Sentiment Improves on Positive US Economic Data

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

Hi, I'm Saijal Patel from CNBC and you're watching “Asia Market Daily”.

Positive signs of growth out of the United States as it announced a slew of stronger than expected economic data.

The standout was jobless claims...which dropped to 407,000. That's the lowest since mid-July 2008.

The market had forecast a figure of 435,000.

Some economists say that's a sign the labor market is starting to turn the corner.

(SOT) Don Luskin, Chief Investment Officer, Trend Macrolytics:

"If you look at the personal income numbers that came out in the United States today, it was all because of increases in wages and salaries. It was a good healthy jump of almost half a percent in a single month, none of it was due to transfer payments, tax cuts or any rabbits out of the hat, or other magic tricks. This was a real self-sustaining recovery in income."

Data also showed consumer spending in October gained 0.4 of a percent, it's fourth month of consecutive increase.

But there're still concern over the unexpected declines in new home sales and a fall in orders for durable goods.

(SOT) John Kyriakopoulos, Head of Currency Strategy, NAB Global Markets Research:

"I still have my doubts about how strong the U.S. recovery would be, even fortnight, while the market focused on the initial jobless claims, which was good news, we did see quite a fall in U.S. durable goods orders, and we saw more bad news on the U.S. housing market, which I think those two factors will act as headwinds to the U.S. economy going into 2011."

Meantime, Ireland has unveiled a 4-year plan it hopes will cut its massive deficit enough to win international aid.

The new measures come in the wake of Ireland's acceptance of a bailout from the EU and the IMF that's expected to amount to more than 80 billion euros.

CNBC's Guy Johnson filed this report from Ireland.


Another busy day here in Dublin. We've had not only the publication of this, Ireland's 4-year recovery plan but also tremendous speculation about the future of Ireland's banks.

The contents of the 4-year recovery plan is largely known to the market. Not a great deal of surprise in the fact that we're going to be seeing about 15 billion euros being reduced from the country's deficits.

A tough task for a country that's really so small.

But the real issue centers around the banks. The speculation about whether or not the government will have to inject another 3.5 billion into the Bank of Ireland, further nationalizing it. And also, inject more money into other financial institutions as well. I spoke to Brian Lenihan, Finance Minister, seen after the publication of the 4-year plan.

He told me that he wouldn't confirm that number but did say that a large package to help out the banks is being negotiated with the IMF and the details of that will be known within the next few days.

(SOT) Brian Lenihan, Finance Minister of Ireland:

"What's under discussion with our European partners is the entire Irish banking sector and what our European partners are negotiating with us are arrangements that will deepen measures already taken by government through asset relief, through the investment of more capital and through the extension of guarantee arrangements."

But Ireland at least has a chance of growth. It's a flexible economy, has generated huge productivity increase over the last few months already.

Attention now very much turns to Portugal. A country now in a much more difficult situation. Guy Johnson, CNBC, Dublin.


And finally, in an exclusive interview, CNBC's Maria Bartiromo spoke to Thomas Arasi, CEO of Marina Bay Sands.

She started by asking him how the integrated resort in Singapore managed to contribute to more than a third of its parent company, Las Vegas Sands overall third quarter profit.


(SOT) Thomas Arasi, CEO of Marina Bay Sands:

"What's going on is that you have got the money inflows from Indonesia, Malaysia, China. It's all coming in here with their investment portfolios, and what it's doing is it's bringing in the business here as well as the financial investment. So, what that means back to tourism is that all of those areas... are we have seen lots of people come in. In September, the biggest market in descending order, according to the Singapore Tourism Board are Indonesia, Malaysia, Australia, China and India. So that's great because if you think about the breath and the depth of that you've have got the surrounding countries which are the sure ones, but then you have got the biggest population of the economic centers of the world in the top five feeder markets into Singapore for its tourism."

CNBC's Maria Bartiromo: So what are you seeing now, across the world we are hearing talk of China slowing down, trying to slow down red hot economy, have you seen any of that in terms of ripple effects, what are you seeing in terms of sentiment, business, how is the consumer doing in this part of the world?

(SOT) Thomas Arasi, CEO of Marina Bay Sands:

"Consumer seem to be doing very well to touch on a few of those things, the only place we see any sense of slowdown related to China is sometimes in the newspapers. We don't feel it or see it day to day. They are coming here, they are visiting, they are shopping here, they are buying apartments here...There's tremendous wealth activity, M&A activity going on in places like Indonesia, tremendous influence here there are business interest here, there are family interest here and Indonesians send their kids to school here, there's a great diversification play, so we are really getting a little bit from not just from one market, but from many markets and of course the local consumer here is doing very well."

CNBC's Maria Bartiromo: So many people are talking about the fact that places like Singapore, places like Macau are subsidizing what's happening in Las Vegas, and that's just the fact, so tell me this, why Singapore and not Macau? Will Singapore ever match the Las Vegas strip in terms of popularity, in terms of hype, but give me the sell, why Singapore, not Macau?

(SOT) Thomas Arasi, CEO of Marina Bay Sands:

"Macau and Singapore, very different markets, we get some business from China, from the mainland, we get some business from Hong Kong, we get some occasional business from Macau, but it's really night and day. I mean, what we get from those areas compared to what goes to Macau is not even a rounding error."

CNBC's Maria Bartiromo: Final question here Tom, how do you plan to keep this going?

(SOT) Thomas Arasi, CEO of Marina Bay Sands:

"When I think of that question, I think about what we have done differently here. And clearly, this has been a game changer for Singapore. We have become arguably the emblem and symbol, just flying here into Singapore, people know it, they want to come here, that will drive the numbers up, that will drive the traffic up. We are really a category killer for this part of the world."


That's the latest Asia Market Daily.

I'm Saijal Patel from CNBC.

All Rights Reserved. A Division of NBC Universal.