Global shares higher…NABE survey…Disney layoffs
Global shares rose today as investors were encouraged by positive reports about President Donald Trump’s health during his hospitalization for COVID-19. In early trading, France’s CAC 40 surged 0.8%, Germany’s DAX rose 0.6% and Britain’s FTSE 100 added 0.5%. In Asian trading, Japan’s Nikkei closed 1.2% higher. South Korea’s Kospi jumped 1.3% and Hong Kong’s Hang Seng rose 1.3%. On Wall Street, Dow and S&P futures are higher.
WASHINGTON (AP) – The U.S. economy faces risks from a potential resurgence of the coronavirus and from the failure so far of Congress to provide additional financial support for struggling individuals and businesses. That judgment emerges from a survey released today by the National Association for Business Economics of 52 forecasters who were polled last month. Among the forecasters, 55 percent said they regarded a second wave of COVID-19 cases as the most serious threat. Twenty percent said they thought a lack of further government economic aid would pose the biggest risk.
ORLANDO, Fla. (AP) – Disney says at least a quarter of the 28,000 layoffs planned for Disney’s parks division will come from Florida. The letter said that at least 6,390 nonunion Disney employees in Florida will be laid off starting in early December. The number of Florida layoffs, though, could grow as the company negotiates terms with a coalition of unions that represents 43,000 employees at Walt Disney World. Disney officials said last week that two-thirds of the pandemic-related layoffs involve part-time workers. They ranged from salaried employees to hourly workers.
LONDON(AP) – Shares in the company that owns the Regal, Cineworld and Picturehouse cinemas in the U.S. and Britain have fallen as much as 58% after it will temporarily close its venues after release of the latest James Bond film was postponed due to the pandemic. Cineworld Group Plc says the postponement left it with few blockbusters to attract customers. It says 536 Regal cinemas in the U.S. and 127 Cineworld and Picturehouse venues in the U.K. will close on Thursday. Some 45,000 employees are affected. The company says that with major markets such as New York closed and no guidance on when they will reopen, “studios have been reluctant to release their pipeline of new films.”
PARIS (AP) – Kenzo Takada, the iconic French-Japanese fashion designer famed for his jungle-infused designs and free-spirited aesthetic that channeled global travel, has died. He was 81. The family said in a statement to French media that Takada died from complications from COVID-19 in a hospital near Paris. Though Takada had been retired from his fashion house since 1999 to pursue a career in art, Kenzo remains one of the most respected fixtures of the high Paris fashion. Since 1993, the brand Kenzo has been owned owned by the French luxury goods company LVMH.