hong kong's hang seng is lower. in london, the ftse opened slightly lower.reet starts the day with the dow at 8163, its lowest since early april, after dropping 161 points yesterday. the nasdaq fell 41 points to close at 1746. >>> a federal judge has refused to fast-track appeals of general motors' sale. the decision pretty much clears the way for gm to sell its best assets to a government-controlled company, ending its brief stay in bankruptcy. product liability and asbestos groups are trying to block the sale down. >>> billionaire oil man, t. boone pickens is suspending plans to build the world's biggest wind farm in texas. instead, pickens plans to build three or four smaller wind farms in several different states. >>> ruth madoff has gotten her passport back. those close to the case, say it's a clear sign prosecutors do not intend to charge her in connection with her husband's multibillion-dollar ponzi scheme. bernard madoff was sentenced to 150 years in prison last week. oscar mayer has died. he's the third oscar mayer in the company. his father and gra

>> of course. >> reporter: to hong kong. >> is michael jackson coverage leading your newscasts in hong >> yes, it is. it's a really big thing. everybody's fighting how to get a spot. how to get a feed and everything. it's really big. >> reporter: these journalists agree, the eyes of the world will be on staples center, later today. >>> and the last global television event of this kind was the funeral for princess diana. an estimated 2.5 billion people watched that service from around the world. >> fascinating story. thanks, jeremy. >>> a public memorial for murdered nfl star, steve mcnair will be held thursday. police say the gun found at the scene, belonged to mcnair's girlfriend, who was also found dead. but they're not yet calling it a murder/suicide. more from diana alvear. >> reporter: he was an athlete with a big heart. >> the steve mcnair i knew, was a great person. >> reporter: news of steve mcnair's murder has stunned tennessee titans fans, who laid flowers and messages at the quarterback's restaurant. police say a friend discovered mcnair's body at a condominium on the fourth

investec asset management and benjamin pettily from lgt investment management coming to us live from hong kong. ben, do you think earnings will continue to support this rally we're seeing? >> i think so. in the near term, christine, we're looking for the equity markets to trade sideways to higher over the next month or so. you know, we had further positive news on the earnings front just an hour or so ago with credit suisse bidding the street. so i think on low volumes, equity markets in general can probably, as i said, trade a little higher. we're looking for the s&p 500 to peak out somewhere between about 1,000 or 1,100. but then i think you have to be a bit concerned about what the earnings outlook will be for

markets in japan, hong kong, south korea, shanghai, india, taiwan and singapore all showed significant gains. even bad news was good. the electronic giant sony posted a loss but smaller than forecast, so traders were upbeat. oil also jumped above $67 a barrel in asian trading this morning after jumping over 5% here on thursday. its biggest one-day gain since april. on wall street yesterday before a late-day dip in trading, the s&p 500 pushed to its highest interday level. the nasdaq briefly rose above 2,000 for the first time since october. ge's parent company of this network gave the dow its biggest boost on speculation from lawmakers that the company may not have to sever its finance arm, g.e. capital. that sent shares soaring nearly 7%. >>> also, fueling traders, the number of americans filing for unemployment last week was several thousand less than wall street expected. driving stocks today, the dgp report is due out. analysts show it will shrink the economy 1.5% from april to june this year. economists hope the slower rate of shrinkage will be a sign the economy may have hit bott

our first child was born in hong kong, so i didn't rush back. again, because there was this sense that the movement had kind of lost steam and still was computated in beijing. then on june 2nd, thousands of troops come running in from the suburbs dressed in military fatigues apparently unarmed and they get stopped because they don't really know what they are doing and they are not armed. the only thing that accomplished was to basically get all of beijing out of the streets again in the sense of agitating concern and then the next night-- >> and to make people feel perhaps a sense of falls power because they had stopped the troops the first time. >> so the next day they come in for real, the army comes in with real bullets and with guns and with tanks, and you know if the government put down a rebellion on june 3rd and june 4th is because they created it. i can prove that the intentionally created it by sending these guys out on june 2nd but, zhao was out of power by this point so he does not have any inside knowledge of this but, getting, readi

hong kong: a similar picture. across china, a reported half a million plus containers are parked-up.... redundant. while by the quaysides and around the coast, hundreds of cargo ships tread water, gathering barnacles. >>lin: export and import, both in and out through hong kong and china have been dropping quite significantly: depending on what parts you're talking about, between 10 to 15 to 20 to 30 percent. even singapore is 25 percent down. so i think the whole region is suffering because of the dependence on export related business. >>reporter: so there's no wonder that demand is down at shipyards....and at china's once booming container builders. this chongqing factory, with an annual capacity of 100,000 units, has laid off its workforce. it nowrents out the yard to customers with nowhere to park their boxes. >>mackie: stacks of containers like this help illustrate just how badly the industry is suffering. but acrosschina, there are over 80,000 companies engaged in one form of logistics or another - many servi

