Nasdaq --- June (slow)
Asia Pacific market --- David (slow)
>> expect light west to southwest winds. high temperature is at 27 degrees celsius. a person familiar with air bus says the world’s biggest airplane maker made more planes for boeing in the second straight year. airbus delivered the 320 planes last year. boeing delivered 258 planes last year. airbus and boeing are both benefiting from a recovery in demand after its three-year slump. delta airlines cuts domestic ticket prices as much as 50% to win back customers from low-fare competitors. the third biggest airline dropped restrictions like saturday night stays. delta, a.m.r.’s american, united and northwest are facing competition from carriers like southwest airlines and air-tran holdings. those budget carriers have lower operating costs and are profitable with lower ticket prices. shares of the major airlines are down on concern that revenue may drop if they match delta’s fares. mixed news from two u.s. retailers after christmas. nordstrom’s says december sales rise greater than expected 9.3%. the upstale retailer benefitted from strong demand for luxury items. and circuit city, december sales fell 5.8%. the number two electronics chain failed to draw customers with discounts. nordstrom shares had the biggest gain in six months. circuit city’s 8% decline made it the day’s worst performer in the s&p 500 index. an index measuring the u.s. services industry expands at the fastest pace in five months. the december gauge of nonmanufacturing activity rose for a third month in december. the institute survey’s purchasing executives at companies including retailers, banks, and airlines. those executives say the orders are accelerating and they’re boosting inventories. u.s. stocks fall sending the dow jones industrial average to the longest losing streak since july 2002. take a look at how the bench marks closed --
>> julie hyman reports from the stockton.
>> the losing streak continues thus far in 2005. the s&p 500 down for a third day in a row. the s&p 500 down .4%. that brings losses now on the third day of 2005 to about 2.3%. the dow having the sixth straight loss. that’s the longest losing streak since july of 2002. it’s now down about 1.7% thus far in 2005. now in talking to investors, a lot of them talked about the hype that we’ve seen about 2005, thus far the optimism expressed by many investors, many strategists as well. indeed the investor intelligence survey which is on a weekly basis is down 62% and 21 bers bear. so some contrarian folks are saying maybe there is too much optimism and now people are pulling back and sort of rejiggering their expectations for 2005. we had a lost corporate news driving trade. we had a couple of important down movers. in fact, procter & gamble gaining after it was initiated at new coverage with a buy rating. analysts there saying among other things that they―that company has good presence in developing markets relate toist piers. also a.i.g. boosting the quarterly dividend by 67% to 12.50 cents a share. so the shares up a little over 1.5%. l.s.i. logic also did well in today’s session. it boosted the fourth quarter profit and said the problem is inventory buildup is substantially over. it was up 14% but dnl help other semiconductor stocks today. also we saw mixed trade in retailers, i should say in today’s session. nordstrom was higher after the december same-store sales rose 9% beating the own forecast. however, circuit city missed its forecast. the sales fell almost 6%. and office max fell today after the retail division president gary peterson did resign. so mixed trade on those. we’ll get more december same-store sales as we go through the week. i’m julie hyman, bloomberg news, at the stockton.
>> copper rebounds in tuesday’s losses, experiencing the biggest rise in seven weeks in new york trading. traders are optimistic demand will remain strong. copper rose 3.2% in trading in new york. the gains follow an 8.9% drop in tuesday on concerns the rising dollar and falling prices in china might signal declining demand for manufacturers. china aviation oil may ask creditors to forgive 60% of the company’s debt. people familiar with the plan say china’s monday ply may propose the debt writeoff within three weeks. china aviation survival depends on the plan’s approval by creditors including goldman sachs and others. that’s because they proposed $100 million bailout by china and singapore may not go ahead unless lenders accept a debt writeoff plan. they filed for bankruptcy after losing half a billion dollars on speculative oil trades. coming up, the dollar falls against the yen and falls after a three-day rally versus the euro. we’ll ask a strategist in boston why it’s losing its appeal.
