EU AUTOMOTIVE: Autos: Week in Review
Aug-08 14:38
Volatility didn’t come from the higher-grade earnings - despite tariffs still guiding to cause sizable margin contraction. No supply but BMW and Daimler Truck did visit USD bringing $2.75b and $1.9b respectively.
- Honda Misses on both the quarter and FY guidance. The FY guidance is upgraded quoting a lower tariff impact but we see it nearly entire driven by FX.
- Toyota beats on 1Q and despite still small growing vehicle sales and revenue it cuts FY EBIT guidance quoting US tariffs. EBIT did fall more in Japan then US – former blamed on rising expenses and FX. Dividend remains untouched.
- Harley Davidson announces its new CEO as Arthur Starrs, current CEO of Topgolf and ex. CEO of Pizza Hut.
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FOREX: AUDNZD Approaches May Highs Following RBNZ Hold
Jul-09 14:37
- A relatively subdued session for the greenback has allowed NZDUSD to consolidate its most recent pull lower, after printing a fresh pullback low below 0.5980 overnight. The pair continues to exert pressure on the 50-day EMA, of which spot has not closed below since April 09. Continued weakness would signal scope for a move towards 0.5883 and 0.5847 (double bottom seen in mid-May and an important pivot level).
- AUDNZD has also extended its recovery to a seven-week high above 1.0900. Trendline support drawn from the April lows has helped underpin the latest bounce for the cross, targeting 1.0922 (May 15 high) initially, before the early April highs just above 1.10.
- As a reminder, the RBNZ held the Official Cash Rate steady at 3.25% on Wednesday as expected, but signalled further cuts may follow if medium-term inflation continues to ease in line with forecasts.
- The decision followed signs of a patchy domestic recovery, as high-frequency data from April and May suggest growth momentum has been slowing. Additionally, the committee weighed the option of a 25bp cut, citing subdued growth and the risk that heightened uncertainty may lead to sustained caution among households and firms.
MNI: US EIA: CRUDE OIL STOCKS EX SPR +7.07M TO 426.0M JUL 04 WK
Jul-09 14:30
- US EIA: CRUDE OIL STOCKS EX SPR +7.07M TO 426.0M JUL 04 WK
- US EIA: DISTILLATE STOCKS -0.82M TO 102.8M IN JUL 04 WK
- US EIA: GASOLINE STOCKS -2.66M TO 229.5M IN JUL 04 WK
- US EIA: CUSHING STOCKS +0.46M TO 21.2M BARRELS IN JUL 04 WK
- US EIA: SPR +0.24M TO 403.0M BARRELS IN JUL 04 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE -0.2% TO 94.7% IN JUL 04 WK
STIR FUTURES: BLOCK: Dec'25/'26 SOFR Flattener
Jul-09 14:27
- SOFR Flattener posted at 1016:46ET:
- -5,000 SFRZ5 96.18, post time bid vs. +SFRZ6 96.81, post time offer