>>> not a good day to be outdoors in hong kong today as a fierce tropical storm unleashed heavy winds and drenching rain across southern china after hammering the philippines. flights were canceled or diverted. thousands of fishermen evacuated, and part of hong kong disneyland was forced to close. >>> to the world of sports now, the british open is the granddaddy of golf tournaments. it's been around since 1860, but for play whose compete in the open, the rule is usually the younger, the better. today long-time golfing legend tom wattson took a shot the breaking that rule. nbc's john yang has that story. >> reporter: it was one for the ages. two months shy of his 60th birthday, tom watson was the leader as he played the final hole of regulation play. on the path to his sixth british open and a place in the record books, the oldest player ever to win a major championship. watson hadn't won a major title since the 1983 british open and hadn't bon won a pga tournament since 1998. most of his play recently has been on the seniors tour. >> for tom watson to have almost won a major champion

. >> sus imitadores en hong kong como en otras partes del mundo y lo invitaron y en rusia el presidente, la raza o su procedencia , todos unidos para rendirle un tributo final a la distancia. esto no es la primera vez que el mundo ha perdido aÚn en figura, la tecnologÍa ha podido definitivamente a ser que este tributo sea nivel mundial. >> eso desde nueva york. en mÉxico dejÓ huellas imborrables, pronto sus dos presentaciones surgieron anÉcdotas que jamÁs ser olvidadas. entre ellas una que se explica cÓmo hasta una pequeÑa parte de su cuerpo serena en territorio mexicano. >> imitadores de michael jackson emularon a este hombre su despedida. bailaron en el centro solito de la capital del paÍs. >> ttbwuídsykph@h@h@ttbwuínyékÓ. >> su estilo de bailar nos hizo recordar esos momentos en los que, por ejemplo resortes y otros mÁrgenes importantes a 100 cosas parecidas. >> en mÉxico no sÓlo se enteró de las acusaciones de abuso sexual de un niÑo que luego desencadenÓ en su juicio, sino que una de las anÉcdotas este una caries estutu a punto de interrumpir sus presentaciones. >> tenÍa una dentad

i understood hong kong had an upturn. >> obviously the hopping kong market moved down quite sharply. it's benefitting from the sentiment in china. hong kong certainly leads the way. what we're seeing is a pick up in interest. a good proxy for genuine interest in the marketplace. there's no doubt that lack of supply allied to a significant turnaround in sentiment and a considerable markdown in values to start with have contributed to the sentiment in that particular area. >> quick word to viewers in the mideast. i see horrors in the middle east. what is the report there? >> not hope that things are going to turn around quickly in the middle east. >> simon, we'll leave it on that note. the chief economist at rick's. he did mention ben bernanke. the fed chairman defendants his actions on the financial crisis, saying he did not want to be the person who presided over the second great depression. bernanke making those comments after answering questions in a town hall forum this past sunday. bernanke tried to alloy concerns that the fed has too much power, saying he's answerable to the ame

asia in specific, markets such as singapore, hong kong and so forth. so it's fairly well spread and fairly broadly spread and at the same time, we have quite an allocation towards high yield, which is still benefiting from the risk trade. >> christian, it's interesting because in your notes, you say for the short-term invest in china. why? >> well, in short-term, i believe china has huge potential due to this massive stimulus package that the government issued. the companies that are exposed to internal demand will experience high sales and potentially a few years back -- i'm sorry, a few years ahead of this time. but on the longer term, we're more worried about china because the shift from the demand-driven economy to more of a consumption based economy will take time and it will take sacrifices for the gdp level. and as you know, on long-term gdp growth is closely correlated to earnings growth. >> do you not have any concern, christian, about investing in a market that's up over 70% this year? >> well b i'm fully aware of that. but still, i mean, if

