Connect with us

Financial News

Sports Fans Are Still Spending Big Bucks



With prices for sport’s tickets on the rise, people are changing their spending habits to favor experiences over material goods. That means big demand from live event-goers who want to participate in events without any expense spared or cared about.

With restrictions on travel easing, more people are looking to get out and experience high-end things. “I think that the pandemic has really curtailed our desires as humans to want those experiences,” said Ari Emanuel, CEO of Ultimate Fighting Championship owner Endeavor, said recently on CNBC. “People will always find ways around what’s going wrong so they don’t feel stuck.”

The ticket prices for upcoming 2022 NFL games have been averaging around $307 following the release of their schedule this month, said secondary market platform SeatGeek. Though it is down from an average last year which was at $411 out-of-the-gate and higher than what we saw in 2020 before there were restrictions due to Covid (a disease that gripped many countries), these numbers reflect demand as usual throughout every season. However, one thing worth noting here would be how much more expensive football tickets are now when compared with other major sports such as basketball or baseball.

With demand surges, prices are being raised for the PGA Championship this week. $18 beers were shown on a concession menu and spending rates per fan grew for NBA teams in their most recent season according to Team Marketing Report’s ‘Fan Cost Index.

Jaco Figueroa, 29-years old and a die-hard Boston Celtic fan say he paid $1,200 for three tickets to an NBA playoff game between the Brooklyn Nets and his favorite team.

“Play hard, work harder” is the motto of Jaco Figueroa, he purchased beer at Barclays Center but ate before coming because he didn’t want to pay for food. Sports and entertainment venues are notorious for charging higher prices than other restaurants. Figueroa is working two jobs to afford his lifestyle. “I work so I can spend,” he said.

The recent Covid stimulus payments and support programs have allowed people to afford to pay more for sports, according to an economist at Harvard University who served in President Barack Obama’s administration.


Cramer noted that consumer spending often tends to rise during periods when inflation is low, but it dropped significantly after the Great Recession. He attributes this trend specifically in part due to an increase of sports sponsorship by companies like Nike and Adidas which made their products more affordable for lower-income people who needed them most.”

There are plenty of people who want to spend their money on sports, even if it means paying over $600 for two tickets. 32-year-old Emily Ushko when asked said she  only had “a little bit” and really wanted to go out in style at the game last month. “It’s a once-in-a-lifetime type of thing,” Ushko said. “You want to see these players live, get the feel for the audience, and experience it.”

There has been a lot of talk about how consumers are taking the hit during these tough economic times, but what few people know is that it could get worse for some middle-class fans. Experts say they’ve already seen an increase in demand from lower-income earners who can’t afford as much spending due to rising inflation and higher prices at home or on vacation.

With inflation continuing to rise, more consumers may be hesitant about spending money on essential items. NBA fan Figueroa said he would reconsider coming next season if prices don’t drop by the end of this year’s campaign.

Even though prices are going up, some fans will still purchase season tickets because of their love for the team. For example Kevin Washington and Tawana have been Sixers’ season ticket holders since they started five years ago with no intention on giving them up anytime soon. Even during economic uncertainty which has caused higher than normal inflation rates in recent months they will still find a way to attend games. The couple understands how rare it is to get such an affordable price ($200 per seat).

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Financial News

The Loss From SEA Is Greater Than Expected As Consumer Spending Falls.





Sea Ltd. reported a loss that was larger than anticipated and dropped its e-commerce estimate for the year 2022, joining the ranks of other internet titans that are trying to gauge a more uncertain global economic environment.

The business with headquarters in Singapore reported a loss adjusted for interest, taxes, depreciation, and amortization of $506.3 million for the quarter ending in June, which was significantly higher than the average prediction of $482.3 million. During the pre-market trading session, the stock dropped by more than 4%.
The disappointing outcome was a direct consequence of Sea’s decision in May to reduce its forecast for full-year e-commerce revenue to a lower figure of $8.5 billion, down from the earlier forecast of $8.9 billion. Shoppers who have recently emerged from pandemic lockdowns are cutting back on their purchases made online and are instead focusing on purchasing necessities in preparation for a possible economic downturn.

Sea, which counts Tencent Holdings Ltd. as its largest investor, has had a string of setbacks this year, including the unexpected suspension of its most popular mobile game in India and the subsequent shutdown of its e-commerce activities in that country. Sea is owned by Tencent Holdings Ltd. Since reaching a high point in October, its share price has dropped by around 75%.

The company has been working hard to increase its profitability despite the fact that its revenue growth has leveled off. The growth in sales was the lowest it has been in over five years, coming in at 29% to $2.9 billion for the second quarter.
In spite of declining Ebitda (earnings before interest, taxes, depreciation, and amortization), sales for Sea Ltd. are expected to increase.

