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Asian Markets Slide as Global Sell-Off Continues

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Asian Markets Slide as Global Sell-Off Continues

Fears over the future health of the global economy are continuing to rattle markets around the world, as President Trump’s resolute commitment to hold the line on tariffs fueled investor concerns about inflation and a pullback in consumer spending.

After the S&P 500 suffered its worst day of the year on Monday, the sell-off continued into Asia trading on Tuesday.

Asian markets opened mostly lower, with Japan’s Nikkei 225 index falling about 2 percent, weighed down by big declines in Japanese technology stocks. Stock markets in South Korea and Taiwan also fell more than 1 percent in midday trading.

Equity markets in China were faring slightly better. Shares in Shanghai, Shenzhen and Hong Kong ticked lower, down less than 1 percent in morning trading.

Investors have become increasingly cautious about the U.S. stock market in recent weeks as President Trump has flip-flopped on tariffs, causing confusion and uncertainty.

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Growing unease about the inflationary effects of the tariffs, coupled with a broadly darkening mood about the economy, provided the catalyst for a sell-off in a market that investors have long worried was overvalued.

While current economic data has remained robust, surveys of consumers, business leaders and economists are growing pessimistic. Analysts at JPMorgan now say there is a 40 percent chance for a global recession.

The sell-off highlighted how carefully global markets are parsing the president’s public remarks about the economy.

Analysts pointed to Mr. Trump’s comments from an interview that aired on Sunday when he refused to rule out the possibility of a recession, stating that the economy is undergoing “a period of transition.” The Trump administration has offered little to assuage investors’ fears, continuing to drive a hard line on tariffs on the major U.S. trading partners Canada, Mexico and China.

In a research note on Tuesday, Takahide Kiuchi, executive economist at Nomura Research Institute, said financial markets were caught off-guard by Mr. Trump’s “unwavering” commitment to push ahead with tariffs despite the economic pain that it might cause.

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“Even if the tariffs lead to inflation and economic deterioration, President Trump is likely to place the blame squarely on former President Biden rather than acknowledge any shortcomings in his own economic policies,” Mr. Kiuchi wrote.

Technology stocks tumbled in the United States on Monday. Tesla shares plunged more than 15 percent, as investors assess falling sales and worry that the company’s chief executive, Elon Musk, has been distracted by his role in the Trump administration. Shares of Alphabet, Apple and Nvidia each fell more than 4 percent.

Technology shares also declined in Japan, with Sony, SoftBank, Hitachi and Fujitsu each falling more than 4 percent during trading early Tuesday morning. Other tech declines in Asia included the chip giant Taiwan Semiconductor Manufacturing Company and the Apple supplier Foxconn in Taiwan, both down 2 percent.

Shares of the Japanese automakers Toyota Motor and Honda Motor, as well as the South Korean automaker Hyundai Motor, dipped slightly. Nissan Motor, which has struggled more than others with slumping sales and political headwinds, saw its stock price fall more than 4 percent on Tuesday.

Japanese and South Korean automakers are expected to be particularly damaged by a potential 25 percent tariff on foreign cars that Mr. Trump has indicated could take effect as soon as April 2.

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In a note on Friday, Goldman Sachs said the stocks making up the main equity indexes in Taiwan, South Korea and Japan would be the most exposed in Asia if the Trump administration imposed a universal tariff on trading partners.

Bruce Pang, an adjunct associate professor at the Chinese University of Hong Kong business school, said Chinese markets are moving out of step with the United States and other global counterparts. Chinese shares are getting a lift from the government’s ambitious target of around 5 percent growth and recent business-friendly comments about supporting the private sector and entrepreneurship from top leaders.

“These factors collectively help mitigate the headwinds arising from the Trump administration’s news flows,” he said.

In the year to date, shares of Chinese companies listed on the Hong Kong Stock Exchange have risen nearly 20 percent, compared with a 4 percent slide on the S&P 500.

Late on Monday, Delta Air Lines issued another warning signal about a worsening economy. The airline announced that it had cut its profit forecast for the first three months of the year, saying that rising economic worries among consumers was denting demand for air travel.

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In a statement, Delta blamed the decline in demand on a “recent reduction in consumer and corporate confidence caused by increased macro uncertainty.”

