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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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Free AccessPhillip Morris (PM; A2, A-; S) {PM US Equity} earnings up ahead
- As a reminder it runs the highest non-combustibles exposure (37% of sales) or what it refers to as "next generation products/NGPs". Target for it is 2/3 of sales in NGP's by 2030 - growth in segment a positive to watch (high growth).
- Tobacco curves are mute on today's rally - tad surprising. BAT has been clear underperformer after the 32s priced wide (20bp NIC, another +8 since) with 31's in secondary hit hardest; +37bps over last 2 weeks & now wide of Altria/MO (echoing $ space) - no firm view to fight it given flows driven.
- Any weakness from PM might be motivation to step-down to BAT/MO - 31s spread +50 but has traded wider before but on tad worse BS/ratings for BAT.
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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.