April 19, 2024 11:17 GMT
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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