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Disney+ to be part of a streaming bundle in Middle East

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Disney+ to be part of a streaming bundle in Middle East

Walt Disney Co. is expanding its presence in the Middle East, inking a deal with Saudi media conglomerate MBC Group and UAE firm Anghami to form a streaming bundle.

The bundle will allow customers in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE to access a trio of streaming services — Disney+; MBC Group’s Shahid, which carries Arabic originals, live sports and events; and Anghami’s OSN+, which carries Arabic productions as well as Hollywood content.

The trio bundle costs AED89.99 per month, which is the price of two of the streaming services.

“This deal reflects a shared ambition between Disney+, Shahid and the MBC Group to shape the future of entertainment in the Middle East, a region that is seeing dynamic growth in the sector,” Karl Holmes, senior vice president and general manager of Disney+ EMEA, said in a statement.

Disney has already indicated it plans to grow in the Middle East.

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Earlier this year, the company announced it would be building a new theme park in Abu Dhabi in partnership with local firm Miral, which would provide the capital, construction resources and operational oversight. Under the terms of the agreement, Disney would oversee the parks’ design, license its intellectual property and provide “operational expertise,” as well as collect a royalty.

Disney executives said at the time that the decision to build in the Middle East was a way to reach new audiences who were too far from the company’s current hubs in the U.S., Europe and Asia.

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Erewhon and others shut by fire set to reopen in Pacific Palisades mall

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Erewhon and others shut by fire set to reopen in Pacific Palisades mall

Fancy grocer Erewhon will return to Pacific Palisades in an entirely rebuilt store, as the neighborhood’s luxury mall, owned by developer Rick Caruso, undergoes renovations for a reopening next August.

Palisades Village has been closed since the Jan. 7 wildfire destroyed much of the neighborhood. The outdoor mall survived the blaze but needed to be refurbished to eliminate contaminants that the fire could have spread, Caruso said.

The developer is spending $60 million to bring back Palisades Village, removing and replacing drywall from stores and restaurants. Dirt from the outdoor areas is also being replaced.

Demolition is complete and the tenants’ spaces are now being restored, Caruso said.

“It was not a requirement to do that from a scientific standpoint,” he said. “But it was important to me to be able to tell guests that the property is safe and clean.”

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Erewhon’s store was taken down to the studs and is being reconfigured with a larger outdoor seating area for dining and events.

When it opens its doors sometime next year, it will be the only grocer in the heart of the fire-ravaged neighborhood.

The announcement of Erewhon’s comeback marks a milestone in the recovery of Pacific Palisades and signals renewed investment in restoring essential neighborhood services and supporting the community’s long-term economic health, Caruso said.

A photograph of the exterior of Erewhon in Pacific Palisades in 2024.

(Kailyn Brown/Los Angeles Times)

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“They are one of the sexiest supermarkets in the world now and they are in high demand,” he said. “Their committing to reopening is a big statement on the future of the Palisades and their belief that it’s going to be back stronger than ever.”

Caruso previously attributed the mall’s survival to the hard work of private firefighters and the fire-resistant materials used in the mall’s construction. The $200-million shopping and dining center opened in 2018 with a movie theater and a roster of upmarket tenants, including Erewhon.

“We’re honored to join the incredible effort underway at Palisades Village,” Erewhon Chief Executive Tony Antoci said in a statement. “Reopening is a meaningful way for us to contribute to the healing and renewal of this neighborhood.”

Erewhon has cultivated a following of shoppers who visit daily to grab a prepared meal or one of its celebrity-backed $20 smoothies.

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The privately held company doesn’t share financial figures, but has said its all-day cafes occupy roughly 30% of its floor space and serve 100,000 customers each week.

Erewhon has also branched out beyond selling groceries.

Its fast-growing private-label line now includes Erewhon-branded apparel, bags, candles, nutritional supplements and bath and body products.

Erewhon will also open new stores in West Hollywood in February, in Glendale in May and at Caruso’s The Lakes at Thousand Oaks mall in July 2026.

About 90% of the tenants are expected to return to the mall when it reopens, Caruso said, including restaurants Angelini Ristorante & Bar and Hank’s. Local chef Nancy Silverton has agreed to move in with a new Italian steakhouse called Spacca Tutto.

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In May, Pacific Palisades-based fashion designer Elyse Walker said she would reopen her eponymous store in Palisades Village after losing her 25-year flagship location on Antioch Street in the inferno.

