EU CONSUMER STAPLES: Woolworths: new 7.5y
Mar-26 09:02
(WOWAU; Baa2/BBB; Stable)
A very warm welcome to Woolworths, Australia's largest grocer and the sector leader on margins among euro grocers. We have a existing value view on the €28s.
€Bmrk 7.5y Investor Calls
Our last note: https://mni.marketnews.com/424oPQi
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MNI: GERMANY FEB IFO BUSINESS CLIMATE INDEX 85.2
Feb-24 09:00
- MNI: GERMANY FEB IFO BUSINESS CLIMATE INDEX 85.2
ECB: Wunsch WSJ Interview Broadly In Line With FT Rhetoric
Feb-24 08:54
Initial headlines from Wunsch appear broadly in line with his rhetoric to the FT this morning.
- "*ECB's Wunsch: May Have to Lower Key Rate to Level That Stimulates Economy" DJ
- "*ECB's Wunsch: Might Have to Be 'A Bit Supportive' if Economic Weakness Persists" DJ
- "*ECB's Wunsch: Key Rate May No Longer Be Restrictive After Cut to 2.5%" DJ
Relevant excerpts from the FT article:
- "Wunsch pointed to mounting uncertainty over the appropriate level of interest rates, stressing that he was "not even sure" if rates were still at a level that was restricting growth and inflation".
- "Wunsch said he felt "relatively comfortable" with the market expectation of 2 per cent rates by the end of the year "give or take 50 basis points". He also said it was "even possible that we will go below 2 per cent" by then, depending on the wider economic environment, external shocks and price pressure".
CROSS ASSET: Some early reversals in European cross assets
Feb-24 08:34
- Some early unwind in Europe, the Estoxx futures has fully pared the overnight gains to close its opening gap down to 5450.00, printed a 5448.00 low.
- Bund seems to be heading the same way, the opening gap for the contract, would be up to 132.60, ahead of the Initial resistance at 132.97.
- The Dollar is still in the red against G10s, but the Currency is paring losses, to edge towards flat on the Day, EURUSD is still up a small 0.19%.
