MNI China Daily Summary: Thursday, June 13

MNI BRIEF: China Ready To Safeguard Interests After EU Tariffs

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1122 Thurs; -1.79% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1122 THURS VS 7.1133

Industrial Production Disappoints With Weakness Driven by Ireland and Italy

MNI: EUROZONE APR IP -0.1% M/M, -3% Y/Y

Wage Growth Expectations Unsurprisingly Revised Higher

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Spreads Muted As Neste Oyj Reports Q4 Revenue Beat With In-Line EBITDA

ENERGY SECTOR
  • Q4 Rev beat consensus by 13% driven by 22% and 3% beats in their Oil and Renewables segments more than offsetting a 6% miss in their much smaller Marketing segment. adj-EBITDA in-line with expectations. DPS appears to have disappointed at EUR 1.20 vs. consensus of EUR 1.37.
  • Leverage ratio of 23% is up from the 14% at FY22 though still aligned with the target of <40%. Q4 FCF of EUR 475mn is -20% YoY though FY FCF of EUR 751mn is up from the negative EUR 390mn in FY22.
  • Management guiding for higher total renewable volumes next year (with a comparable sales margin of USD 600-800 from USD 863 this year) though oil product volumes seen lower on the back of the planned Porvoo turnaround in Q2 (with a lower total refining margin).
  • Management expect continued high volatility in both Oil and Renewables, noting bioticket and renewable credit prices have decreased in the new year.
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