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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
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Emerging Markets
Emerging Markets
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Commodities
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Credit
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
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Ford (Ba1/BBB-): 1Q24 Results
Positive results with strong EBITDA beat and better FCF guidance. Not expecting much movement given spread outperformance YTD. Debt position should continue to improve with 40-50% of FCF to be paid out to shareholders, although management expect to invest in growth opportunities. Positive ratings momentum should continue.
• Revenue came in line, while adj. EBITDA came in 25% ahead of consensus.
• FCF came in low at -$0.5bn on inventory buildup; consensus was $1.4bn.
• Net cash is left at $4.9bn from $8.9bn at Q4, expectation was flat.
• Management expects the inventory build to reverse in Q2.
• FY24 FCF guidance has been upgraded by 7% on lower capex, with EBIT guidance maintained.
To read the full story
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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.