April 26, 2024 15:01 GMT
Consumer: Week in Review
CONSUMER CYCLICALS
Earnings, bar Kering, were in-line to positive. Two deals in primary, neither offering a NIC or an attractive secondary. Screen cheap views on Tesco 31s & Woolworth 28s left unch, attractive carry & roll on BAT curve, , Elo hard to firm up a view on after weak Carrefour.
- Read on Tobacco curves post PM & Altria earnings; here
- Brewer curve compression no issue with but pickup there to staple Tesco & Woolworths; here
- Caution around carrefour, readthrough negative to Elo/Auchan; here;
- Kering facing Gucci brand specific issues on-top of macro weakness in aspirational luxury buyers; here
- Tapestry in wait & see, only for those with low to no funding costs; here
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