*POINTS OF NOTE*
Equity Markets rallying but with low conviction I feel. In the UK, Oil majors (BP+4.9%) continue their move up as do Airlines (Easyjet up 8.85%).
COVID
U.S. Daily Coronavirus Cases Inch Lower, Hitting About 45,000 - WSJ
PMIs
- China PMI - Services underperforming manufacturing. 3 month low for Caixin PMI services
- Peripheries PMIs - Italy and Spain PMI both beat expectations
- UK Services and Composite PMI comes in line
FINS:
- New CS AT1 trading up (100.25/100.5) | CS 5.25 27
- Barclays in the market with new AT1 (presumably to pre-finance Barclays 8% AT1)
CORPS
US HY - Issuance nears $10bn this week
BMW Second Quarter Ebit Loss Wider Than Estimates
Virgin Atlantic Files Chapter 15 Petition to Aid U.K. Rescue
Vonovia: Solid 1H print as expected with only 1% of tenants asking for rent assistance
Disney Earnings Report Reveals Rare Loss | Mulan remake will be available on disney+ for $30... - WS
*MORNING WRAP*
Caixin PMI Services Index dipping to a three-month low of 54.1 vs consensus of 58 3
UK CIPS/IHS MARKIT JULY FINAL SERVICES PMI AT 56.5 (VS FLASH 56.6) 3
UK JULY FINAL COMPOSITE PMI AT 57.0 (VS FLASH 57.1) 3
ITALY JULY SERVICES PMI RISES TO 51.6; FORECAST 51.4 3
ITALY JULY COMPOSITE PMI RISES TO 52.5; FORECAST 51.8 3
SPAIN JULY SERVICES PMI RISES TO 51.9; FORECAST 52.3 3
SPAIN JULY COMPOSITE PMI RISES TO 52.8; FORECAST 52 3
SWEDEN JULY PMI SERVICES RISES TO 54.8 from 49.2 prior. 3
SWEDEN Composite to 53.7 from 48.7 3
Why’s the ECB Buying the Debt of So Many Non-EU Companies? 3
IPT: Barclays $Bmark PerpNC 12/2025 AT1 6.625% Area 5
NEW BACR PNC-12/25 set to pre-fund Barclays 8% AT1 | RBC Comment 5
PRICED: Credit Suisse $1.5b PerpNC7 Sub at Par to Yield 5.25% 6
MANDATE: Aircastle to Hold Fixed-Income Investor Calls Today 6
PRICED: Avis Budget Car Rental $350m 5.75% 2027 Tap at 92.0 to yield 7.235% 6
US HY - Issuance nears $10bn this week 6
U.S. Daily Coronavirus Cases Inch Lower, Hitting About 45,000 - WSJ 6
Novavax coronavirus vaccine induces immune response in early study, shares jump - RTRS 6
Office Markets Under Pressure as Coronavirus Squeezes Cities - WSJ 8
British new car registrations rose by roughly 11% year on year in July 9
London Rents Set to Slump to Lowest Level in Nearly Six Years - BBG 9
CMZB 2Q20: The bank reported an underlying Profit Before Tax of €211m vs. cons. €37m | Citi 10
BKIR 1H20: Large loss on higher loan losses, looks to front loading, question on asset quality 11
Phoenix Appoints New Business Leaders to Grow Open Business - WSJ 11
AIG Results Look Grim but Represent Progress - WSJ 12
Metro Bank 1H 2020 - STIFEL commetns 13
LendInvest finances £10m bridging loan for borrower after Covid-19 financing delays 13
Legal & General - Solid earnings but dividend outlook will be in focus | Citi - Buy (TP: £2.42) 13
BMW Second Quarter Ebit Loss Wider Than Estimates 14
BP 2Q20: 50% Div Cut; New Green Strategy | Creditsights 14
Vonovia: Solid 1H print as expected with only 1% of tenants asking for rent assistance 15
Aircastle grants rental deferrals to half its customers | FlightGlobal 16
Diageo full-year sales plunge as demand in bars, restaurants dries up 19
Virgin Atlantic Files Chapter 15 Petition to Aid U.K. Rescue 20
Gramercy Statement on Agreement Between Argentina and its Creditors 20
Sony’s Results Get Boost From Videogame Boom - WSJ 20
Turkish Lira’s Borrowing Cost Shoots Up on Offshore Markets - WSJ 21
Virgin Australia to slash workforce, focus on short haul under Bain 22
ESG / RENEWABLES / BUY SIDE 23
Big Bond Traders Double Down on Their Bet on Peripheral Europe - BBG 23
Britain’s National Grid plans to test hydrogen heating for homes 23
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