frederick newman talking to us live from hsbc in hong kong.et's jump to india, we have the india business report. >> thank you very much for that. very flat in the indian markets. the broader markets are faring better. the mid cap index is showing a gain of 0.41%. some key indexes while flat, the broader markets were outperforming. the big story is that credit policy was announced about two hours back. the key rates are unchanged. the crr is unchanged at about 5%. the government is committed to provide liquidity to stimulate credit growth. they believe the risk to inflation remains but will contain it via monetary policy. that was the key highlights of the credit policy. there was no reaction from the equity market. everyone believed that the policy rates would not be changed. so the equity index markets are still absolutely flat. couple of stocks that are moving quite well. numbers came out yesterday on the operational front, opm is the highest it's recorded in the last five years. that stock surged ahead. real estate as an entire pack is doi

the size of the investment is around $200 billion hong kong dollars.nnouncement is likely to be made as as soon as as this week. citic is opened by citic international holdings. are better than expected earnings bring about a sustainable rally? stay tuned. >> reports that porsche may have accepted a buyout offer from its rival volkswagen. welcome to progressive.com. you must be looking for motorcycle insurance. you're good. thanks. so is our bike insurance. all the coverage you need at a great price. hold on, cowboy. cool. i'm not done -- for less than a dollar a month, you also get 24/7 roadside assistance. right on. yeah, vroom-vroom! sounds like you ran a 500. more like a 900 v-twin. excuse me. well, you're excused. the right insurance for your ride. now, that's progressive. call or click today. you all want to run your businesses more efficiently, so we've brought in a team of experts to help. one suggestion is to make your shipping more efficient with priority mail flat rate boxes from the postal service. call or go online for a free supply and up

la creatividad y la evoluciÓn de la mÚsica y del baile. ( ♪ mÚsica ♪ ) >>>sus imitador nosotros hong kongiones. muy al margen de la edad la raza o su procedencia todos unidoes para rendirle un tributo final a la distancia. >>> si bien es cierto no es la primera vez que el mundo ha perdido a una gran figura, tambiÉn lo es que la tecnologÍa ha contribuido definitivamente que este tributo sea a nivel mundial en harlem nueva york blanca rosa vilches univisiÓn. >>> tenemos que ir a comerciales una parte de michael jackson se quedarÁ en mÉxico para siempre. la esposa del presidente manuel celaya participar en una marcha a su paÍs y pudiera haber una soluciÓn a la crisis en honduras le diremos cÓmo. h@h@ h@tmúwwkph@@ ( ♪ mÚsica ♪ ) h@h@h@h@h@h@h@h@ del pop deja una huella imborrable donde logrÓ un rÉcord pero una pequeÑa parte de su cuerpo la dejÓ ahÍ, como nos complica etgdar muÑoz en la ciudad de mÉxico . ( ♪ mÚsica ♪ ) >>> imitadores de michael jackson e mucho la jackson emularonh@ ah@h@h@h@h@h mÉxico en noviembre de 1993 cuando ofreciÓ 5 conciertos eh@ crÍtico musical estuvo aqui >>> el esti

in hong kong, the hang seng shot up 372 points. >>> wall street breathe a sigh of relief with more signs the worst of the economic downturn has passed. investors were able to sustain a two-week rally, even in the face of downbeat corporate and economic earnings reports. the dow jones eked out a 15-point gain, which a couple of weeks ago, investors would have taken the money and run. the worst of yesterday's news was perhaps from verizon. the nation's largest wireless carrier reported a 21% drop in second quarter profit. it announced more than 8,000 job cuts before the end of the year. on the plus side though, government data showed new home sales. the fastest june increase in more than eight years. buyers are jumping on low interest rates and reduced prices and taking advantage of the federal tax credit for first time homeowners. as far as economic recovery, we'll find out more on friday. that's when the government reports on the second quarter's gdp. analysts say the economy shrank at 1.5%. it's not great but it's far better than the decline of 5.5% in the first quarter and 6.3% in the

taking a look at overseas trading this morning, in tokyo, the nikkei dropped 227 points, while in hong kongg seng was down 141 points. >>> worry about the health of the economy sent stocks skidding once again on tuesday. for more on that and all your early business headlines we're joined by geoff cutmore from the london headquarters of cnbc. good morning, geoff. >> reporter: hi, christina. it was the energy stocks that were on the skids really. that's right, it's worries about the economic story that are showing weakness for energy and industrials. we also got a print on nymex on the august contract. at the $62 a barrel level. so continued concerns. we'll be watching al coya very closely for news on just how much money they're making on this environment. the nikkei 225 closing wednesday's session low as investors fret. we were talking about a second stimulus plan, but we know that seems to be bogged down in agreements between the house and the senate in the united states. so that's something else for investors to weigh. ex ceo of aig hank greenburg getting a jury verdict in his verdict. a b

