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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 had another bad week with no respite for the beleaguered sector. Imerys, Illinois Tool Works and Covestro all flagged weakness and deteriorating expectations for demand from OEMs. We highlighted risks for Volkswagen and Aptiv in our previews, which came to pass.
- Volkswagen (+16) revised down FCF guidance heavily; we viewed results negatively, but the size of the move was surprising. As we mentioned in our preview, VW has been an outperformer which may have been a factor.
- BMW (+7) looked more benign, but weak margins raised concerns here too.
- Aptiv (+10) was another to suffer as the EV-exposed parts maker lowered guidance.
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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