Market

What are Hongkongers going to do with their HK$10,000 payout? Bet on the stock market, from the looks of it

Starting this week, each permanent resident of Hong Kong will be eligible to receive HK$10,000 (US$1,290) in a one-time cash payout, part of the government’s HK$55 billion financial stimulus to help the city survive its worst recession on record.

Hong Kong’s Financial Secretary Paul Chan Mo-po, the architect of the financial disbursement, would prefer the city’s residents to spend that money dining out, shopping, travel locally or pay for their utility bills. Chances are that Hongkongers will redirect that money towards the stock market, where they can put it to better use in one of Asia’s cheapest bourses, and to subscribe for two dozen initial public offerings (IPOs) in the pipeline.

“I will use it to invest in the stock market at the right time,” said Irene Chan, a white-collar professional working in the Central business district. “HK$10,000 is not a large sum of money. My aim is to double

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2020 graduates face uncertain job market with hope

NASHVILLE, Tenn. – If everything had gone according to plan, Missy Wood thought she’d have a job helping at-risk youths by now. 

Wood, a recent graduate of Middle Tennessee State University, saw her internship with Court-Appointed Special Advocates end abruptly in March as the COVID-19 pandemic took root in Tennessee. She started applying for jobs with the Department of Children’s Services and similar organizations in April.

By the time she graduated in May, new job postings for her chosen career had all but disappeared.

Wood is one of the thousands of graduates across the nation who face a turbulent job market amid the novel coronavirus pandemic. More than 47 million Americans have filed jobless benefit claims since the middle of March, according to the Labor Department.  

Eli Kellum, 7, climbs on the back of babysitter Missy Wood in the Kellum family's backyard in Murfreesboro on June 18, 2020, as the two play on the trampoline. Wood has been looking for work since April but has not been able to find any child-focused social work positions since graduating from MTSU in May. After the pandemic hit, job postings for her planned career seemed to disappear.
Eli Kellum, 7, climbs on the back of babysitter Missy Wood in the Kellum family’s backyard in Murfreesboro on June 18, 2020, as the
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If you don’t get more stimulus checks this summer from Uncle Sam, here’s how the stock market may react

With cities across major states such as California, Florida and Texas returning to some form of lockdown due to spiking COVID-19 cases after brief full re-openings, it’s becoming clear the U.S. economy will likely need a fresh jolt of stimulus from lawmakers.

If that stimulus isn’t received this summer the stock market — which has been blindly rallying despite growing risks of a renewed dive in economic activity because of COVID-19 —could easily fall off a cliff.

“It will be a hit, no question,” warned Belpointe Asset Management chief strategist David Nelson on Yahoo Finance’s The First Trade of the risk to stocks if more stimulus isn’t enacted. Other pros Yahoo Finance has chatted up estimate the stock market could plunge nearly 20% if lawmakers don’t enact additional stimulus.

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, individuals were eligible for up to $1,200 (depending on income level)

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As Big Deals Make the Rounds at the Cannes Market, a Pandemic Era of Dealmaking Takes Shape

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When this year’s Cannes market migrated online, some worried that it might have a negative impact on the business. As it turns out, it’s a lot easier to close international pre-sales when jumping from meeting to meeting means logging into various Zoom rooms, rather than squeezing through throngs of people on the Croisette. Agents and buyers say that while nothing can compare to in-person meetings at Cannes, this week’s virtual markets were productive and offered a blueprint for pandemic-era dealmaking.

In fact, if the Cannes markets are any indication, buyers are hungry for big deals, despite the uncertainty that surrounds whether audiences are comfortable returning to theaters.

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While the the country’s three largest circuits all plan to reopen all their locations in July, Warner Bros. this week pushed back for a second time the summer’s highest-profile film, Christopher Nolan’s “Tenet,”

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Cannes Delivers Big Titles, Sales & Hope but Questions Market Models

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“The Blacksmith,” “Ferrari,” “Armageddon Time” and “The Card Counter” look like market highlights of an extraordinary Cannes market, which saw its two virtual platforms delivering for a select number of big U.S. projects, amid large market caution and even fear of a second COVID-19 spike.

In the art film sector, Cannes Official Selection label titles made much of the running, with distributors lamenting that they would have loved to have seen more screened at Cannes. “Without the festival, the market was weak in terms of arthouse, because we lacked the buzz, hype and the experience of being all together in a screening room,” said Stefano Massenzi, head of acquisitions and business affairs at Italy’s distribution banner Lucky Red.

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Equally, more mainstream distributors looked for greater depth in the pre-sales market. Most everyone, however, was delighted and some even surprised that

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Cannes Virtual Market Verdict & Diversity’s Thunderbolt Moment

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Hello, and welcome to International Insider, Jake Kanter here. Well done on making it to Friday, here are the six things we want you to know about the global film and TV business this week. If you want to subscribe, sign up here.

1. Cannes Virtual Market Verdict

Will Smith
Will Smith

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Andreas Wiseman reports: The Cannes virtual market got underway this week and has largely been heralded as a success by those we’ve spoken to. There have been inevitable tech hiccups given the unprecedented nature of the undertaking but on the whole, buyers have been impressed by the volume and quality of projects and the operation itself. “It’s great to see how resourceful Cannes, the agencies and sales agents have been to make this happen,” one leading international buyer text me this morning.

Big names, big deals: Bill Murray,

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Used Car Market Emerging as the Dark Horse: 4 Stocks in Focus

If you were waiting for bigger bargains in used car prices amid coronavirus woes, chances are that you have already missed the boat! Used car prices had been badly hit during March and April. Many industry watchdogs were expecting a further fall in the prices. However, with stay-at-home orders being lifted and business activities resuming normalcy, used car prices are picking up.

The Manheim used vehicle value index hit a record in mid-June, increasing around 4% year over year and recovering from the historic drop in April 2020. Used vehicle prices declined 11% in April from a month ago. Used car values were going into a tailspin, similar to what happened during the 2008 financial crisis. But the prices bounced back strongly in May, up 9% from April levels. The used car market is continuing the momentum in June, which is a pleasant development for used car retailers, automakers and

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Music Biz College Graduates Keep Their Heads up, Despite Grim Job Market

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Genna Batson, who graduated last month from Syracuse University’s Bandier Program with a music business degree, was about as poised for a career in the concert industry as a senior without a nepotistic benefactor could be. She’d focused on the touring business early in her college days, serving as talent buyer and co-director of the school’s concert board, and held internships at industry titans Live Nation, Red Light Management and Superfly, where last summer she interned as a sponsorship coordinator for the Outside Lands festival in San Francisco. She’d secured a contracted position for this summer in the same role, and a permanent job looked promising.

But then came the pandemic, which in a matter of days flattened the entire concert industry — the financial engine of the music business, which touring trade Pollstar had projected would generate $12.2 billion in box office

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