MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Imperial Brands (IMBLN; Baa3 Pos/BBB S/BBB S) 1H24 (6m ending March)

CONSUMER STAPLES
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Aggressive pricing helping it hold onto organic growth (for now). Imperial, similar to BAT, is geographically diversified but that's where the positives stop - it has the lowest non-combustibles exposure (below) and this should leave it well wide of comps regardless of leverage goals. 33s look tad rich on this note, 31s look fair now (below). For those eyeing carry our preferred name in BBB tobacco remains BAT, bar those with a firm view to avoid Euro regulation/markets (rotate to Altria then). Again normal disclosure that Tobacco tends to underperform on spread sell-offs. Its already let a £600m line roll-off and YE leverage target will require gross debt to come down more. With only a $1b line still due this year (June), we don't expect € supply.


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Aggressive pricing helping it hold onto organic growth (for now). Imperial, similar to BAT, is geographically diversified but that's where the positives stop - it has the lowest non-combustibles exposure (below) and this should leave it well wide of comps regardless of leverage goals. 33s look tad rich on this note, 31s look fair now (below). For those eyeing carry our preferred name in BBB tobacco remains BAT, bar those with a firm view to avoid Euro regulation/markets (rotate to Altria then). Again normal disclosure that Tobacco tends to underperform on spread sell-offs. Its already let a £600m line roll-off and YE leverage target will require gross debt to come down more. With only a $1b line still due this year (June), we don't expect € supply.


Keep reading...Show less