Hints and tips:
...As always, reach out to me (imani.moise@ft.com) or Sid (sid.v@ft.com) to share your feedback on today’s newsletter. Happy reading!...
...Quick-fire Q&A I recently spoke to Marc-Alexander Christ, co-founder of SumUp which provides mobile point of sale technology....
...Just to give Max a rest, let me give a quick reply....
...A tightening in credit conditions for small businesses bears watching....
...Hopes for a rebound in global growth have not been matched by expectations of a quick recovery in corporate profits, however....
...Casting doubt on the merits of a V-shaped recovery is hardly an earth-shattering view....
...Quick Hits — What’s on the markets radar? Further pressure on Italian government bonds reminds us that the eurozone has work to do after the recent meeting of finance ministers....
...Quick Hits — What’s on the markets radar The hunt for yield does not discriminate....
...HSBC has some discussion about V and W shaped recoveries; its own model resembling “the Nike swoosh” is made by combining a proper V in mainland China forms and more of an L among Western European and American...
...Risk-reward skew remains favorable with limited downside even in our bear case - move to Overweight....
...(35% vs 33% from peak to trough) and bear markets (accompanied by a recession) rally 20% two months after their lows....
...Our bear case also assumes three months of free advertising, but an even steeper decline in volumes and a slower recovery....
...However, we can see a bear case of as low as 2.3GBp and a blue-sky case of as much as 16GBp....
...per cent last year on costs that couldn’t be taken out quick enough, resulting in a £16.1m loss....
...Looked at differently, Cyclicals are still priced for a V-shaped recovery, which might not happen....
...“The lesson,” says Sunny Singh, is that “white supremacy could still not bear to reward a prodigious black woman writer a win of her own”....
...Relative forward P/E of software v semis, commercial & professional services v capital goods and C&P v transportation Bank of England stuck on hold — On Thursday there was consensus among UK policymakers...
...Historically, the rebound has been sharp and quick, but times have changed....
...His pictures bear witness to the country in all its complexity....
...Rotork has the single largest exposure in our coverage (~50% v 60% in 2014 though)....
...Over at JPMorgan Chase, its analysts concede that the latest leg of the rally in MSCI Asia ex-Japan means: “Valuations are no longer outright attractive (at 12.5x forward P/E v long-term average of 12.0x...
...As Brown Brothers Harriman notes: “The sub-50 manufacturing reading was the first for this cycle and bears watching.”...
...Yes, the numbers are bigger, but the shock, while not a V is shorter and sharper than that crash, and the pre-crisis fiscal situation was strong....
...Much more can be done to prevent crashes and provide a quick and effective response when they do....
...Wall St v Main St, Round 2 Wall Street's reaction to the best increase in average hourly earnings in almost a decade has already secured a minor place in market history....
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