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Special Event

Millennium 2000: With Y2K Fears Alleviated, World Markets Soar

Aired January 3, 2000 - 5:06 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

LEON HARRIS, CNN ANCHOR: Well, now on to the other big story of the day: the world's return to business after an uneventful Y2K weekend. U.S. markets open up in a few hours from now and tests over the weekend showed no apparent problems.

CNN's Todd Benjamin joins us from London now with a look at how things are going around the world.

Todd, good morning.

TODD BENJAMIN, CNN CORRESPONDENT: Good morning, Leon.

It's off to a terrific 2000 for markets that are open today after having a great 1999. For instance, in 1999 Frankfurt was up nearly 39 percent and Paris was up 51 percent and Hong Kong was up 69 percent and they're starting 2000 in a partying mood again.

Some of the stocks on the move here in Europe, for instance, Deutsche Telekom, the big German telcoms company, it's up four percent. In Paris, Alcatel, the telecoms equipment maker, which also trades in New York, it's up 4.3 percent. SD Microelectronics , the big chip company in Paris, it's up five percent. It also trades in New York. And Cap Gemini, the information services company in Paris, is up three percent.

So a very strong start to the new year here. Let's go to the number for you. Right now the CAC-40 in Paris is up 119 points or two percent, that's a very bullish start. In Frankfurt, the Xetra Dax is up 1-1/2 percent or 107 points.

And in Asia, Asia was not left out of the party, Tokyo has closed but Hong Kong was open and it was on fire. Hong Kong up 2.4 percent -- rather up 2-1/2 percent or 407 points after making an impressive gain last year of 69 percent.

Now, China Telecom was a favorite today on that market, relief over the smooth running of the mobile network over the new year pushed its stock 10 percent higher. And Singapore hit its sixth record in seven sessions, up more than four percent, Y2K relief also helping there. And as I mentioned, Tokyo is closed, but it will reopen tomorrow.

No glitches in terms of trading on these markets related to the millennium bug; overall relief, the markets are moving higher, Leon. Back to you.

HARRIS: All right, thanks much, Todd Benjamin, reporting live this morning from London.

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