From Breakingviews: Remy Cointreau investors look a little tipsy and German carmakers get short shrift from Angela Merkel. Read more:
GUARDIAN ANGEL. Bond markets are on tenterhooks to see if European Central Bank President Christine Lagarde will follow her U.S. counterpart Jerome Powell by hoovering up junk-rated debt, or at least bonds issued by companies that have lost their investment-grade status as a result of the pandemic. The case for buying so-called fallen angels has eased since the peak of the crisis. Markets are functioning better, and investors are keen to buy risky assets.
OTHER SIDE OF THE COIN. Remy Cointreau is finding comfort in unexpected places. The cognac maker reported better-than-expected sales for the year ending March, with only an 11% decline. The distiller now thinks its revenue will decline 45% in the quarter to June 30, instead of previous guidance of 50%-55%, and is hoping for a “strong recovery” in the second half of the year.
BOLT FROM THE BLUE. Shares in German carmakers BMW, Volkswagen and Daimler all fell on Thursday morning after the government nixed proposals for a 5 billion euro industry-wide scheme to subsidise auto purchases. Instead, Chancellor Angela Merkel’s much anticipated stimulus only targeted electric vehicles – a mere 8% of total registrations in the first four months of the year, according to the German Association of the Automotive Industry.
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