CCTV Script 01/04/13
This is the script of CNBC's news report for China's CCTV on April 1, Monday.
Welcome to the CNBC Business Daily.
The weak yen and bullish stock market are helping business sentiment in Japan, but not dramatically.
The quarterly BOJ Tankan survey showed confidence improving among big manufacturers. The March reading clocked in at -8 in March, an improvement from -12 the previous quarter, but still not hitting expectations. But some analysts say a negative reading is still not good enough.
Have a listen.
[Sound on tape by Thomas Byrne, SVP, Moody's Sovereign Risk Group: For a long time, Japanese manufacturers have been very cautious. They have fairly pessimistic growth expectations in Japan, so why would they invest in Japan? In fact, they've been increasingly investing outside of Japan. This is a fundamental problem with the Japanese growth story]
[Sound on tape by Steve Brice, Chief Investment Strategist, Standard Chartered Wealth Management Group: It's (Japan) still got a lot of work to do I think, to change this environment, and get people actually probably investing more overseas in terms of financial investment to try to keep the yen weak. And I think it's going to be very difficult for them to be honest. The expectations has been built up hugely by commentary.]
Over in Europe, Italian president Giorgio Napolitano dismissing talk he's looking to quit, saying he'll stick around till his term ends on May 15
He's got a lot to do over the next six-weeks, but his most pressing task? Ending a political standoff among the 3 major blocks in parliament and forming a new government.
Napolitano's named 10 'wise men' to come up with a series of proposals to be voted on by parliament when they're unveiled on Tuesday.
Meanwhile, Cyprus' central bank has unveiled the losses big depositors at the Bank of Cyprus are facing following last week's EU bailout deal.
On Saturday, the central bank said 37.5% of all deposits over 100 thousand Euros would immediately be converted into bank shares as part of a recapitalization plan.
Another 22.5% of that will be kept in non-interest bearing accounts until the restructuring is finished. These extra funds could be used to help Cyprus' biggest bank meet capital targets.
We will also be watching key data out of Europe this week, starting with the March Euro Zone manufacturing PMI comes out tomorrow, after we saw a sharp decline in the flash numbers.
We'll get March inflation data Wednesday, along with the IFO economic outlook for the euro zone.
And major central bank policy decisions set for Thursday from the Bank of England and the ECB.
And over in the US, markets will be closely watching the non-farm payrolls due at the end of the week.
The numbers are expected to show an improvement in the labor market... with an expectation for 200,000 jobs to be added in March.
That number however, is still slightly lower than the 236,000 added in February.
The unemployment rate is expected to hold steady at 7.7%
[Sound on tape by Tony Nash, MD, IHS: Definitely watching payrolls. We're looking at 180,000 new jobs in the States. A little bit below because there were some service jobs and construction jobs last time around that we don't expect to re-pop this month. So it was 236,000 last month, we're looking at about 195,000 private and -15,000 public.]
Li Sixuan, from CNBC's Asia headquarters.