JLR's China volumes on the mend; Brexit muddies waters! JLR volumes have exhibited resilience in recent months, as a favourable base coincides with improvement in China business. Q2FY20 volumes at 1.35 lakh were up 3% YoY and 13% QoQ. Retail volumes (1.29 lakh units) were flattish on a yearly as well as sequential basis (China up 24% YoY, 8% QoQ). These prints represent tangible progress for JLR given the 15 consecutive months of contraction in overall Chinese auto industry volumes. However, prevailing uncertainty over Brexit negotiations would over the...