Fashion designer Elyse Walker announced the reopening of her flagship store

Fashion designer Elyse Walker announced the reopening of her flagship store at the Palisades Village in May.

(Myung J. Chun/Los Angeles Times)

“People who live in the Palisades don’t want to leave,” Walker said at the time. “It’s a magical place.”

Caruso carried on annual holiday traditions at Palisades Village this year, including the lighting of a 50-foot Christmas tree for hundreds of celebrants Dec. 5. On Sunday evening, leaders from the Chabad Jewish Community Center of Pacific Palisades gathered at the mall to light a towering menorah.

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A total of 6,822 structures were destroyed in the Palisades fire, including more than 5,500 residences and 100 commercial businesses, according to the California Department of Forestry and Fire Protection.

Caruso said he hopes the shopping center’s revival will inspire residents to return. His investment “shows my belief that the community is coming back,” he said. “Next year is going to be huge.”

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How the ‘Wicked’ Movies Boosted the Musical’s Broadway Sales

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How the ‘Wicked’ Movies Boosted the Musical’s Broadway Sales

Oct. 30, 2003

Broadway Opening

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Kristin Chenoweth and Idina Menzel in the Broadway debut of “Wicked” at the Gershwin Theater.

“Wicked” is an undisputed juggernaut — one of the biggest productions in musical theater history. The stage show, by the composer Stephen Schwartz and the librettist Winnie Holzman, has grossed $1.8 billion on Broadway, and $6.2 billion globally. Worldwide, it has been seen by more than 72 million people.

But none of that was a foregone conclusion. Based on Gregory Maguire’s 1995 novel, which in turn was based on L. Frank Baum’s “The Wonderful Wizard of Oz,” the musical had a so-so reception during its pre-Broadway run in San Francisco in the spring of 2003. In New York that fall, it divided critics when it opened on Broadway at the Gershwin Theater, starring Idina Menzel as the green-skinned “wicked witch,” Elphaba, and Kristin Chenoweth as her frenemy, Glinda, a.k.a. the Good Witch of the South. (“There’s Trouble in Emerald City” was the headline on the review in The New York Times.)

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“You wake up the morning after opening night, and some of those notices were pretty devastating, and you think, ‘Oh, well, this is the final word,’” Mantello said. “But then the audiences are telling you a completely different story.”

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Menzel performed “Defying Gravity” at the 2004 Tony Awards, and took home the prize for best leading actress in a musical.

The production pretty quickly became a fan favorite, and over the years, audiences made the show their own. The “Wizard of Oz” base was, of course, a huge factor — the 1939 film is a much-loved American classic — but, also, the musical’s depiction of female friendship became a central part of its allure, and kept audiences returning for repeat viewings.

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March 23, 2006

1,000th Broadway Performance

“Once word kicked in, it took on a life that none of us could have ever predicted,” Mantello said. “It was the audience, and not a critical consensus, that turned it into the hit that it became.”

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It’s a hit! Fans waiting for Menzel’s autograph outside the Gershwin Theater in May 2004.

Menzel, the original Elphaba, won a Tony Award for best leading actress in a musical in 2004. In 2005, the day before her final performance, she fell through a trap door onstage; she couldn’t perform at her last show, but made a cameo in a red tracksuit.

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Sept. 27, 2006

‘Wicked’ International

The show expanded rapidly, and now has a global footprint. The London production opened in September 2006, after the prior year’s introduction of a North American tour and a production in Chicago, where it ran for three and a half years. Los Angeles, Japan and Germany began in 2007; and Australia in 2008. In the years since, productions have run in the Netherlands, Mexico, South Korea and Brazil; productions are still running in London and South Korea, and touring in North America.

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A South Korean production featured, in 2016, Jeong Sun-ah and Cha Ji-yeon.

Oct. 30, 2018

Another Milestone: 15 Years

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The 15th anniversary cast included Amanda Jane Cooper as Glinda and Jessica Vosk as Elphaba.

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In 2018, the show celebrated its 15th anniversary, a milestone achieved by few shows. And “Wicked” has continued to outpace its peers: It has since become the fourth-longest-running production in Broadway history, following “The Phantom of the Opera,” “Chicago” and the top-grossing show, “The Lion King.”

Sept. 14, 2021

‘Wicked’ Reopens After the Shutdown

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The show reopened with Ginna Claire Mason as Glinda.

