MNI: US DEC FINAL MANUF PMI 49.4 (FLASH: 48.3); NOV: 49.7

US MBA: REFIS -36% SA; PURCH INDEX -13% SA IN 2-WKS THRU DEC 27

MNI China Daily Summary: Thursday, January 2

MNI China Press Digest Jan 2: Domestic Demand, Debt, Housing

CHINA DEC CAIXIN MANUFACTURING PMI 50.5 VS 51.5 IN NOV

MNI: PBOC Net Drains CNY273.8 Bln via OMO Thurs

US EIA: CRUDE OIL STOCKS EX SPR -1.18M TO 415.6M DEC 27 WK

MNI: US NOV CONSTRUCT SPENDING +0.0%

MNI: US JOBLESS CLAIMS -9K TO 211K IN DEC 28 WK

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CONSUMER CYCLICALS: French consumer/transport names getting hit today include;

CONSUMER CYCLICALS
BulletCredit Bullets
  • FDJ; up to +5; (Baa1/NR) no rating uplift for 20% ownership
  • La Poste; up to +5; (NR/A/A+) +3 rating uplift for full state ownership
  • Intermarche 29s +6; (NR/BBB- Neg) grocer, 87% in France
  • Edenred up to +4; (NR/A-) 15% from France and pending potential regulatory changes
  • Auchan (+5 and at wides); (NR/BB Neg) grocer, 50% in France

Notable mentions to those holding firmer;

  • Air-France; unch to tighter; (NR/BB+/BBB-) facing a potential (sizeable) increase in aviation tax - currently sees €90-170m profit impact. No rating uplift for 28% state-ownership.
  • Pluxee; unch; (NR/BBB+) 12% from France and pending potential regulatory changes
  • Aeroport de Paris; up to +2; (NR/A-) departing airlines facing a potential increase in aviation tax. The +1 uplift for the 51% state ownership was removed this year.

OAT spreads widened up to +7 into the close yesterday; -3 in from wides today. Re. dates to keep in mind, Senate votes on budget 12th of Dec but our political analyst is more interested in Assembly vote that is scheduled between 18-20th Dec (it must be passed by 21 Dec). Also note French gov. ratings (Aa2 Neg/AA- S/AA- Neg), is scheduled for its bi-annual review from S&P this Friday/29th; Moody's & Fitch did theirs in Oct and both moved to negative outlook.

201 words

To read the full story

Close

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.
  • FDJ; up to +5; (Baa1/NR) no rating uplift for 20% ownership
  • La Poste; up to +5; (NR/A/A+) +3 rating uplift for full state ownership
  • Intermarche 29s +6; (NR/BBB- Neg) grocer, 87% in France
  • Edenred up to +4; (NR/A-) 15% from France and pending potential regulatory changes
  • Auchan (+5 and at wides); (NR/BB Neg) grocer, 50% in France

Notable mentions to those holding firmer;

  • Air-France; unch to tighter; (NR/BB+/BBB-) facing a potential (sizeable) increase in aviation tax - currently sees €90-170m profit impact. No rating uplift for 28% state-ownership.
  • Pluxee; unch; (NR/BBB+) 12% from France and pending potential regulatory changes
  • Aeroport de Paris; up to +2; (NR/A-) departing airlines facing a potential increase in aviation tax. The +1 uplift for the 51% state ownership was removed this year.

OAT spreads widened up to +7 into the close yesterday; -3 in from wides today. Re. dates to keep in mind, Senate votes on budget 12th of Dec but our political analyst is more interested in Assembly vote that is scheduled between 18-20th Dec (it must be passed by 21 Dec). Also note French gov. ratings (Aa2 Neg/AA- S/AA- Neg), is scheduled for its bi-annual review from S&P this Friday/29th; Moody's & Fitch did theirs in Oct and both moved to negative outlook.