EM CEEMEA CREDIT: EMAAR: 1Q25 results highlights, neutral for credit
May-08 12:55
EMAAR (EMAAR; Baa2/BBB+/BBB)
1Q25 results highlights, neutral for credit
- Our read of the quarterly update is neutral for credit.
- Strong growth in sales +42% YoY at AED19.3bn pushes rev’s up +50% YoY to AED10.1bn beating estimates (source: Bloomberg data). Importantly, the backlog looks strong at +62% YoY.
- Profitability looks fine with EBITDA +24% YoY at AED5.4bn. Net profit missed vs estimates at AED3.7bn, +27% YoY.
- Emaar has a diverse portfolio spanning UAE, Saudi Arabia, India, Pakistan, Egypt, Morocco and Türkiye.
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MNI: US REDBOOK: APR STORE SALES +5.6% V YR AGO MO
Apr-08 12:55
- MNI: US REDBOOK: APR STORE SALES +5.6% V YR AGO MO
- US REDBOOK: STORE SALES +7.2% WK ENDED APR 05 V YR AGO WK
US: MNI POLITICAL RISK - Crunch Week For Budget Reconcilliation
Apr-08 12:34
Download Full Report Here
- At 13:00 ET 18:00 BST, White House Press Secretary Karoline Leavitt will deliver her first press conference since Trump’s 'Liberation Day' tariff announcement. President Donald Trump will sign an Executive Order to boost the US coal industry before delivering remarks at the NRCC Dinner at 18:45 ET 23:45 BST.
- The pragmatic wing of the Trump administration - led by Treasury Secretary Scott Bessent - appears to have gained the upper hand over the trade hawks - led by advisor Peter Navarro and Commerce Secretary Howard Lutnick. The White House appeared to delete a social media post backing a Navarro op-ed claiming tariffs are "not a negotiation." Shortly after, Bessent confirmed he will lead trade negotiations with Japan.
- Bessent said yesterday that tariffs are going to ‘re-lever’ the private sector, pay for Trump’s tax agenda, and bolster national security.
- Trump threatened an additional 50% tariff on China that could hike duties on Chinese imports to 104% (20% Fentanyl, 34% reciprocal, 50% counter-retaliatory).
- USTR Jamieson Greer's testimony to the Senate on Trump's trade agenda will be the most watched event on Capitol Hill today.
- House Speaker Mike Johnson (R-LA) is facing a rebellion from deficit hawks and his Budget Committee chair over the Senate's reconciliation budget blueprint.
- The US will hold indirect talks with Iran on its nuclear programme on Saturday.
- Poll of the Day: Consumer sentiment registered an 8-point swing from April 5.
Full Article: US DAILY BRIEF
EQUITIES: EU Bank put spread
Apr-08 12:32
SX7E (17th Apr) 144/135ps, bought 0.55 in 20k.
