Tokyo bureau --- Gene (slow)
Market action in Europe --- Mark (slow)
>> citrus growers in florida say hurricane frances caused more than $2 million in damage to the state's crops. combined with damage from hurricane charley last month, losses for the state's sit riis stru exceeds $485 million, according to one trade group. the chief executive of the group is worried about longterm damage to the crop.
>> estimates are about 20% of the crop was hit by hurricane charley. hurricane frances was still, as you saw from the picture, having a difficult time getting into groves. got to move some water out first, so we're not sure what hurricane frances is going to do to us. but that 20% in this crop is probably pretty accurate and may move upward ads we move into the next couple of weeks.
>> citrus is a $9 billion annual industry in florida. now the state is bracing for ivan. florida has not endured three hurricanes in one season in 40 years. well, for a preview of next week's market action in the pacific rim, here's gene otani from our tokyo bureau.
>> in the new week here in asia pacific region, a series of economic releases from china will show how effective measures to cool the economy have been. the country's inflation rate probably accelerated to a seven-year high last month, putting pressure on the central bank to raise interest rates for the first time in nine years. economists surveyed by bloomberg say consumer prices likely jumped 5.4%. china may report inflation figures monday, along with export data. overseas sales growth likely slowed last month, rising 30% after a 34% gain in july. china may also say retail sales jumped 13.3% in august as rising incomes enable workers to buy more homes, cars, and computers. more clues about the state of china's economy may be revealed thursday when the government is expected to release fixed assets investment figures. investment in factories rose and other assets rose 31% in the first seven months of the year, suggesting government lending curbs failed to cool industrial capacity in july. in australia, business confidence probably rose in august after reaching a six-month high in the previous month amid signs economic growth is picking up pace. the data may add to expectations the central bank will raise interest rates this year. more than half of the 23 economists surveyed by bloomberg news say the bank will raise rates a quarter possibly by december. national australia bank releases its survey of 400 businesses on tuesday. and that's what's expected in the week ahead in the asia pacific region. now back to you.
>> and for a look at next week's market action in europe, let's bring in mark barton in our london bureau.
>> monday in europe, central bankers from the world's 10 richest countries meet in bass you will as investors await further signs on how the global economy is weathering high oil prices. european central bank president jean-claude trichet will attend, and he's expected to tell reporters surging oil prices won't derail the global recovery and that inflation risks may be rising. the g-10 bankers summit proceeds opec's vienna meeting on wednesday when ministers will discuss whether to boost oil output after oil prices dropped 11% from their record in august. the producer group's supply flow is already currently at a 25-year high. among economic reports on monday will be the u.k.'s producer price index for august, which may have risen amid those higher energy costs. also in britain, the office of the deputy prime minister releases its index of house sales for july. economists say it will probably show weakening price growth as five rate hikes by the bank of england take effect. in france, the july reading of industrial production in the euro zone, second biggest economy. and germany reports wholesale prices for august may show an increase from july. the corporate earnings, italy's likely to be busiest market on monday. bull gather expected to report a 20% gain in profit on higher sales of the world's third biggest jewelry. analysts say the rome-based company is benefiting from new product ranges, such as its diamond bracelets. italy's biggest defense company is expected to report a 91% drop in the first half earnings. and earnings are also anticipated from edison, the company's number two power company in britain. investors await fergs half earnings on monday in tullow.
>> mark barton, thanks very much. the judge overseeing a shareholder accounting fraud suit against halliburton has refused to approve a $6 million settlement. the u.s. district judge wrote in a 19-page opinion she has concerns the amount is not enough. she also said she was concerned that not all shareholders had been kept informed of settlement negotiations. the lawsuit deals with accounting practices in 1998 and 1999 when vice president dick cheney was c.e.o. of halliburton. well, reynolds america may have a tough time halting its loss of market share to philip morris u.s.a. and discount cigarette makers. the chief executive says reynolds is planning new marketing . it hopes to boost sales of its priority brands like cam and he will salem as sales of lesser known brands decline. but david dreman is skeptical. he says philip morris has a lot more money to spend on marketing than reynolds. can't seem to get enough sports? there may soon be another 24-power sports channel. that's the idea behind espnu. we'll have more.
