EM ASIA CREDIT: Lenovo (LENOVO, Baa2/BBB/BBB) at the wides
Apr-04 01:24
- Lenovo generates around 20-25% of group revenues in the U.S., and while there may be some delay in purchases, it could be temporary given ongoing demand related to upgrades, including for new Windows requirements, and the use of AI. We would also expect domestic demand to be supported by government initiatives. In terms of valuations, equities are down around 7.5% since the U.S. tariff announcements, while credit has remained firm.
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CNH: USD/CNY Fixing Edges Down
Mar-05 01:20
The USD/CNY fix printed at 7.1714, versus a BBG market consensus of 7.2635.
- This keeps the fixing within recent ranges. The fixing error narrowed slightly to -921pips.
- USD/CNH has firmed back above 7.2600 in early Wednesday trade. The market is digesting a host of headlines from China's NPC, around 2025 targets. Growth is expected at 5%, while CPI was lowered to 2% from 3%. The authorities are aiming to boost domestic demand.
CHINA SETS YUAN CENTRAL PARITY AT 7.1714 WEDS VS 7.1739
Mar-05 01:16
- CHINA SETS YUAN CENTRAL PARITY AT 7.1714 WEDS VS 7.1739
BOJ: Rinban Purchase Offer
Mar-05 01:16
The BoJ offers to buy a total of Y900bn of JGBs from the market:
- Y150bn worth of JGBs with <1 Year until maturity
- Y300bn worth of JGBs with 1-3 Years until maturity
- Y300bn worth of JGBs with 3-5 Years until maturity
- Y150bn worth of JGBs with 10-25 Years until maturity
