U.S. Media Rattle By Layoffs But Stock Market Gains

From CNN to the Washington Post, US media are facing tough times, as a series of outlets have announced layoffs this winter amid fears of an economic downturn, the Agence France-Presse (AFP) and Jiji Press reported.

Photo Insert: While US media may be reeling from layoffs, the stock market is performing positively as the Lunar New Year dawns.

Vox Media, owner of the Vox and The Verge websites as well as the landmark New York Magazine and its online platforms, announced Friday it was letting go 7% of its staff. The news follows layoffs at CNN, NBC, MSNBC, Buzzfeed and other outlets.

While US media may be reeling from layoffs, the stock market is performing positively as the Lunar New Year dawns, Abhisek Vishnoi reported for Bloomberg.

From trading desks to Wall Street analysts, positive calls are growing over Asian stocks this year as the outlook for earnings, valuations, and flows all point upward.

The rally since end-October has pushed the MSCI Asia Pacific Index up by almost 23%, outperforming the US benchmark by the most since 1993 while also beating its European peer.

The predominant driver has been China’s reopening, with a weakening dollar giving an added fillip as investors look for recession-proof markets. Heading for the best start to a year since 2012, the MSCI Asia gauge has climbed 7.2% in January.

The rally has many more months to run, according to a survey of fund managers by Bank of America. China’s growth outlook is getting rapidly upgraded in a boon for the region’s economies, while earnings estimates are also rising in contrast to downgrades seen in Europe and the US.

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