This is the script of CNBC's news report for China's CCTV on May 13, Monday.
Welcome to the CNBC Business Daily.
Data out of the US this week will lend some clues as to whether the rally on Wall Street can last.
Following retail sales data for the month of April, we get April import and export prices on Tuesday. PPI for last month is due on Wednesday. And on Thursday we get CPI and housing starts for April.
Finally on Friday we get the Thomson Reuters/University of Michigan Surveys of Consumers.
We will also get a more insights to consumer spending patterns when several retailers report earnings this week, starting with Macy's on Wednesday.
Results from J.C. Penney, Nordstrom, Kohl's and Wal-Mart are expected on Thursday.
So can economic fundamentals support the market's bull run?
[Sound on tape by Tony Nash, Managing Director, IHS: When I think about this, I also think about the data's that are coming this week. When we look at China, we look at other places and the softness in demand and we're looking at things like manufacturing data, industrial production, and this week coming out, we're looking at a negative number. We're looking at producer prices, we're looking at a negative number. We're looking at housing starts under a million, which is back in not worry territory, not as sustainable as things were. So a lot of these these indicators are leading to slowing down. Our view is that second quarter isn't going to be a good quarter, its going to be under 1.5 percent growth in the U.S.]
89 percent of S&P 500 companies have reported earnings. Two-thirds of them have beaten profit forecasts. While 46 percent have beaten revenue expectations.
Over in Europe, preliminary data is expected to show first quarter Euro Zone GDP fell 0.1 percent.
That's compared with a 0.6 percent contraction in the fourth quarter.
[Sound on tape by Antonio Fatas, Professor Of Economics, Insead: This is going to be a difficult process of getting growth back into the European economies. That process is going to be full of negotiations. Constantly, we're going to argue about Budgets, constantly we're going to argue about banking union. And what we have to do is to get used to it and then find ways to deal with the real economy and make growth happen.]
Investors are paying close attention to the Japanese markets as a weak Yen continues to boost stocks.
The Nikkei surged to a 5-1/2 year high in trade on Monday.
So what's the near term target for the Yen, here's some views.
[Sound on tape by Guy Stear, Head of Research, Asia, Societe Generale: What we have come from is a period of Yen weakness to a period of broad dollar strength. We are seeing this for all the Asian currencies very much as we open up today, we have seen it not just today but a tone which has really changed the last couple of weeks.]
[Sound on tape by Geoff Lewis, Global Market Strategist at J.P. Morgan Asset Management: We're comfortable with level it's reached at the moment bec if you take out the period overvaluation then getting back to 100 and 105 level is more or less where they were.]
Li Sixuan, from CNBC's Asia headquarters.