Obama Says No Quick Fix for Economy

This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.

A big hello to our viewers across China tonight.

I'm Christine Tan from CNBC and you're watching "Asia Market Daily".

Turning to market action...not much direction in Asian equities today, despite the surge in Wall Street overnight. Players still holding back on taking major positions, given the upcoming holidays across Asia.

In Korea, markets are closed for a three day holiday.

Aussie markets took the lead from US equities overnight but failed to hold on to gains. On the banking front, ANZ Banking Group announced its locally-incorporated unit ANZ China in Shanghai today. The lender says it will aim to open 20 branches over the next three years.

In Japan, concerns still over yen strength and its impact on exporters, despite last week's intervention by the government. Automaker Nissan Motor up in early trade today but failed to hold on to gains. Nissan says it plans to almost double annual capacity for its China production in two years' time. It also said it wants to boost its market share with local partner Dong Feng Motor Group to 10 percent form the current six percent.

Hong Kong shares hovering near five-month highs... while China markets are seeing lackluster trade. In what could be Hong Kong's largest ever listing this year, life insurer AIA may see its debut on October 29th if approval is granted. Parent firm AIG is likely to be seeking approval for AIA's listing today and media reports say AIG is likely to sell close to 50 percent of its stake, raising around $15 billion. Analysts don't expect any issues and the roadshow should kick off on October 6th.

Over in the currency market, China's central bank moved for a 9th consecutive day... That's helped the yuan rally to some of its biggest gains since early 2008. This comes amid strong political pressure from the US, with US President Barack Obama warning China's currency is a "real problem" ...

But Richard Yetsenga from HSBC says it's hard to please everyone.

(SOT) Richard Yetsenga, Global Head, Emerging Market FX Strategy, HSBC:

"The problem is, the issue is I think they're creating a perception that before key events they'll move a bit then kind of do nothing. And so even if they keep moving in this manner I'm not sure if it's enough to really keep people happy. I think the key conclusion investors should take away from what's going on is what the US would like and what China is willing to deliver still seems to be quite a long way apart and I can't see that being resolved this year."

Staying with the US...

As we speak... the US federal reserve meeting is underway. Markets are looking for signs of additional stimulus for the economy.

(SOT) Mitul Kotecha, Head of Global FX Strategy, Credit Agricole:

"We've had some fairly negative standing Fed comments in the statement on the economy. The fact that things aren't picking up that quickly. In fact if we look over the past few weeks the economic data has actually been less bad, I think that's the best way to put it, so I don't think the Fed are necessarily going to turn more negative on the economy. But I think what they will say is that all options are open. If they do need to move forward with quantitative easing two they may do so, but they're not going to close their door to that. I think for the moment, I think they're just going to be relieved to see that things aren't escalating downhill in terms of economic conditions and perhaps these fears of a double dip recession have been overdone."

Overnight, we've had news that US economy has officially came out of recession 15 months ago. Officially, the recession lasted a year and a half, making it the longest downturn since the Great Depression CNBC hosted an exclusive town hall with US President Obama where he discussed the issue of economic recovery.

(SOT) Barack Obama, US President:

"It's slow and steady as opposed to the kind of quick fix that I think a lot of people would like to see. But that the thing I've got to remind people of is the fact that it took us a decade to get in the problem that we're in right now."

The president also addressed a key concern of the Americans - the labor market situation.

(SOT) Barack Obama, US President:

"Even though economists may say that the recession officially ended last year, obviously for the millions of people who are still out of work, people who have seen their home values decline, people who are struggling to pay the bills day to day, it's still very real for them."

Moving onto our special coverage of Thailand...

It's been four months since the deadly Red Shirts rally in Bangkok's Ratchaprasong district. Now - after huge rebuilding efforts - the area is finally back in business. Craig Knowles has this special report.


It's a revered icon and a symbol of good fortune. Thousands make offerings at the Erawan shrine, in the heart of Bangkok's Ratchaprasong district, hoping the gods will reward them with health, wealth and prosperity. In May their prayers went unanswered as violence ripped through the area.

Business was forced to close down, many for weeks, as the popular shopping and entertainment hub became a war zone. The Ratchaprasong Square Trade Association estimated damage to property and loss of sales during black May at more than $700 million. Almost 31,000 workers were affected.

Now Ratchaprasong is emerging from the ashes. This check from the government for around $20 million is to be shared by more than 2,000 traders whose businesses were damaged or destroyed on May 19, the day of the arson attacks.

(SOT) Korn Chatikavanij, Finance Minister of Thailand:

"They need a fresh start, they need financial assistance to get that fresh start."

As well as financial support to rebuild, Ratchaprasong traders have launched an ambitious campaign to restore its image. CentralWorld shopping center, which was torched during the attacks, is under reconstruction and will partly re-open this month. The Zen department store will be trading again by early next year.

And major shopping malls are offering huge sales to lure back customers, but shopper numbers remain down.

(SOT) Fafuen Temboonkiat, Secretary, Ratchaprasong Square Trade Association:

"On the retail side, I think we're not quite there yet, you know, it's picking up because it depends on the sentiment and the confidence so it's gradually picking up."

Public relations efforts have gone into overdrive to restore confidence. Signs throughout the area proclaim love for Ratchaprasong. Traders want to send a message that the once-dynamic area, racked by violence just four months ago, is now safe. It's also a part of a healing process for Bangkok residents and tourists.

(SOT) Rainer Stampfer, Regional VP & GM, Four Seasons Hotel Bangkok:

"People want to forget, we have the little reminders, obviously we are cautious, but all in all you have to look forward, you have to move on."

(SOT) Fafuen Temboonkiat, Secretary, Ratchaprasong Square Trade Association:

"I think the lesson learned is no-one really benefits even the protesters themselves, the loss of life, the government, the people in the district, the country, the reputation and everything"

(SOT) Korn Chatikavanij, Finance Minister of Thailand:

"If they who were the most impacted on what happened that day have it in their heart to forgive, then I'm sure the rest of the Thai people can follow in their path and lead to the reconciliation that we all want to see."

Reconciliation, and hopefully, a return to more prosperous times for the retail heart of Bangkok.

Craig Knowles, CNBC Asia, Bangkok.


That's all the latest business news headlines.

I'm Christine Tan from CNBC.. hope you have a great night.

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