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Special Event

Millennium 2000: World Financial Markets Rally as Y2K Bug Fails to Materialize

Aired January 3, 2000 - 8:01 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, trading is under way in European markets, and so far it's been business as usual, with no Y2K worries in sight.

CNN's Todd Benjamin joins us now from London with an update -- Todd.

TODD BENJAMIN, CNN CORRESPONDENT: Good morning, Leon.

As you're well aware, there was a lot of apprehension going into this first trading day of the new year because of the Y2K concerns, but it proved to be unfounded, no glitches at all.

In Frankfurt, traders there reporting that everything is running smoothly. There is definitely jubilation in that market, the Dax going past 7000 for the first time ever. A lot of jubilation because there weren't any problems.

Also there's a lot of optimism that this will be a good year for Germany's economy and for Germany's companies in terms of earnings. So that's helping to push several sectors higher, including technology, and companies that will benefit from a growing economy.

Paris is also stronger, no Y2K glitches reported there, and therefore, people are relieved.

Let's go to some numbers for you. The Dax is up about 3/4 of one percent, above the 7000 level, as I mentioned, it's up 53 points, after gaining 39 percent last year. Paris is also in record territory, it just sailed past 6000 for the first time this morning, post-Y2K. Paris is up 1 3/4 percent right now, up 105 points, a very strong showing there.

Asia also had a banner day today, Leon and Colleen. Hong Kong was closed at a record, as you mentioned, it was up 2.4 percent, or 407 points. And Singapore, not to be outdone, was also at a record, up 4 percent, or 103 points.

London, Europe's biggest market, is closed, but it opens for trading again tomorrow.

Back to Atlanta.

HARRIS: All right, thanks much, Todd Benjamin in London this morning.

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