Market briefing---Lane (medium)
Japanese market---Catherine (slow)
>> the maker of adidas sneakers and solomon ski gear is maintaining its 2003 profit forecast. adidas is the second largest sporting goods maker, and we are told increased demand in europe will offset loss necessary north america.
>> it makes us confident we’ll keep our promises. we’ve kept over the last 10 quarters all our promises. i’m confident that we will achieve our targets which is an earnings increase by 10 to 15%, and the sales increase currency neutral by 5%.
>> adidas is reporting second quarter income of 32 million euros, up from 25le a year ago. asian exporters may be among companies to watch following gains in u.s. stocks . catherine yang has more now from our tokyo bureau. catherine.
>> well, easing concerns of a slowing u.s. economy may help shares of asian exporters like south korea’s samsung electronics and japan’s canon. the bank of new york japan a.d.r. rose getting 70% of its revenue outside of japan. samsung derives about a fifth of its sales in the u.s. stable interest rates and further evidence of growth in the u.s. economy may mean increased for samsung’s computer memory chips and canon’s a.l. cameras. warnick coming says the u.s. and europe are coming out of recession, so stocks that have global exposure will benefit. chua soon hock is bullish about the japanese markets as well saying money will shift from bonds to stocks in a couple of weeks. the nikkei 225 index has fallen 6.7% since it reached a 2003 high on july 9th. n.t.t. docomo may rise as it reports quarterly earnings for the first time. american depository receipts of docomo rose more than 2%. its parent ntt gained more than 1.8%. the world’s second largest mobile phone open ray are expects to earn 618 billion yen this fiscal year. it released new handsets, cut calling rates, expanded overseas launched global roaming for customers in the last three months. mark berman expects docomo to meet its full year forecast. he says their overseas investments are getting better and he has an outpr form rating. video makers sap the biggest maker of arcade video game makers said sales surpassed their forecast. seven eleven may move ahead of tokyo’s consumer confidence data. economists surveyed by bloomberg say consumer confidence in the nation’s capitol probably rose .6 points to 41.2. lane.
>> catherine, the first question that comes to mind is can you get a slurpee in tokyo from seven-eleven japan. the central bank announces its monetary decision. what’s expected there.
>> the bank of japan will probably refrain from adding more cash into the economy, lane. economists told bloomberg the central bank will leave the monthly purchases of bonds unchanged at 10 billion dollars. they also said the bank of japan will keep unchanged the upper limit of the target for reserves. so i’ll watch retailers, phone and dollar sensitive shares in asia, lane. back to you.
>> all right. thank you very much. catherine yang in tokyo. global coverage of tokyo continues live at 6:00 p.m. time.
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