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Broadway shows were closed from the spring of 2020 through the fall of 2021 because of the coronavirus pandemic. In August 2021, the touring production of “Wicked” restarted in Dallas — the first Broadway touring production to do so — and in September 2021 “Wicked” reopened on Broadway.

Dec. 7, 2022

Yes, We’re Making a Movie

The idea of adapting “Wicked” for the screen goes way back. In fact, it predates the stage musical. Universal Pictures had optioned the novel but couldn’t figure out how to turn it into a film, and agreed to let Schwartz, working with Holzman, develop it into a stage musical first. (Universal didn’t miss out; it is one of the lead producers of the stage musical, along with Marc Platt and David Stone.)

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Cynthia Erivo and Ariana Grande rehearsing “Popular” in September 2022.

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Once the stage production became a ginormous hit, the film adaptation was an inevitability, but still there were false starts, abandoned schedules and creative-team overhauls along the way. News coverage of a film adaptation began in 2010; at one point, the director Stephen Daldry was attached and a 2019 release was announced; in 2021 Jon M. Chu became the director, and the next year he said it would be split into two films.

Grande and Erivo had both become fans via the stage show. Grande saw it with her grandmother on Broadway in 2004 (and met Chenoweth backstage); Erivo saw the London production when she was a student.

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Feb. 11, 2024

Marketing Saturation

The “Wicked” films’ rollout began in earnest in early 2024, with a trailer that ran during the Super Bowl, and the actresses were ubiquitous throughout that year, including in promotional spots that aired during the Paris Summer Olympics. (NBC Universal, the parent company of Universal Pictures, has the American broadcasting right to the Games.)

The marketing budgets for most Hollywood films are vastly larger than those for Broadway shows. In this case, because there are two films — one released last year and one released last month — the marketing campaigns, as well as publicity and news coverage, was doubled. The films had an estimated marketing budget of at least $125 million each — or $250 million total — along with the numerous brand partnerships that also generated a ton of attention. By contrast, the Broadway show has an annual marketing budget of about $11 million.

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Nov. 22, 2024

‘Wicked: Part I’ U.S. Theatrical Release

The movies’ effect on the stage production was significant. In 2023, “Wicked” grossed $97.85 million on Broadway; in 2024 it was up nearly 15 percent, to $112.13 million, and this year it expects to be up another 13.4 percent, to $127.3 million.

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The show says the effect in London has also been sizable: It expects London “Wicked” grosses this year to be up 29.4 percent over last year, and last year the grosses were up 10.5 percent over the previous year. (​​The show also holds a record for the highest weekly grosses in West End history, set this year during the week that included New Year’s Day.)

“It’s amazing,” Schwartz said in an interview. “Before the movies came out, I wondered what the impact would be on the show. I don’t think any of us anticipated how strong it would be. You can never plan on this kind of thing, or even hope for it, but it’s really lovely.”

Dec. 25, 2024

$5 Million on Broadway

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Actors don harnesses and elaborate wings to portray the flying monkeys who become Elphaba’s allies.

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The Broadway production of “Wicked” grossed $5 million over Christmas week last year (just a month after the first film’s release) — it is the first and only Broadway show to gross that much in a single week. (It was also the first show to cross the $2 million mark and the $3 million mark.)

Nov. 21, 2025

‘Wicked: For Good’ U.S. Theatrical Release

What’s next? The second movie was released just before Thanksgiving, giving a second surge for “Wicked” in all its forms, and now the year looks to be ending strong for the stage show. The Broadway production grossed more than $3 million over Thanksgiving week (by comparison, it had generally been grossing $2.3 million to $2.5 million during Thanksgiving weeks that preceded the films’ release). Just around the corner: the Christmas and New Year’s stretch, always a good period for Broadway, and this year, even more so for “Wicked.”

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Broadway grosses reflect the most recent box office receipts as reported by the Broadway League. Grosses are not adjusted for inflation.

Images: Sara Krulwich/The New York Times and Universal Pictures.

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Videos: CBS; Wicked Musical Korea; Broadway.com; Theater Mania; Ariana Grande; Pink News; Out; FOX; NBC; Universal Pictures.

Produced by Leo Dominguez, Hollis Johnson, Rebecca Lieberman and Josephine Sedgwick. Additional reporting by Leo Dominguez and Jeremy Singer-Vine.

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