Business News

CCTV Script 09/11/16

This is the script of CNBC's news report for China's CCTV on November 9, Wednesday.

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

U.S. equities closed higher on Tuesday, led by utilities, as investors eagerly awaited the results of the U.S. presidential election.

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.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, fell about 5 percent after briefly trading higher. Other perceived safety trades turned around Tuesday.

Gold futures for December delivery, which fell more than $20 on Monday, settled $4.90 lower at $1,274.50 per ounce. U.S. Treasurys erased earlier gains on Tuesday, with the two-year note yield near 0.86 percent and the benchmark 10-year yield around 1.86 percent.

"What happens Monday and Tuesday, who knows? There's this general feeling that on Wednesday, people think it's binary. Trump wins, the market goes down. Hillary wins, the market goes up. It's more nuanced than that," said Peter Boockvar, chief market analyst at The Lindsey Group.

"We should all hope the winner, no matter who it is, is clear cut. We don't want to hear about whining losers. We want to elect the person and move on," he added.

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

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