EU REAL ESTATE: Unibail-Rodamco-Westfield: 9M (URWFP; Baa2/BBB+/NR)
Solid. Increasing guidance for Adj Recurring EPS to be at least EUR 9.50 (from 9.30-9.50 expected in 1H)
• Tenant sales +3.4%; footfall +1.8%
• Gross Rent for Shopping Centres +2.4% like-for-like.
• Total turnover EUR 2,688m -5.3% on disposals, Olympics and FX.
• Gross Rent EUR 2,102m -3.5% reported.
• In leasing, new leases had +6.7% MGR uplift and +11% per sqm.
• Vacancy 5.3%. They do note bankruptcies in the US which may be something to watch.
• Disposals EUR 2.2bn identified in business plan. EUR 1.6bn completed or secured with 0.7bn under discussion.
• Net Debt decreased to EUR 18.9bn (from EUR 19.5bn H1). Debt is covered for 36 months with EUR 3.1bn cash and total access to EUR 11.8bn liquidity.
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SECURITY: *KHAMENEI: TALKS WITH US WOULD CAUSE SIGNIFICANT HARM TO IRAN
*KHAMENEI: TALKS WITH US WOULD CAUSE SIGNIFICANT HARM TO IRAN
Source: bbg
FED: US TSY 2Y NOTE AUCTION: HIGH YLD 3.571%; ALLOTMENT 85.19%
- US TSY 2Y NOTE AUCTION: HIGH YLD 3.571%; ALLOTMENT 85.19%
- US TSY 2Y NOTE AUCTION: DEALERS TAKE 11.49% OF COMPETITIVES
- US TSY 2Y NOTE AUCTION: DIRECTS TAKE 30.77% OF COMPETITIVES
- US TSY 2Y NOTE AUCTION: INDIRECTS TAKE 57.75% OF COMPETITIVES
- US TSY 2Y AUCTION: BID/CVR 2.51
FOREX: NZD Tilts Lower, Overall Tight Ranges for G10 Pairs
- The USD index has oscillated around the unchanged mark on Tuesday, holding a relatively subdued range between 97.20-97.46. Fed Chair Powell broadly reiterated his remarks from last week’s FOMC press conference, providing little fresh impetus for the greenback.
- EURUSD has been consolidating close to the 1.18 mark following slightly weaker-than-expected French PMI data which was then offset by a stellar reading for the German services release. The trend for the pair remains bullish and the recent pullback is considered corrective. Support to watch is 1.1672. the 50-day EMA.
- The Riksbank provided a moderately dovish surprise, cutting the policy rate to 1.75%. However, the communication that rates should be held at the current level “for some time to come” and the positive session for European stock indices has left the Swedish Krona modestly higher on the day. EURSEK has traded back down to 11.00, while last week’s lows reside closer to 10.90. For USDSEK, cycle lows are around 1.4% from current levels at 9.1936.
- NZD (-0.1%) is a modest underperformer across G10, continuing the recent weakness seen in the aftermath of poor GDP figures last week. Additional uncertainty regarding the new RBNZ governor announcement may be providing an additional headwind. The sharp NZDUSD reversal from 0.6000 to current spot levels renews the focus on a significant pivot point at 0.5800, which coincides with the 50% retracement of the year’s range. Notably, AUDNZD printed a fresh cycle high at 1.1280, continuing the impressive performance for the cross in recent months.
- In emerging markets, the Brazilian real outperformed amid a seemingly more constructive tone between President’s Trump and Lula. Headlines suggest the two leaders will meet next week, bolstering hopes of a more cordial relationship between the two nations. USDBRL sold off to 5.28 on the developments, within close proximity of recent cycle lows.
- Australia August CPI, German IFO and US new home sales data are scheduled Wednesday.
