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— This is the script of CNBC's news report for China's CCTV on September 5, Thursday.
Welcome to the CNBC Business Daily.
US President Barack Obama's call for a strike against Syria seems to be gaining more traction.
A senate panel approved a resolution authorising limited intervention. The center of debate over Syria will also shift from Washington to St. Petersburg. The issue is expected to dominate G20 discussions on Vladimir Putin's home turf.
This, as both the US and Russian Presidents ratcheted up the rhetoric.
[Soundbyte on tape by Geoff Lewis, Global Market Strategist, JP Morgan Asset Management: When we've had limited military operations in the past, on average, the S&P has fallen by about 6-7%. It's holding up much better than that and usually it's fallen ahead of the event and recovered afterwards. Markets seem to have taken this in its stride. They seem to recognise that it isn't going to be a big new military commitment for the US, it's more a question of punishing Assad for using gas on his own people.]
[Soundbyte on tape by Greg Curtis, Managing Director & Chairman, Greycourt & Co: I think it's still all about tapering. Whatever happens in Syria is likely to be extremely limited in duration, and I don't think the market is too worried about it. We're not planning to commit ground troops over there.]
[Soundbyte on tape by Tom Essaye, President, Kinsale Trading: Now that it is clear that the U.S. won't become significantly involved, you're seeing that geopolitical risk premium come out of crude. Look at the fundamentals of crude which are improving as the global economy improves. Right now, crude oil is range bound in both the WTI and Brent. That will probably contiune for a little bit longer but we are seeing growth turn for the better across the globe and ultimately that is positive for oil]
[Soundbyte on tape by Jeffrey Halley, Senior Manager, Fx Trading, Saxo Capital Markets: I think it's been watered down by the day, as you can see from the comments overnight the last few days. The will's clearly not there to get deeply involved in Syria. I think what we saw was a knee jerk reaction late last week and earlier this week. And we are seeing some winding of positions in some crosses like EUR/AUD]
Li Sixuan from the CNBC headquarters in Singapore.