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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.
INDUSTRIALS SECTOR
PageGroup (PAGE LN), the recruitment firm has issued a weak 4Q23 trading update this morning, not a credit name but indicative for the health of European hiring generally.
- Gross profit down 11% (o/w UK is down 20%, AsPac down 16%, Americas down 13% and the key EMEA line... over half of profit... down 7%). FY23 operating profit guidance now "slightly below" GBP120-125m previous range (BBG consensus: 122m). Equity indicating lower in London.
- Mgmt noted "deterioration in job flow" thought 4Q23 and weaker profit conversion due to lower "candidate and client confidence". Specifically conditions in Europe deteriorated through the quarter (other regions continued to be weak, similar to 3Q23).
- Page isn't a credit name at all but Adecco (ADEN SW, rated Baa1[S]/BBB+[S]/NR) does have a range of traded debt and is similarly conti-Europe focussed. Too early for any indications this morning but its OASs have remained relatively stable over the last month, having tightened from their Nov-23 wides (see image).
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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