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CNN LIVE EVENT/SPECIAL

America Strikes Back: Many Investors on the Sidelines Waiting for Wall Street's Reaction

Aired October 8, 2001 - 06:20   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.
LEON HARRIS, CNN ANCHOR: But first we want to check in with David Haffenreffer who's standing by in New York. He's got a quick check of the business headlines for us now.

Hi, David.

DAVID HAFFENREFFER, CNN FINANCIAL NEWS CORRESPONDENT: Hi, Leon. Hi, Catherine.

Well, Wall Street is expected to start today's session with some selling. This is in the wake of yesterday's military response to the terrorist attacks in the U.S. Stock index futures pointing to a sharp sell-off at the open of trading today but any response could be complicated by the Columbus Day holiday. The bond market is closed but the stock market is open.

Looking how investors overseas are reacting to the strikes, in Europe, London's FT 100 index is off its lows but still down about 1.1 percent. Frankfurt's DAX index in Germany lower by 2 percent. The CAC 40 index in Paris lower by 2.1 percent and Zurich's Swiss Market index down nearly 1.8 percent.

In Asia overnight, Hong Kong stocks tumbled about 3 percent on the day. Market watchers say while they were expecting military reaction, the timing of the attack was a surprise. Many worldwide investors are simply staying on the sidelines until they can see Wall street's reaction.

We're also keeping an eye on the oil market this morning. Analysts expecting crude prices to rise in the wake of the attack. In European trading, the benchmark Brent crude is up about 12 cents at $21.75 cents a barrel.

That is the latest in the financial markets.

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