MNI China Daily Summary: Tuesday, December 31

MNI China Press Digest Dec 31: PBOC, Panda Bonds, EVs

MNI: PBOC Net Injects CNY93.6 Bln via OMO Tues

CHINA DEC MANUFACTURING PMI 50.1 VS 50.3 IN NOV

MNI: PBOC Sets Yuan Parity Lower At 7.1884 Tues; -2.65% Y/Y

MNI: China CFETS Yuan Index Down 0.13% In Week of Dec 27

MNI:US OCT FHFA HPI SA +0.4% V +0.7% SEP; +4.5% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.5% V YR AGO MO

EZ/UK T-Bill Calendar: 1/3/6-Month UKTB Auction on Friday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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CAPITAL GOODS: ABB (ABBNVX A2/A/NR): 3Q24 Results

CAPITAL GOODS
BulletCredit Bullets

Solid results, we see this as credit neutral.

  • ABB reported revenues 2% below consensus. Book-to-Bill was little changed at 1.01x.
  • EBITA 1% better than expected, with margins unchanged at 19% (consensus 18.25%).
  • FCF of $1.17bn, 1% lower YoY. That looks better than expected, mainly on WC. Leverage is unchanged YoY at 0.4x.
  • FY24 EBITA margin guidance increased to slightly above 18%, with consensus at 18%. Sees FY24 FCF of at least last year’s level. Consensus sees around 10% increase.
  • Webcast 09.00 https://event.swisscom.ch/v/abb-20241017.
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Solid results, we see this as credit neutral.

  • ABB reported revenues 2% below consensus. Book-to-Bill was little changed at 1.01x.
  • EBITA 1% better than expected, with margins unchanged at 19% (consensus 18.25%).
  • FCF of $1.17bn, 1% lower YoY. That looks better than expected, mainly on WC. Leverage is unchanged YoY at 0.4x.
  • FY24 EBITA margin guidance increased to slightly above 18%, with consensus at 18%. Sees FY24 FCF of at least last year’s level. Consensus sees around 10% increase.
  • Webcast 09.00 https://event.swisscom.ch/v/abb-20241017.