From Breakingviews: UK companies’ growing preference for bonds rather than stock is a warning sign. Read more pandemic-related financial insights here:
Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil HallALL THAT GLISTERS. Precious metals are on a tear. Gold prices hit a record peak above $1,944 an ounce while silver reached a seven-year high on Monday. The dollar is sagging to two-year lows against a basket of other major currencies and both metals usually rise when the greenback weakens since they are priced in the U.S. currency.
The flagging equity issuance is a worrying sign. With the UK economy struggling to recover, company balance sheets are probably in a much weaker state than they were coming into the crisis. The fact that companies are now favouring bonds over share sales suggests leverage ratios may be rising. With the FTSE 100 Index down 6% from June 5, and investors fretting about a second wave, struggling firms like Rolls-Royce could soon find it harder to attract the equity they probably need.
Rival Mattel reported a similar trend last week. Sales of Barbie dolls are up 35% – but Mattel’s revenue from the famous doll rose just 7%, and its overall top line fell 15%. Both companies cut ad spend by more than one-fifth. Unlike Jenga, supply chains don’t create a single winner. But the game is to avoid losing more than your opponent.
WARM WELCOME. Barbados is seizing on pandemic office closures. The Caribbean island has launched a year-long “work from home” visa to lure non-resident professionals. The Barbados Welcome Stamp allows anyone to work remotely on the island for 12 months for $2,000 per person or $3,000 for a family, and can be extended for a further 12 months. Those eligible for the visa would not pay Barbadian income tax.
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Corona Capital: Travel disruptions, Barbados, HDFCTravel companies risk crash-landing, Barbados seeks to lure remote workers, and India’s veteran bank boss cashes out. Catch up with the latest pandemic-related financial insights from Breakingviews:
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How high can the price of gold go?Gold hits record high as investors worried about the state of the global economy find comfort in the precious metal.
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Stay The Hell Away From GoldThe precious metal has a lousy long-term record both as a store of value and an inflation hedge.
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