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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 performed in line with the index in a week that was light on newsflow. Magna (-8) was a strong performer with spreads reversing more of the recent widening. Nissan (-7) benefitted from the recovery in Japan risk. Schaefffler (-25) is perhaps the most impressive mover; making new highs having lowered FY24 guidance only last month. Equity is near 2-year lows.
- The fallout from tariffs on Chinese EVs continues. Polestar has moved some production to the US in response. Fitch sees the EU tariffs as neutral for European OEMs. While the Germans are most exposed to retaliation, Fitch sees enough headroom in metrics to absorb the impact.
- Continental was put on outlook developing by S&P, which cemented our view that the potential spin off of Automotive is likely to be credit neutral.
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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