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 Saijal Patel from CNBC and you're watching “Asia Market Daily”.
It was a bit of a mixed bag for Asian markets today.
The KOSPI slid almost 1 percent as institutional investors booked profits.
While the Nikkei edged higher - helped by gains from the financials on the back of Citigroup's strong third quarter profit results.
The country's economic outlook was in focus, after the government cut its view for the first time in 20 months, saying the economy was at a standstill.
The Shanghai Composite finished in positive territory - up 1.2 percent
Dalian Port's Hong Kong listed shares climbed higher - after the company got the green light from China's securities regulator for its Shanghai IPO.
The Aussie sharemarket ended fairly flat - following mixed results from both the banks and miners.
Retailers - such as David Jones and Myer were hit - after minutes from the Reserve Bank of Australia's last interest rate meeting, hinted the central bank will raise rates when it meets again in two weeks.
Asian Tech stocks - such as Samsung, Panasonic and LG also lost ground - on the back of disappointing quarterly iPad sales results from Apple overnight.
The tech giant's fourth quarter numbers surged past expectations — boosted by a 91 percent rise in its iPhone sales.
But that wasn't enough to boost investor sentiment.
CNBC's John Fortt has more.
Apple beat on revenues and EPS, but investors didn't like gross margins and didn't like the guidance.
The street was looking for revenues of around $19 billion and earnings per share of $4.06. What they got was revenues of $20.34 billion, EPS of $4.64 a share. But gross margins were around 36.9%. The street was looking for something above 38%. And also the guidance wasn't quite what the street was looking for. The revenue guidance was above consensus at around $23 billion, for the holiday quarter. The EPS was lighter than the $5.06 the street was looking for. Apple's projecting $4.80.
Ok, so what happened? iPhone sales were strong. Apple sold 14.1 million iPhones in the quarter, the street was looking for 11.5 million. Also a hair more Macs than folks expected. But iPads and iPods came in light. The street was looking for 9.5 million iPods, got just over 9 million, was looking for maybe as many as 5 million iPads and got 4.2 million iPads. But Steve Jobs got on The Call himself to make the case for why Apple is still the way to go, taking shots at RIM, saying that their strategy isn't going to work because they're not prepared to be a software platform.
Also taking shots at Google and Andriod, saying their strategy is too fragmented, calling the open versus closed debate saying that the argument that Google is open while Apple is closed. Steve Jobs saying that's a smoke screen. What really matters is who solves the customer's problems, and arguing that Apple is in a better position to do that.
For CNBC, I'm Jon Fortt.
Turning to currency markets. The US dollar gained ground today - after US Treasury Secretary Timothy Geithner said America will not devalue its currency.
Geithner told Silcon Valley Business leaders that the greenback will remain the world's reserve currency during "our lifetime".
(SOT) Timothy Geithner, U.S. Treasury Secretary:
“The USA and no country around the world can devalue its way to prosperity, to competitiveness, it is not a viable feasible strategy and we will not engage in it. It is very important to us that people have confidence in our capacity to meet our long-term fiscal obligations, to make sure the Fed does its job of keeping inflation low and stable over time.”
Geithner also revealed the Treasury's decision to delay its report on currencies - until after the G20 Summit in November - was to gather international support to pressure China on its Yuan policy.
He did though acknowledge that the Yuan had been appreciating slightly, but said that it's still undervalued.
(SOT) Timothy Geithner, U.S. Treasury Secretary:
"It's not good for China long-term, not tenable for China long term, and it's unfair to all of China's trading partners, to Americans and others, because it creates a playing field that's unbalanced, it provides a huge near term to short term economic advantage to Chinese companies."
Meantime, China is reportedly planning to make further cuts to export quotas for rare earth.
According to local media, quotas will be reduced by up to 30 percent next year.
China has already slashed quotas by 40 percent this year, from 2009 levels.
The country accounts for more than 90 percent of the world's rare earth production.
A change of pace now, Korea has just wrapped up the biggest film festival in the region.
The 15th Pusan International Film Festival was a great success - showing the industry has truly recovered from the financial crisis.
SBS CNBC's Rhie Young Lim has this special report.
The Korean film industry has made big strides in the last decade or so, garnering attention from audiences across not just Asia, but also from the West. It now boasts the 6th biggest film market in the world with an average yearly growth of 11%. Not to mention the many award-winning pieces from major film festivals like the Cannes and the Berlin International Film Festival.
(SOT) Heejeon Kim, VP OF International Sales & Distribution, CJ Entertainment:
"The Korean film was industrialized from the mid-1990s after the major corporate companies came into the industry, and ah it had its bloom in 2005-2006 when we had the "Hanryu," the Korean wave and it's still going on of course."
But that course hit a major bump in 2008, when the global financial crisis hit.
(SOT) Park Chan-wook, Film Director:
"The movie industry did feel a pinch for the last 2 years. I think it shocked many because the industry has been on such a roll."
Domestic market share of Korean films fell to one of its lowest in 2008 at 37% from its peak of 64% just two years ago. Film exports slumped to just $20.5 million that year, compared to $76 million in 2005.
Now the Korean film industry may be at the center of spotlight once again as foreign investment makes a comeback. One proof of the rekindled interest was the buzz at Pusan International Film Festival this year.
(SOT) Nam Dong-chul, General Manager, Asian Film Market:
"We saw more visitors at the festival this year. 180,000 up from 170,00 last year. And increasing numbers of foreign film distributors and production companies are interested in buying Korean films. We see more active co-production , not just with Hollywood, but with film companies in other Asian countries and Europe."
(SOT) Oliver Stone, Film Director:
"There's so many interesting movies from such a relatively small land. It's really a quality. It makes you think."
And that could bring another renaissance to the Korean film industry, as experts expect Korean movie viewers to exceed 170 million by 2014. SBS-CNBC, Rhie-young Lim.
That's your latest Asia Market Daily.
I'm Saijal Patel from CNBC, good night.
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