EM CEEMEA CREDIT: EMAAR: Q2 25 Results – slightly weaker
Aug-06 14:58
(EMAAR: Baa2/BBB/-)
Slightly weaker results, but backlog is robust, and credit profile is conservative, we expect little impact on the credit profile from the results. EMAAR reporting slightly weaker results compared to Q125, revenues -3.6% at AED 9.37bn vs AED10.09bn in Q1 25. PBT -8.2% at AED4.9bn vs AED5.4bn and net profit -38% at AED3.37bn vs Q125
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GBP: Reversal Off Lows in Quiet Market Shows Underlying Bull Theme Intact
Jul-07 14:48
GBP/USD now heads into the Monday close broadly flat - erasing weakness posted below the NFP low at 1.3576. This intraday reversal plays further into the view that an underlying bull cycle in GBPUSD remains at play.
- Support at the 20-day EMA of 1.3602 remains key at the close - the level has been pierced, but a clear break would signal scope for a deeper correction towards 1.3462.
- Monthly GDP data will be more carefully watched than usual this week, with the April release surprisingly coming in at -0.3%, and another weak reading for May would add to concerns of a negative second quarter.
- BoE comms are expected to be quieter this week: Breeden speaks on Thursday on climate risks, while the Wednesday Financial Stability Report is unlikely to reference the monetary policy path directly.
EURIBOR OPTIONS: Put Ladder seller
Jul-07 14:25
ERZ5 98.25/98.12/97.87p ladder sold at 4 in 2.5k.
OPTIONS: Expiries for Jul08 NY cut 1000ET (Source DTCC)
Jul-07 14:11
- EUR/USD: $1.1600(E1.1bln), $1.1700(E1.3bln), $1.1770-80(E623mln), $1.1810(E710mln)
- USD/JPY: Y142.60-75($1.1bln), Y146.60($551mln)
- AUD/USD: $0.6435(A$646mln), $0.6545-50(A$563mln)
