EU CAPITAL GOODS: Legrand (LRFP NR/A-/NR): 1Q25 Results
May-07 15:21
- Legrand reported revenue 1% ahead of consensus, at 7.6% organic growth. US datacentre exposure continues to drive that.
- Adj. EBIT beat by 2% with margin a touch ahead at 20.65%.
- FCF of €190mn was slightly lower than expected, driven by increased working capital.
- Reported net leverage was unchanged at 1.5x.
- FY25 guidance was confirmed. It imports 50% of US COGS, with 40% of sales there. It has the usual mitigation levers, including price increases which we assume it can pass on.
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FED: US TSY 26W AUCTION: NON-COMP BIDS $1.542 BLN FROM $68.000 BLN TOTAL
Apr-07 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.542 BLN FROM $68.000 BLN TOTAL
FED: US TSY 13W AUCTION: NON-COMP BIDS $2.137 BLN FROM $76.000 BLN TOTAL
Apr-07 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.137 BLN FROM $76.000 BLN TOTAL
STIR: Fed Rate Path Continues Push Higher After Tariff Rumor Spike
Apr-07 15:08
- The Fed rate path is pushing higher again having initially fully reversed a spike on unsubstantiated and subsequently refuted headlines around a 90-day pause in tariffs.
- The speculation-driven spike aside, it’s back close at Friday’s close for near-term meetings and a little above for meetings from September onwards.
- Cumulative cuts from an assumed 4.33% effective: 12.5bp for May (vs 16bp at the NY crossover), 35bp Jun (vs 40bp), 57.5bp Jul (vs 66bp) and 99bp Dec (vs 112bp).
- Inter-meeting cut odds still haven’t fully receded though, showing ~2bp of cuts priced in the April FF contract vs closer to 6.5bp of cuts at one point overnight. Today’s regular Board of Governors meeting at 1130ET could be helping that despite being a purely routine event as noted earlier.
- There have been larger reversals of the overnight rally further out the curve: SOFR futures show terminal yields at 3.14% (in the SFRU6) after a ~20bp lift since the NY crossover. It’s now +8.5bp from Friday to limit the slide to ~25bps since Liberation Day tariffs.
