In today’s briefing:
- US Banks – HFD Shows Loan Growth Turning Negative Just Now, with C&I Worsening the Most
- AUCTUS ON FRIDAY – 05/04/2024
US Banks – HFD Shows Loan Growth Turning Negative Just Now, with C&I Worsening the Most
- US large banks weekly data shows loan growth now turning to negative, not a positive outlook for bank earnings or core income
- C&I loan growth is more negative than other major segments, suggesting limited demand, but also risk-aversion by banks
- Even where Jumbo Time Deposits growth is now only 59% YoY there is still likely to be major pressure on banks’ funding costs
AUCTUS ON FRIDAY – 05/04/2024
- ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S.
- Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme.
- While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or higher oil prices materialize.
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