overseas trading, the nikkei was up 51 points and in hong kong, the hang seng surged 443 points. >>> wall street is hoping to pull off a five-day rally after jpmorgan chase gave it better than expected earnings. today more market heavy walths come out with their second quarter numbers. for more on that and all your early business headlines, we're joining the london headquarters of cnbc. good morning to you. >> reporter: hey, dan. that has been the case in the other days we've seen, it will be down to these heavy hitters, whether or not the market rally keeps going. ge, bank of america, all in the limelight today. jpmorgan's results better than expected, net profit jumping by 38%, far better than expected. credit loss is still a worry for the group. ibm's second quarter numbers were better than anticipated. what took markets by surprise was the forecast which was revised higher, 3% in afterhours trade. google made more money but even though revenue growth rose massively, analysts say expectations had been so high that shares fell by 3%. after hours they didn't give us an outlook but t

hong kong stocks jumped 2.5%.s. the nasdaq begins up 22. bank of america, citigroup, and general electric report earnings today. the latest report on new home building is also due. >>> a leading business lender is in financial trouble. it's the century old cit group. it has more than $5 billion of outstanding loans to more than $1 billion. the government is allowing it to become the fourth largest bankruptcy in u.s. history. the recession is also providing a tough economic lesson to a company behind a footwear fad. crocs has given 2,000 employees, one-third of its work force, their walking papers. as the economy boomed so did krks. 1 million pairs were sold in the past seven years. now a stunning reversal from a $168 million profit in 2007 to a $185 million loss in 2008, leaving the company with serious debt. >>> the latest harry potter movie cast a $104 million spell over worldwide box offices during its first day in the theaters setting a new record for the boy wizard. "harry potter and the half-blood prince" gr

trading this morning, in tokyo, the nikkei added 51 points to close at a nine-month high, while some hong kong the hang seng gained 98 points. >>> stocks fell wednesday after a much high partnership of two major companies landed with a thud on wall street. yahoo! shares plunged 12% after the announcement of an advertising and search engine deal with microsoft. microsoft shares rose 1.4%. shares of google, the company they are going after, fell 1%. the fed reported wednesday it sees signs the economy is stabilizing, though the economic situation is still fragile nationwide. markets were down slightly at the end of the day weapons, but the bigger news is they haven't given up any major gains from recent rallies. despite a two-day drop, the dow is still on track to record its best july in 20 years. >>> cost-cutting japanese automaker eek out a surprise profit last quarter. profits from april to june dropped but by much less than expected. conservative strategies helped honda raise its full-year forecast. attached with recovering aspects of victims of bernard madoff announced he will sue mrs. mado

i believe is it your trade in hong kong some. >> 6% of the properties are in hong kong and the other 40% are in chaina. if huh to pick a market where the consumer is doing well, you have to focus on china. they have seven new projects that are retail-oriented. they first got to china in the mid 90s. his return on cost in china and shanghai have been in excess of 24%. that's a cash yield. he has done a good job and we see continued strength here. >> what about you? >> i like it. it's the largest bank in chile. one of the key things is the chilean economy is robust and one of the freest economies in the world. they dominate the banking sector there. they turned in numerous years of strong roe and cost containment. the key thing i like about it is they didn't get involved with the alphabet that brought down the u.s. and european banks. they stuck to their knitting and they are sound in banking which i think is a sound economy. particularly they tend to make thing that is the chinese want. the key is copper. chile is the largest copper-produce being country in the world. >> thanks to bot

while in hong kong, the hang seng soared 569 points. >>> it could be a busy day on wall street with a host of big companies reporting quarterly earnings. if yesterday is any example, mixed results could lead the market in mixed territory. for more on that and all your early business headlines, we turn to louisa bojesen from the london headquarters of cnbc. good morning, louisa. >> reporter: christina, thank you. a little bit of a mixed session yesterday. s&p ending relatively flat. nasdaq, though, continuing higher for an 11th straight session. apple gaining 3.5%. starbucks surging 18.5%. cost-cutting measures leading them to strong figures. morgan stanley reporting second quarter loss of $1.37 a share, third consecutive quarterly loss. much worse than expected. wells fargo, 47% jump and $2.6 billion. not happy with the asset loss of that surging by 45%. shares coming off on the back of that. goldman sachs saying it paid the u.s. treasury $1.1 billion to redeem warrants connected to t.a.r.p. that makes it the first bank to get fully out of the us bank bailout program. germ motors top

