Hints and tips:
...Analysts forecast $4.6bn, according to S&P Global Market Intelligence. The Belgian brewer’s total volumes grew 0.9 per cent over the same period....
...The maker of Budweiser, Stella Artois and Corona is seeking to sell its non-controlling interest in joint venture AB InBev Efes to Anadolu Efes....
...FactSet reported last week that more S&P 500 companies had issued negative earnings guidance than in any quarter since before the pandemic....
...AB InBev, the world’s largest drinks group and maker of Budweiser, Stella Artois and Corona beer, said it would take a $1.1bn hit from the potential sale of its Russian joint venture to its Turkish partner...
...That and drinkers moving to premium brands helped to bring revenues up 7.9 per cent at the group, which also brews Stella Artois and Corona....
...Analysts at S&P Global say 56 per cent of European travel companies they rate are now categorised “CCC”, meaning they are deemed to have an “unsustainable capital structure”....
...Generous government support for the poorest third of society, dubbed “corona vouchers”, eased the financial pain....
...Analysts with S&P Global on Wednesday had downgraded Boeing to triple-B minus, the lowest rating in investment grade territory, and warned that the company’s “earnings and cash flow are now likely to be...
...The bank said it saw Europe “turning the corner from the corona-crisis” and expected “a sizeable bounceback in activity” following a weak second quarter....
...The S&P 500 and Nasdaq Composite rose about 1.5 per cent each in early dealings in New York....
...Outbreaks of Covid-19 across the US seem to have impeded a rebound in the labour market, while a swift rally in the S&P 500 is showing signs of losing momentum....
...Italy’s credit rating, which sits just two notches above the junk rating that would force many investors to sell its bonds, is set to be reviewed by S&P Global on Friday....
...Gains across big stock markets in Asia were led by Australia’s S&P/ASX 200, which added 1 per cent....
...is nearly a tenth of that for the S&P 500 (0.17 vs 1.59)”....
...And, as a reminder, BMW today trades at a trailing earnings multiple of 7.5, according to S&P Global....
...This scenario still presents 15-20% potential downside risk on a P/E basis when we compare valuation in our scenario of 17.7x 2022E P/E to the historical implied P/E of 14.9x reached during the GFC....
...On Monday, India’s Sensex plunged 13 per cent — the worst day on record — and Australia’s S&P/ASX 200 fell 5.6 per cent....
...However, shares in the group have climbed more than 20 per cent this year, outperforming the 8 per cent fall in the S&P 500....
...In the US, expectations for cuts from America’s biggest companies have leapt by a third in the past month, according to S&P 500 Dividend Futures market....
...In the news Ford’s credit rating slumps to junk Downgrades by Moody’s and S&P Global stripped Ford of its investment-grade credit rating on Wednesday....
...In the meantime, the Stoxx600 index has not moved (still 320pts) and 2020e P/E now stands at 13x....
...Stay U/P SM; valuation still too rich. ......
...ratio of 1.0x and a DAX Shiller P/E of 12x....
...Yesterday afternoon we looked at what happened to the S&P 500 in the week, six months, and one year after these last 7 emergency cuts....
...For stocks, we forecast the combination of negligible earnings growth this year with cuts in forward p/e ratios could take the S&P 500 down to the 2500 level, more than 25% down from its February 19th peak...
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