Good morning. China’s consumers are shifting online, jettisoning their brand-conscious and consumption-oriented lifestyles, in response to “zero-covid” policies and regulatory crackdowns. Global markets plunged as China’s Congress wrapped up, and Macau gaming stocks were no exception. Investors find crypto more attractive as regulators get aggressive.
What you need to know
- Macau casino sector stocks plunged on Monday after China showed that the longstanding zero-tolerance COVID policy will be very much in effect: CFRA Research.
- Chinese consumers are jettisoning their brand-conscious and consumption-oriented lifestyles, choosing essentials over non-essentials amid an economic slowdown: Fitch.
On the radar
- Emperor Entertainment expects a $21m loss for 3Q22.
An increasing number of Chinese consumers are jettisoning their brand-conscious and consumption-oriented lifestyles, choosing essentials over non-essentials amid an economic slowdown and dimmed employment prospects, Fitch Ratings reports. This comes as China adheres to its “Zero-Covid” policy and a regulatory crackdown on sectors ranging from property and technology to private education. The ratings firm argues that uncertain employment prospects and ongoing pandemic-related controls will temper consumption growth until China’s economy shows strong signs of bottoming out.
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