taking a look at overseas trading this morning, in tokyo, the nikkei hiked up 151 points, while in hong kong, the hang seng gained 165 points. >>> wall street had a little bit of everything on thursday. for jobs and home sales, to earnings reports, investors weighed the numbers and they liked what they saw. for more on that and all your early business headlines, we're joined by geoff cutmore from the london headquarters of cnbc. geoff, good morning. >> reporter: hi. good morning to you. in fact, all that positive sentiment pushing the dow up over 2% so we had the best gain for the blue chip since november 5th here. but it's worth bearing in mind we're still 5,000 points off that october 2007 level of over 14,000. the existing home sales number strong. home sales up 3.6%. elsewhere, we had a big of a dampener from some of the corporates. microsoft saying thursday its profit in the last quarter plunged 29% because of weak computer sales. and amazon also putting in a quarterly net profit thursday that fell by 10%. elsewhere, ford a little more upbeat. a huge improvement on the record $8.7 billi

in hong kong, the hang seng plunged 447 points. >>> this week some pretty big companies coming up up with their second quarter earnings. for the rest of us, these numbers should show a clearer picture of the overall health of the economy. for more on that and all your early business headlines, we're joined by steve sedgwick at the london headquarters of cnbc. hey, steve, good morning. >> reporter: dorng to you, dan. the numbers will look pretty awful. down approximately around 36% for the s&p 500 on average. but its current trading and outlook everyone will want to look for. on the corporate side of things. big companies as well. ibm, marriott, harley davidson and the owner of cnbc, general electric. we're looking also at economic data as well. national association of home builders releases its housing market for july on thursday. fwri, the commerce department will post numbers on numbers in june. also retail sales figures and industrial production as well. one company is goldman sachs as well. numbers will be less than a year ago. we're looking for a really strong quarter. 3.54 a sh

taking a look at overseas trading, in tokyo, neat kay lost 33 point while in hong kong the hang seng dropped 117 points. >>> stocks were mixed monday because investors were trying to make sense of conflicting signs. have we bottomed out or is there more trouble ahead? for more on that and all your early business headlines we're joined by geoff cutmore at the london headquarters of cnbc. good morning to you. >> good morning, dan. that's right. we have stocks mostly lower, i guess. as we saw a drop in the price of oil and investors are starting to ask themselves if that means we're going to see a slackening in demand for basic materials here. the major indexes, well, you're right, they were mixed but off their lows for the day, oil prices tumbling to a five-week low on monday. a trade group has found activity in the services industry rose in june to its best level in nine months. that is an ism survey. they said the service index rose from 44 in may. the best showing since september. a group remitting plaintiffs in car accidents said they would oppose gm's attempts to quickly exit bank

in hong kong, the hang seng jumped 268 points. >>> the markets are looking to stay hot after surprise earnings reports kept up a major rally last week in wall street. invest ovrs will try to keep that rally going when major companies like visa, exxon mobil will were unveil their second quarter earnings. there is still plenty of concern hanging over the street. many companies are beating expectations by slashing expenses. that's not something they can continue to boost their profit. meanwhile, fed chair ben bernanke is admitting he had a tough time swallowing last year's financial basis. he said he had to hold his nose while pushing through the rescues. the global recession will be at the top of the agenda when u.s. and chinese officials sit down today. officials are expected to stress that china cannot rely on american consumers to pull the global economy out of recession. the cost of self-serve regular gasoline down 7 cents a gallon the past two weeks, according to a recent survey. the national average stands at $2.49 a gallon, a dollar and a half cheaper than this time last year. >>

