CONSUMER CYCLICALS: Pandora: tariff impact (x2)
Apr-03 14:09
(Baa2/BBB) {PNDORA DC Equity}
Full 1.2b/yr impact is a 15% EBIT hit (adj. FY24 EBIT DKK8b). We said we saw a 17% hit this morning.
- "Pandora Expects Gross Tariff Impact of DKK1.2B a Year, Before Any Mitigating Actions
- Pandora: Tariff Impact For Remainder of 2025 Estimated at Around DKK700M
- Pandora: U.S. Tariffs Will Mainly Impact Pandora Products Imported From Thailand, But Also Vietnam, India, China, Others
- Pandora: Of Potential DKK1.2B Annual Impact, DKK250M Linked to Goods Eventually Sold in Canada and Latin America
- Pandora Expects to Fully Mitigate The DKK250M Related to Canada and Latin America Within Next 12 Months
- Pandora: Exploring Further Actions to Address Remaining DKK950M, Including Price Increases, Supply Chain Set-up" -bbg
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GERMANY: Bundesbank Publishes Debt Brake Reform Proposal
Mar-04 14:06
Bundesbank presents debt brake reform proposal - which would allow for extra spending through 2030 conditional on debt ratio:
- Specifically, under the proposal, "the federal and state governments would be able to spend up to a total of EUR 220 billion additionally financed by loans, provided that the debt ratio is below 60%. With a debt ratio of more than 60 percent, this framework would be limited to around 100 billion euros by 2030."
- The proposal "shows a stability-oriented path for higher government investment. It thus presents a concept that supports necessary measures to strengthen infrastructure and defence and at the same time ensures long-term sustainable public finances in line with European requirements. At the same time, it maintains its position that constitutionally secured debt brakes make an indispensable contribution to long-term sustainable public finances."
- A debt brake reform would likely be distinct to the currently discussed one-off defence funds in Germany.
- Link to full pdf here.
STIR: Heavy Red Dec'26/Green Dec'27 SOFR Spread Volume
Mar-04 14:05
- Over 60,000 SFRZ6/SFRZ7 spds at .075 last few minutes.
- Front Dec'25 contract leads volume at over 543k at the moment as front end of strip extends morning rally.
MNI: US REDBOOK: FEB STORE SALES +6.1% V YR AGO MO
Mar-04 13:55
- MNI: US REDBOOK: FEB STORE SALES +6.1% V YR AGO MO
- US REDBOOK: STORE SALES +6.6% WK ENDED MAR 01 V YR AGO WK
