This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Hello to our viewers all over China.
You're watching "Asia Market Daily", co-produced by CCTV Business Channel and CNBC, first in business worldwide.
I am Saijal Patel and here are the top stories across Asia today.
Stocks in the region in negative territory in its third straigght day of losses, extending the rout on global stock markets. Investors continue to take cover after the Federal Reserve said that the U.S. recovery is slowing and needs fresh stimulus. And some economists are expecting more quantitative easing initiatives before year-end.
(SOT) Delphine Arrighi, Senior Rates Strategist, Standard Chartered Bank:
"The Fed would want to avoid the liquidity trap and the sort of crisis we have seen in Japan. So they will continue to work on both aspects, and will certainly not try to resort to the usual monetary tightening before they actually have the green go on the economy. So in the meantime, to provide more stimulus, they will definitely add quantitative easing, in our view."
We take a look now at how Asian markets finished the trading day.
Starting in Japan, the benchmark Nikkei 225 lost almost 9 tenths of a percent at closing, after hitting a 13-month low during the trading day. Japanese exporters slump as the yen hovers near a 15-year high against the dollar.
Over in Seoul, troubled Ssangyong Motor has named India's Mahindra and Mahindra as its preferred bidder. On the broader market, stocks continue their slide with the KOSPI tumbling more than 2 percent.
The decline in South Korea's stocks provides buying opportunities.
(SOT) Shaun Cochran, Head of Research, Korea, CLSA:
"We think the telco sector is attractive. If you think back to the bubble, the TMT bubble back in 2000, their stocks were trading at 20 times cash. And we look at now, it's less than 3, it's one of the cheapest sectors in the market - massive derading, massively out of favor. There's been a lot of criticism of the sector in that their perceived destroy value. I mean, there's quite a lot of investments to go on, there's concern about the return of those capital investments, and people ascribed that one of the reasons shares have done so badly. But we can't forget that massive derading in the valuations."
In Australia, the S&P ASX 200 also tracking the region closing down by more than a percent.
In Greater China, markets also trading lower with Hang Seng the biggest loser. The recent surge in the IPO market may have added some buzz, but is expected to weigh on the markets going forward.
(SOT) Mark Mobius, Executive Chairman, Templeton Emerging Markets Group:
"Our main concern now is the tremendous amount of IPO activity that's taking place. This year, we've already surpassed the total amount that was raised last year in emerging markets generally, so these two factors could have a depressing effect... Coz you must remember we are up over 85% since the end of 2008 in emerging markets, so prices have moved up quite a lot, and a lot of the companies see the opportunity. In addition, a lot of the banks, particularly in China have a little indigestion and they need to strengthen their capital base."
Meantime, the Bank of Korea has left interest rates unchanged as slowing growth in the U.S. and China clouds the outlook for Asia's recovery.
Just as the market expected, the BOK kept the 7-day repurchase rate at 2.25 percent.
(SOT) Kathy Lien, Director of Currency Research, GFT:
"If you take a look at how Korean economic data has been faring, we had a rise in the unemployment rate, producer prices were slightly off, consumer prices did increase but I don't think it's enough to necessarily push the BOK to move. The big question is how is China going to perform and to look at the recent economic data, they're going to think perhaps China is not necessarily going to be chugging the as quickly as they previously were. And that may kind of let them take a break and you know, we consider their plans to tighten monetary policy."
We are in the thick of earnings season, with corporates around the world publishing last quarter results and providing guidance going forward.
In the U.S., Cisco, the world's biggest network equipment maker turned in worse-than-expected Q4 revenues - reinforcing fears that profit growth has slammed into the economic brickwall.
For its fiscal fourth quarter, CISCO earned 43 cents a share, beating the street only by a penny.
Although CISCO expects current quarter revenues to rise between 18 to 20 percent, tracking above their long term goal of 12-17 percent growth, it shares plunged 8 percent in after hours trade.
(SOT) John Chambers, CEO, Cisco:
"Most of our customers are unusually cautious in terms of the economy, they see their own business often doing very well but in terms of predicting what the economy would do over the next several quarters, they're hesitant... On things we can control and influence, we are in great shape. In terms of the economy, my own personal view is you will see a steady recovery but it will be very gradual."
Meanwhile in Asia, it was a flat first quarter for Singapore Telecommunications or better known as SingTel. The company's net profits, pulled down by a saturated domestic market and weak results in its Indian and Indonesian subsidiaries. It posted a $943 million net profit -- lower than the $982 million consensus. SingTel is looking at other emerging markets to boost profits.
(SOT) Chua Sock Koong, Group CEO, SingTel:
"So we would look at other investment options in China...there are a lot of interesting opportunities there...we already have, for example, software development centers, we have three - one in Shanghai, one in Suzhou Industrial Park, one in Chengdu."
Airlines not spared from profit declines either. Qantas, Australia's national carrier saw its full year net profit falling by 4.3 percent to $112 million. It blames fare cuts and the volcanic eruption in Europe back in April. Although Qantas insists things will improve next year, it will not be without challenges.
(SOT) Alan Joyce, CEO, Qantas:
"We said that it was also impossible to give a definitive position because of the volatility that's out there. We've seen fuel prices move last night by $3. A $3 movement of fuel price for us has an annual impact of $100 million. We've seen currency movements that are quite significant, that have a big impact on our profitability as well."
Well, that wraps up Asia's business highlights for this Thursday.
I'm Saijal Patel from CNBC.
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