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") .
Data released on Friday from around the world shows the coronavirus pandemic and lockdowns by governments have pushed the global economy into the sharpest downturn since the Great Depression of the 1930’s. IMF Managing Director, Kristalina Georgieva said, “never in the history of the IMF have we witnessed the world economy coming to a standstill.”
Nonfarm payrolls in the US in March fell by 701,000, ten times more than expected. The unemployment rate rose from 3.5% to 4.4%, the highest level since August 2017.
The Caixin China Composite PMI rebounded to 46.7 from an all-time low of 27.5 the previous month. The gauge for the services sector rose to 43, from 26.5 in February. Both readings indicate that activity is still contracting although at a slower pace than seen in February. The People’s Bank of China will cut the Reserve Requirement Ratio for some medium- and small-sized banks by 100bps in total, releasing a total of 400 billion yuan of funding.
Business activity in Hong Kong worsened in March. The IHS Markit PMI improved slightly to 34.9, up from 33.1 in February, but still deep in contraction territory and the second-worst deterioration since July 1998 when the survey began.
On today’s Money Talk, we’re joined by Alex Wong from Ample Capital and Gavin Parry at Parry International Trading. With the view from the Mainland is Brock Silvers of Adamas Asset Management.
06/04/2020 - 8:09am Business and Market Discussion
Alex Wong, Director of Asset Management at Ample Capital says that compared to the 2008 financial crisis, financial institutions are better equipped to deal with the economic turmoil, thanks to the higher capitalisation of banks and stricter regulatory policies.
Gavin Parry, Managing Director at Parry International Trading warns that the credit markets are crucial in defining the course of the economic downturn and says that a financial crisis similar to that of 2008 is possible if markets were to freeze.
06/04/2020 - 8:23am View from China
US President Donald Trump and Congressional leaders have agreed to a US$2 trillion economic relief package, following five days of intense negotiations. It will be the largest US stimulus package in US history. However, passage of the bill in the Senate has been held up following a dispute between a group of Republican Senators and Bernie Sanders over some of the provisions in the bill. That caused stocks on Wall Street to fall back from their highs of the day.
The volume of imports into the US from China has collapsed by an “unprecedented” amount over the first two weeks of March, according to the latest figures from supply chain data company, Panjiva. Chinese goods into the US fell by 45% over the first half of March compared to the same period a year ago.
On today’s Money Talk, we’re joined by Enzio von Pfeil at St. James’s Place and Peter Churchouse of Portwood Capital. Also with us is Chris Dillon of Dillon Communications to talk about Hong Kong property.
26/03/2020 - 8:03-8:23 Business and Market Discussion
Enzio von Pfeil, Associate Partner & Private Wealth Adviser at St. James's Place see another 18% fall in the S&P 500 before it bottoms as markets tend to drop by 40% on average during crashes..
Peter Churchouse, Founder of Portwood Capital points out that the US is likely to end-up with significant debt as a result of the recent stimulus packages and he forecasts a "Japanization" of the country's economy in two to three years.
26/03/2020 - 8:23-8:30 Property