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Business and Market Discussion

2022-06-22

Business and Market Discussion

2022-06-22
 A two-day citywide Covid testing exercise of Macau’s 600,000 population came to an end on Tuesday. Officials said 49 people had so far been confirmed to have the virus and they asked all residents to conduct antigen self-tests today. 700 people were locked down inside the Fortuna Hotel on Tuesday after a cluster of cases were found there. Officials in the territory announced a funding package worth 10 billion patacas to help businesses and individuals hit by the mandatory testing exercise, which began on Sunday and saw schools closed and members of the public advised not to go to work. 


Imports from China's Xinjiang region are due to be banned in the US as the Uyghur Forced Labor Prevention Act took effect on Tuesday. Several imports from the resource-rich region, including cotton and tomatoes, have already been banned from the US. Under the new rules, firms will have to prove imports from the region are not produced using forced labour, an accusation that Beijing denies. China's Ministry of Commerce said it firmly opposes the US ban on product imports from Xinjiang and that it is not conducive to the stability of global infrastructure and supply chains. 


Sales of previously owned homes in the US dropped for the fourth straight month, but the median home price hit a record high. Existing home sales declined in May by 3.4% compared with April.The median US home price rose to $407,600, the first time it has climbed above $400,000, and a 14.8% increase from a year ago. 


Global stocks rebounded Tuesday after falling into a bear market last week. The FTSE All-World Index jumped 1.9% yesterday after tumbling 5.7% last week and slipping into a bear market. It’s still down over 21% from last November’s record high. 


On today’s Money Talk we’re joined by Asian Fund Management Industry Consultant, Stewart Aldcroft, Dickie Wong at Kingston Securities and RTHK’s International Economics Correspondent, Barry Wood.

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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