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US Jobs Data Lifts Asian Stocks to One-Month High

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 gained, driving the MSCI Asia Pacific Index higher for the fourth consecutive day on the back of better-than-estimated jobs data in the U.S.

(SOT)Matthew Hegarty, Senior Equities Analyst, Global Value Investors:

“The positive payroll numbers are pointing to the fact that there's less urgency for stimulus right now. But, in terms of quantitative easing, I think then certainly QE2 is very much on the cards. A lot of sovereign issuers have actually publicly said and it's the view PIMCO has as well that quantitative easing has been the only way that sovereign issuance has been able to issue to the market, so I think it is more the question of timing now. The positive payroll numbers are pointing to the fact that there's less urgency for stimulus right now. But, in terms of quantitative easing, I think then certainly QE2 is very much on the cards. A lot of sovereign issuers have actually publicly said and it's the view PIMCO has as well that quantitative easing has been the only way that sovereign issuance has been able to issue to the market, so I think it is more the question of timing now.”

Asian stocks touched one month high during the day and Japan's the biggest winner leading the region.

The benchmark Nikkei 225 closed up by 2.1 percent boosted by exporters.

Meantime, South Korea's KOSPI finished higher by 0.7 percent. Traders are expecting the index to break through the 1800 level this week.

For today though, the gainers were the tech issues like Samsung Electronics and LG Electronics.

In Australia, the S&P ASX 200 was up by 0.8 percent.

Shares of gold explorer Andean on a winning streak after Canada's Goldcorp launched $3.5 billion offer, trumping a bid from Eldorado Gold.

(SOT)Chris Kimber, Senior Advisor, Bell Potter:

“It's very exciting to see the Canadians coming out to pay decent money for these things, paying for a bit of upside as well, so $6.50 is above most valuations in our market and the stocks trading $7.10 despite people having trouble working out where the next bid is going to come from. But it's played across the sector, we have multiple other stocks running on the back of that.”

Not doing so well, Australian Investment bank Macquarie. The stock tanked after it warned first-half profits could drop by 25 percent due to continuing weakness in global markets.

In Greater China, Foxconn International traded lower, as the Taiwan-based maker of iPhones and iPads, has halved its annual sales growth target, after demand for these devices fails to offset slowing computer sales.

The Greek prime minister delivers his annual economic speech this week.

Despite threats on new labor unrest, Athens has the backing of ECB chief Jean-Claude Trichet, who says Greece's exit from the euro zone would be quote the "worst possible option."

CNBC's Maria Bartiromo spoke exclusively with the ECB Chief and began by asking what structural reforms are needed to tackle ballooning deficits, not only in Europe, but also the US.

(Package Starts)

Trichet: We have a big difference in both sides of the Atlantic. The U.S. has an economy that is flexible - it is the mark of the U.S. economy in euro zone we have economies that are not sufficiently flexible so the main message here is lets work very actively to have a more flexible economy because it could augment the growth potential of Europe which is in the medium & long term of course absolutely of the essence.

Bartiromo: Is the banking sector well capitalized today?

Trichet: Well you know what the stress test has shown on both sides of the Atlantic that in the medium term perspective it has to be painful and one of the decisions that would be very important would be to how to organize the transition from the present situation to a fully confident that the system is much more resilient but of course taking into account the necessary transition.

Bartiromo: Higher cap levels?

Trichet: That means a system that would be more solid, more resilient.

(Package Ends)

Several central banks are having their interest rate policy meetings this week.

The Bank of Japan starts a two-day meeting today, with a decision due out tomorrow.

No change is expected. No change is expected from the Reserve Bank of Australia's meeting tomorrow, either.

But the market will pay close attention to the statement, to gauge whether or not the RBA will consider hiking rates again later in the year.

The Bank of England is unlikely to move on rates on Thursday.

But over in South Korea, economists widely expect the central bank to raise rates by 25 basis points to 2,5% on Thursday, as it tries to clamp down on inflation.

The US is on holiday today. But when it comes back from the Labor Day break, markets will be keeping an eye out for important economic events later this week.

President Barack Obama will reportedly ask Congress Wednesday to increase and permanently extend tax credits for business research to boost job growth.

The proposal would cost $100 billion over 10 years according to Reuters citing administration officials.

Obama will lay out his plan to boost the economy in a speech on Wednesday and hold a press conference on Friday.

(SOT)Norman Chan, Chief Investment Officer, Banyan Asset Management:

“I think those are better designed policies trying to address the job market problem, and so far we have seen very strong growth in corporate earnings and cash flows but confidence is weak for the corporate executives to hire people, and hopefully those kind of policies will be very good designed and be able to really kick-start the job growth we need to see, to sustain economic growth.”

On Thursday, U.S. trade deficit data will be closely watched on the imports side for evidence of how consumer demand is holding up

Consensus forecasts calling for the trade deficit to narrow to $47.2 billion in July after rising to $49.9 billion in June.

Still looking at a moderation in import demand growth...though exports are making a comeback.

Post-payrolls, weekly initial jobless claims. Also out on Thursday taking on heightened significance. Should expect some good news there, claims are expected to dip to a seasonally-adjusted 470,000 for the week from 472,000 previously.

Well, that wraps up today's business highlights.

I'm Saijal Patel from CNBC.

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