. >>> in hong kong, the hang seng dropped 253 points. >>> federal reserve chairman ben bernanke returns to the hot seat std before comments before congress tuesday getting lukewarm reception on wall stre street. we're joined by louisa bojesen from the london headquarters of cnbc. good morning, louisa. >> hi, christina. let's not forget a lot of what he said had been published in a wall street article before. maybe that's also part of the reason the markets didn't react more. he reiterated his outlook for the u.s. economy. it's improvinmproving, he said. most market participants focused on earnings, though. fall a little bit of late buying. dow closing just shy of 1%. nasdaq up for 10 straight days in a row. longest streak in 12 years. stocks to watch today include morgan stanley, qualcomm, ebay. apple's quarterly profits had better than expected earnings. they sold 7 times as many iphones as they did a year ago. 13% rise in laptop unit sales, a 10% drop in desktop sales. caterpillar, 66% fall in second quarter profits. they're still cautioning on demand, though, for the near feature. st

and in hong kong, the hang seng tumbled 479 points. >>> investors are looking east where chinese markets are reeling after a new ipo hit the shanghai board. china's main index dropped nearly 8% after the offering. china state construction engineering entered the market. it recovered slightly. but as we just saw, the hang seng and most other asian markets still finished considerably down. we'll see what effect it has on wall street this morning where stocks ended mostly flat on tuesday. the session focused mainly disappointing earnings reports, a signs an economic recovery is not written in stone. however, over the past two weeks, the dow had been up about 11%. >>> stocks started to slide after a report from the conference board showed consumer confidence fell more than expected. it is seen as a big if for the nation's stores as they approach the important back-to-school shopping season. while consumer confidence may be slipping, one widely watched index indicates the real estate market is springing to life. home prices appear to be stabilizing and the month of may marks the first monthly

many taking a look at overseas trading this morning, in tokyo, the nikkei fell 135 points and in hong konghe hang seng tumbled 223 points. >>> for more on that and all your early business headlines, we turn to geoff cutmore from the london headquarters of cnbc. geoff, good morning to you. >> reporter: business coverage kicks off this morning with g.m., a federal judge late sunday approving a plan by g.m. to sell its best assets to a new government-backed company. that's a crucial step now for the business to restructure and complete its trip through the bankruptcy courts. chrysler group sunday announcing the remaining members of the new board of directors, a group that includes a former ceo of northwest airlines, investment bankers and top officials of the italian automaker fiat. big week for earnings numbers. we kick off the second quarter earnings season with aluminum maker alcoa. mostly lower to the closes going into this big reporting week. a debate about the dollar as the world's reserve currency. china going into the g-# and italy saying it is not an issue at the table for them. and

in hong kong, crowds gathered around the space museum.inally, through more murky weather, fans enjoyed the end of this in japan. the sun is 400 times bigger than the moon, 400 times bigger than the earth. known as totality, the sun is completely blocked out. just as quickly, the sky is flooded with light. it will be another 116 years before the eclipse will it clear -- will appear again. >> we will see more of that footage, finding out when and where the next will be, later in the program. you can see other people's pictures, or send us any that you have, on bbc.com. a clash of egos in the united states? >> the current and former chelsea coached going head-to- head in the usa on tuesday. two to nil in front of thousands in california. well after the second half. a second win in a row according to the second successive defeat. going into the 17th phase of the tour de france, managers have admitted that there is an incompatibility between the main writers. he told a spanish newspaper that he only thought they could win. anything could happe

in hong kong, people were thrilled the first.okyo stocks will mark the sixth consecutive of grain for the first time in two weeks. the yen, again, encouraged buying. real estate transactions nationwide rose in the june period compared to the previous quarter, giving an indication that the market may be recovering as a private research firm. >>> meanwhile, nomura international may be handling its best takeover action yet. nomura, now goldman sachs, they tried to negotiate a better price. that was the nikkei business report from together ya. back to you three. >> ken moriyasu, thank you very ch for that. berth da. >>> later this morning, be spite a troubling shortfall, will it tart to take effect today? >> whether we leave you, here is a loot at how the broad ir markets are expected to perform. you have questions. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brought together two of the most p

over in hong kong, the hang seng index was up 0.6%. h shares up 0.4%. in general, not just in hong kong, but japan and south korea, the ship building stocks have done well also on the back of these positive prospects coming from china. over in japan, the nikkei closed up 0.8% higher. in general, the techs doing fairly well. also, these reports that mazda as well as toyota may collaborate when it comes to hybrids. that's toyota may supply mazda with core spoents for their hybrid cars in 2013, also supporting the autos, especially mazda which was up 3.2%. the xossy closing at 1430 to lcd panels were in focus. coming in at 238 net profit, you're seeing strong demand for tvs in china. in fact, they're considering building a panel plat in china, saying that glass shortage had something to do with their positive profits. on that note, it's over to scott in the u.s. >> saijal, it is yet another busy day for both data and on the economy today, weekly jobless claims are out at 8:30 a.m. new york time, forecast to drop by 52,000 to a total of 513,000. at 10:00 a.

