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CONSUMER CYCLICALS: Consumer & Transport: Week in Review

CONSUMER CYCLICALS
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It was a quiet week ahead of earnings. We had a few early reporters including Pepsi - who showed us it’s not just Burberry that will blame the Chinese consumer on a miss. Read-through on Delta earnings was slightly positive, but we remain cautious on the struggling names. Primary was surprisingly interesting on bpost – one we will be watching through earnings. Spreads are heading towards this year’s tights, but it hasn’t been blanket compression. Air-France and Walgreen Boots reversing out wider reflect lessons learnt this year; the same cannot be said for Kering, Burberry and Lufthansa px action.
(see weekly pdf for hyperlinks)


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It was a quiet week ahead of earnings. We had a few early reporters including Pepsi - who showed us it’s not just Burberry that will blame the Chinese consumer on a miss. Read-through on Delta earnings was slightly positive, but we remain cautious on the struggling names. Primary was surprisingly interesting on bpost – one we will be watching through earnings. Spreads are heading towards this year’s tights, but it hasn’t been blanket compression. Air-France and Walgreen Boots reversing out wider reflect lessons learnt this year; the same cannot be said for Kering, Burberry and Lufthansa px action.
(see weekly pdf for hyperlinks)


Keep reading...Show less