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") .
China has agreed to cut tariffs on auto imports from the US from 40% to 15% according to sources familiar with the matter. Reports say the offer was made in a telephone call between Chinese vice-premier Liu He and the US treasury secretary and trade representative. UK Prime Minister Theresa May appears to be set for a leadership challenge over her Brexit plans. According to the BBC, the chairman of the 1922 backbench committee of ruling conservative party MPs has requested a meeting with the Prime Minister later today, triggering speculation that he has received the required 48 letters needed to trigger a vote of no confidence in the Prime Minister. In a tense meeting between President Trump and Democratic leaders at the White House, Mr. Trump says he would be "proud" to shut down the US government, if he didn’t receive funding for a border wall with Mexico. Lawmakers need to agree on a spending bill by December 21 to avoid a partial shutdown of the federal government. The argument in front of TV cameras, overshadowed the positive news on trade and sent US stocks plunging from their highs of the day. Joining today’s Money Talk are Peter Churchouse of Portwood Capital, Jack Siu from Credit Suisse and on the phone from Washington D.C., RTHK’s International Economics Correspondent, Barry Wood.
12/12/2018 - 8:08 Business and Market Discussions
Peter Churchouse, Founder of Portwood Capital says that the Hong Kong property market has fallen 3-4% since August and he foresees further downside risk in the residential market in 2019 but not a crisis.
Jack Siu, Director and Senior Investment Strategist for Asia Pacific at Credit Suisse does not see the Hang Seng Index falling below 24,000 over the next 3 months. He suggests that the best investment strategy is to average in after the recent equity market correction, as the downside risk is substantially lower.
RTHK’s International Economics Correspondent Barry Wood thinks that the US market is at the beginning of a bear market, with volatility depending on the US-China negotiations.
The International Monetary Fund has cut its global growth forecast saying economic expansion was being propped up by increasingly unsustainable policies and being undermined by populist and nationalist policies. It went on to warn that if President Trump imposed further tariffs on China and on the auto sector, the combined effect would knock 1% off the US economy and 1.6% from China’s GDP in the long term.
President Donald Trump has repeated his threat to impose tariffs on $267bn worth of additional Chinese imports if China retaliates against the recent measures the United States has taken in the countries' escalating trade war. However, China’s Commerce Minister, Zhong San, said that the US should not underestimate China’s resolve and will and his country would not back down in the face of tariffs.
President Trump has also repeated his criticism of the US Federal Reserve saying he doesn’t like what the Fed is doing. Speaking on his way to a rally in Iowa, he said the Federal Reserve is moving too fast with interest rates increases, saying "I think we don’t have to go as fast” on rate hikes because there’s no inflation.
Ahead of Hong Kong Chief Executive Carrie Lam’s 2018 policy address later this morning, the CE has released a progress report on last year’s policy address saying that her “people-oriented initiatives" had provided improvements in assistance for low-income families and help for ethnic minorities. This year she is expected to focus on efforts to ease the housing shortage, removal of the controversial MPF mechanism and measures to boost innovation and technology in Hong Kong.
Joining Wednesday’s Money Talk are Stewart Aldcroft, Chairman of CitiTrust, Steve Wang, Senior Credit Analyst at CITIC CLSA and RTHK’s Washington based international economics correspondent, Barry Wood.
10/10/2018 - 8:08 Business and Market Discussion
Stewart Aldcroft, Chairman of CitiTrust, says that the US is attracting safe haven flows.
Steve Wang, Senior Credit Analyst at CITIC CLSA, points out that the Asian credit markets have been spooked by rising bond yields, and the correction in the Asian bond markets have been severe.
RTHK’s International Economics Correspondent Barry Wood says that the global economy has still not fully recovered from the financial crisis in 2008, and the IMF should focus on some of the positive aspects of global growth.