EU CREDIT UPDATE: CREDIT UPDATE: DSM Firmenich (DSFIR: A3/A-): 3Q24 Trading Update
- Good but for temporary reasons
- Short-term vitamin volatility benefited the company and it now sees Full-Year Adj EBITDA towards €2.1bn
- Sales €3,244 +7% yoy and +1.3% ahead of estimates
- Adj EBITDA €541m for Q3 +32% yoy with the biggest jump coming from Animal Health which is being disposed
- Margins 16.7% up 330bps is a positive
- Last issued in June '24 to fund the upcoming 2025 maturity
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EQUITIES: Slight Positive Bias Into European Cash Open
Equity index futures biased higher ahead of the European cash open, with a positive lead from Japan and the late Monday rally in U.S. equities.
• No Chinese market sentiment to gauge given the start of the week-long holiday in the mainland.
• Euro Stoxx 50 futures +0.22%
• CAC 40 +0.05%
• FTSE MIB +0.36%
• FTSE 100 +0.34%
• SMI +0.19%
GILTS: Opening Call
Futures netting 98.53 into the open, small bounce in Bunds noted.
SILVER TECHS: Still Looking For Gains
- RES 4: $33.738 - 1.618 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 3: $33.297 - 1.50 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.000 - Round number resistance
- RES 1: $32.715 - High Sep 26
- PRICE: $31.437 @ 07:54 BST Oct 1
- SUP 1: $30.518/29.752 - 20- and 50-day EMA values
- SUP 2: $28.535 - Low Sep 12
- SUP 3: $27.686 - Low Sep 6 and a key support
- SUP 4: $27.180 - Low Aug 14
Bullish conditions in Silver remain intact and last week’s climb reinforces this set-up. The metal has traded through resistance at $31.754, the Jul 11 high. Note too that price has pierced $32.518, the May 20 high and a key resistance. A clear break of this hurdle would confirm a resumption of the medium-term uptrend and open $33.297, a Fibonacci projection. Firm support lies at $29.752, the 50-day EMA.
