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Autos: Week in Review

CONSUMER CYCLICALS

Auto spreads were around 3bp wider on average but with a few curves eking out small gains. With spreads widening swiftly earlier in the week before recovering, volatility was higher than the 1 week moves would suggest.


Earnings season is back in focus with little fundamental cheer; Continental posted soft numbers with FY guidance now at risk. Robert Bosch was also downbeat suggesting FY targets will be challenging. Nissan posted a profit warning on lower volumes and higher costs. The truck sector is perhaps a brighter spot with Volvo posting strong results.

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Auto spreads were around 3bp wider on average but with a few curves eking out small gains. With spreads widening swiftly earlier in the week before recovering, volatility was higher than the 1 week moves would suggest.


Earnings season is back in focus with little fundamental cheer; Continental posted soft numbers with FY guidance now at risk. Robert Bosch was also downbeat suggesting FY targets will be challenging. Nissan posted a profit warning on lower volumes and higher costs. The truck sector is perhaps a brighter spot with Volvo posting strong results.