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...Also, Citi’s de-risking seems at least partly shown by the best-in-class performance of its bonds during 2023, which now trade in line w/the other big 6 banks and better than regionals....
...The firm has made a number of well-timed and well-priced acquisitions like those of Smith Barney and the E*Trade broker network. But it’s also been acquiring brokers team by team....
...Ganieva’s monthly bank statements showed a payment from “E Trust”, with no further identification of the sender....
...To get there, Ant is building Alipay+ into a universal QR code, so a Korean user of KakaoPay e-wallet or a Malaysian user of Touch ‘n Go e-wallet can pay for a taxi in Singapore by scanning the Alipay+ code...
...Antoine GodinUniversité Sorbonne Paris Nord, France Michael JacobsProfessor of Political Economy, University of Sheffield Ronan PalmerDirector Clean Economy, E3G Dirk EhntsPufendorf-Gesellschaft Berlin e.V...
...Upgrading EON and Engie, from Neutral to Buy E.ON is the leading distribution network play in Europe, but has lagged peers this year and trades today at a similar level (c€10) as 18m ago – when BYs were...
...Burberry trades at 23x P/E and 11.8x EV/EBITDA on FY21E estimates (vs sector at 27x and 15.7x)....
...“But places like the George V [in Paris], they like bands to come in and bash it up, as long as they pay for it,” he adds, taking a ruminative puff on his e-cigarette....
...Overall, momentum trades for both US equities and US bonds have become a bit sclerotic....
...Notably, the bank lending standards have tightened appreciably in G-4 in Q1, driven by the US – see [below] chart....
...Read more in our e-mobility special report....
...We also think the sector is much less disrupted than banks....
...BT trades on 2021/22E 5.8x P/E and a 7.9% dividend yield....
...Here’s Bank of America: We had modelled £40m in our estimates and our sense is investors were factoring in £40-50m....
...To sellside, and Metro Bank goes down to “sell” at Investec. The upshot is that in spite of everything it remains as close to becoming a functioning metro as a functional bank....
...Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...On our new estimates, L’Oréal trades on an FY21E P/E of 32.6x, the highest premium versus the consumer staples sector for over 10 years....
...Allan Monks: The Bank of England would feel comfortable cutting to -0.5 per cent if it needed to....
...(ii) The geographic mix (i.e. UK better, France poorer) helped as did Computacenter’s vertical market range (i.e. Public Sector spend better/Industrials weaker)....
...“As a result, trade and construction are still doing well.” But he warned that “that could change fast”....
...short-term trades with a strong element of seizing on opportunities....
...Melia trades on 6.6x FY22E EBITDA....
...Within the large-cap banks, we see a superior risk/reward, and greater absolute upside, for Lloyds (Buy) and HSBC (Buy), while OneSavings Bank (Buy) remains (by far) our preferred play within the wider sector...
...Metro Bank goes onto the “buy” list at Investec. Analyst Ian Gordon reckons it’s now cheap enough to offset the fact that it’s Metro Bank....
...crisis happens (e.g., GFC) banks suspend dividends, and when an exogenous crisis happens they too have to suspend....
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