CCTV Script 25/2/13
This is the script of CNBC's news report for China's CCTV on February 25, 2013.
"Welcome to CNBC business daily.
Investors face another Washington deadline before $85 billion in automatic budget cuts kick in on March 1.
Politicians on both sides of the aisle are urging congress to selectively apply the sequester rather than across the board cuts.
If they go into effect, government jobs from the pentagon to education and transportation would be affected.
On the data front,we get the latest fourth quarter GDP reading on Thursday.
'Some analysts polled by Reuters expect an upward revision, after trade data showed that America's deficit shrank in December to its narrowest in nearly three years.
The initial reading showed that growth unexpectedly contracted by 0.1 percent.
Meantime, forex markets will focus on Ben Bernanke's two-day testimony to congress.
Investors have been looking for more clarity on whether the Fed is preparing to wind down its$85 billion in monthly asset purchases.
Minutes from the latest Fed meeting showed that some members were concerned about the central bank's bond buying program, and discussed the need to slow the pace of purchases.
One analyst told us that helicopter Ben's outlook for the U.S. jobs market will also be key.
[Sound on tape by Gaurav Sodhi, Resources Analyst, Intelligent Investor: The reliability of the Fed is really on the line a little bit here, because the markets' faith in the Fed has been somewhat shaken. It is important - we'll be watching for him to re-commit to that original employment target. If he doesn't re-commit to that, then it's probably a sign that he's losing the internal battle.]
Markets will also be paying attention to developments at Japan's central bank.
Reuters sources say that the government is set to nominate monetary policy dove Haruhiko Kuroda as the next BOJ governor. Nominations will be submitted this week.
Prime Minister Shinzo Abe, whose party lacks a majority in the upper house, will need opposition support to secure a victory
[Sound on tape by Mark Konyn, CEO of Cathay Conning Asset Management: Abe's fairly committed, so whoever gets the nomination and ultimately becomes the new Governor, I think Abe's very much committed to pursuing the policies that he's laid out.]
Britain's Finance Minister George Osborne says he's not ready to shift course from austerity to stimulus, despite a sovereign rating cut by Moody's.
The rating agency slashed the country's 'AAA' rating by one notch to "Aa1" lateFriday...citing weak economic growth that's likely to weigh on the public books for years.
The UK now joins the U.S. & France in being downgraded from triple-A by a major agency.
Speaking to CNBC, one analyst said the UK is going down the wrong route.
[Sound on tape by Paul Gambles, Managing Partner, MBMG International: It's going terribly. It's pretty ugly. At least they maybe haven't done as much wrong as some of the economies that have gone and stimulated even more. So perhaps the problems there aren't on the same scale as they are in the States. It's a pretty bleak situation. The UK faces a pretty long period ahead of still needing to go through all these adjustments that just haven't happened yet.]
Li Sixuan, from CNBC's Asia headquarters."