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Listen Market briefing --- Cathy (slow)
Inflation --- Susan (slow)
Tokyo market --- Ron (slow)
>> welcome to blook live from hong kong. extensive coverage of the assume relief summit is in indonesia headed your way in this edition of “bloomberg live.” we’ll have live reports from jakarta. a preview an hour and a half from now. we’ll be hearing from the leading participants including the director general of the asian development bank in 50 minutes. and later, an administrator from the united nations development program will brief us on the state of current relief efforts. also coming up, market wrap from new york and live previews of today’s trading in asia from sidney, tokeyo, and hong kong. and we’ll be talking to a currency strategist live in 20 minutes, and a regional economist in 30. the dow runs its longest losing streak since july 2002. concerns the fed may raise the pace of interest rate increases sent the index to the sixth straight decline. the dow and s&p 500 both fell .3%. the nasdaq loses .8%. airline shares fell after delta airlines, the third biggest airlines slashed fares by 50%. one dow component managed to jump. american international rose after announcing its biggest dividend increase in 26 years. it raised the quarterly dividend by 67% to 12.5 cents a share. and the bond market , the two-year note yield held at the high ens since 2002 that is after a report showed the service industry expanded in december more than forecast. the i.s.m. services index rose to 61.3 in november. economists surveyed by bloom were expecting a reading of 61. asia stocks falling. toyota motor and sony declined. there is concern a sear riffs interest rate increases by the federal reserve will hurt demand for asian goods. the bank of new york’s indices atrack asian stocks. futures point to a lower opening. the dollar resumed the downward course in new york trading. the dollar fell against the yen and the three-day rally versus the euro. you are looking at the current market quotes on your screen. the japanese yen is 104.14 to the dollar. the euro 1.3263. the dollar dropped back as investors ignored more reports showing the economic strength than the focus on the big picture. the dollar dropped for three straight years from concerns that the current account and budget deficits are growing too wide. oil dropped after a surprise increase in u.s. fuel inventories last week. prices were up 4% yesterday. according to the energy department, heating oil rose two million barrels to over 121 million the week ended december 31. analysts were not expecting any change in inventories. temperatures in the northeastern u.s. are expected to average 10 degrees fahrenheit or 6 degrees celsius above normal through january 12. analysts say the mild winter may ease demand for heating oil. an index measuring australia services industries rose last month because of a pickup in holiday spending. australia’s jobless rate fell to a 28-year low in december boosting retail sales in asia pacific’s fifth largest economy. the nation’s treasurer expects 3% economic growth this fiscal year. the bank of australia released the index of australian services in 20 minutes. and to find out which australian stocks may be active to day, let’s go to david tweed, our stocks editor in sidney. good morning, david. how are australian stocks expected to trade this morning?
>> first of all, the indications are fairly mixed, i have to say. we’ve got the futures when they last traded up about three points. but the bank of new york a.d.r. index for australian shares was down about .6%. so a lot of direction there. the background of this, of course, is that yesterday mining stocks in australia were the big decliners on the index with b.h.p. falling. that was after an 8.9% decline in copper futures. in new york, trading overnight, those futures did rebound by 2.4% in the trading at around about $1.38 at the moment. the thing is, though, b.h.p. shares trading in london did extend their decline. they dropped 4% the day before yesterday. they dropped further .7% in overnight trading. and in new york, they also ended at around $14.86 which is below yesterday’s close of $14.99 in sidney. same thing for rijo. we saw the extension of the decline in london. i might just also add that gold is trading at a two-month low in new york of about 4 $427.30. so that is not a good time for our gold miners. and crude oil is also down 1.3%. just to point out that the oil has actually lost 22% since it reached the record back on october 25. cathy?
>> what about for shares of reliant’s mining? how are they expected to open after the takeover offer from consolidated minerals?
>> true. we’ve already kicked off on our mergers enacquisitions in australia. we did have that bid by consolidated minerals. consolidated minerals is a man ca knees producer. it strengthens steel. and they’d like to expand in nick which will is nickel prices tripled over the past three years. nickel, of course, is used to coat steel and make night stainless steel. the offer from consolidated actually values reliant’s shares at 11% above the close when they last traded on friday. so that’s what we’ll be looking for today, a jump of around that much. back to you, cathy.
>> i’ll see you later. thank you, david. in world news, the u.s. secretary of state visits some of the area’s hit hardest by last week’s assume disaster. bloomberg’s ron madison has more in world news in tokyo. good morning, ron.
>> good morning. u.s. secretary of state colin powell does get a first-hand look at the devastation in indough nearby yafment powell has been touring the assume-stricken areas with the president’s brother, florida governor jeb bush. powell said he had never seen anything like the destruction he witnessed.
>> i’ve been in war. and i’ve been through a number of hurricanes, tornadoes, and other relief operations. but i have never seen anything like this. flying over and seeing how the wave came ashore pushing everything in its path, cars, ships, freighters overturned all the way up to the foothills.
>> meantime 20 more americans have been added to the list of those killed in the south asian assume. the u.s. state department says that brings to 36 now the number of americans killed. another 3,500 remain unaccounted for. germany has increased its asian assume aid to $688 million. the increase makes germany now the biggest donor since last week’s disaster. german chancellor gare heart schroeder said his country is adding an additional $662 million to the initial commitment of $20 million. the money will be distributed over a period of three to five years. the aid is likely to be concentrated on slee sri lanka and indonesia. as many as two million victims of the disaster need food aid and another five million people have been left homeless. interact now, two bomb attacks leave 15 police officers dead. military officials say 10 police officers were killed when insurgents attacked a police academy in the town of hillah. al-jazeera says 20 were killed in that attack. another five police officers were killed in an attack on a checkpoint in the town of baqouba. cathy, that’s the latest look at world news, i’ll have another update in just a bit. back to you.
>> thank you for that ron. and a new year of competition is kicked off around the world. just ahead, we’ll tell chu company won the battle for contracts last year.
