The Speaker of the US House of Representatives, Nancy Pelosi, has left Taiwan after a high-profile visit that infuriated China, and rattled local financial markets. In talks with Taiwanese legislators, Ms. Pelosi pledged closer economic ties between the US and Taiwan, adding that a trade agreement with Taiwan may be “imminent.” China’s General Administration of Customs has levied new import bans on more than 2,000 Taiwanese products. China also halted natural sand exports to Taiwan. 


The S&P Global Hong Kong PMI edged down to a three-month low of 52.3 in July 2022 from 52.4 a month earlier. However, this was the fourth straight month of growth in the private sector, with both output and new orders rising and firms increasing their buying activity. However, orders from China fell for the 14th successive month and foreign demand declined for a second straight month. 


The Caixin China General Services PMI increased to 55.5 in July 2022 from 54.5 in June, the second straight month of expansion in the sector, amid an improving domestic COVID-19 situation and easing lockdown measures. It was also the sharpest increase in the sector since April 2021, as new orders rose at a faster pace. But the employment index deteriorated for the seventh consecutive month. 


Opec and its allies have agreed an oil production increase of 100,000 barrels a day, or 0.1% of global demand. The increase is one of the smallest in the oil cartel’s history and is likely to cause disappointment in western capitals. 


On today’s Money Talk, we’re joined by Personal Wealth Adviser Enzio Von Pfeil and Louisa Fok, China Equity Strategist at Bank of Singapore. Later we talk with Andrew Fennell, Senior Director of Sovereign Ratings at Fitch Ratings.