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Asian Markets End in the Red, Earnings in Focus

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

Good evening to our viewers across China,

I'm Chloe Cho from CNBC and you're watching “Asia Market Daily”.

Most of the Asian markets retreated today - as investors treaded carefully following a mixed lead from the US on Friday.

Profit taking saw the KOSPI dip 1.4 percent.

While the Taiex sank 1.75 percent, to a five week low - weighed down by losses from technology exporters amid concerns about a strengthening Taiwanese dollar.

It was a similar story in Japan, where the exporters dragged the Nikkei into slightly negative territory.

Mazda shares fell almost 1 percent - following reports Ford is planning to sell most of its shares in the Japanese automaker.

The Aussie market also lost ground - with the ASX 200 slipping 0.8 percent.

But Perpetual bucked the downtrend, surging 22 percent - after private equity firm Kohlberg Kravis Roberts offered to pay $1.7 billion for the financial company.

KKR is bidding between $38 and $40 a share, a 29 percent premium to Friday's closing price.

Perpetual's board is yet to decide on the offer - and has told shareholders to take no action.

The move has reignited merger interest in Australia's $1 trillion wealth management sector - which is the world's fourth largest - and is expected to grow 12 percent a year.

Still in Australia, BHP Billiton and Rio Tinto shares both lost ground after the two miners called off their $116 billion iron ore joint venture - because of mounting regulatory opposition.

German regulators last week said they wouldn't approve the deal - and it was widely expected that the EU would do the same this week.

The two miners say no break fee will be incurred.

Looking forward, Greg Fraser from Fat Prophets says both companies do still have compelling growth plans.

(SOT) Greg Fraser, Senior Industrials Analyst, Fat Prophets:

"So at any one time there's any number of different projects that these companies are looking at and you wouldn't expect them to let the ball go, without having to get the hands on the next item on the agenda. So I'm not surprised that the companies are relaxed enough to let this joint venture go, because they know there is enough on their plate to continue on with.”

The U.S. treasury department has delayed the release of a report - widely tipped to label China a currency manipulator.

The Treasury says the report may only be released after the G20 summit in November.

The delay defuses some political tension between two of the world's economic superpowers.

But Paul Donovan of UBS says no matter how this currency clash pans out, a stronger yuan isn't going to bring jobs back to America.

(SOT) Paul Donovan, Managing Director and Deputy Head of Global Economics, UBS:

“First it takes years to build a factory somewhere and plan a long term strategy, you don't change that just on a five percent move in the currency. And the second thing is that the jobs that have gone offshore are generally low skilled, labor-intensive production. It's jobs for a third world economy. The United States is not yet a third world economy. It's not going to attract those jobs back.”

Singapore's Global Logistic Properties has made a strong debut on the SGX, with its shares surging as much as 12 percent at one point.

The $3 billion IPO is Singapore's largest since SingTel's listing in 1993 - and was 12 times oversubscribed.

Analysts say strong demand for the stock is thanks to GLP's exposure to the fast-growing market for logistics facilities in China.

The company's Co-Founder and CEO, Ming Mei says it's not only GLP's China business that's prospering.

(SOT) Ming Mei, Co-Founder & CEO, Global Logistic Properties:

“Most people see Japan as being slow growth. But for the last 5 to 6 years, we've been averaging more than 50% growth in Japan markets. I think we have the best of both worlds. Japan gives us steady cash flow, China fuels growth. And again China is very much an underserved market.”

Still on debuts, AIA has announced the price range of its mega IPO - at between 18.38 and HKD19.68 a share.

If an overallotment is exercised - as many analysts believe will be the case - AIA would raise about $20 billion, making it the world's third largest IPO.

While that's much lower than Prudential's failed $35.5 billion offer for the company - it does leave parent AIG with at least a 32.9 percent stake.

Pricing has reportedly been brought forward from Thursday, to Tuesday - because of the unexpectedly strong demand.

In other news, Israeli food and beverage maker Strauss Group has inked a deal with Chinese home electronics giant Haier - to set up a drinking water joint venture on the mainland.

Each side will invest $10 million - and hold 50% of the new firm, called Haier Strauss Water.

The deal - subject to approval from Chinese authorities - is expected to be completed by the end of the year.

Speaking of deals, India - the world's biggest exporter of polished and cut diamonds - has opened a diamond trading complex in its financial capital Mumbai.

Called the Bharat Diamond Bourse, the $250 million project is being touted as the world's biggest diamond trading exchange.

India accounted for eight percent of global diamond consumption in 2009... and is ranked behind the US and Japan as the world's third largest buyer of the precious jewel.

(SOT) Anand Sharma, India’s Trade Minister:

"This is a great accomplishment for a country and for an industry which has made tremendous contribution in the gems and jewelry sector over the last many decades. We have seen continuous growth of this industry and India today is the world leader."

And finally it'll be one hell of a party in Mumbai later this month, when Indian billionaire Mukesh Ambani moves into his new $1.8 billion home.

According to Forbes, the tower is the world's most expensive piece of real estate.

At 27 stories high, it's reportedly inspired by the Hanging Gardens of Babylon.

The grand property houses three helipads, nine lifts, a cinema hall, a gym, a ballroom, a dance studio, and of course a swimming pool.

And there'll be no problems looking for a park - the mansion has 168 car spaces.

The building will be home to Ambani, his wife, and their three children and 600 staff to make sure the billion-dollar home is kept in good nick.

That brings you up to date with today's Asia business news.

I'm Chloe Cho from CNBC, have a great night.

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