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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.
CONSUMER CYCLICALS
- Revenues ¥3.11tn missed expectations at ¥3.36tn and operating income ¥141.6bn disappointed against estimates at ¥127.8bn.
- Unit volumes were weak across regions with only China meeting consensus estimates. Europe, Japan and North America volumes were all lower than expected.
- FY sales target cut for the second time.
- Like all the OEMs, Nissan is facing a challenging macro environment while navigating the EV transition.
- Surprisingly, NSANY 3.201 09/28s and 5Y CDS were quoted unchanged yesterday. Bonds are starting to move this morning, ~4 wider, with the equity moving ~ -11.5% in Tokyo trading. With bonds still quoted near the tight end of the range, risk appears skewed to the downside. See chart.
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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