Shopee experienced a loss of less than one cent in adjusted Ebitda for each order it processed in Southeast Asia and Taiwan, prior to the allocation of headquarters’ common expenses. Forrest Li, the company’s Chief Executive Officer, has stated that the organization’s goal for this year is to achieve a positive adjusted Ebitda before HQ costs in Asia.
The quarterly report for Sea reveals that the company’s net loss has more than doubled, reaching nearly $931 million.
The revenue generated by Shopee, the e-commerce division of Sea, increased by 51% to around $1.7 billion during the second quarter, which was lower than the projections of $1.9 billion.
As the popular mobile game Free Fire continues to age, revenue from the gaming division of Garena decreased to $900.3 million, coming in slightly above of analysts’ projections for $827.6 million. Garena’s annual bookings are projected to fall for the first time ever in 2022, according to projections made public by the firm in March. These projections ranged from $2.9 billion to $3.1 billion.
SeaMoney, the digital financial services division of Sea, had an increase in revenue, reaching $279 million.

As a result of the toll that competition is taking on the company and as it focuses more on profitability, Sea has been reducing its overseas footprint and cutting jobs in businesses that are peripheral to its core operations. This represents a dramatic shift from the company’s previous strategy of investing in global expansion.
Gross merchandise value, which is the total amount of transactions that take place on Shopee’s platform, increased by 27% to reach $19 billion.
A number of investors are taking steps to lessen their exposure to sea. According to the filings with the SEC, Tiger Global Management LLC reduced its holdings in Sea by selling shares in the amount of $473.8 million after having invested in the company for six consecutive quarters. According to an investigation of its papers, Altimeter Capital Management LP sold all of its shares of Sea’s Class A-ADRs. Grab Holdings Ltd. of Singapore is one of Altimeter Capital Management LP’s shareholders.

Continue Reading

Financial News

Stocks Suffer As China Cuts Interest Rates, Sending Oil Prices Tumbling.





Despite statistics pointing to sluggish growth in the world’s second-largest economy and oil prices falling by about 2%, investors struggled to advance global markets on Monday as they processed news of an unexpected decrease in Chinese interest rates.

The outlook was also negatively impacted by weaker U.S. stock index futures and a stable currency, which hurt gold.

The MSCI all country index (.MIWD00000PUS), whose drop for the year had been reduced to approximately 13% by a month-long rebound, was scarcely firmer.
Data indicated the economy unexpectedly slowed down in July, with manufacturing and retail activity being constrained by Beijing’s zero-COVID policy and a real estate crisis. In response, China’s central bank lowered key lending rates to boost demand.
Investors have been trying to predict how far higher rates will go when the US and European central banks meet next month.

Wall Street recorded gains for a fourth consecutive week as of Friday thanks to expectations for lower rate increases and indications that American inflation may have peaked.
The Nikkei (.N225) share average in Tokyo increased to its highest level in more than seven months thanks to Wall Street advances and stable GDP data for Japan.

“China, in my opinion, has a unique circumstance compared to the rest of the globe. Because of their zero COVID policy, they have a self-imposed recession “Patrick Armstrong, chief investment officer at the Plurimi Group, said.

“If there is another leg down in the markets, I do believe the Fed will be the driving force. I believe that quantitative tightening will start in earnest in September and that it will drain market liquidity “said Armstrong.
The markets continue to suggest that there is a 50% chance the Fed will raise rates by 75 basis points in September and to a range of 3.50–3.75% by the end of the year.

The Fed will release the minutes from its most recent rate-setting meeting on Wednesday, but investor hopes that they will show the central bank starting to change its stance on rate rises may be crushed.


Armstrong disagreed, saying “I don’t think (Fed Chair) Powell would say that, and I don’t think the minutes will show that.”

The STOXX share index of 600 elite firms in Europe increased by 0.13% to 441.43 points, but it is still down by around 10% for the year.
Following advances the previous week, the S&P 500 and Nasdaq futures were both down about 0.5%.

Target (TGT.N) and Walmart (WMT.N) earnings will be closely examined for indications of waning customer demand.

Chinese blue chips (.CSI300) continued to decline by 0.13% despite the country’s interest rates being slashed, while the yuan and bond yields also decreased.
A delegation of American legislators visiting Taiwan for two days is nevertheless fraught with geopolitical risk.

With the yield curve still firmly inverted, the bond market seems to be skeptical that the Fed can engineer a smooth landing. With a two-year yield of 3.27%, it is significantly higher than the 10-year yield, which was 2.86% at the time.

The U.S. dollar has been supported by these yields, despite falling 0.8% last week against a basket of currencies as risk sentiment increased.

However, the dollar found its footing on Monday as the euro declined 0.2% to $1.02345 against the dollar after rising 0.8% the previous week. The dollar held steady at 133.51 yen after declining 1% the previous week.

According to Capital Economics senior economist Jonas Goltermann, “our belief remains that the dollar rally will continue sooner rather than later.”


Gold fell 0.8% to $1,786, giving up almost all of its 1% gains from the previous week.

As concerns about the world’s fuel consumption increased as a result of China’s poor results, oil prices decreased.

Saudi Aramco’s CEO said the company was prepared to increase output once many offshore sites in the U.S. Gulf of Mexico resume production following a brief outage last week. Saudi Aramco is the top exporter in the world.

While U.S. crude slid 1.9% to $90.34 per barrel, Brent dropped 1.8% to $96.35.

