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Special Event

Millennium 2000: World Financial Markets Celebrate Y2K with Record Run

Aired January 3, 2000 - 4:04 a.m. ET

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

JUANITA PHILLIPS, CNN ANCHOR: World financial markets are experiencing their first business day of the new millennium, and initial reports from the trading floor are glowing. Stock markets in Asia hit all-time highs, now Europe is on line, and the United States is going to follow soon.

Well, the London market is closed on Monday for the holidays, but CNN's Todd Benjamin is watching the worldwide markets from our bureau there.

Good morning, Todd, and it's my first opportunity to wish you a happy new year.

TODD BENJAMIN, CNN CORRESPONDENT: Happy new year to you, Juanita.

And the markets are still celebrating the new millennium, they're in a good mood. Frankfurt is back in record territory, it ended the year at record, and it's starting this trading year at a record. Frankfurt is up 1.6 percent, or 112 points. Among the stocks and sectors making gains there, chemicals, engineering, telecoms, and tech, which has been red hot last year, again, leading the way.

Paris is also in record territory. Paris is up two percent, or 114 points. Again, technology leading the way there.

London, of course, as you mentioned, is closed for a holiday, Zurich is also closed, they'll both reopen tomorrow.

In terms of Asia, well, not only did the Y2K bug not bite, but the markets are starting the new century in record-breaking form, relieved by the lack of millennium hitches. Investors took off this year where they left off last year, snapping up stocks, especially technology stocks.

Hong Kong's market closed up 2 1/2 percent, or 407 points, after making an impressive near 69-percent gain for 1999. China Telecom is a favorite today on that market, relief over the smooth running of the mobile network over the new year is pushing its stock 10 percent higher. And Singapore hitting its sixth record in seven sessions, it gained almost four percent, Y2K relief there also helping, tech and banking stocks leading the way. And the region's biggest market, though, Japan is still closed. It will reopen tomorrow. Juanita, back to you in Atlanta.

PHILLIPS: All right, thanks very much for that, Todd.

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