just today, wynn filed with the hong kong stock exchange for a ing of its macau subsidiary.po could be anywhere between $500 million and $2 billion as wynn is planning to sell a stake of 12.5% and it's the macau ipo could come sooner than the one lvs is planning. wynn gives you the positives in macau this lvs has with far fewer negatives. it's going for any of the casino companies and has been for years, even when it comes to gambling and the prime minister is paying us. it brought in $449 million in revenue in the first quarter and that's 60% of the company's total revenue. it's making $755 million. 70% of the total revenue. the main difference is las vegas sands has had serious problems with financing that haven't completely abated while wynn is in a much healthier position. lvs in macau is in limbo until the company gets hold of more funding. it had commenced instruction or preconstructional five parcels of land, but i had to halt construction on each of them because of funding shortages. wynn, on the other hand plans to open its encore expansion in macau in 2010 adding 4

taking a look at overseas trading this morning, in tokyo, the nikkei nudged up 7 points, while in hong kong, the hang seng surged 372 points. >>> better than expected earnings forestry leaders gave investors something to smile about on all street tuesday. for more on that and all your early business headlines we're joined by steve sedgwick of the london headquarters of cnbc. steve, good morning. >> reporter: good day to you, lynn. really good numbers from a couple big players at the start of the earnings season. really giving the markets a bit of a shot in the arm. let's start off with goldman sachs. much better than expected figures, earning $4.93. better than expectations of $3.39. of course on monday they had already received a big upgrade from meredith whitney which sent the stocks higher. intel with fantastic numbers really. shares up 7% after hours. they're closely watched target top estimate by a long margin. but the outlook sent their shares to the highest level since october and, boy, the rest of the sector. some remains pretty tough out there. that led to bigger than expected reta

hong kong stocks jumped .5%. >>> an intel report restarted the rally on wall street.the dow jones industrial average starts the day up 256 points. the nasdaq jumped 63. jp morgan chase releases its quarterly earnings report before the start of trading. tech bell weathers google and ibm will roll out after the closing bell. and we get reports on manufacturing in the mid-atlantic region. foreclosures keep soaring as more homeowners continue to lose their jobs. according to realty track, the number of people on the verge of losing their homes surged 15% in the first half of the year as more people were unable to pay their mortgages. the news comes despite the $50 billion in financial assistance the obama administration has handed out to lenders to help stem the problem. >>> walmart is planning green labels. walmart is asking suppliers to calculate the environmental costs that go into making their products. it then plans to break that information down into simple green ratings that shoppers will end up seeing next to product prices. walmart's goal is to have other retaile

hong kong and japan's benchmarks rose half a percent each.ow, on wall street three dow components are on deck to report earnings today. exxon mobile, insurance giant travellers and walt disney. investors are walking the daily unemployment rate. the number of americans filing new claims for unemployment is expected to have risen to 585,000 last week. the dow jones starts down 20 points and nasdaq off 7. sony turned in a quarterly loss of $390 million. the stronger yen slammed its bottom line. electronic sales also continue to suffer in the global recession. the company doesn't see things getting better anytime soon. it kept its forecasting for red ink ahead. >>> communities in california, florida, and nevada top the charts in foreclosure activity for the first half of the year. realty tracks rates the las vegas area has the highest rate of foreclosures at 7.35%. the cape coral, for tt. myers rn was second and merced in california came in third. >>> one more news from our new poll, more americans believe the economy is getting better. 32% say t

there's a separate report coming from hong kong, reporting that two policemen were also shot dead by wiigers. more on that as we get at. country in the midst of economic recession, defying the wishes of his own party, the prime minister of japan is preparing to call an election on august 30. his party was defeated in a tokyo municipal election. they fear that the liberal democratic party will be defeated after about 50 years of holding power. >> the prime minister was showing his physical prowess in front of parliament. whether he maintains his political mastery over it is now likely to be for the people of japan to decide. in meetings, a senior members of his party -- in meetings the senior members of his party called for an election. the date is expected to be the 30th of august, although it is yet to be officially announced. >> with regard to the dissolution, they have made an appropriate decision by taking into account all the circumstances. >> the turmoil followed local elections. the coalition party was rejected, ending the majority. it would be a sea change in japanese politic

