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") .
Alibaba has set a new Singles Day record with almost US$31 billion of sales in 24 hours. The first one billion was notched up within just 85 seconds of the event starting. The gross merchandise value was about 27% higher than last year’s amount, which was also a record.
Asia-Pacific leaders including Chinese Premier Li Keqiang and Japanese Prime Minister Shinzo Abe will join the heads of the 10-member Association of Southeast Asian Nations in Singapore this week with trade topping the agenda. US Vice President Mike Pence will attend in place of Donald Trump and is expected to face calls to bring an end to the damaging trade war between the US and China. On Friday, White House trade advisor Peter Navarro criticised calls by businesses for the US and China to resolve their trade dispute and he warned Wall Street executives to “get out of the negotiations.”
The latest economic data from the US on Friday showed factory gate inflation surging the most in 6 years. The Producer Price Index jumped 0.6% month-on-month in October taking the annual rate to 2.9%, the highest level since November 2011.
Global stocks saw their biggest drop in two weeks on Friday on worries about slowing global growth, rising interest rates and the trade wars. On the mainland, the Shanghai composite Index fell to the lowest level since the end of September and the CSI 300 financial index dropped 2.2% after the banking regulator ordered commercial banks to increase their lending to the private sector. China’s State Council said at least half of all new corporate lending should be to private companies.
On today’s Money Talk we’re joined by Alex Wong from Ample Capital and Alex Frew Mcmillan of Dragonfly Media. On the phone from Shanghai is Ben Cavender at the China Market Research Group.
12/11/2018 - 08:08 Business and Market Discussions
Alex Wong, Director of Asset Management at Ample Capital, sees the RMB breaking support at 7 and some level of panic as a result. He predicts further declines in A-shares.
Alex Frew Mcmillan, Writer from Dragonfly Media says the picture he’s getting on the ground from private companies and manufacturers in China is that the economy is in far worse shape than the official data suggests.
12/11/2018 - 08:22 View from China
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