Continue Reading

Financial News

China State-Owned Giants May Delist From US Exchanges





Five of China’s largest state-owned corporations want to delist from US exchanges as the two countries struggle to agree on auditing Chinese businesses.
China Life Insurance Co., PetroChina Co., and China Petroleum & Chemical Corp. announced their delisting intentions Friday, together with Aluminum Corp. of China and Sinopec Shanghai Petrochemical Co.

The US and China have been at conflict for 20 years over American inspectors’ access to Chinese company audit work files. Negotiators haven’t reached a deal despite a 2024 deadline to shut down noncompliant enterprises. Mainland China and Hong Kong are the only two jurisdictions that don’t allow PCAOB inspections, citing security and confidentiality concerns.

As US and Chinese officials struggle to achieve a settlement, speculation mounts that sensitive Chinese companies could leave US markets willingly.

“These state-owned firms are in vital areas and may have access to information foreign regulators don’t,” said Saxo Markets strategist Redmond Wong.

The China Securities Regulatory Commission said the delisting plans were business-related.

Bloomberg Intelligence projected in May that 300 Chinese and Hong Kong companies worth $2.4 trillion risk being removed off US exchanges as the SEC raises scrutiny. China Life, PetroChina, China Petroleum & Chemical, Alibaba Group Holding Ltd., and Baidu Inc.

Uncertain if delisting will improve discussions on audit inspections, a US regulatory requirement aimed to safeguard investors from accounting frauds and other financial wrongdoing. The 2024 deadline comes from a popular 2020 bill, the Holding Foreign Companies Accountable Act.


PCAOB Chair Erica Williams said a voluntarily delisting may not stop the board from reviewing audit work papers. The PCAOB’s jurisdiction to investigate was retrospective, so the watchdog could still require work files from departing corporations, Williams noted.

If a corporation or issuer delists this year, it doesn’t matter to Williams because he wants to know if they committed fraud last year.

Alibaba joined a growing list of corporations that could be booted off American exchanges on July 29.

Alibaba stated in July it was seeking a Hong Kong main listing, joining Bilibili and Zai Lab. The switch might help corporations attract more Chinese investors and provide a model for US-listed Chinese enterprises facing delisting.

Alibaba stated in August it would aim to keep its NYSE and HKE listings.

Alibaba, Pinduoduo,, China Life, and Sinopec sank 3% in US pre-market trade. PetroChina lost 1% and Kraneshares CSI China Internet Fund ETF sank 1.8%.

China considers eight companies listed on major US exchanges to be “national-level Chinese state-owned enterprises,” according to a congressional investigation. China Southern Airlines Co., Huaneng Power International Inc., Aluminum Corp. of China, China Eastern Airlines Corp., and Sinopec Shanghai Petrochemical.

Delistings will have little impact on the companies because their New York shares are thinly traded, but they highlight rising US-China tensions, said Bloomberg Intelligence strategist Marvin Chen.


Relations between the superpowers have been tight following Nancy Pelosi’s trip to Taiwan provoked Chinese military drills near the island.

Congress may speed up the delisting deadline to 2023, adding pressure for the two parties to achieve a compromise.

The PCAOB chair declined to set a deadline for reaching a deal with Chinese officials, but said it must be soon.

China Mobile Ltd., China Telecom Corp., and China Unicom Hong Kong Ltd. were delisted from the New York Stock Exchange in January 2018 after President Trump banned investment in Chinese enterprises with military ties. Huaneng Power International plans to delist owing to poor volume and administrative complexity and costs.

Read More Financial News Here

Continue Reading


© Copyright 2022 | All Rights Reserved RISK DISCLAIMER There is a very high degree of risk involved in trading. Past performance is not necessarily indicative of future results. Financial Wars and all individuals affiliated with this site assume no responsibility for your trading and investment results. All the material contained herein is believed to be correct, however, Financial Wars will not be held responsible for accidental oversights, typos, or incorrect information from sources that generate fundamental and technical information. Options trading carries significant risk. Futures and futures options trading carries significant risk. Trading securities, security options, futures and/or futures options is not for every investor, and only risk capital should be used. You are responsible for understanding the risk involved with trading options. Prior to trading any securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options. The indicators, strategies, columns, and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of Financial Wars may have a position or affect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. All of our partners or affiliated companies are in no way associated with the proprietary information provided by the Financial Wars Trading Method or software. All returns are based off buy side analysis and do not include commission costs. All projections are based on current returns. The projections do not account for any possible draw down effects on performance and performance projections. Actual returns and projected returns may fluctuate over the course of the service. "VIP" or "Lifetime" designation refers to the lifetime of the product only and not to be assumed to be the lifetime of any individual. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless Financial Wars, its principals, agents and employees. As a Student and Chat Subscriber, we ask that you please cross check the information posted here. We ask that you challenge any information you feel is incorrect. We do not guarantee any of the information that is posted in the chat. All company names are trademarks or registered trademarks if their respective holders. Use of a mark does not imply any affiliation or endorsement by them.

Social Media Auto Publish Powered By :