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Hungarian consumer confidence worsens for third month in a row -survey

Hungarian consumer confidence worsens for third month in a row -survey

BUDAPEST, Oct 9 (Reuters)Hungarian consumer confidence deteriorated for a third month in a row in October as households turned more pessimistic about their own financial situation, a survey showed on Friday.

Think tank GKI’s consumer sentiment indicator dropped to -34.2 points in October from -31.1 points in September and -29.6 points in August.

GKI said consumer confidence, which plunged by 38 points in April in the midst of the first wave of the coronavirus pandemic, rose by almost 23 points in the May-July period. Then it fell again in August-October as fears of a second wave of the pandemic strengthened.

“The trend is worsening,” GKI said.

GKI said households turned more negative about their own finances in October and their concerns about unemployment have been increasing at an accelerating speed.

However, their opinion about their future ability to save improved slightly in October.

Earlier this week, retail data showed that calendar-adjusted retail sales HURETY=ECI declined by an annual 0.7% in August after a 0.4% growth in July.

On Thursday, Finance Minister Mihaly Varga said Hungary’s economy could return to its early 2019 levels in the first half of 2022, with the recovery from the coronavirus-induced slowdown being slower than previously expected.

(Reporting by Krisztina Than; Editing by Toby Chopra)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Tesla’s Model 3 Lost In The World’s Most Advanced EV Market In A Peak Month (NASDAQ:TSLA)

Tesla’s Model 3 Lost In The World’s Most Advanced EV Market In A Peak Month (NASDAQ:TSLA)

Introduction

Norway is a small automotive market but is widely regarded as the most advanced market for electric vehicles (EVs) in the world thanks to generous government incentives. Battery electric vehicles (BEVs) and hybrids accounted for over 80% of sales in September 2020 and the national parliament has set 2025 as the target year for the country to go fully electric.

This is why electric vehicle data from Norway if often used as an indicator for the prediction which models and manufacturers will excel in a world in which electric vehicles become the norm. There is also no local player, which means the Norwegian EV market is not skewed like some other countries like France where the Renault Zoe reigns supreme.

As I mentioned in my previous SA article on Tesla (TSLA), its Model 3 always performs poorly in Europe during the first month of each quarter, with a big push coming in the third month.

Well, the Model 3 just lost decisively in Norway in September with the Volkswagen ID.3 getting 77% more sales.

The EV market in Norway

According to data from ElbilStatistikk, the top three bestselling EVs during the month of September were ID.3, Model 3, and Polestar 2 with 1,974, 1,116, and 928 units, respectively.

(Source: ElbilStatistikk)

October is starting even better for the ID.3 with 213 units sold so far. The Model 3 has just five, but this is normal as Tesla usually performs poorly in the first month of each quarter as I mentioned.

However, 2020 YTD is also being dominated by another VW model, the Audi E-tron. And the Model 3 will be surpassed by the ID.3 in around three weeks at this pace.

(Source

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Female Retail Brand Founders & National Women’s Small Business Month

Female Retail Brand Founders & National Women’s Small Business Month

October is National Women’s Small Business Month, an initiative focused on promoting female-led business operations.

In 2020, this month-long spotlight on female business owners is especially important, as recent reports show the impact of the pandemic has been dramatic on women in the workforce: Many aged 25 to 54 have stepped out of the professional environment to care for children and family. 

Despite this year’s challenges, the 2019 State of Women-Owned Businesses Report indicated upward growth in the world of female-helmed businesses. 

Findings from the research indicate there are nearly 13 million women-owned businesses in the US that employ 9.4 million people and generate $1.9 trillion in sales. 

Additionally, women-owned businesses grew 21% between 2014 to 2019, while businesses owned by women of color doubled that growth rate: As of 2019, women of color accounted for 50% of all women who owned businesses.

Within the retail and direct-to-consumer sector, there are many emerging female-led businesses that have found a way to thrive in 2020 despite its many obstacles. 

I spoke with a few founders to hear their stories and to see how their retail operations are doing during the ups and downs of this year.

Marcy Capron-Vermillion and Coco Meers: Equilibria

Coco Meers (Co-Founder of PrettyQuick, acquired by Groupon in 2015) left Groupon in early 2018 to found Rebelle Collective, an early-stage investment fund focused on female entrepreneurs. 

When recruiting founders for her portfolio, she spoke with Marcy Capron-Vermillion, a technologist with whom she had built early versions of PrettyQuick. 

While Meers had the intention of investing in one of Capron-Vermillion’s new projects, their first conversation led them down an unintended path: Both were candid about recent mental and physical health struggles.

That single conversation led the duo down a greater path to co-found Equilibria in March of

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Stocks look to extend gains after S&P 500’s highest close in a month

Stocks look to extend gains after S&P 500’s highest close in a month

Stock futures advanced Thursday morning, pointing to a higher open after the three major indices closed at their highest levels in more than one month a day earlier.

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Contracts on the Dow rose more than 120 points, or 0.4%, about two hours before the opening bell. S&P 500 and Nasdaq futures also gained. Shares of Regeneron (REGN) jumped more than 4% after the drugmaker said it had submitted a request to the U.S. Food and Drug Administration for emergency use authorization of its Covid-19 antibody treatment, which had been taken by President Donald Trump after his Covid-19 diagnosis.

Traders clung to hope that some aid out of Washington – if not a multi-trillion dollar, comprehensive virus relief package – might transpire in the near-term.

House Speaker Nancy Pelosi said Wednesday that she would be open to passing a bill to provide relief to airlines specifically, after Trump said late Tuesday that he would approve piecemeal measures including airline aid. Airline stocks, along with travel and leisure names, were flat to slightly higher in late trading, largely holding onto gains from the regular session Wednesday.

However, Pelosi also signaled that she would not be open to advancing a bill that would authorize another round of $1,200 direct checks to taxpayers, saying that that on its own would be insufficient to address the Covid-19 crisis. House Democrats last week voted to advance a larger package to inject another $2.2 trillion in aid to various parts of the economy.

“It’s been the question of the day, as to why we got the tweets we got over the last 24 hours, the market reaction we got into [Tuesday’s] close, and then the rally today,” Ed Mills, Raymond James Washington policy analyst, told Yahoo Finance Wednesday afternoon.

“Investors I’ve spoken to at Raymond

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