Business News

CCTV Script 07/11/16

This is the script of CNBC's news report for China's CCTV on November 7, Monday.

Welcome to CNBC Business Daily, I'm Qian Chen.

Pre-game and post-game, Wall Street will be handicapping outcomes of what has been the most contentious presidential election in recent history, and either way, markets could remain both volatile and vulnerable in the week ahead.

As the race tightened between Democrat Hillary Clinton and Republican Donald Trump coming into November, stocks have been under pressure. The S&P 500 ended the past week down 1.9 percent at 2,085.

The S&P's losing streak is the longest in almost 36 years. During that streak, the index has fallen nearly 3 percent.

Meanwhile, gold prices and treasuries, as safety heaven assets, are enjoying a rally.

For months, the market had been pricing in a win by Clinton, and the idea that a Republican controlled Congress would keep her policies in check placated normally Republican Wall Street. Many analysts expect the market to rise several percent in a relief rally if she wins, but it could sell off sharply if the White House goes to Trump.

Barclays analysts estimate the S&P 500 could lose as much as 11 to 13 percent if Trump wins, and it faces headwinds of 4 to 5 percent if his probability of winning gets to 50 percent.

The race between Republican Donald Trump and his Democratic counterpart, Hillary Clinton, has become tighter since last week, when the FBI said it was investigating new emails related to Clinton.

[Alastair Newton, Alavan, Business Advisory Director] "It was Obviously a good news for Clinton campaign, but damage has been done in many case. Now, be fair, Clinton waws sliding a bit relatively to Trump in the polls before Comey's annoucement, but it does seem that that annoucement just a week ago has accelerated that slide, so we have very tight polls indeed, as you already noted. And FBI has taken a part in it. Hopefully this will take that issue off the table, but of course the Trump campaign will still want to keep it alive."

However, here comes the turning point again.

Embattled FBI Director James Comey informed Congress that the bureau had "not changed its conclusions" on the private email server maintained by former Secretary of State Hillary Clinton, a week after having dropped a bombshell that investigators were looking into a new cache of recently discovered emails.

The news boosted U.S. S&P 500 Index futures 1.2 percent, The peso rose 2.2 percent against the greenback, hitting its highest level since Oct 26.

Welcome to CNBC Business Daily, I'm Qian Chen.

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