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’For all the BMWs in China
From BMW’s record earnings statement on Wednesday:
“The BMW Group is well on its way towards achieving new sales volume and earnings records for the full year. We are aiming for a record sales volume of well over 1.5 million vehicles as well as new full-year sales volume records for each of our premium brands BMW,
Snap news
Breaking pre-market news on Wednesday,
- Glencore sets price range for flotation; price range of between $48bn and $58bn — statement.
- Next says recent warm weather and Royal Wedding bank holiday boosted sales;
Banco Santander vs Bank of BMW
2010 is shaping up to be a good year for Germany’s luxury carmakers.
In April, Daimler caught investors on the hop with a sudden doubling of its profit expectation, and on Tuesday arch-rival BMW increased its profit and sales forecast for 2010.
For corporate bonds, a week is an eternity
“Corporate markets head for indigestion”, was the headline last week for a bleak prognosis:
After the busiest start to any year for sovereign emerging-market debt, it’s corporate bond investors around the world who now seem to be heading for a massive case of indigestion,
Europe’s auto-ABS revival
We’re not talking about automatic breaking systems either.
Last week it emerged Ford and BMW would be breathing life back into the European market for asset-backed securities by issuing more than €1bn of debt backed by automobile loans and leases.
CDS report: Black & Decker rallies on takeover news
Gavan Nolan of Markit wrote this CDS report
European credit markets widened and stocks declined as investors fretted over the outcome of monetary policy meetings later this week. The Markit iTraxx Europe index was trading around 91bp,
Magna feels the heat over Opel plans
Magna’s plans to take a majority stake in GM’s loss-making European arm Opel triggered a backlash on Tuesday when German carmakers Volkswagen and BMW voiced unease over the deal and warned that they would review links with the Canadian car parts supplier,
CDS report: European carmakers outperform after BMW results
This CDS report was written by Markit’s Gavan Nolan
Investment grade indices widened for the third consecutive day as investors continued to take profits from the recent rally. The Markit iTraxx Europe index closed just under 91bp,
CDS update: Banks and car makers in focus in a mixed session
This CDS report was written by Markit’s Gavan Nolan
European credit indices took their cue from stock markets and tightened today. The Markit iTraxx Europe index gave up most of yesterday’s gains in a mixed session.
BMW eyes German bailout fund
BMW became the first European carmaker publicly to consider tapping Germany’s government- backed banking rescue scheme on Tuesday and said it might also seek US assistance. Friedrich Eichiner, BMW’s interim chief financial officer,
Merrill calls last orders on Europe’s cash-strapped corporates
Horrible getting caught short, isn’t it? Staggering around the pavements of central London after one too many drinks, trying to find a cash point that is actually still in the business of dispensing cash.
Ford denies Volvo sale
Ford Motor said it was not in discussions aimed at a sale of its Swedish unit Volvo, denying reports its was mulling an immediate disposition of a unit seen as its most valuable luxury brand, reports Reuters.