:00:05. > :00:15.with the South. Those are the latest headlines. Now,
:00:15. > :00:25.
:00:25. > :00:30.with the latest financial news, On a knife-edge. Global markets
:00:30. > :00:35.await key US employment numbers for May. There are fears the Federal
:00:35. > :00:40.Reserve may soon begin to pull the plug on stimulus measures.
:00:40. > :00:50.Plus, a slowdown in the desert. President Obama hosts the Chinese
:00:50. > :00:53.
:00:53. > :01:02.President over their rocky $5 billion trading relationship.
:01:02. > :01:07.Welcome. First, it's a bidet for global markets this Friday. -- big
:01:07. > :01:11.day. In a few hours, we will get the official numbers from the US.
:01:11. > :01:15.They are seeing as a vital indicator of how the US economy
:01:15. > :01:20.recovery is going and key to whether the Federal Reserve will
:01:20. > :01:25.start to scale back its support for the economy. That is something Ben
:01:25. > :01:32.Bernanke he has warned he will start to ring if data improves. It
:01:32. > :01:38.has been spooking the stock market. US employers are expected to create
:01:38. > :01:43.some thousands of jobs in May. That would be 5,000 more than April. Way
:01:43. > :01:48.below the 200,000 needed to make a dent in the unemployment rate. That
:01:48. > :01:55.jobless rate is expected to remain at 7.5% in May. Still a whole
:01:55. > :02:01.percentage point above the 6.5% that they want to see. Meanwhile,
:02:01. > :02:06.the stock markets remain extremely volatile. Concerns about the
:02:06. > :02:14.Federal Reserve's next move. US shares swung back. In the last few
:02:14. > :02:23.hours, Japan's Nikkei index officially ended bare market
:02:23. > :02:31.territory. A 20% drop in any case since two weeks ago. What is it
:02:31. > :02:37.looking like today? It is looking bad. It is when a
:02:37. > :02:44.main share index plunges 20% or more from its peak over eight weeks.
:02:44. > :02:53.The Nikkei reached its height on May 23rd. That was a 5.5 year high
:02:53. > :03:00.but has plunged since then, hurting the market and the strength of the
:03:00. > :03:10.currency. It has appreciated to 96.5 to the US dollar. It is
:03:10. > :03:10.
:03:10. > :03:15.hurting exporters and adding to its problems. A lot of fear amongst
:03:15. > :03:17.investors. They are closely watching the key US jobs report. If
:03:18. > :03:22.more Americans are getting employers, this will disappoint
:03:22. > :03:28.market. But if it is short of expectations, this will give share
:03:28. > :03:31.markets to move higher. The rest of Asia is also hurting. Shares have
:03:31. > :03:35.dropped to six-month lows. They fail to capitalise on Wall Street's
:03:36. > :03:39.gains overnight. Investors moved to the sidelines ahead of the
:03:39. > :03:42.unemployment report, which could provide clues on whether the
:03:42. > :03:47.Federal Reserve will start tapering its stimulus programme in the
:03:47. > :03:57.coming weeks. All eyes will be focused on that jobs data.
:03:57. > :03:57.
