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*** Octo - Creditorial - 28 September 2020 ***

*** Octo - Creditorial - 28 September 2020 *** ARYZTA / NN GROUP

Breakfast Report - 28 September, 2020

In the face of a pandemic-induced recession and consistent build up in inflation, the MPC was faced with a policy dilemma, which is - raise interest rates to rein in inflation or reduce interest rates to reflate the receding economy. The Committee noted that inflation was caused by supply side shocks while noting a rate hike will stifle recovery. Hence, it decided to reduce the Monetary Policy Rate by 100 basis points to 11.5%, being the second rate cut in the year. This expansionary move was necessary as low crude oil prices, lack of fiscal buffers and high debt burden constrains the ability ...

*** Octo - Creditorial - 28 Septembre 2020 ***

*** Octo - Creditorial - 28 Septembre 2020 *** NN GROUP / ARYZTA

Jean-François Granjon ...
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 28/09/2020

Si on souscrit à une vision pessimiste de l’évolution épidémique il n’est pas absurde de considérer une « pause » tactique à l’exposition cyclique. La réduction temporaire de cette position pourrait être utilisée pour financer l’achat de protection contre une issue électorale longue à se dessiner aux Etats-Unis, via, par ex, la constitution d’une position longue sur des contrats VIX/V2X au-delà de l’échéance de novembre. Mais attention, cette réduction doit être temporaire ! Ni l’épis...

Alisa Zakirova ...
  • Nikolay Minko
  • Yuri Popov

Russia FX/Rates Snapshot - September 28, 2020

We expect the ruble to lose ground heading into the US open today, as new major positive drivers have still not emerged. We see it retreating to USD/RUB 78.6, though after Friday's tumble, we think a bigger retreat is possible if the Nagorno-Karabakh situation continues to escalate.

Sven Edelfelt ...
  • Virginie Rousseau

Saint-Gobain : Renovation stimulus plan à la Française to come into effect from October

>Interview with housing minister - In an interview with the housing minister in the Journal de Dimanche, Emmanuelle Wargon said that € 2bn in 2021 and 2022 will be allocated for housing in the private sector and € 0.5bn for social housing, of the € 6.7bn of funding in the stimulus plan earmarked for energy renovation. According to the minister, the € 2bn allocated for thermal renovation in private housing will generate € 6bn of work (taking account of the share paid b...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Cole Akeson
  • Irina Lapshina
  • Research Team
  • Vladimir Lezhnev

CIS Market Daily - September 28, 2020

MARKET COMMENT - US RALLY SPURS GAINS, ARMENIA/AZERBAIJAN DRAWS REGIONAL FOCUSRussia was almost the weakest EM, the RTS sinking 2.0% on Friday to 1,165. Softening oil prices and an underperforming ruble did not help. A US rally sets a more bullish stage for markets this morning, though without new fundamental catalysts. International tensions will feature prominently this week, amid a severe escalation in the long simmer conflict between Armenia and Azerbaijan, multiple events that may see EU leaders remark on the relationship with Russia, and a US presidential debate.STORIES> /> Transneft wil...

Next Science: 1 director bought

A director at Next Science bought 831,935 shares at 5,730.000KRW and the significance rating of the trade was 91/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

Tufton Oceanic Assets Limited: 1 director bought

A director at Tufton Oceanic Assets Limited bought 25,000 shares at 0.840USD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. Th...

Qgo Finance Ltd: 2 directors bought/sold/maiden bought

Two Directors at Qgo Finance Ltd bought/sold/maiden bought 272,000 shares at 13.500INR. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rule...

Pattern S.P.A.: 1 director bought

A director at Pattern S.P.A. bought 5,400 shares at 3.690EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

Moody's - Libor transition poses cash flow risks for UK RMBS deals

The phasing out of Libor is due by year-end 2021, increasing cash flow risks for UK RMBS legacy transactions. Extra industry progress is necessary to further mitigate risks.

Nadejda Dafinkicheva

FFBH Daily Bulletin - 28.09.2020

The local indexes slipped with moderate volume on Friday, where SOFIX erased 0.62% to 422.58 points. The top losers within the main index were Central Cooperative Bank (4CF, BGN 0.87, -5.95%) and Stara Planina Hold (5SR, BGN 4.56, -4.20%), both of which booked decent volumes. The top gainer was Sirma Group Holding (SKK, BGN 0.61, +2.52%), while there were no other notable moves on the positive side. The most traded among the constituents was Chimimport (6C4, BGN 0.89, -1.11%), which booked mostly small and mid-sized trades, followed by Eurohold Bulgaria (4EH, BGN 1.59, 0.00%), which booked pre...

Véronique Riches-Flores

Xi Jinping est-il en train d’ouvrir une nouvelle page pour la Chine ?

Augmentation des réserves stratégiques de matières premières, neutralité carbone à horizon 2060, appréciation du yuan vis-à-vis du billet vert… Il se passe des choses en Chine qui, a priori, n’ont pas grand-chose à voir l’une avec l’autre et dont on peine à apprécier l’importance dans le climat actuel de tensions géostratégiques, sur fond de guerre commerciale de plus en plus intense avec les Etats-Unis à la veille de la présidentielle. Entre les déclarations d’intention sur l’environnement, loin d’être suffisamment précises pour convaincre de la véracité d’un changement de cap de la politique...

Daily RAG: "Base BUILDing continues"

Daily RAG 28th Sept 2020

Research Team

Macro: COVID-19 CEE Compendium Q4 2020

Economic developments over summer have been playing out broadly as expected. In the second quarter of 2020, the economies of CEE plunged into a deep recession with quarter-on-quarter drops in GDP ranging from -3.2% in Russia to 14.9% in Croatia. The key factor determining the slump had been the severity and the strictness of the imposed lockdown measures. Interestingly, the unemployment rates across the region did not increase as strongly as initially expected, as most countries employed a short working or Kurzarbeit scheme, which is keeping unemployment numbers low for the time being. In summ...

Alisa Zakirova ...
  • Nikolay Minko
  • Yuri Popov

Валютный рынок и процентные ставки - 28 сентября 2020

К открытию американского рынка рубль может снова начать слабеть, поскольку каких-то принципиальных позитивных факторов для рубля пока не появилось, и может достичь 78,6 за доллар. Более существенное ослабление после резкого пятничного падения возможно, если продолжится эскалация военных действия в Нагорном Карабахе.

Reliance Industries Limited: 2 directors sold/bought

Two Directors at Reliance Industries Limited sold/bought 9,300 shares at between 2,251.000INR and 2,327.120INR. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restr...

RMBS – United Kingdom: Libor transition poses cash flow risks for deals, especially legacy securitisations

The phasing out of Libor is due by year-end 2021, increasing cash flow risks for UK RMBS legacy transactions. Extra industry progress is necessary to further mitigate risks.

Ericsson vs Nokia : Peer comparison: Ericsson will keep leverage lower than Nokia but 5G cycle will benefit both

Ericsson has stronger market share in the radio access network market and will maintain lower leverage, but Nokia remains more diversified.

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