Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

Research evidence excerpt

Silver Sunset: Top EU TMT Talking Points Today - Let‘s Discuss

hort is now down to $17bn. The previously rapid inflows into these products have stalled in

recent days (not much dip buying). VKOSPI to VIX ratio has started to decline and will likely fall further. He also notes that

HF leverage has almost normalized: Swap capacity constraints kept a lid on HF leverage buildup in Korea. Still, L/S ratios in

the JPM Prime book rose up to 5.7x. The process of normalization from there is now well advanced. Let me know if you’d

like to be put in touch with him.

Let's discuss?

Quick Silver: Thoughts & Debates

TELEFONICA (N): Price action is disappointing? Overall, investor feedback on Telefónica’s results was constructive, with

many believing the shares deserved to trade higher following a quarter that was modestly ahead of expectations. Headline

numbers were viewed as solid, with particular strength in Spain helping to offset a weaker Germany, while the upgrade to

operating cash flow guidance and continued confidence in the second-half outlook were seen as positives. Investors highlighted

that the quality of the Spanish business remains encouraging, Germany’s issues are well understood and already being addressed

through restructuring, and management’s decision not to pursue unattractive deals should be viewed favourably. However, with

shares initially trading in the green before reversing to around 1.6% lower following the call, investors debated whether the

weakness reflected disappointment that management stopped short of upgrading EBITDA guidance. Views were split as to

whether this simply reflects management conservatism, leaving scope to beat and raise again later this year given the stronger H2