EU REAL ESTATE: Klepierre (LIFP: A-/A) Q1 25
Solid start to year. Guidance confirmed. Has been upgraded by both agencies
• Net Rental Income €262m +2.9% lfl
• Occupancy 96.5% +50bps
• NetDebt/EBITDA 7.1x; average cost 1.8%; 100% Hedged
• Confirms 2025 guidance of 3% EBITDA growth
• Retailer sales +2% yoy
• Both S&P & Fitch have raised Klepierre this year.
• Old LIFP bonds are trading very rich vs recently issued. LIFP 1.625 32 vs LIFP 3.875 33 for example, albeit off recent wides.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)
| Date | Time | Country | Event |
| 25-Mar | 800 | ES | PPI |
| 25-Mar | 900 | DE | IFO Business Climate Index |
| 25-Mar | 1400 | BE | BNB Business Confidence |
| 26-Mar | 745 | FR | Consumer Sentiment |
| 26-Mar | 800 | ES | GDP (f) |
| 26-Mar | 1800 | EU | ECB's Cipollone in panel on Digital Finance |
| 27-Mar | 900 | EU | M3 |
| 27-Mar | FR | Insee publishes General Govt balance | |
| 27-Mar | 1300 | EU | ECB's De Guindos at 2025 IIF European Summit |
| 27-Mar | 1740 | EU | ECB's Schnabel lecture on MonPol Transmission |
| 27-Mar | 1805 | EU | ECB's Lagarde message for Women in Finance conference |
| 28-Mar | 700 | DE | GFK Consumer Climate |
| 28-Mar | 745 | FR | PPI / Consumer Spending / Flash HICP |
| 28-Mar | 800 | ES | HICP (p) |
| 28-Mar | 830 | EU | ECB de Guindos At Fed. of Female Professionals Conf |
| 28-Mar | 855 | DE | Unemployment |
| 28-Mar | 900 | IT | Business and Consumer confidence |
| 28-Mar | 900 | EU | ECB Consumer Expectations Survey |
| 28-Mar | 1000 | EU | Consumer Confidence, Industrial Sentiment |
| 28-Mar | 1100 | IT | PPI |
SCHATZ TECHS: (M5) Corrective Phase Remains Intact
- RES 4: 107.120 High Mar 4 and key resistance
- RES 3: 106.951 76..4% retracement of the Mar 4 - 6 bear leg
- RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg
- RES 1: 106.805 High Mar 24
- PRICE: 106.790 @ 05:19 GMT Mar 25
- SUP 1: 106.630 Low Mar 18
- SUP 2: 106.540 Low Mar 12
- SUP 3: 106.500 Low Mar 7
- SUP 4: 106.405 Low Mar 6 and the bear trigger
The latest recovery in Schatz futures is considered corrective. The move higher has allowed an oversold trend condition to unwind. Resistance to watch is 106.847, a Fibonacci retracement. The trend condition is bearish. Recent weakness resulted in a breach of key support at 106.735, the Feb 19 low. The break strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350, a Fibonacci retracement.
GBPUSD TECHS: Monitoring Support At The 20-Day EMA
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High MAr 20 and the bull trigger
- PRICE: 1.2921 @ 06:10 GMT Mar 25
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2861 20-day EMA
- SUP 3: 1.2722 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2855, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.
