MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

USDA: CORN STOCKS 12,074M BSL ON JAN 1

MNI: USDA: 2024/2025 CORN PRODUCTION EST 14.87B BSL

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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BASIC INDUSTRIES: DS Smith (SMDSLN NR/BBB-*+/NR): 1H25 Results

BASIC INDUSTRIES
Credit BulletsUKCEEMEABullet

Low relevance given the pending merger with IP. Expected completion in 1Q25.

  • DS Smith reported revenue 1% below consensus at -4% YoY with packaging price declines.
  • Adj. EBITDA missed by 1%, down 39%. Margins fell from 15% to 12% compounded by raw material costs.
  • FCF was little changed at -£69mn.
  • Net leverage reported at 2.8x up from 2.2x HoH.
  • Webcast 09.00 https://stream.brrmedia.co.uk/broadcast/6720f8bcc86085b1bff5b3d6.
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Low relevance given the pending merger with IP. Expected completion in 1Q25.

  • DS Smith reported revenue 1% below consensus at -4% YoY with packaging price declines.
  • Adj. EBITDA missed by 1%, down 39%. Margins fell from 15% to 12% compounded by raw material costs.
  • FCF was little changed at -£69mn.
  • Net leverage reported at 2.8x up from 2.2x HoH.
  • Webcast 09.00 https://stream.brrmedia.co.uk/broadcast/6720f8bcc86085b1bff5b3d6.