It was the induction day of our new member, Ms Amy Zhao, she was proposed by President Peter. All the members welcomed her to the club. Our Fellowship Chairman Francesco reported that the Joint Annual Ball with the Club of Queensway, Victoria and Quarry Bay would be held on the 18th September 2004 at The Football Club. Rtn Francesco, IPP Bernie and Rtn Ernie have been to Zhuhai to visit the golf course and race track. Rtn Francesco suggested 10th July (Sat) to playing golf followed the next day by a driving programme in Zhuhai. The detailed information will be sent later. And the District Installation will be held on 5th July 04, please join in to support our first lady President. Our
speaker today were Mr. Yu Hin and Mr. Derek Leung from Credit Suisse; the topic
is “Global Economic Outlook”. They
said the world economy now is facing the threat of high oil prices, a rising
interest rate cycle and China’s tightening economic policy.
They gave us some suggestions: -
Global market undergoes recovery despite high oil price and rate hike. -
In medium to long term, China’s tightening policy will bring a positive
effect to the market -
However, should not be over-optimistic about market’s performance in
the next 6-12 months -
Avoid high inflation regions as they are harder hit during rate increase
cycle -
Bond price is stabilizing after a rapid drop in the last few months -
Risk of entering bond market is much lower than 3 months ago -
Commodity prices will continue to face downward pressure -
Given current volatility in the equity market, may consider adding a
hedge position into your portfolio
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