Asia-Pacific Region --- Gene (slow)
European markets --- Mark (slow)
>> already. as promised, for a look ahead at what might be moving markets in asia-pacific region, gene otani putting to this report.
>> a busy economic week ahead for japan with industrial figures out wednesday, the consumer prices. industrial production probably rose .6% in august after stalling in july. exports were up for the first month in three, which probably encouraged manufacturers to raise output. rising demands has promised companies, including honda, to hire more workers. the jobless rate probably fell in july. and economists think confidence among japanese manufacturers has probably peaked at a 13-year high. the bank of japan survey is expected to rise from 23 to 22 in the previous quarter. japan’s six-year bounce of deflation shows no signs of coming to an end. the core consumer prices probably fell .2% in august from a year earlier. australia’s trade deficit may have narrowed in august from the second largest on record. rising demand from china and elsewhere is boosting demand for commodities. the deficit probably narrowed to $195 billion australian dollars to $2.9 5 billion in july. taiwan’s central bank may raise benchmark rate to the highests in two years. the government needs to lower rates to spur spending as exports to u.s., japan and china slow. the bank’s meeting is thursday. yainl’s economic growth probably slowed to 6.7% in the second quarter and production slowed from the record it reached a year earlier. g.d.p. is released thursday. and that’s what’s expected in the week ahead in the asia-pacific region. now back to you.
>> back to me and off to london we go for a preview of what will be moving european markets and my colleague, mark barton, has this report.
>> now coming up on monday, the german ifo survey may show a drop in business confidences amid rising unemployment and almost record oil prices. it kicks off a week of reports on confidence, manufacturing, employment and inflation that will provide investors with a good indication on the global economy state as we enter into the last quarter of the year. later in the week, figures from france will probably also show a fall in business confidences. the exception may come from italy where manufacturers’ confidences probably rose after the deal between al italia and unions. in the u.k., we get more information on the housing market . the british banker’s association releases mortgage approval data. economists say approvals probably fell in august as higher borrowing costs hit home. the bank of england has hiked rates five times since last november. in corporate news, a board meeting of karstadtqelle. they kick off a busy week for retailers, followed by a press conference on tuesday when a new chief executive will provide his strategy to improve profit. he may announce the sale of the mortgage bank and the closure of some unprofitable stores. on thursday, we’ll get earnings from one of karstadtqelle’s biggest competitor, h&m, likely to report higher third quarter profit as it cons opening stores. h&m says it expects sales to double in four years as it expands store space by 15% a year. among other retailers reporting in the week, house of fracer, kesa electrical posts first half numbers on wednesday, galleries lafayette with first half numbers on thursday and gordon brown speaks to the annual labour party conference in brighton on monday. all to come.
>> on we go. royal phillips electronic is the first europe―or the first of europe’s major chipmakers to join its u.s. and asian competitors in predicting slower sales t. company reduces its third quarter revenue forecast as demand waned, joining texas instruments and intel and taiwan semiconductor. rockefeller analyst jimmy chang expects another round of downwards estimate revisions from chipmakers on a slowdown in the third quarter.
>> this quarter is going to be relatively more muyed than usual. we’re just looking at the inventory correction right now. the next shoe to drop is pricing. because while buyers figure out that there is excess capacity, they want to renegotiate the pricing and, therefore, pricing will come down. and at the same time, capacity has been ramping up.
>> now other analysts, at least one, in fact, have said that global sales growth may slow to 20% in the second half down from 31% in the first six months of the year. agere systems planning to cut more jobs. the company’s already eliminating about 4,000 positions in two years. and now the maker of semiconductors for mobile phones says it will give us some details on those job cuts next week. agere has struggled to make money ever since it was spun off by lucent. 2001 customers postponed orders and licensing revenue has tumbled and the share price has, too. it’s down 23.2% today. major league baseball’s montreal expos may be inching to america. we’re going to have more on that story in money and sports. next.
