Hints and tips:
...We estimate that immigration was 1½mn above the trend of roughly 1mn per year in 2023, which implies an 80k boost to the monthly breakeven rate of job growth to 155k....
...We note that fixed income markets (nominal rates and inflation breakevens) certainly do not share that concern....
...The price formation mechanism in fixed income is effectively suspended, inclusive of 5y5y inflation breakevens at less than 1%....
...Putting all this wisdom into a handy 2x2 matrix format, the Central Bank of Malta summarises the price sensitivity of conventional (aka nominal) and inflation-linked bonds to moves in yields and breakevens...
...And its breakeven point has halved to 300,000 units a year while the average selling price has risen from just over £40,000 to more than £70,000....
...The retailer now expects its adjusted pre-tax profit to “broadly breakeven” in 2023, against a previous guidance of between £10mn and £20mn....
...There are startups that have recently hit breakeven (Tesla, Uber, Palo Alto) and unprofitable startups that have been reducing cash burn (Snowflake, Workday)....
...The bottom line is that THG has burnt through more than £2bn in half a decade on acquisitions and Field of Dreams capex, yet it’s no closer to breakeven....
...Management is aiming for one breakeven quarter this year but refuses to talk about liquidity requirements beyond 2023 as it tries to cut retail prices as well as operating costs....
...For example, here is Capital Economics’ Adam Hoyes: The [initial] moves in the bond market [with inflation breakevens rising following the Opec + announcement] have more than reversed since the release...
...For the remaining 22% of bitcoin units held by the shorter term investors who did transact bitcoin in the past 6 months, estimates suggest their average breakeven price is just over $22.3k (+7% from current...
...Rather than suppressing rates, QE crowded money into risk assets and boosted inflation breakeven levels, it says. Will quantitative tightening reverse the effect?...
...In the UK, where the Bank of England has said it could raise interest rates as soon as this year in an effort to tame inflation, 10-year breakevens are at their highest since 2008 and gilt yields climbed...
...As Robert Armstrong noted in Unhedged this morning, 5 and 10-year breakevens are circa 2.5 per cent — far below where year-on-year inflation has hit for the majority of the year — suggesting the bond market...
...The price needed for new wells to reach their breakeven point has already risen by 8 per cent year-over-year, to about $56 a barrel, according to the survey....
...Booking trends and its cost outlook have prompted the company to expect to “achieve breakeven average core cash flow, or better, by June 2021”....
...That put the so-called 10-year breakeven rate around its highest since May 2018, boosted by President Joe Biden’s $1.9tn stimulus plan and rising oil prices as well as the employment market data....
...Every person you bring in above breakeven you're doing really well. But equally, because of that every person you're not, you're below breakeven, you can equally do very badly....
...Chart du jour: Election uncertainty Inflation expectations derived from German inflation-protected government bonds — known as breakevens — have increased sharply, hitting their highest level since 2013...
...Add in corporation tax and assume that these employees will be employed over the long term, and the breakeven is three years; while in five to 10 the exchequer should be receiving quite a windfall, more...
...The 10-year breakeven rate, a measure of investors’ inflation expectations, climbed as high as 2.34 per cent this week — the highest level since 2013....
...As state borders reopen in a nation on the brink of eliminating local transmission of the virus, Qantas should be able to achieve cash breakeven, begin rebuilding its balance sheet and target opportunities...
...Airbus on Thursday delivered better than expected third-quarter results and pledged to return to at least breakeven free cash flow in the final three months, in its first guidance since the virus went global...
...We calculate a cash breakeven oil price before dividends of $32/bl in 2020....
...Assessing relative dividend resilience in the context of 2021/22 breakevens, gearing, portfolio ‘complexity’, credit ratings implied RDS was most at risk under an extended downturn....
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