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Nissan (Baa3/BB+): Little Changed

CONSUMER CYCLICALS

• We expect Nissan equity to trade lower once the Tokyo market reopens; Renault is ~3.6% lower currently.

• Nissan announced an ambitious 3 year business plan earlier this year, which would be difficult to execute with ongoing operating weakness.

• € NSANY are broadly unchanged today following the profit warning. Spreads are around 6-month average levels vs Ford and look vulnerable to the downside here.

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