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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
Nissan spreads are around recent historical averages vs Ford. Yen strength is a potential headwind for Nissan going forward.
- Nissan 1Q25 results disappointed, with 0% EBIT margin and reduced FY guidance. It’s had issues with elevated inventory and cost inflation.
- With Japanese monetary policy diverging from the US and upward pressure on the Yen, currency impact is another risk factor here. 54% of Nissan’s FY24 revenue came from North America, with just 16% from Japan.
- Ford had its own disappointments at 2Q24 results with margin impacted by Warranty costs; both names have underperformed RENAUL since June (~20bp for Nissan).
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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