Market Talk – June 4, 2020

by Martin Armstrong
Armstrong Economics

ASIA:

China has said it will loosen restrictions on international air travel that were put in place to control coronavirus. The move came hours after the US pushed Beijing to allow US airlines to resume flights to the country. Chinese Foreign Ministry spokesman said Zhao Lijian said the two sides had been in close communication on the subject of air travel.

Thousands of film theatres in China could never open again under the impact of the COVID-19 outbreak, a new survey by film industry insiders has revealed, adding that lay-offs in the industry have also started. China has the largest number of movie screens in the world, but all have been shut since January 23, the day the central Chinese city of Wuhan was locked down to contain the spread of the coronavirus. The outbreak impact has already wiped out more than $4.24 billion from the 2020 box office, a government official said in April.

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