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") .
The global stock selloff has resumed on worries about trade, interest rate hikes, slowing growth in China and escalating international anger at Saudi Arabia over the disappearance and suspected murder of journalist Jamal Khashoggi. US Treasury Secretary Steven Mnuchin is the latest government official to withdraw from the Future Investment Initiative conference in Riyadh. The UK international trade secretary and the French and Dutch finance ministers have also pulled out of the event, dubbed “Davos in the Desert”.
UK Prime Minister Theresa May insisted yesterday that Britain can secure a good deal on Brexit but admitted that there were still “considerable outstanding issues” to be resolved. She said that Britain was considering a longer transition deal, beyond December 2020, to give the UK and EU more time to reach a trade deal and avoid a hard border in Ireland. The Confederation of British Industry said business’ patience was “nearing an end” and firms are accelerating their contingency planning, diverting investment and costing jobs.On Money Talk we're joined by Francis Lun of GEO Securities and Quentin Webb from The Wall Street Journal. On the phone from Sydney is Toby Lawson, Head of Global Markets for Societe Generale Australia.
19/10/2018 - 8:08 Business and Market Discussions
Francis Lun, CEO of GEO Securities expects investment to slow sharply in Hong Kong, which will affect growth.
Quentin Webb, Asia Markets Editor at The Wall Street Journal says there is more wealth in the Chinese property market than the stock market, and the slowdown in the real estate boom will have a big impact on the mainland economy.
19/10/2018 - 8:20 View from Australia
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.