CCTV Script 03/07/2013
This is the script of CNBC's news report for China's CCTV on March 7, Thursday.
"Welcome to CNBC business daily.
The U.S. House of Representatives passed a bill to fund government programmes until the end of the fiscal year.
Without the legislation, federal agencies would run out of money on March 27th.
The Democratic-controlled senate is expected to pass a similar bill next week.
Meantime, Obama took the unusual step of inviting Republican senators to a dinner on Wednesday night.
While the event was not intended to be a negotiation, it was widely seen as an opportunity to discuss difficult spending cuts that could include the Social Security pension system and Medicare for the elderly.
[Sound on tape by Stephen Schwartz, Chief Economist for Asia, BBVA: I think they want to avoid a closure of the government over the debt ceiling, and I think they signaled that neither party was ready for that particular game of chicken so it's very encouraging they have surpassed that.]
And delays in fixing America's fiscal ills is starting to weigh on the President.
In a recent Reuters/Ipsos online poll, Obama's approval rating fell by 7 percentage points to 43%.
But the budget delays are not dampening the bullish momentum on Wall Street, with the Dow soaring to another record high. But could the rally run out of steam?
[Sound on tape by Kathy Lien, Managing Director, BK Asset Management: The key here is that the rally happening in U.S. stocks, is not necessarily correlating well with the economic data that we've had out of the U.S.]
[Sound on tape by Ben Lichtenstein, President, Tradersaudio.com: Again we're establishing areas of values to the upside, and until we start to bring some of those down, I think the momentum and the benefit of the doubt has to be given to the bulls.]
[Sound on tape by Stephen Davies, CEO, Javelin Wealth Management: Valuations are looking a little bit stretched. And we're heading to the traditionally jittery summer periods. I wouldn't be surprised if we things are beginning to drift off and a few people are taking a few profits.]
With risk-on back in play, could gold's safe-haven appeal loose its shine?
[Sound on tape by Phlip Silverman, Managing Partner & Portfolio Manager, Kingsview Management: I see it as a much more of a reactionary bet to what's going on now. Over the longer term, I tend to believe that it's good if you have a long term horizon to be adding to your positions in gold.]
Li Sixuan, from CNBC's Asia headquarters."