Today we’re testing positive for MIFID II violations. What follows is little more than a comprehensive bundling of sellside research. We’re defaulting to this approach because it’s another day of flow-driven trading where the on-the-tape news varies between nearly irrelevant and totally irrelevant. If you really need to see what’s going on in markets, it’s this: Berenberg has spent the week publishing huge sector-by-sector breakdowns of Covid-19 exposures as a kind of roman-fleuve of dismality. Today there’s a selection of 15 reports to pick through, including one on mid-cap leisure (81 pages!) that does the necessary on Cineworld and Restaurant Group:• Our UK mid-cap leisure coverage is in the eye of the current storm. Precisely what happens next is unknown. But having spoken to
FT Alphaville considers the following as important:
This could be interesting, too:
Miles Kimball writes Recognizing Opportunity: The Case of the Golden Raspberries—Taryn Laakso
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Timothy Taylor writes Interview with Larry Summers: China, Debt, Pandemic, and More
Minxin Pei writes How the Hong Kong Calamity Will Play Out
Today we’re testing positive for MIFID II violations. What follows is little more than a...