🩺Markets Focus- Strong retail sales

🩺Markets Focus

The stronger-than-expected retail sales helped give the equity market some support. Retail sales jumped 0.7% in August despite an expected decline of 0.8%. In addition, Initial Jobless Claims are 20,000 higher than expected, reflecting a continuous mixed signal from the labour market. The robust and encouraging demand is good news despite many companies lowering their quarterly sales guidance as supplies are limited to meet the robust demand.

💎AMC: Crypto Payment Mode

AMC Entertainment Holdings is expected to expand its acceptance for payment beyond Bitcoin, as it seeks to accept other digital tokens for online ticket payments by the year-end. This could include Ethereum, Litecoin and Bitcoin Cash.

This is a step forward for the crypto world as more organizations jump onto the crypto payment bandwagon.

🚘Lucid Air: An Upcoming Rising Star

While the Tesla Model S has a range of 405 miles, Lucid Air Dream Edition is set to have 520 miles, giving it a boost as the longest-range electric vehicle rated by the Environmental Protection Agency (EPA).

This helps to boost its shares. In early September, Lucid has received its first buy rating from Wall Street as investors started to warm up towards the company, given that it has reached several milestones.

🏦Evergrande: Deteriorating Fundamental

The mega Chinese developer is reported to have applied for a suspension in trading its onshore bonds, which could pave the way for restructuring or even a default.

Authorities have warned Chinese banks that the company is unlikely to pay interest on its loan due on 20 September. So, the liquidity crisis deepens as $300 billion liabilities weigh it down despite a relief that most of its foreign-denominated bonds repayment only comes next year.

Nonetheless, the negativity strengthened around the company, and the group’s stock price had dived by 80%, highlighting the overleveraging nature of the Chinese real estate sector.

⌚️What’s on the Menu Today?

At 10 pm, we will welcome Michigan Consumer Expectation for September, which is expected to rise to 72.0 from 70.3. If this is realized, reading together with the recent strong retail sales could bode well for the economy.

It is 17 September, Tuesday, at 7.40 am in Singapore and 7.40 pm in New York. The last trading day of the week has arrived, and Pika World wishes all friends a HUAT week!