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Autos: Week in Review

CONSUMER CYCLICALS
  • Auto spreads were mostly steady this week, although we note BWA widened with the stock also pressured; we see no news. The company reports Q1 results next week. Schaeffler (cash quoted) spreads benefited from higher bund yields.
  • GM and Ford posted strong results beating consensus and upgrading guidance. Valeo posted in line sales with cost cutting on track, while in the trucks space Traton also beat expectations. Autoliv also posted a beat. Mercedes, VW BWA and Daimler Truck report next week.
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  • Auto spreads were mostly steady this week, although we note BWA widened with the stock also pressured; we see no news. The company reports Q1 results next week. Schaeffler (cash quoted) spreads benefited from higher bund yields.
  • GM and Ford posted strong results beating consensus and upgrading guidance. Valeo posted in line sales with cost cutting on track, while in the trucks space Traton also beat expectations. Autoliv also posted a beat. Mercedes, VW BWA and Daimler Truck report next week.