAHN: Nine-thirty opening bell gets under way. What are we looking at?

SERWER: Yes. It's very hard to see anything positive at this point. The futures at one point on the Dow were down 500 points, which is unprecedented, a tremendous drop. The only good news there is we are at a triple-witching day, which means futures and options expire, so a lot of volatility, a lot of action there that may be distorting those figures.

Overseas markets are weak, the Nikkei was down 2.4 percent in Japan, and the markets in Europe are also down 5 or 6 percent at this time.

ZAHN: Well, you will be along for the ride all morning long. Thank you for the expertise, and we will routinely be checking in with you to give us your insights as to what is going on as we try to decipher what all those little numbers mean at the bottom of our screen.

Thanks, Andy.

SERWER: Thanks, Paula.

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