Dr. AU King Lun, MH Chief Executive Officer of BOCHK Asset Management Limited
Dr. AU King Lun is Chief Executive Officer of BOCHK Asset Management Limited. Prior to joining the company in 2010, Dr. AU held various senior management positions at a number of international asset management companies in Hong Kong.
Dr. AU served on a number of public committees. He was the Chairman of the Hong Kong Securities Institute from 2006 to 2008 and the Chairman of the Hong Kong Investment Funds Association in 2004/2005. In July 2008, Dr. AU was awarded the Medal of Honour by the Hong Kong SAR Government for his valuable contributions to the securities and asset management industry.
Dr. AU holds a Bachelor's Degree in Physics from Oxford University, UK and a Doctorate in Theoretical Particle Physics from the Durham University, UK. He is also a Chartered Financial Analyst and a Fellow of the Hong Kong Securities Institute.
Language: Cantonese
Summary
US non-farm payrolls for September were disappointing and the current jobless recovery marks a big uncertainty on demand and growth sustainability.
The US economy remained stable despite the global financial volatility, with macro data improving modestly towards the end of September.
The US Fed remained accommodative. The Federal Open Market Committee (FOMC)'s sober view on the economic outlook underpinned the move to extend the maturity of its treasury holdings with "Operation Twist", in addition to reinvesting maturing agency debt and mortgage-backed securities.
The Fed's concern about strains in global financial markets was echoed across the globe, with sell-offs in equities, bonds and emerging market and commodity currencies. The flight to USD as a safe haven concurs with the recent de-risking of investors in all asset classes.
The China Manufacturing Purchasing Manager's Index (PMI) remained soft. The latest September figure was stable compared to those of previous months. China inflation may start to fall in Q4) with the cumulative effect of monetary tightening and softening international commodity prices.
Global risky assets continue to lurch up or down with every bit of news from Europe. At its core the crisis in Europe is political. Europe as a whole has a relative modest, heavily cyclical fiscal imbalance. The problem is that Eurozone needs 17 member states to agree to every significant move which makes it impossible to reallocate resources in a timely fashion. The US bailout experience in 2008 demonstrated that decisive bailouts are cheap while indecisive actions encourage volatilities in the markets.
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