MNI China Daily Summary: Wednesday, June 19

MNI BRIEF: Rate Changes Affect Eurozone More Than US Firms-ECB

MNI BRIEF: BOJ May Real Export Index Drops 1.4% M/M

MNI BRIEF: PBOC, MOF To Promote Treasury Trades Progressively

MNI: PBOC Net Injects CNY276 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: EUROZONE APR CONSTRUCTION OUTPUT -0.2% M/M, -1.1% Y/Y

Volatile LFS Unemployment Rate Below Consensus In May

7-2 vote increasingly likely; more clarity only likely post-election

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Akzo Q1 In Line; FY/MT Guidance Confirmed (Incl. Leverage Target); Not A Spread Mover

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  • Q1 revenue in line at -1% YoY while adj-EBITDA was just over 2% ahead of consensus (+19% YoY).
  • Net income looks like a decent beat (+93% YoY to EUR 181mn against consensus of EUR 156mn) so equity may be happy with that. FY/MT guidance unchanged.
  • Leverage flat QoQ at 2.7x; management still targeting 2.3x by year-end and 2x over MT. FCF of negative EUR 211mn was worse than the EUR 112mn seen in Q123, mainly on the back of calendar-based WC changes outweighing higher EBITDA.
  • EUR spreads muted; up to 1bp tighter in early trading.
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  • Q1 revenue in line at -1% YoY while adj-EBITDA was just over 2% ahead of consensus (+19% YoY).
  • Net income looks like a decent beat (+93% YoY to EUR 181mn against consensus of EUR 156mn) so equity may be happy with that. FY/MT guidance unchanged.
  • Leverage flat QoQ at 2.7x; management still targeting 2.3x by year-end and 2x over MT. FCF of negative EUR 211mn was worse than the EUR 112mn seen in Q123, mainly on the back of calendar-based WC changes outweighing higher EBITDA.
  • EUR spreads muted; up to 1bp tighter in early trading.