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 global equity market selloff continued into Asian trading on Tuesday, but US stocks snapped a four-day losing streak. US shares are on track for their first monthly loss since March. Banks have come under pressure after accusations that several global banks, including HSBC and Standard Chartered, have allowed illicit international payments amounting to US$2 trillion in total, to flow through their accounts, despite being warned that they were suspicious. A sell-off in shares of HSBC and Standard Chartered deepened yesterday in Hong Kong, taking their losses to more than 7% over two days.
23/09/2020 - 8:08am Business and Market Discussion
Andrew Freris, CEO of Ecognosis Advisory says that the Hong Kong government should do more to support the local economy as the territory's fiscal reserves remain robust and could even withstand a deficit.
Patrick Bennett, Macro Strategist at CIBC World Markets highlights that accommodative monetary and fiscal policies help to maintain higher asset prices but it is not having the same impact on consumer spending.
RTHK's International Economics Correspondent Barry Wood warns that decentralisation prevents the US from containing the Covid-19 pandemic as individual states can implement measures at their own discretion.
New applications for US unemployment benefits fell to 1.2m last week from 1.4m the previous week, the lowest level since the pandemic started to spread across the US in March. But more than 16m Americans continue to collect benefits, equivalent to 11% of the workforce.
The FT is reporting that Microsoft is now exploring whether to buy all of TikTok’s global business, including the video app’s operations in India and Europe as well as the original target of its operations in the US, Canada, Australia and New Zealand. TikTok does not operate in China, and such a deal would not extend to its China-facing sister app Douyin.
Australian Prime Minister Scott Morrison warned Thursday that the lockdown across Victoria state will cut Australia’s GDP by 2.5% in this quarter. He also estimated the unemployment rate was likely to peak around 10%.
On today’s Money Talk, we’re joined by Francis Lun of GEO Securities and Kenny Wen from Everbright Sun Hung Kai. With a view from Australia is Toby Lawson at Societe Generale Australia.
07/08/2020 - 8:08am Business and Market Discussion
Francis Lun, CEO of GEO Securities says that HSBC may have to split its operations into two as the ongoing China-US tensions could make it difficult for the banking giant to comply with government restrictions and sanctions.
Kenny Wen, Wealth Management Strategist at Everbright Sun Hung Kai doesn’t think that the ongoing US-China tech war will have an impact on Hong Kong stocks as they remain largely liquidity driven.
07/08/2020 - 8:24am View from Australia