CONSUMER CYCLICALS: Kering; read-through from burberry
Jan-24 08:13
(KERFP; NR/BBB+ Stable)
There may be read-through from Burberry to Kering equity sentiment this morning. We are cautious given it was underperforming all peers last quarter - but we do have a firmer read now that Macro is set-up supportive for it.
€-levels are un-interesting and not helped by the strong bull-flattening post Richemont numbers last week. £32s are more interesting (wide of €-curve on XCCY), no firm view from us.
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