Hints and tips:
...France L&S and Italy will not pay dividends this year, and XL Bermuda is unlikely to. The slack is only partly taken up by France P&C which is over distributing....
...When asked about what path the S&P 500 recovery will take, W remained the most popular choice with 45% percent of the vote. Just 30% expect a V shaped recovery in the stock market....
..., which equates to c$1.4bn per annum....
...more of a primary event), UK P&C (~14% of premium), and then the multilines (~10%)....
...You probably noticed that Monday’s return to flat year-to-date for the S&P 500 has triggered a lot of huffing about how a Day of Reckoning is approaching. You know the kind of thing....
...Since we last met the FTSE 100 is up 3.6 per cent, the Stoxx 600 is better by 3.8 per cent and the S&P 500 is 1.7 per cent to the good. Why?...
...However the shares are up c.30% in the last month and have rerated by c.15pp compared to our FY22 PBT estimate....
...Back to sellside, and Morgan Stanley’s gone negative on Next....
...A significant part of our decision to get more bullish in late March was based on our ERP analysis which showed the S&P 500 was trading at the same elevated level (700bps) reached in March 2009....
...Our last published fair value of 440p (29% upside) is equivalent to a P/TNAV multiple of 0.79x....
...Support for the DPS comes from cover remaining >1.2x, a healthy reg. cap surplus of 85p+ p/s, and dividends being a mandatory component of fund manager variable comp....
...We believe risk is pronounced despite trading on 2.3x CY21 P/E. We downgrade to Underperform with c.18% downside. Morgan Sindall (Buy; PT 1,550p)....
...S&P 500 futures triggered the limit-down circuit breakers at about 5am GMT, the index having bounced 6 per cent in the regular session....
...a pretty stable macro backdrop; iv) capital build of 170-200bps p.a. as per previous guidance (though guidance for FY19 was for the lower end of that range, so this is a slight upgrade); and v) Statutory...
...GILD shares were up 8% in pre-market trading (now +3% vs S&P 500 2%), and as we have noted, remdesivir doesn’t really add much to our DCF....
...Looking ahead, we expect S&P 500 dividends will grow by 3% in 2021 and rise by 12% in 2022....
...Smith & Nephew goes up to “overweight” at Morgan Stanley. A V-shaped recovery in kneecaps isn’t in the price, they say....
...His support “removes a tail risk for the group having to file for insolvency protection,” says Morgan Stanley, which also says “sell”....
...If we assume that ISM ends the year at 50 and spreads fall marginally, then S&P 500 fair value is 2,700....
...So far, this continues to be the case in 2020; gold is up 11% YTD (in C$ terms) but the S&P/TSX Gold index is down 16%....
...As well, over 50 companies in the S&P 500 have already suspended their share repurchase programs, which accounted for over 25% of buybacks in 2019....
...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...
...Here’s a table of day-two S&P rallies, stalled or otherwise, from Cornerstone Macro: ... which also notes how windy it is out there: Apologies if we didn’t reach your request....
...Jacob Nell, chief UK economist, head of European economics, at Morgan Stanley: No....
...(c) to establish a National Economic Council, composed of representatives of the Parties and of the following sectors: (i) Manufacturing (ii) Agriculture (iii) Mining (iv) Tourism (v) Commerce (vi)...
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