EU AUTOMOTIVE: Nissan (NSANY Ba2neg/BBneg/BBneg): Moody’s Downgrade
Jun-06 09:56
We don’t see this as particularly impactful with not much new in the release. With expectations already off a cliff for this year, it will be some time before we can judge for signs of a turnaround.
- Nissan was downgraded by Ba2, with outlook still negative, taking it in line with the other two main agencies.
- That mainly reflects FY24 results and FY25 guidance, with negative EBIT margin and FCF expected. Moody’s expects breakeven FCF by FY26, with guidance for positive.
- A return to stable will hinge on execution of the restructuring program with a sustained return to positive FCF and EBIT. Successful product launches would also be a positive signal.
- On the other hand, prolonged losses could trigger a further downgrade.
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EURIBOR OPTIONS: Another Call fly buyer
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ERH6 98.87/99.37/99.87c fly, Bought for 3 in 4k.
EURIBOR OPTIONS: Latest Upside structures
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EQUITIES: Estoxx futures is closing the small Opening gap
May-07 09:44
- The Estoxx futures is slowly closing the Opening gap, not a Tech level, and the is fairly gradual.
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- Basic resources, Media are the leading sectors, up 0.48% and 0.44% respectively.
- Initial support in VGM5 will be at 5178.00, Yesterday's low.
