China may be having stock market troubles,but it's people have gone out and spent their entertainment dollars anyway.Disney's Star Wars had a more than 53 million dollar opening in China-the largest film opening ever.*
You can't walk into a mall without running into Star Wars,it's been said.Our gross box office there is up 54% on the year,said Richard Gelford,CEO of Imax Corporation.I think there's a disconnect between the market and consumer discretionary in China.Star Wars had a more than 8.1 million Imax opening.We were up about 6% in China last night.We get real time feedback from a thousand theatres worldwide,Mr.Gelford explained.*
China has a massive buildup in debt,added Ruchir Sharma of Morgan Stanley Investment Management.Just when exactly this leads to a meltdown is hard to predict;but this is the main threat faced by the global economic community.The Chinese economy has become so large and important today.*
In the US, what we're looking for in 2016 is that growth forecasts will come down by a percent to just 1.5%.If you look at the history of commodity prices,they spend a long time,15-20 years,correcting the excesses.What you can expect is,an extensive trading range.I doubt we'll get much beyond 10-15% down.We'll probably get back to 40-50 dollar oil and languish there for a long time.*
Walt Disney (DIS),Imax Corp (IMAX),Morgan Stanley (MS)
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