Peter Lewis: A fast moving and topical business and finance show.
A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Presented by former CEO and investment bank global trading head Peter Lewis, with over 30 years' industry experience. Join Peter and his expert guests for analysis and discussion on the day's top business stories live from 8 a.m. to 8.30 a.m. every weekday morning on RTHK Radio 3. We have a podcast to download after the show and you can also listen through the RTHK Radio 3 website live or later in the day. We welcome your questions, comments and feedback to read out in the show. You can email us at firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkR3") .
Policy makers at the US Federal Reserve have revised upwards their assessment of economic growth in the US, according to the minutes of their last monetary policy meeting. The Fed signalled that it would continue to raise rates gradually. That has led to a wild ride on Wall Street with a 500 point swing for the Dow as stocks initially surged and then sold off into the close. Treasury bond yields rose to multi-year highs.
The latest PMI survey data from the US shows activity in the manufacturing and service sector accelerating to the highest level since November 2015. However, PMI data in the Eurozone has disappointed with activity in Germany falling to a 3-month low.
Economic basket case Venezuela has achieved a novel new form of financing by raising $735 in the first day of the sale of its new cryptocurrency, the petro. The petro is backed by the country’s oil reserves and can be used as payment for taxes, fees and public services. President Nicolás Maduro tweeted that the petro would enable Venezuela to regain economic sovereignty and was a “big solution” to the country’s problems. Venezuela’s economy has sunk into a depression and is suffering from hyperinflation.
On today’s Money Talk we’re joined by our regular Thursday guest Enzio von Pfeil and Brad Gibson, Portfolio Manager at Alliance Bernstein. Providing the view from Taiwan is Ross Feingold, political analyst from DC Advisory.
22/02/2018 - 8:08 Business and Market Discussion
22/02/2018 - 8:25 View from Taiwan
40% in 40 hours. That’s how much Bitcoin has rallied in the last 2 days. The cryptocurrency first soared above $12,000, followed quickly by a breach of the $13,000 and $14,000 levels in Asian trading. The $1,000 incremental jumps continued in Europe and the US with the digital currency touching $19,000 on some coin exchanges . Since then it has fallen back sharply and is currently trading somewhere above $16,000. So many South Koreans are embracing the cryptocurrency that the country’s Prime Minister has warned, “if we let things continue, I feel some serious pathological phenomena could occur.”
In the more traditional markets, Asian equities stabilised yesterday following the previous day’s sharp losses. However the notable exception was Chinese shares which were once again in the red. The Australian dollar has fallen to a 2-week low after data showed the country’s trade surplus shrank in October, as exports slipped.
The IMF has warned about surging government debt on the mainland, particularly at the local government level. The multilateral institution urged the Beijing government to deemphasize high GDP targets and to focus on reining in excessive credit growth as some banks may not have enough capital to weather future losses.
On today’s Money Talk, Francis Lun, CEO of GEO Securities, reviews the latest business headlines. We also meet with Nicholas Bonner, founder of the Koryo Group, to talk about his 25 years of travelling to North Korea. Finally, providing this week's view from Australia is Toby Lawson, CEO of Societe Generale Securities in Sydney.
08/12/2017 - 8:07 Business and Market Discussion
08/12/2017 - 8:17 Nicholas Bonner - View from North Korea
08/12/2017 - 8:25 View from Australia