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Business and Market Discussion / View from Taiwan

2022-05-19

Business and Market Discussion / View from Taiwan

2022-05-19
 China’s new home prices dropped for the eighth consecutive month in April. China’s National Bureau of Statistics reported Tuesday that among the 70 major Chinese cities, 47 cities saw new home prices decline m/m in April, compared to 38 in March, while prices rose in 18 cities. Month-on-month, new home prices fell 0.2%, compared with 0% m/m in March, the fastest decline in five months. 


Premier Li Keqiang has called for greater urgency in rolling out measures to support the virus-battered economy. "All localities and departments should step up their sense of urgency, and new measures that can be used should be used," Premier Li said at a symposium on Wednesday, according to CCTV. He said that China has enough policy room to deal with the challenges facing the economy. The premier added that efforts to support the economy should bring it "back to normal quickly" after acknowledging that indicators have "weakened significantly" since March.


Inflation in the UK surged to a 40-year high of 9% in April, as food and energy prices spiral out of control. The rise in the consumer price index is well ahead of the 7% seen in March of this year. From April 1, the UK energy regulator increased the household energy price cap by 54% in response to soaring global commodity prices and has not ruled out a further increase later this year. Bank of England Governor Andrew Bailey warned of an “apocalyptic” outlook for consumers with a quarter of Britons resorting to skipping meals.



On Wall Street, US stocks suffered their worst falls since June 2020, near the start of the pandemic. Weighing on sentiment were weak earnings reports from large consumer companies, concerns over rising inflation and interest rates and supply chain disruptions emanating from the China lockdowns. The S&P 500 tumbled 4% to 3,923 taking its losses for 2022 so far to almost 18%. Consumer discretionary and consumer staples were the worst-performing sectors Wednesday, down 6.6% and 6.4%, respectively. The declines were led by retailer Target which plummeted 25%, its worst fall since Black Monday in 1987, after it reported that higher freight, wage and fuel costs and disrupted supply chains would hit profits. Shares of the world’s biggest bricks and mortar store, Walmart, dropped another 7%, following an 11% slump on Thursday, after it said inflation was hitting its profit margins.

On today’s Money Talk, we’re joined by Personal Wealth Adviser Enzio Von Pfeil and Louisa Fok from the Bank of Singapore. With a view from Taiwan is Ross Feingold of SafePro Group. 

Money Talk

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 moneytalk@rthk.hk, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
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