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") .
US President-elect Joe Biden has unveiled a US$1.9tn stimulus plan that includes US$1tn for households, with direct payments of US$1,400 to all Americans on top of the US$600 already provided in a relief bill enacted last month. Supplemental jobless benefits for the more than 18 million Americans unemployed across the country, would increase to US$400 a week from US$300 a week now. Mr. Biden will also call on Congress to double the federal minimum wage to $15 an hour.
18/01/2021 - 8:09am Business and Market Discussion
Markets continued to show weakness on the back of the new Covid-19 surge with the exception of Nasdaq which showed some welcome green, rising 0.6 percent to 11,431.35 boosted by tech shares.
Microsoft's sales rose 12 percent to $37.2 billion and generated a net profit of $13.9 billion in the first quarter of the fiscal year.
Over in Europe, further lockdown measures were announced in Spain and Italy and record cases in the UK and France encouraged a continuation of Tuesday's US bearishness; with the Eurostoxx 50 down 1.1 percent to 3,070. FTSE 100 fell 1.1 percent to 5,729.
The Hans Seng Index wrapped up the day down a respectable 0.5 percent at 24,757 helped by HSBC surging nearly 5 percent to close at HK$ 33.8 after its quarterly earnings beat estimate. Tenecent jumped 4.1 percent, after a US court rejected a Justice Department request to ban WeChat from US app stores.
China's closed door Fifth Plenum has begun with the economy and friction with the US on the agenda. The new five-year plan is expected to include measures to stimulate the domestic economy and create more self sufficiency.
On today's Money Talk, we are joined by Stewart Aldcroft, Chairman of CitiTrust; William Ma, Chief Investment Officer at Noah Holdings; and RTHK's International Economics Correspondent Barry Wood.
28/10/2020 - 8:10am Business and Market Discussion
Stewart Aldcroft, Chairman of CitiTrust, observes that despite being traditionally inclined towards the Republicans, Wall Street would opt for a Joe Biden victory since the democratic hopeful would give investors more certainty over the United States' trajectory.
William Ma, Chief Investment Officer at Noah Holdings, says that recent tensions between the US and China have increased investors' interest in China's economy.
RTHK's International Economics Correspondent, Barry Wood, warns that US election results could be delayed as a recount is plausible.