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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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- Industrial spreads widened 1-2bp on the week, with outliers mainly smaller non-core issuers. Recent issuer K+S stands out at +6bp.
- Earnings are naturally in focus now. Evonik and Lanxess posted beats and guidance upgrades. SKF, Sandvik, ABB and Investor results were benign, while PPG disappointed. Surprisingly Lanxess spreads didn’t move a great deal with equity and CDS much more reactive. Effiage, Alstom, Norsk Hydro, Akzo Nobel, Thales, Alfa Laval, Stora Enso, Metso, Amphenol, WAB, Anglo American, Dover, Eastman, Bouygues, Holcim, Veralto, Saint Gobain, BASF, ACS, Air Liquide, Signify and 3M report next week.
- Higher utilisation rates at Lanxess will raise hopes of a sector bottom after a harsh destocking cycle. Green shoots are appearing, but conditions appear mixed still at the subsector level.
- No such turn in metals sentiment, with the copper price chart looking ugly. The Third Plenum failed to bring measures to support China property. Most markets remain oversupplied in the short term despite the longer-term bullish demand picture.
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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