PETER’S BUSINESS & FINANCE BRIEFING – Wednesday 08 May 2024, 06:00 Hong Kong
Quick Summary - 4 Things To Know Before Asian Markets Open
1. The Reserve Bank of Australia (RBA) kept interest rates on hold yesterday but raised its short-term inflation forecast due to higher petrol prices and services inflation. The RBA held interest rates at 4.35% for the fourth straight meeting. The central bank said in a statement that that “inflation continues to moderate, but is declining more slowly than expected, “adding that it “remains high.”
2. Japan may have to take action against any disorderly, speculative-driven foreign exchange moves, the government's top currency diplomat Masato Kanda said on Tuesday, reinforcing Tokyo's readiness to intervene again to support a fragile yen. "It is preferable for exchange rates to remain in a stable manner following fundamentals, and if the market is functioning soundly in this way, there is of course no need for the government to intervene," Mr. Kanda, Japan's vice minister of finance for international affairs, told reporters.
3. Global trade growth is set to more than double this year as inflation eases and a booming US economy helps to drive activity, according to international bodies. The OECD, IMF and World Trade Organization are forecasting a sharp rebound in global flows of products this year after a slowdown in 2023 driven by higher prices, surging interest rates and sluggish demand. According to the OECD, global trade in goods and services is expected to rise 2.3% this year and 3.3% in 2025. This compares with growth of just 1% last year.
4. Apple has unveiled new iPads featuring what it called “an outrageously powerful chip for AI”, signalling the Silicon Valley giant’s growing focus on AI services. The company launched the “M4” chip for its latest iPad Pro devices on Tuesday, just months after it introduced the M3 alongside new Macs in October. In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro. CEO Tim Cook said Tuesday’s announcement marked “the biggest day for iPad since its introduction.” Microsoft, Amazon and Google have all unveiled new processors focused on AI in the past few months.
On Wednesday’s “Peter Lewis’ Money Talk” podcast, I’ll be joined by Dr Enzio von Pfeil von Pfeil, capital preservation specialist at Financial Shield, and Louisa Fok, China Equity Strategist at Bank of Singapore. With a view from Japan is John Beirne, Principal Economist at the Asian Development Bank.
The podcast is also available on Apple Podcasts, Google Podcasts and Spotify.
Spotify
https://lnkd.in/gVEYjfX8
Google Podcasts
https://lnkd.in/gxdtV_xk
Apple Podcast
https://lnkd.in/gnGPSNeU