Coffee, Croissants & Credit/Orsted, Veolia, Vonovia, Aroundtown

Utilities - Orsted 1Q25: better operational performance but debt surges again. Veolia 1Q25: another strong quarter

Coffee, Croissants & Credit/Supply, Bank liquidity, Veolia and Enel

Strategy: Euro credit supply - Expect an increase in supply in May. USD credit supply - Very low YTD supply for financials

Coffee, Croissants & Credit/EDP and Veolia

Utilities: EDP: positive 2022 results are credit supportive. Veolia: 2022 results “at an all-time high” already priced in

Negative signals for the US housing sector

Macro indicators for the construction sector, and the housing market in particular, have been poor recently. Homebuilders confidence has plummeted, housing sales and starts are stagnating at low levels. A sector so central to the economy appears to be frozen. President Trump has an idea for boosting the sector, and this would involve cutting Fed rates by 200-300bp in one fell swoop, in the hope of making the cost of mortgage borrowing bearable. His anti-Powell fury no doubt has something to do with this housing slump. It goes without saying that the Fed is not prepared to move that fast or th...

Oddo’s 2 Weeks Ahead_Friday 27 June 2025

Signaux négatifs pour le secteur immobilier US

Dernièrement, les indicateurs macro relatifs au secteur de la construction, en particulier le marché du logement, ont été mauvais. La confiance des promoteurs a chuté, les ventes et la production de logements stagnent à un bas niveau. Un secteur si central pour l’économie paraît gelé. Le président Trump a une idée pour lui redonner du tonus, ce serait de baisser les taux de la Fed de 200-300pdb d’un coup, dans l’espoir de rendre supportable le coût des emprunts immobiliers. Sa fureur anti-Powell a sans doute à voir avec ce marasme. La Fed n’est pas disposée à bouger si vite ni si fort il va sa...