MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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REAL ESTATE: CityCon Conference Call

REAL ESTATE
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CityCon saying that the "profit warning" was really down to poor communication driven by the Finnish regulator's requirements to flag any deviation from beginning of year forecasts. There were a number of small changes to forecasts driven by timing issues of divestments, new shares issued (lower EPS mechanically), NOK/SEK FX movements, delays in cost cutting - all in all the earnings only fell from 185-195 range to 183-187 (-2.6% mid-range) which CEO referred to as "de minimus".

  • Is not elaborating on CEO change
  • Disposals have "picked up speed"
  • Discussions with rating agencies have been positive. Note Moody's comments on 4th
  • New NIKE store, new gym and Lidl grocery store all recently opened
  • Eliminated over 40 staff positions to cut costs. Will be reflected in 2025
  • Capex cut from 96m to ~30m
  • Target was to dispose 950m of assets. As of now, announced 140m this year so far with another announcement shortly and 400m of letters-of-interest. So on track to meet or exceed target.
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CityCon saying that the "profit warning" was really down to poor communication driven by the Finnish regulator's requirements to flag any deviation from beginning of year forecasts. There were a number of small changes to forecasts driven by timing issues of divestments, new shares issued (lower EPS mechanically), NOK/SEK FX movements, delays in cost cutting - all in all the earnings only fell from 185-195 range to 183-187 (-2.6% mid-range) which CEO referred to as "de minimus".

  • Is not elaborating on CEO change
  • Disposals have "picked up speed"
  • Discussions with rating agencies have been positive. Note Moody's comments on 4th
  • New NIKE store, new gym and Lidl grocery store all recently opened
  • Eliminated over 40 staff positions to cut costs. Will be reflected in 2025
  • Capex cut from 96m to ~30m
  • Target was to dispose 950m of assets. As of now, announced 140m this year so far with another announcement shortly and 400m of letters-of-interest. So on track to meet or exceed target.