Business News

CCTV Script 28/02/17


This is the script of CNBC's news report for China's CCTV on February 28, Tuesday.

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

Overnight, major indices all closed marginally higher, and the DOW went up for a 12th record close in a row.

In an interview with CNBC, Warren Buffett said he's not worrying about bubbles at current levels.

[Warren Buffett | CHAIRMAN & CEO, Berkshire Hathaway | OMAHA, NE] "Measure against interest rates, stocks actually are on the cheap side compared to historical valuations, but the risk is always that interest rates go up a lot than average stocks now. But I would say this, if 10yr (bond yield) stays at 2.30%, and will stay there for 10 years, you will regret very much not having bought stocks now."

Buffett supported Hillary Clinton last year before the election, but invested additional $12 billion into the stock market, which has been enjoying a ride helped by the so-called "Trump effect".

He stayed away from commenting on politics, but said he would judge the president in 4 years time.

[Warren Buffett | CHAIRMAN & CEO, Berkshire Hathaway | OMAHA, NE] "Last year at our annual meeting, it was clear that I was for Hillary, but I got asked the question about the market based on who got elected and as I said, America's gonna do fine, in terms of economically, under either candidate for us. People who make politics with their investment activities, I dont think that made sense."

Buffett also shared with us the reason he picked Apple's stock and how much he loves it.

Berkshire's apple stake stands at 133 million shares, its second largest holding now.

[Warren Buffett | CHAIRMAN & CEO, Berkshire Hathaway | OMAHA, NE] "When I take my great-grandchildren to Dairy Queen they bring along friends sometimes. They've all got a iPhone and, you know, I ask 'em what they do with it and how ... whether they could live without it, and when they trade it in what they're gonna do with it. And of course, I see when they come to the furniture mart that people have this incredible stickiness of - with the product. I mean, if they bring in an iPhone, they buy a new iPhone. I mean, they're ... it just has that quality. It gets built into their lives. Now, that doesn't mean something can't come along that will disrupt it. But the continuity of the product is huge, and the degree to which their lives center around it is huge."

And we will hear more from Buffett very soon at the annual berkshire hathaway meeting this year.

CNBC's Qian Chen, reporting from Singapore.