CCTV Transcripts

CCTV Script 19/08/19

— This is the script of CNBC's news report for China's CCTV on August 19, 2019, Monday.

The latest NBC/Wall Street journal poll shows that Americans still have a slight edge over Trump's handling of the economy: 49 percent to 46 percent, but actually the support rate is declining. At the same time, support rate to free trade is increasing steadily, that is 64 percent to 27 percent.

Political neutral parties were most supportive of free trade, by 77% to 15%, support for free trade is 73% to 20% among Democrats, even among republicans, that percentage still holds up, at 52-39 percent.

We know that in recent weeks, it has been the fear of trade tensions that has led to very cautious sentiment in financial markets, which has led to a rush for long-term Treasury bonds and a inverted Treasury yields, which in turn has increased the tension.

To calm the markets, Trump himself made emergency phone calls to three major Wall Street Banks last Wednesday as the stock market plunged, then send Larry Kudlow, director of the White House's national economic council, and Peter Navarro, Trump's trade adviser, the pair appeared on four interviews in a single day, hoping to play down fears of a recession.

Larry Kudlow

Director of the United States National Economic Council

So I think actually the 2nd half year's economy could be very good in 2019, now i don't see recession, let's not be afraid of the optimism

Also over the weekend, Trump said he also met with Apple CEO Tim cook, who appeared to have convinced him that the tariffs would put Apple at a disadvantage to Samsung, according to information he gave to the media. These signals have led markets to believe that Trump is likely to make changes in trade policy more conducive to US businesses.

Analysts at bank of America Merrill Lynch told CNBC that the bottom of the U.S. stock market is not yet complete and the market is still in a correction.

Only a further 5 per cent fall in the S&P 500 and more extreme market panic will complete the bottom.

One sign this week that could be seen as a make-or-break sign for the U.S. stock market is Fed Chairman Colin Powell's speech to the annual meeting of central bankers in Jackson Hole.

He was scheduled to speak Friday morning U.S. time, We know the fed doesn't have a regular monetary policy meeting until mid-to-late September, so this speech would be Powell's best chance to make the fed's position public. Trump and his team members have pressed the Fed many times before, and the market is now expecting the Fed to cut interest rates again. Therefore, some analysts pointed out that if Powell could not give a relatively aggressive easing speech at this meeting, it would directly hit the US stock market. That will put more pressure on Trump. Because the latest survey shows that Trump's overall approval rating has fallen further to 43 percent from 45 percent in July,

Fifty-two percent plan to vote against Trump in next year's election