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 email@example.com, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
The People’s Bank of China has cut the one-year loan prime rate by 10bps from 3.8% to 3.7%. It’s the second reduction in a month. In December, the PBOC cut the one-year loan prime rate for the first time since April 2020. The five-year loan prime rate was reduced by 5 basis points from 4.65% to 4.6%, in its first cut since April 2020.
Inflation in Hong Kong hit a five-month high in December, driven up by rising costs of meals out, takeaway food and electricity charges. Consumer prices rose 2.4% year-on-year in December, up from the 1.8% increase recorded the previous month. Netting out the effects of one-off government relief measures, the underlying inflation rate was 1.4% in December, 0.2 percentage points higher than that in November and at a 19-month high.
The International Monetary Fund has warned that the balance of risks facing Hong Kong’s economy are tilted to the downside. The IMF forecast that economic growth in the SAR will decline from 6.4% in 2021 to 3% in 2022. In its annual report it said risks to the economy include ongoing uncertainty linked to the pandemic, which could impact the flow of people and further weigh on consumption, along with a slower than expected global recovery, and continued disruption of global supply chains. The report said a quicker reopening of borders could drive a stronger recovery in private consumption.
On today’s Money Talk, we’re joined by Kenny Wen of Everbright Securities International and Andrew Freris from UCAP HK Asset Management. With a view from India is Toby Lawson, CEO of Societe Generale India.
You can read Peter’s detailed, daily 7am and midday financial news briefings on our Facebook page, where you can also comment, contribute, and ask him questions.
(Every weekday 8:00am-8:30am, except PHs. You can also email us at firstname.lastname@example.org , or find us on twitter @MoneytalkRadio3) .
21/01/2022 - 8.08 am Business and Market Discussion
Kenny Wen, Wealth Management Strategist at Everbright Securities International predicts that mainland China's economy will stabilise this year with GDP increasing 5.1%.
Andrew Freris, Chief Strategist at UCAP HK Asset Management has a negative view on the Hong Kong stock market for this quarter as the SAR's property sector is looking fragile and the effects of the government’s "zero-Covid" policy is hurting the economy.
21/01/2022 - 8:23am View from India
The Opec+ group of major oil producing nations have agreed to stick with production increases in a major win for President Biden and oil consumers. Opec+ members agreed to increase crude supply next year by 400,000 barrels a day, despite the oil price having fallen almost 20% in the past week. The decision comes after a high-level US delegation visited Saudi Arabia this week and called for more supply to bring down prices that until last week had doubled in 12 months and fuelled rising inflation in the US.
03/12/2021 - 8:09am Business and Market Discussion
John Schofield, Managing Director at Tempus Investment says that Macau's gaming sector is in a bear market and he thinks that the SAR should find new sources of revenue.
Jack Siu, Chief Investment Officer for Greater China at Credit Suisse thinks that markets will likely remain volatile for the next 3 months due to the uncertain Covid-19 situation.
03/12/2021 - 8:24am View from India