hong kong's index jumped nearly 2%. the bulls are hoping to break out for higher ground on wall street today. mixed economic signs kept the gains in check yesterday. the dow jones industrial average starts the day up 15 points. the tech-heavy nasdaq added two. new consumer confidence numbers are due out this morning. they are expected to show continued weakness as consumers remain on edge about their jobs which mean they'll be less likely to spend. consumer spending makes up 70% of the economy and is key to any sustained recovery. >>> now to the health of the housing market there's new reason to hope the end of the slump may be in sight. the government reports the sales of new homes jumped 11% last month. that's three times as much as analysts were expected bchl u the new housing market is still facing its worst year on record and home builders continue to struggle because prices keep falling. the median price of a new home in june fell to $206,000, down 12% from a year ago. >>> sagging profits are forcing telecom giant

hong kong stocks slipped 1.33%.wall street, investors are returning from a three-day holiday weekend and face a mountain of economic reports on the health of the consumer. this morning we get a key report on the service sector. dow component and aluminum giant alcoa will also kick off what is expected to be another tough quarter for corporate earnings on wednesday. profits for s&p 500 companies are expected to have fallen 21% last quarter. the dow does start the day down 223 points. the tech heavy nasdaq begins off nearly 50. >>> the road has been cleared for gm to exit bankruptcy in less than two months. a federal judge gave the automaker the green light to sell its best assets, including its chevrolet and cadillac brands, to a new company. the 95-page ruling said the sale was in the best interest of gm and its creditors, and would prevent the "death of the patient on the operating table." gm filed for bankruptcy protection on june 1st, saying it would be forced to liquidate if the plan was not approved. some bond

hong kong's hang seng is higher. in london, the ftse opened higher. this follows the dow's biggest one-day gain in nearly four months. the benchmark soared nearly 257 points yesterday, closing at 8616. the nasdaq jumped 63 points to close at 1862. >>> a somewhat more optimistic outlook from the federal reserve helped that rall the central bank, which had predicted the economy would shrink 2% this year, now, says it will contract by no more than 1.5%. and next year, we could see it grow by more than 3%. but the fed expects unemployment will top 10%his year, and stay high for several more. >>> the rising unemployment rate has more americans on the brink of losing their homes. numbers out this morning show more than 1.5 million homes received a foreclosure notice in the first half of the year. that's up 15% from last year. and experts don't expect foreclosures to peak until the middle of next year. >>> small and medium-sized lender, cit group will not be getting a government bailout. the struggling company which provides loans to nearly 1 million compani

hong kong stocks shot up 1.3%. major hurdles in the bull's path on wall street and it's the biggest week for corporate earnings yet and also a slew of market moving economic reports ahead on housing, manufacturing and consumer confidence and economic growth. the dow average starts the day up 24 points. the tek-heavy nasdaq begins down (m stocks have staged an explosive 11% rally in two weeks after 77% of companies that have already reported earnings have had better than expected profits. but analysts say those improvements come mainly as a result of cutting costs, which means cutting jobs. dow component verizon rolls out its quarterly profits this morning and we get new-home sales numbers which are projected to rise to a four-month high in june. federal reserve chairman, ben bernanke defended the billions of dollars in bailouts last night at a town hall meeting in kansas city where he answered angry questions from the public. he said he had to, quote, hold my nose over last year's bailout of big financial companies

hong kong's hang seng is up big. and in london, the ftse opened with solid gains. wall street starts the day with the dow at 8359, after adding 27 points yesterday. and the nasdaq rose 6 points to close just below 1800. >>> computer chipmaker, intel, could help keep the momentum going on wall street today. the company's shares are set to rise, after reporting much stronger-than-expected sales for the second quarter. intel also provided an encouraging outlook for the rest of the year. intel's results are closely watched because they reflect the health of the technology industry. >>> there are no signs of a recession at wall street power house goldman sachs. the company earned nearly $3.5 million last quarter. that means big bonuses for its workers. goldman has set aside $11 billion for compensation so far this year. >>> cutbacks at the pentagon are leading to layoffs at boeing. the company's defense division is eliminating about 1,000 jobs. in january, boeing said it would eliminate 10,000 jobs this year through attrition and layoffs. >>> the auto industry appears t