Miscellaneous: automotive, retailers

All,

- There have been no significant news out yesterday on European HY distressed. 
- Meanwhile the Vietnam summit has flopped. Kim wants to keep his rockets...
- This morning we’ll be at the DW breakfast. 
- Selecta are to present results.
- We are concerned about automotives including Antolin and Gestamp and will consider putting those on the upcoming names list - subject to popularity.
- Ted Baker came out with substantial inventory write-offs that could be mirrored by other apparel retailers. New Look and Matalan may be suffering too, given the warm February.
- February has also been extremely warm in Germany and other European nations. Thus Takko and CBR fashion are also a concern - as is of course Karstadt/Kaufhof. Primark Germany only recently spoke about their plans to rationalise their own footprint - which will of course be music to the ears of the rest of the industry.

Have a nice day,

Wolfgang