Hints and tips:
...The first dip: We have been monitoring state-level construction shut-downs overlayed with branch exposures....
...We also see a chance of TFS being put back into the APF, with Treasury air cover, so that banks can get TFS as negative rates — a subsidised, more bank-friendly way of going negative....
...Construction services (51% FY20E EBITA) continues to build profitability, with a FY19 EBITA contribution of £125m (vs £95m). UK construction margin was 2.1% (vs 1.5%). Legacy contracts now resolved....
...to design and construction.”...
...Next April is the 30th anniversary of the Hainan economic zone,” said Jiang Ming, transport sector analyst at TF Securities in Shanghai....
...Under the new regulatory framework unveiled this year, it’s not feasible any more,” said Liao Zhiming, chief China banks analyst at TF Securities in Beijing....
...The chairman of China Construction Bank, the country’s second-largest by assets, lauded his 50 per cent cut last year as “extremely correct”....
...In the meantime the reliance on the BoE’s balance sheet is extreme (via QE, FLS, TFS etc and likewise throughout the world). All this points to the extent of the underlying malaise....
...Peter Tchir, founder of TF Market Advisors, said that a rush by homeowners and buyers to lock in low rates may have flattered recent data, and may now be coming to an end....
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