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Global Macro
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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.
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Free AccessMNI POLITICAL RISK - Trump Announces Raft Of Key Nominations
BRIEF: EU-Mercosur Deal In Final Negotiations - EC
Bayer opening unch. to start this week after an uneventful move to last weeks earnings.
- Despite coming out with strong Q4 beat/deleveraging its still struggling to price tight to VTRS - a dynamic that's even more exaggerated in the $ space (trades ~40+ wide).
- No rating action since, we don't expect any from Moody's. Roundup updates expected to be catalyst going forward, given deleveraging done for now.
- We saw the no-breakup as well anticipated helped by CEO headlines preceding the earnings - but still seemed to disappoint some analyst - may have been expecting changes further down the track (its guiding to no structural changes for at least next 2-3yrs).
- FT cited the CEO last week dismissing speculation around any new share issue - "we don't think we need a capital raise and we have no plans". It has ~€3.8b in debt due this yr with plenty of headroom to pay it down - €5.9b in cash & expected €2-3b in FCF this yr.
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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.