Hints and tips:
...The day ahead Investors await outcome of Fed meeting European stocks and US futures were steady with the US central bank poised to lift borrowing costs by a quarter percentage point to a range of 4.5-4.75...
...And Bank of America with a handy overview: Veolia's intention to acquire 100% of Suez for cash at an indicative price of €15.5/share has compelling strategic rationale that could release value for shareholders...
...True, the bank is loss-making, and planned investment spend will consume capital. We model a trough CET1 ratio of 10.7% in 2022e vs a minimum requirement of 9.6%. Liquidity has been strengthened....
...Ashtead, a £6bn company, is down by a fifth with no news on the tape other than Bank of America repeating “buy” advice....
...We estimate it having a monthly £18m cash burn vs £210m of financial headroom at year-end 2020E....
...We trust the merits of the new management strategy (divest N-America, focus on UK Bus and Rail) but see little chance of progress and value crystallization near term given the challenging backdrop....
...Here’s Numis: New business wins were ahead of expectations due to gains in C.Europe (stations in Holland and France) and N.America (three airports)....
...Modelling a recovery to 4% margins by FY24, we derive a £37 target price. 1H revenue growth of +21% was supported by a successful Jan/Feb period (rev +23%, c.+800bps vs cons)....
...vs FY19 losses of £250mn....
...Diane Coyle, Professor of Economics, University of Manchester Inflation may be lower — assuming the pound doesn’t lurch down again — but unemployment may start creeping higher....
...Such a futile and stupid gesture should be done on somebody’s part. I’m just the guy to do it....
...growth in this recovery. (2013 growth was 2.2pc and 2.4pc ex N Sea oil and gas)....
...He describes a man who fretted over minutiae – the colour of the company cars, the cleanliness of the bank’s branches – while the group careened towards disaster....
...Jencks to N-Tree....
...and the threat, for instance, of a sovereign credit rating downgrade should receive much less attention n 2011....
..., but mostly poor countries, with projected population declines in both North America and much of Europe....
...Stephen King, HSBC: I’m not sure I’d put the question quite like that. There are two problems....
...Paramount vs Cruise: all down to the killer cut 5. There is much more at stake for America than Iraq 6. How the US distorts its self-image 7. Misplaying the Islamic power game 8....
...M&S improved 0.5 per cent to 589p after Deutsche Bank increased its target price to 655p from 625p. Analysts believe M&S has been taking market share from Next....
...The mark-to-market principle has become lost behind a n indigestible jumble of instructions and exceptions, the effect of lobbying by banks, insurers and regulators....
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