— This is the script of CNBC's news report for China's CCTV on July 15, Tuesday.
Welcome to the CNBC Business Daily, I'm Qian Chen.
The World Cup may be over, but Brazil's hosting duties are not.
The country will play host to the sixth BRICS summit which kicks off later today.
Ahead of this meeting, Russian President Vladimir Putin met with his Brazilian counterpart Dilma Rouseff, where they discussed boosting investment ties.
The Russian President echoing Rouseff's sentiments about the vast opportunities for investment.
Will that mark the rise of a new world order?
One analyst remains skeptical.
[Daryl Liew, Head Of Portfolio Management, REYL Wealth management] "If you look at it in terms of Brazil and Russia, Brazil has got economic woes of its own, potential political issues with the elections coming up; Russia has got its geopolitical problems, notwithstanding the fact that the market is looking pretty cheap, but you know, it's very hard to warrant - to basically factor in the geopolitical risk."
Among the BRICS.. he believes that China is by far the number one stand out.
He explains why.
[Daryl Liew, Head Of Portfolio Management, REYL Wealth management] "Basically, from an investment standpoint, China has underpeformed over the last couple of years. But basically when you look at it from a valuation standpoint, effectively the Chinese market is looking pretty attractive. Besides, from the economic standpoint it does seem to have momentum because the Chinese government is putting in a little bit of mini-fiscal stimulus in various sectors so we do expect the GDP numbers for the next couple of quarters to actually come in a bit stronger. So on that front, we believe that (there is) some momentum in the Chinese market."
Leaders of the BRIC nations are also expected to announce the establishment of a BRICS bank in a bid to ease up on their dependence on Western financial institutions.
Is it going to work?
[Luca Silipo, Chief Economist for Asia Pacific, Natixis] "I think they can promote an alternative way of growth or alternative model of development of the world and this for sure because the role in this very international trade-dominated system is going to be affected by the fact that international trade is going to remain weak in the next 5-10 years compared to the last 5-10 years. // Financing in emerging countries is now very ample, there are very sound financial stories, but who knows it can be tighter in the aftermath of some crisis or huge deterration in the economic growth or tightening of monetary policy, so it's always nice to have a multilateral institution caring about these things."
That wraps up this edition of the Business Daily.
I'm Qian Chen, reporting from CNBC's Asian headquarters.