RBA SAYS SOME UPSIDE INFLATION RISKS HAVE EASED.

MNI: RBA LEAVES CASH RATE AT 4.35%

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US Open; Estee struggles on China weakness

CONSUMER CYCLICALS

CDX opens flat, S&P futures similar. High-grade and $ issuer Estee Lauder (EL) is down -5% in pre-market after giving guidance for FY25 (to June) sales to be -1 to +2% (c+6%) with 1Q to be down between -3-5% (c9%). We mention Estee because it is a comp in beauty retail to local issuer and rising star hopeful Coty. Estee is flagging China weakness (both in-country and travel retail spend) which Coty has less exposure to (APAC 13% vs. 33% for EL). Weakness in China was flagged by L'Oréal too (North Asia -1.7% with declining momentum) who reported firm growth in all other regions. Coty reports FY24 earnings on 20th of August after US close; consensus is looking for LFL 5% growth in the 4Q and 6% for next year. Bulk of deleveraging/path to IG ratings will come on tabled divestiture of remaining 26%/$1.1b stake in haircare co, Wella.

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

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.