MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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REAL ESTATE: Equinix (EQIX: Baa2/BBB/BBB+): Q4 Preview

REAL ESTATE
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Since the DeepSeek sell-off on 27th Jan we are seeing some dispersion in Equity performance:

  • Equinix is +0.3%; Digital Realty DLR is still -9%
  • Merlin is +0.5%; Goodman is -5.6%
  • In bonds, both EQIX and DLR are around +7 wider in longer dated recent deals
  • DLR curve is actually TIGHTER in the 2030/2031 bucket - outperforming EQIX despite the Equity underperformance.
  • With the main hyper-scalers still planning significant spending of $200bn in 2024 and $270bn in 2025 analysts are bullish on Equinix.
  • Revenue expected +7.6% yoy; EBITDA +12.2% - Bberg consensus

 

EQIX_DLR
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Since the DeepSeek sell-off on 27th Jan we are seeing some dispersion in Equity performance:

  • Equinix is +0.3%; Digital Realty DLR is still -9%
  • Merlin is +0.5%; Goodman is -5.6%
  • In bonds, both EQIX and DLR are around +7 wider in longer dated recent deals
  • DLR curve is actually TIGHTER in the 2030/2031 bucket - outperforming EQIX despite the Equity underperformance.
  • With the main hyper-scalers still planning significant spending of $200bn in 2024 and $270bn in 2025 analysts are bullish on Equinix.
  • Revenue expected +7.6% yoy; EBITDA +12.2% - Bberg consensus

 

EQIX_DLR