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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
- Lufthansa's large results miss on Monday couldn't have come at a worse time this year - it saw network carriers leg wider leading a broader spread-sell-off.
- Higher-beta Air-France & IAG got hit harder on Lufty's miss - former reports Q1 results in 2-weeks and its again not expected to have any green offshoots for credit given operating performance.
- No firm view on levels here (yet) but we did see crossover airlines getting a tad complacent trading through consumer curves with better outlooks - still room for decompression even vs. recent levels.
- Call out to easyJet that bucked the network carriers on non-fuel costs & gave in-line result - BS looked squared away. 28's screens fair to cheap at Z+80 but no firm view yet from us.
Lufthansa 1Q earnings;
https://marketnews.com/lufthansa-lhagr-baa3-bbb-bb...
easyJet 1H earnings; https://marketnews.com/easyjet-baa2-s-bbb-p-ezj-ln...
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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