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☆ Macau reimposes COVID curbs with casino lockdown as infections creep up
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Authorities locked down the MGM Cotai casino resort owned by MGM China (2282.HK) on Sunday with staff and guests ordered to stay inside until Nov 1. All of Macau's 700,000 residents are mandated to take rapid antigen tests daily during the period, the government said. The casino closure deals a blow to operators who have already been grappling with China's "zero COVID" restrictions for more than two and a half years, losing millions of dollars monthly. Shares in Hong Kong-listed Galaxy Entertainment (0027.HK) and Wynn Macau (1128.HK) dropped more than 3% early in Monday's session but later reversed course to trade in positive territory. Macau casino executives also said a decision on new licences could come as early as this week.

☆ Macau's MGM Cotai casino locked down after dealer COVID case - media
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 30 (Reuters) - Macau's MGM Cotai casino, operated by MGM China (2282.HK), was locked down on Sunday morning after a dealer was found to be infected with COVID-19 in the world's biggest gambling hub, local publication Inside Asian Gaming reported. The closure deals a blow to casino operators who have already been grappling with COVID restrictions for more than two and a half years. Government health workers were at the MGM Cotai site with noone allowed to enter or exit the building, Inside Asian Gaming said. All of Macau's 700,000 residents must take a rapid antigen test for COVID daily from Oct. 30 to Nov. 1, Macau's government said in a statement that made no mention of the MGM closure. Macau's six casino operators - Sands China (1928.HK), Wynn Macau (WYNN.O), Galaxy Entertainment (0027.HK), MGM China, Melco Resorts and SJM Holdings (0880.HK) - are currently awaiting a government decision on whether they will be granted new licenses.

They accounted for 71% of arrivals before the pandemic, with another 19% coming from Hong Kong, according to the tourism board. Register now for FREE unlimited access to Reuters.com RegisterCasinos have supported heady growth since 2002 when Macau opened the market to multiple operators. Macau’s tiny population of 680,000 was nearly 70% richer on a per capita basis than their peers in Hong Kong, per the International Monetary Fund. But their collective enthusiasm masks an awkward reality: Macau’s dependence on the gambling industry looks increasingly fraught. Gaming revenue, which peaked at $45 billion in 2013, has never recovered from the blow to VIP business, sinking to $36 billion by 2019, per Macau’s Gaming Inspection and Coordination Bureau.

☆ Wall Street eyes lower open on rate hike, recession worries
▼ + stars: | 2022-09-26 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. ET, Dow e-minis were down 139 points, or 0.47%, S&P 500 e-minis were down 21 points, or 0.57%, and Nasdaq 100 e-minis were down 51 points, or 0.45%. In premarket trading on Monday, cyclical stocks traded lower on worries that such sharp rate hikes could rattle the economy. The CBOE Volatility index (.VIX), also commonly known as Wall Street's fear gauge, hovered near three month highs. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shreyashi Sanyal and Ankika Biswas in Bengaluru; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures shackled by rate-hike, recession worries
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 7, 2022. REUTERS/Brendan McDermidSummarySummary Companies Futures down: Dow 0.76%, S&P 0.75%, Nasdaq 0.47%Sept 26 (Reuters) - U.S. stock index futures fell on Monday, kicking off another week on softer footing, as investors worried that the Federal Reserve's aggressive push to curb inflation may tip the American economy into recession. ET, Dow e-minis were down 225 points, or 0.76%, S&P 500 e-minis were down 27.75 points, or 0.75%, and Nasdaq 100 e-minis were down 54 points, or 0.47%. "As the SPX tests its June lows, the question becomes is that alone good enough reason to buy?" "Given the acceleration higher in the dollar, global yields, and the breakdowns across global FX, it's hard to not have concerns about longer-term implications."

☆ Wall Street ends lower, Dow confirms bear market
▼ + stars: | 2022-09-26 | by ( Noel Randewich | ) www.reuters.com time to read: +3 min

After two weeks of mostly steady losses on the U.S. stock market, the Dow Jones Industrial Average (.DJI) confirmed it has been in a bear market since early January. With the Fed signaling last Wednesday that high interest rates could last through 2023, the S&P 500 has relinquished the last of its gains made in a summer rally. According to a widely used definition, ending the session down 20% or more from its record high close confirms the Dow has been in a bear market since hitting its January peak. In Monday's session, the Dow Jones Industrial Average (.DJI) fell 1.11% to end at 29,260.81 points, while the S&P 500 (.SPX) lost 1.03% to 3,655.04. The S&P 500 posted no new 52-week highs and 120 new lows; the Nasdaq Composite recorded 16 new highs and 594 new lows.

☆ Cramer's lightning round: Coinbase is not a buy
▼ + stars: | 2022-09-20 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

I think it's a great spec, and I usually don't say that." Loading chart...Coinbase Global Inc: "I'm going to have to say no." That's something I like to say when I don't like them." Loading chart...Skechers USA Inc: "The stock is what I call erratic and has been for quite some time." Loading chart...Cricut Inc: "I think it's still too high on a price-to-earnings basis.

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