With investors standing on the precipice of another earnings season, staring into the unknown, it’s hardy surprising markets have felt nervous today. After initial weakness, driven by disappointing UK labour market data, a pause in the J&J Covid vaccine trial and not helped by ambiguous Brexit headlines, we did seen Europe stage somewhat of a recovery, driven primarily by reversion in growth names. Asia earlier had been marginally better primarily thanks to reports that Chinese imports in September rose from -2.1% YoY in August to +13.2% YoY in September. Unfortunately, as I write this things do feel like they are rolling over, with volumes picking up on this down turn. Telecoms have bucked the sour mood though, up again today. Our Spec Sales Mandeep Singh scopes out his tactical buy case for Deutsche Telecom. Sticking with the space, we’ve also put out a short note on Talk Talk, in which Nick Delfas argues that potential high amounts of cash burn would scare off any bidders. Mind your eye there.
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