— This is the script of CNBC's news report for China's CCTV on December 5, Thursday.
Welcome to the CNBC Business Daily.
Here's some key takeaways from the Fed's latest Beige Book report
Hiring in some parts of the country rose moderately or was unchanged. With the economy expanding at a modest pace Manufacturing activity continued to grow, supported by the high tech and automotive industries. Overall price pressures remained largely contained. While property sales remain largely above year-ago levels. Consumer spending also increased, with retailers saying that they were "hopeful, but cautious" about the holiday season.
But there was some less positive news. The recent partial government shutdown had hurt some businesses. Especially factories in the mid-Atlantic region. It also negatively impacted tourism in some areas.
Markets will now turn their attention to Friday's all-important non-farm payrolls report. Private employers added 215,000 jobs in November, and Reuters is predicting that the NFP figure will come in at 180,000 jobs.
Anything better than that will lead to the inevitable speculation about a December start to QE taper So when exactly will taper start? Here's what analysts had to say:
[Soundbyte on tape by Jim McCaughan, CEO, Principal Global Investors] The underlying economic forces that are helping the private sector job market in the US are much stronger than most people realize. If you talk to business people across America, they're benefiting from low energy costs, extremely cheap natural gas - a quarter of the price that it is in other countries. They're benefiting from an improving housing market - not rampant improvement, but decent improvement. And they're benefiting from innovation and technology and productivity. So if you add all these things together, the recovery and growth in the US private sector is actually pretty well established.
[Soundbyte on tape by Greg Davis, Principal and Chief Investment Officer, Asia Pacific, Vanguard] We're looking for somewhere between 185,000 to 200,000 on the print on Friday. We're still calling for taper to happen towards the end of the first quarter of 2014. I think the Fed will be very dependent on seeing some strong economic data coming out before we actually see the beginning of the taper.
[Soundbyte on tape by Jack Bouroudjian, CEO, Bull and Bear Partners] Janet Yellen is going to spend the next couple of months deciding whether to taper or not. Chances are, she can't only because we haven't seen enough strength yet. We've seen a couple of good numbers, but unless we get two or three months of solid numbers, then there's no way they can really taper because the growth simply isn't there.
[Soundbyte on tape by Andrew Economos, Head of Sovereign & Institutional Strategy, Asia, JP Morgan Asset Management] I think they're actually prepared (for taper). I think Bernanke has really put the message out there that tapering is not equal to a rate hike and the Fed will stay easier for longer. For what it's worth - and this is a parenthesis. Once we start talking about taper, that may release the final pressure lid on equity markets, and we may start to see a v strong rally into next year, early next year.
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