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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
- Auto spreads tightened 2bp on average this week with low dispersion.
- The same questions persist for the sector, Tariffs and the EV transition. Ford moved to switch production from EV SUVs to the F-Series pickup at a plant in Canada as the industry continues to slow transition plans.
- Autoliv guidance appears to pour cold water on the hoped-for H2 recovery. Guidance will be closely watched with GM, Paccar, Forvia, Nissan, Stellantis, Harley Davidson, LKQ, Mercedes-Benz and Ford reporting next week.
- While Autoliv results were soft but not too concerning for credit, truck maker Volvo’s results were benign and Daimler Truck posted slightly soft numbers.
- Pirelli was upgraded one notch to BBB by Fitch, with Autoliv getting a first-time rating of Baa1 from Moody’s.
- A single tranche from Honda was the only supply this week.
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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