MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Autos / Industrials / Utilities: Week in Review

CONSUMER CYCLICALS
  • While CNH results were well received, 2024 will be a tricky year for the sector. The cycle has clearly turned. Focus will be on margin improvement and maintaining FCF.
  • Autos continue to hold up well. RENAUL (-4 to -10bp) outperformed STLA (-2 to -7bp). Both reported better than expected FCF with Renault’s beat greater in magnitude and importantly more reassuring guidance. That said, they are guiding lower and 2024 will a tricky year to navigate. Balancing ICE vs EV strategy, cost control and cash generation will be key in a year of falling revenues and price pressure. On the positive side for the financing arms, consumer credit risks remain quite stable. So far, the market is taking an optimistic view.
  • SIEGR printed the largest IG deal of the year so far at €5bn (4 part). NIP was 0-10bp along the curve, leaving secondary one of the worst performers WoW (2-7 wider). ALD also tapped the market along with utilities SRGIM, STATNE ad UU.
  • EDF 2023 recovery confirmed, and bonds already reflect that. Investors can take comfort in the short-term picture. Long term questions around the business model and financing remain but they look to be going in the right direction.
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