From Breakingviews - Corona Capital: Overconfident financiers, China’s Tesla tipping and Lufthansa charts bailout path
LONDON - Breakingviews has launched a daily column covering pandemic-related insights that you might have missed. Throughout the day, we’ll bring you shorter-than-usual views from columnists around the world with the same financial savvy on companies, economies and capital markets during this important unfolding story.
Investors appear unconvinced. Shares in all four groups have roughly halved in the past month, trailing their own sector indexes and the broader STOXX 600 Index. Bullish noises won’t distract from the prospect of rising bad debt and lower interest rates, which squeeze the bottom line. There’s no credit for hope in today’s markets.
Given its profile outside of China, a Nio collapse would be mildly embarrassing for Beijing. But its state backing at present is limited to a verbal commitment of $1.4 billion from its municipal government, which now has bigger headaches. Anhui is one of the country’s poorest provinces. Central policymakers must worry about their inefficient state automotive champions, which are massive employers. National sales dropped 42% in January and February; new energy models retreated 60%.
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