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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.
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Free AccessMNI BRIEF: BOJ Takata Backs Gradual, Vigilant Hikes
MNI: PBOC Net Drains CNY19.1 Bln via OMO Wednesday
CONSUMER CYCLICALS: Nike reports (not local issuer)
(-8% in pre-market)
Reported 1Q (3m to August) results o/n;
- Sales -9% (cc) in-line with consensus and dragged on by DTC (-12%).
- Margins saw positive trends (gross +120bps) and was not expected by analyst - guidance is not for that to continue.
- By product; Footwear -14% vs. Apparel -10%
- By region; NA -11%, EMEA -12%, China -3% (vs. consensus -6%) and APAC+LATAM -2%.
Earnings call;
- It's saying slight underperformance vs. expectations and indicates it underperformed the market.
- Q2 guidance is for sales to be down -8-10% and gross margins to contract 150bps. FY guidance is withdrawn as it transitions in a new CEO.
- China was down -3% - a beat on analyst expectations - but co has "moderated" expectations for the remainder of the year.
Nike CEO announced he was 'retiring' last month. It joined Burberry, Starbucks and Nestle on high-profile ousting's after poor performance.
Equity takes here
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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.