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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CONSUMER CYCLICALS
- Limited read-through for us on American Airlines {15%} unscheduled guidance cut (numbers below). In the backseat for today's moves but it also announced CCO departure. Comments at the conference (bbg) indicate weakness in domestic environment and equity analyst (below) are echoing that alongside market share gains from low-cost carriers. United followed late yesterday confirming its 2Q EPS guidance was unch {-0.5%}.
- Local airline equities are weaker (-1.5-3.5%, AFFP weakest) cash lines muted outside AFFP 28s (+0.6pts & +10bps on spread). As we've mentioned before we don't find the sector screening much value after a strong run in & slew of rating upgrades that we think has run its course. New Finnair 29s (NR/BB+) at Z+200 only line with some value - has single airport/country concentration risk though.
- Other local travel issuers mixed; Avis -0.6%, Booking.com -1%, Accor -2% & InterContinental (-1.6%)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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