Asia Edges Higher on Hopes of Fed Support

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

Good evening to all our viewers across China.

I'm Saijal Patel from CNBC and you're watching "Asia Market Daily".

It's been a fairly bright start to the week for Asian markets - amid speculation Friday's weaker than expected U.S. jobs numbers will prompt the Federal Reserve to pump more money into the fragile economy.

The Shanghai Composite closed up 2.3 percent ... while the Hang Seng was stronger in late trade.

Japan was closed for a public holiday.

Seoul and Taipei bucked the trend though.

The Kospi lost almost 4-tenths of a percent... while the Taiex slipped eight tenths of a percent - as a strong Taiwan dollar hit tech stocks.

The Aussie market managed to lock in some gains - with the ASX 200 finishing a third of a percent higher.

Shares in Fortescue Metals soared 7.7 percent - after the miner secured 2-billion dollars in new bank loans to fund its expansion plans.

Now to a story one of the other big Aussie miners - BHP Billiton - will be watching closely. According to the Economic Times, China's Sinochem has approached Indian state-run miner NMDC for a joint bid to buy Canada's Potash. The world's largest fertilizer maker is currently fighting off a hostile bid from BHP Billiton. NMDC's Chairman though has denied the claims.

To the ongoing currency clashes... it appears global economies are further apart than ever on the issue... even after weekend meetings in Washington. China accused the US of destabilizing emerging economies - with its ultra-loose monetary policy... while Washington urged the IMF do something about China's forex regime. Countries called on the IMF to become the global currency cop - to prevent another financial crisis.

But the IMF's Managing Director has dismissed the fractured results - expressing optimism that cooperation could happen - to ensure currency valuations that would allow global economic growth.

(SOT) Dominique Strauss-Kahn, Managing Director, IMF:

"The real problem as we said before is the rebalancing question. And the move in exit rate will be more a consequence of the rebalancing than the contrary. So I think what everybody understands is that there is no way for the global economy to be more stable, to achieve growth everywhere if it's not done in a cooperative way."

Christian Carrillo from Societe Generale agrees - saying countries need to start working together, if they want to solve the imbalances.

(SOT) Christian Carrillo, Head of Asia-Pacific Interest Rate Strategy, Societe Generale Corporate & Investment Banking:

"On the whole, the issue seems to be one in which pretty much the rest of the world is accepting the fact that the US is trying to weaken its currency as a way to address its own economic imbalances and the ones that affect the global economy. But the risk going forward is that there is no further co-ordination. And therefore each one tries to save itself."

Meantime, China is calling for an international treaty on the "too big to fail" concept. In an article published over the weekend, China's top banking regulator said "we need a global Great Wall to keep us all safe" .. when it comes to banking supervision. The suggestion is rather at odds with Beijing's track record - when it comes to financial regulation initiatives. It kept a low profile when it came to Basel 3 - mostly because its own banks are so well capitalized.

Another issue the Chinese government is wrestling with at the moment is the booming property sector. The country's largest property developer, China Vanke has reported a 160 percent increase in September sales - from a year earlier. The company also said momentum of project launches has been stable.

David Ng of RBS says it's just more evidence that recent government measures to stem price growth are not having much of an impact.

(SOT) David Ng, Head of Regional Property Research, RBS:

"I think the China property market has definitely been defying the gravity. If you look at Vanke, you assume the record high sales of $14 billion in Sept. In August it was $12 ban so just month over month we saw another 24 percent increase in the area sold. The price has come down a little bit because they're selling a little bit more small to medium size units. But it seems to point out a very important fact that the cooling measures we've seen this year may not be strong enough to cool the market sentiment."

Still on China, CNOOC is buying a third of Chesapeake Energy's, Eagle Ford shale project in South Texas. The Chinese oil major will fork out just over a billion dollars in cash for the stake. It's the first time a Chinese state-run oil company has invested in America's thriving shale hydrocarbons industry.

Speaking of purchases... Indian healthcare chain Fortis Healthcare is buying assets from Hong Kong's Quality Healthcare - for almost 200 million dollars. Fortis is expanding its reach in Asia - after failing to take control of Singapore's Parkway hospital chain earlier this year.

It may have been a wet and windy weekend in Hong Kong, but that didn't stop thousands of people from turning out for Asia's first 'Flutag' on the banks of Victoria Harbour. More than 40 teams took part in the Red Bull event... putting together some interesting home made aircrafts.

(SOT) Daniel Lau, Animator, Hong Kong:

"Our work is animator so we sit in the office all the time. So we try to go out and get some fun. That's our aim."

Most though, weren't too successful... dropping straight off the six-meter high platform into the harbour. Red Bull launched its Flutag event in 1971... and since then, it's been held in 35 cities around the world.

And that brings you up to date with the latest Asia business news.

I'm Saijal Patel from CNBC.. enjoy the rest of your night.

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