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Business and Market Discussion / View from South Korea

2022-06-24

Business and Market Discussion / View from South Korea

2022-06-24
Business leaders have welcomed interim measures suggested by incoming Chief Executive, John Lee, as part of the city’s gradual border reopening and also called for hotel quarantine requirements for travellers to be cut to three days. Mr. Lee told the South China Morning Post yesterday that he is working on a strategy to reopen the Hong Kong border with mainland China and may reduce quarantine for arrivals. In an interview with the SCMP, Mr. Lee conceded that scrapping curbs may take time to achieve but says his administration can set interim goals towards that end. 


The incoming CE also revealed that he plans to attend the annual Apec leaders’ summit in Bangkok in November, despite being under US sanctions, as part of a more aggressive drive to promote the SAR. Mr. Lee vowed to send out delegations overseas to counter “fear mongering” about Hong Kong. 


Eurozone business activity suffered a sharp slowdown in June. S&P Global said its flash eurozone composite purchasing managers’ index fell to a 16-month low. The gauge in June was 51.9, down from 54.8 last month. Manufacturers’ output and new orders both fell and companies complained of high inflation, weak demand and political uncertainty. 


In the US, the composite PMI declined to 51.2 from 53.6. S&P Global said in its report, “the pace of US economic growth slowed sharply in June, with deteriorating forward-looking indicators setting the scene for an economic contraction in the third quarter”. 


Mexico and Norway have become the latest central banks to raise rates by a larger than expected amount. The Bank of Mexico on Thursday raised its overnight interest rate by 75bps to 7.75%, taking interest rates in the country to the highest in almost three years. Norway’s central bank yesterday raised interest rates by a larger than expected 50bps to 1.25%, its first such hike since May 2002. In other central bank moves, the Philippines' central bank raised its key interest rate by 25 bps to 2.5%. Bank Indonesia held its benchmark interest rate at a record low 3.5%. Both the moves were expected by economists.


On today’s Money Talk, we’re joined by Andrew Freris of Ecognosis Advisory and Martin Hennecke from St. James's Place.  With a view from South Korea is Peter Kim of KB Securities. 

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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