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 every weekday morning 8 to 8:30 a.m. 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 "MoneytalkRadio3") .
The International Monetary Fund has warned of “dire scenarios” for the global economy as concerns mount about the spread of the Covid-19 virus globally. In South Korea the number of infections nearly tripled over the weekend to 602, with six deaths. The new cases include a Samsung Electronics employee at its smartphone factory in the south eastern city of Gumi, resulting in a complete shutdown of the entire plant.
Business activity in the US has fallen into contraction for only the second time since the global financial crisis. The IHS Flash Composite PMI dropped to 49.6 in February, the lowest level since October 2013. The Services Flash PMI also tumbled into contraction falling to a 76-month low of 49.4.
Hong Kong’s Financial Secretary Paul Chan has warned that the government's resources are limited and his budget on Wednesday won’t please everybody. On Friday, lawmakers approved a HK$30 billion coronavirus relief package, with more than half of the funding being used to provide one-off cash injections to businesses harmed by the outbreak. But several legislators have called for cash handouts for every resident.
On today’s Money Talk, Alex Wong from Ample Capital and Pete Sweeney, of Reuters BreakingViews, join us. With the view from the Mainland is Yanan Wu, Chairman of Zhen Rong Bao.
24/02/2020 - 8:09 Business and Market Discussion
Alex Wong, Director of Asset Management at Ample Capital says we should revise down expectations for global growth, as concerns escalate that the COVID-19 coronavirus is spreading overseas and turning into a pandemic.
Pete Sweeney of Reuters BreakingViews says that pent-up demand on the Mainland is not that likely, as Chinese consumers may be reluctant to go outside even after the epidemic gets under control.
24/02/2020 - 8:23 View from China
Good morning. Global stocks have staged a recovery after the People’s Bank of China rolled out stimulus measures for the second day in a row and investors bet that the impact of the coronavirus on the global economy could be contained. The PBOC injected 500 billion yuan of liquidity into the banking system, the most amount of money in a year, and set the daily yuan fixing above 7 per US dollar. Hong Kong’s retail sales have slumped for an 11th straight month. Retail sales fell 19.4% in value in December, the longest run of declines since 2016. Property transactions in Hong Kong have fallen to a 12-month low. The Land Registry reported that the value of sales dropped 17% in January to HK$29 billion. The number of new flats built in 2019 dropped 35% to just 13,600, the lowest since 2015. Hong Kong’s Cathay Pacific Airways is to cut 90% of its mainland China services as it battles a slump in sales due to the spreading coronavirus. Passenger numbers are reported to have dropped by 50% in the past few days. CEO, Augustus Tang, said yesterday the airline will reduce its overall flight capacity by 30%. On today’s Money Talk we’re joined by John Schofield from Apastron Investment, Ian Hui at JP Morgan Asset Management and RTHK’s International Economics Correspondent, Barry Wood.
05/02/2020 - 8:09am Business and Market Discussion
Ian Hui, Global Market Strategist at JP Morgan Asset Management expects that the Chinese government will take more action to stabilize the economy in wake of the coronavirus outbreak.
John Schofield, Executive Director at Apastron Investment predicts a quick rebound in China's economy as the underlying fundamentals remain strong.
Barry Wood, RTHK's International Economics Correspondent in Washington D.C. highlights the disconnect between the equity markets and the real economy and real world, with the Nasdaq at a record high.