:03:57. > :04:00.They will indeed. Thank you for now. Now, after years of political
:04:01. > :04:05.isolation, Burma is being seen as one of the world's hottest
:04:05. > :04:10.investment opportunities. It is hosting the World Economic Forum
:04:10. > :04:19.this week. Out chief economic of -- correspondent is there. We can talk
:04:20. > :04:23.to her now. What is on the agenda? This is the final day of the World
:04:23. > :04:27.Economic Forum and it is known as the leaders summit day. That means
:04:27. > :04:30.the Prime Ministers in the region, from the Philippines to Vietnam and
:04:30. > :04:35.also the former British prime minister Tony Blair, who just
:04:35. > :04:39.walked by, are here to talk about the details of development. We
:04:39. > :04:45.heard a lot from executives but now it is about how you operational
:04:45. > :04:50.lies it to help this country, which is the poorest in Asia. That was
:04:50. > :04:55.the question that I posed to the former New Zealand prime minister,
:04:56. > :05:01.Helen Clark. $YELLOW We have to look to support them to invest on
:05:01. > :05:06.sectors where poor people live and work. That screams agriculture,
:05:06. > :05:11.which has been invested in the most basic ways. People need access to
:05:11. > :05:15.credit. They need roads to get the goods to market. They need
:05:15. > :05:22.electricity, they need water, they need sanitation. These are basic
:05:22. > :05:27.things. And that is really the key. It does have her -- diversified
:05:27. > :05:32.economy. We have heard a lot about big companies. They have said they
:05:32. > :05:36.are setting up big factories. But they like infrastructure. For many
:05:36. > :05:39.factories to take-off, there is a lot that government pop --
:05:39. > :05:45.government policy has to do. But her and Clarke was talking about
:05:45. > :05:49.the fact that the country is 70% agricultural. -- Helen Clark. Part
:05:49. > :05:54.of this development has to lift that sector into a more
:05:54. > :05:58.technologically efficient phase. If they were to do that, Burma is one
:05:58. > :06:04.of the few countries in the world that could actually grow based on
:06:04. > :06:07.agriculture and resources and as well as manufacturing. They need to
:06:08. > :06:16.realise that potential and that will be the key thing not only of
:06:16. > :06:26.the summit but when all of the leaders leave. That will be the
:06:26. > :06:27.
:06:27. > :06:33.challenge. Many thanks. These beautiful
:06:33. > :06:37.picture behind me is California. The lavish 200 acre retreat was
:06:37. > :06:42.once the home of the publishing tycoon. Later today, it will host
:06:42. > :06:46.the two most powerful men on earth. The Chinese President will meet
:06:46. > :06:51.President Obama for two days of talks, raising everything from
:06:51. > :07:01.cyber war to trade. Our correspondent is in Shanghai.
:07:01. > :07:04.California is being billed to see under -- unscripted democracy. A
:07:04. > :07:10.long way from the caricatures of the stiff and formal world of
:07:10. > :07:14.Chinese politics. There is a lot to talk about. For America, priorities
:07:14. > :07:20.are cyber security. North Korea and the influence that China may be
:07:21. > :07:25.able to bring there. And the important trade relationship, now
:07:25. > :07:30.worth more than $500 billion US every year. China is talking about
:07:30. > :07:34.a new great power relationship. It wants to be treated as an equal, in
:07:34. > :07:40.recognition of its new economic and political cloud. Some observers
:07:40. > :07:48.suggest America has as much to fear it as to gain from a rising China.
:07:48. > :07:53.-- clout. Despite an emergency of a consumer society, over the years
:07:53. > :07:57.there has been very little political reform and President Xi
:07:57. > :08:04.Jinping remains head of a Communist Party, seemingly intent on
:08:04. > :08:12.consolidating its grip on power. With me is a Chinese analyst from
:08:12. > :08:17.an economy intelligence unit. A slightly off the business agenda
:08:17. > :08:23.question. The issue of human rights always comes up whenever China and
:08:23. > :08:29.the US meat. But has the trading relationship between these two get
:08:29. > :08:38.put further and further down the agenda? It will always be on the
:08:38. > :08:42.US-China agenda. President Obama can't afford to not bring it up.
:08:42. > :08:49.But, on the Chinese side, there are ways in which the two countries
:08:49. > :08:54.have learned to manage that issue. There is a sense of the Chinese
:08:54. > :08:59.side that they have a way of responding to it. Not always
:08:59. > :09:04.effectively. Wife mac in previous years, talks between China and the
:09:04. > :09:09.US have been dominated by currency and manipulation. Is there a sense
:09:09. > :09:14.this year that conversation might be more focused on trade?
:09:14. > :09:18.The key issues for this year's summit will be the trade and
:09:18. > :09:22.investment relationship. The US will raise concerns about cyber
:09:22. > :09:26.security and industrial espionage on the Chinese side. For China, it
:09:26. > :09:35.will be Chinese investment in the US. In showing that Chinese
:09:35. > :09:40.companies have what they think is proper market access. -- ensuring.
:09:40. > :09:46.What else do you think will come out of this summit? Expectations
:09:46. > :09:50.are so high. We have to be careful about having too high expectations.
:09:50. > :10:00.This is supposed to be an informal meeting of two leaders. Learning to
:10:00. > :10:06.
:10:06. > :10:16.get on with each other. It is not designed to be too high profile. We
:10:16. > :10:18.