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Business and Market Discussion

2022-01-19

Business and Market Discussion

2022-01-19
 China’s property sector shrank at a faster pace in the final three months of last year. The National Bureau of Statistics released a supplement report on China’s GDP on Tuesday which showed output in the real-estate sector shrank by an annualised 2.9% in the fourth quarter, to 1.97 trillion yuan, after a 1.6% contraction in the previous three months. That was the first consecutive quarterly decline since 2008.

A selloff in US Treasury bonds as investors priced in four Fed rate hikes this year, dragged down stocks on Wall Street overnight. Both bonds and US stocks were sold down, creating the biggest daily aggregate loss in 10-year Treasury bonds and the S&P 500 since March 2021. The S&P 500 index tumbled 1.8% to 4,577. The Nasdaq Composite Index fared even worse plummeting 2.6% to 14,507, hitting its lowest level in three months. The Dow slumped 543 points, or 1.5%, to 35,368.

The US Ten Year Treasury Bond yield jumped 7bps to a two-year high of 1.86%. The 10-year yield started 2022 around 1.5%, with 10-year Treasuries having their worst start to a year in at least 30 years. Meanwhile, the yield on the two-year Treasury note, which closely tracks interest rate expectations, rose 7bps to 1.03%, the highest level since February 2020, when the pandemic first began.

On today’s Money Talk we’re joined by Mark Michelson at IMA Asia, Dickie Wong from 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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