To me, it looked like this: The Panthers started out in darkness and atacked across exposed snowy fields towards the 48th AI column. They scattered the column, caused a lot of losses. My Shermans counter-attacked into their flanks and took a high toll. But then the Panthers fell back and came at the Shermans again, in half light now, supported by heavy artillery fire. Result; some Panthers fell, but I lost nearly all my Shermans.
This is looking quite grim for me now.
I did a quick surrender to check the vehicle tally on the AAR. The Axis have wrecked 100 AFVs, the Allies 30. A 3 to 1 kill ratio in favour of the Axis. It's what I would expect, I guess, facing Panthers with Shermans (in each troop of 15 or so Shermans usually only 1 is a jumbo), but for a moment, at the start, when we took out around 15 Panthers, I thought I was going to get the better of them. Not so. It was better, perhaps, in darkness, when the differences perhaps evened out a little, but once there was some light those Panthers engaged my Shermans from a greater distance, I think. They were at Manhay firing right across the open fields, a distance of around 1km, I think, maybe a little more. And since they had all that arty coming down on them my Shermans will, at the very least, have been buttoned up.