EU AUTOMOTIVE: Stellantis (STLA Baa1[N]/BBB/BBB): 1Q25 Sales
Apr-30 08:28
We see this as neutral overall. Encouraging signs of recovery but no guidance.
- Stellantis reported revenue in line with consensus. We had delivery data earlier this month. Revenue declined 14% with product transition ongoing and price adjustments after last year’s inventory problems. It touted signs of recovery with EU market share gains and firm US orders.
- FY25 guidance was suspended due to tariff uncertainty.
- 58% of FY24 US unit sales were locally produced, with predominantly local content and most of the remainder USMCA compliant. 95% of vehicle imports came from Canada and Mexico and were USMCA compliant. No surprises in any of that. European imports have been suspended.
- Webcast 12.00 BST https://channel.royalcast.com/stellantis-en/#!/stellantis-en/20250430_1.
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EGB OPTIONS: RXK5 125.00 Puts Lifted
Mar-31 08:24
RXK5 125.00 puts paper paid 7.5 on 5K.
EGBS: Bunds Don't Close Opening Gap Higher As Pullback Eases
Mar-31 08:22
Pullback from highs in EGBs comes to a halt as the recovery from lows in equity index futures doesn’t garner much further momentum.
- Elsewhere, note that the regional level German CPI data points to a roughly in line-with-expected national CPI reading (detailed in previous bullets).
- Bund futures have failed to close the opening gap higher on the move off highs, last 129.21 vs. pullback lows of 129.04. Cash yields 3-4bp lower, 5s now outperform on the German curve.
- EGB spreads to Bunds little changed to 1.5bp wider on the day.
OPTIONS: EUR Sees Sizeable Expiry Interest Against Both GBP, USD
Mar-31 08:15
Spot EUR/USD remains pinned between two relatively decently sized expiries rolling off at the cut today: $1.0800(E957mln), $1.0875-90(E672mln), which could contain range barring any major German inflation surprise or renewed tariff risk from Trump today.
USD/JPY, meanwhile, sees $868mln rolling off at Y150.00 and EUR/GBP with E1.1bln layered between 0.8360-70.
- AUD/USD: $0.6300(A$542mln)
- USD/CNY: Cny7.2800($915mln)
