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Business and Market Discussion / View from India

2021-12-03

Business and Market Discussion / View from India

2021-12-03
 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.

On Wall Street, US stocks rebounded Thursday from the Omicron selloff, shrugging off two negative sessions. The S&P 500 has moved at least 1.2% in either direction, on each of the last four days, including a stunning reversal on Wednesday when the index gave up gains of 1.9% early in the day to close 1.2% lower. Yesterday, the index jumped 1.4% and held on to its gains to close at 4,577.

In Hong Kong, the Hang Seng opened 135 points lower but clawed back losses to end the morning day 130 points, or 0.6% higher, at 23,789. The Hang Seng Tech index was down 0.7%. Shares of Alibaba dropped 2.5%, hitting an all-time low. Shares of Macau junket operator Suncity Group plunged 20% at one stage after it resumed trading in Hong Kong on Thursday morning. In volatile trading, the stock ended the day 3% lower. The shares were suspended from trading on Wednesday after crashing 48% the previous day.

On today’s Money Talk, we’re joined by John Schofield at Tempus Investment and Jack Siu from Credit Suisse. With a view from India is Toby Lawson, CEO of Societe Generale India.

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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