Hints and tips:
...Sector optimism, however, isn’t universal, with a question mark still hanging over office property....
...China’s economy is tipped by the World Bank to expand by just 4.4 per cent next year — its weakest rate since 1990, excluding the Covid pandemic — amid a property crisis, weak export growth and geopolitical...
...Andrew J Oswald: I doubt it. There are too many cost pressures to feed through to prices, and confidence will start to be lost in the idea that buying property is a one way bet. David Page: Yes....
...Equity markets thus have recovered appropriately, with the S&P 500 up 35 per cent from its March lows....
...Overall, while the stock trades on only 0.25x P/TBV there remains no visibility on when it will generate sustainable profits....
...• Funds flow to equities relative to bonds has never held up this well (given performance and low bullish sentiment) because: i) bonds risk no longer diversifying, and ii) pension/insurance companies’...
...Intu Properties has pulled its rescue rights issue, blaming current uncertainty in the equity and retail property markets....
...A TIPS yield of -2% easily justifies a P/E of 21x....
...But such a land and property above land tax is collected by a stroke of the pen at the Land Registry. (ii) such a property wealth tax would lead to inefficiency in investment behaviour....
...On our new estimates, the stock is trading on 8.7x and 8.1x 2021/22E P/E vs. a 5y median of 14.7x (and on 6.2x and 5.6x 2021/22E EV/EBITDA vs. a 5y median of 10.5x)....
...Intu Properties confirms to no great surprise that it’s looking at an equity issue with full-year results due February 19....
...Given the recent sharp fall off in demand in the domestic market (both in the U.S. and Europe), airlines have been unable to reallocate aircraft as earlier this week airlines have announced domestic capacity...
...We do not know the timing, structure or pricing of the fund raise....
...Although Flybe represented a small share of European short-haul capacity, it represented almost 30% of UK domestic seats....
...The average fee rate of BlackRock’s funds slipped to 0.179 per cent in the third quarter, down from 0.189 per cent a year ago, and 0.223 per cent seven years ago, according to Morgan Stanley....
...Both funds are among the largest and most actively traded US ETFs....
...at J Capital Research....
...Job Moves Blackstone announced that J Tomilson Hill, chief executive of Blackstone Alternative Asset Management, will be moving to a new role as chairman of BAAM. John P McCormick will succeed Hill....
...the insurance industry as well as J.P....
...It had made two massive property bets at the height of the bubble in 2007. First was the $36bn acquisition of commercial property group Equity Office Properties....
...Jacob Nell, chief UK economist, Morgan Stanley We expect a further moderate easing in fiscal policy, given the chancellor’s promise of a Brexit deal dividend, with the additional funds to be allocated in...
...That seems to be the implication of a new directive from Chinese regulators, who warned domestic banks against lending to the property-to-movies conglomerate that has been on a half-decade overseas dealmaking...
...Goldman Sachs’ Whitehall Street property investment arm disappeared after losing most of its investors’ money in the crash, while Morgan Stanley’s real estate fund, MSREF, has shrunk dramatically after suffering...
...Morgan Stanley had been forecasting a 15-20 per cent drop before the vote....
...Mr Coupe adds that in food and drink, Pignoletto “a sparkling alternative to Prosecco” sold well....
International Edition