ABB beats forecasts with Q2 earnings
The maker of industrial robots and factory electrification systems reported core operating income rising 9% to $1.71 billion, beating analysts forecasts of $1.65 billion.
Net income of $1.15 billion was better than the $1.12 billion expected by analysts in a company-supplied consensus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
19 minutes ago
- Reuters
Morning Bid: Remembering the downsides to tariffs
July 29 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Asian markets have been quietly picking up the pieces after the U.S./EU tariff party turned into a bust. It was like being relieved because somebody only burned half your house down. Hey, at least they left the kitchen and the bathroom. European stock futures are fractionally firmer and the single currency has steadied just under $1.1600. The euro's rapid retreat was not entirely a surprise given how crowded the long euro/short dollar trade had got, and the suspicion is speculators will soon be selling the dollar again. After all, come Friday U.S. consumers will be paying a minimum of 15% on all imports into the country, and for the foreseeable future. This tax will squeeze demand and profit margins at home, while eating into export earnings across the globe. These are called beggar thy neighbour policies for a reason. There's also the rather naive notion that such "deals" guarantee a period of certainty ahead. Just look how Trump suddenly gave Russia 10 to 12 days to move on a ceasefire with Ukraine, having set a deadline of 50 days earlier this month. This did not seem in any way planned. Trump just said it off the cuff at a media conference at his golf club in Scotland. If such a deadline can be changed on a whim, who's to say anything agreed in these trade deals cannot be altered at his pleasure. Trump has seen how trade and tariffs can dominate the global news cycle; there's no way he's giving that up anytime soon. Talks with China, for instance, are set to continue in Stockholm today and everybody assumes the deadline for an agreement will be extended by another 90 days. This, entirely incidentally, will allow time for Trump to meet Chinese President Xi Jinping and personally claim yet another biggest deal of all time. For its part, Wall St remains in a world of its own, counting on upbeat results from megacaps this week to justify valuation measures that are the highest since the late 1990s. Meta (META.O), opens new tab and Microsoft (MSFT.O), opens new tab are due on Wednesday, Apple (AAPL.O), opens new tab and Amazon (AMZN.O), opens new tab the day after. A slew of European companies also report earnings today. Key developments that could influence markets on Tuesday: - U.S. data on job openings, June trade balance and Conference Board consumer confidence - Fed's two-day meeting starts
Reuters
21 minutes ago
- Reuters
UBS orders bankers to scale back sale of complex currency products, FT reports
July 29 (Reuters) - UBS (UBSG.S), opens new tab has ordered bankers to scale back sales of complex currency derivatives after its clients suffered heavy losses due to U.S. President Donald Trump's "Liberation day" tariff announcements, the Financial Times reported on Tuesday. Reuters could not immediately verify the report. UBS did not immediately respond to a request for comment.
Telegraph
an hour ago
- Telegraph
Quiet luxury is out and that's great news for Burberry
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest After a wild and scary ride, we are back to breakeven in our Burberry position. This gives us the option to check out of the British fashion icon without any undue portfolio damage, but it is early in the turnaround sought by chief executive Joshua Schulman. For the moment, we are inclined to give him and the company the benefit of the doubt, even if the headline financial figures do not entice at first glance. This month's first-quarter trading update was no great thing of beauty either. Comparable store sales for the three months to June fell 1pc year on year at the retail arm, and that came on top of a 21pc plunge in the equivalent period a year ago. Yet that was still better than the analysts' expectation of a 3pc decline. Moreover, it does seem as if things have stopped getting worse, and if they have stopped getting worse then at some stage they might just start getting better – especially if Mr Schulman's plans to reinvigorate the brand and product ranges come to fruition. At least 'quiet luxury' is out, according to this columnist's daughter's editions of Vogue, and a return to favour for luxury would at least provide a more encouraging backdrop, despite the uncertain macroeconomic environment. Last year's operating loss and absence of a dividend mean investors have to buy into the turnaround plan for them to be even vaguely optimistic about Burberry's share price maintaining its momentum – it is up 85pc in a year and by more than double from the autumn 2024 lows. A price-to-earnings ratio of more than 80 for the year to March 2026 and forecasts of a 6pc operating margin show just how much work the luxury goods specialist has to do after a terribly difficult two years. Analysts only expect a 12pc operating margin by March 2028, well below the 20pc-plus return on sales generated by leading plutocratic product makers such as LVMH and Richemont. A return to the 16pc level that prevailed between 2016 and 2021 would leave Burberry on 17 times 2028 earnings, and a dash to 20pc would put it on a tempting 13 times. Again, we are long way from that, but the worst may be behind Burberry and patience could yet get a reward. Questor says: Buy Genus (GNS) £24.75 We are off to a fast start with Genus and already have a paper gain of around 25pc to show for our initial analysis back in spring. This month's year-end update reads well and offers more than enough hints to suggest that our investment thesis for the genomics expert is still on the mark. The trading statement revealed that adjusted pre-tax profit for the year to June 2025 would be at least £72m, even though unhelpful foreign exchange movements cost the company some £8.4m. Of Genus' two divisions, Pig Improvement Company (PIC) continued to perform strongly, and the bovine-oriented American Breeders Service (ABS) showed some signs of improved momentum. In the latter case, things can hardly get any worse given that US cattle inventory languishes at 70-year lows. Any upturn here could bring benefits to ABS. Its expertise in genomics helps dairy farmers increase the chances of cows giving birth to female calves suitable for dairy production or young more suited to beef production. Perhaps most importantly of all, the trading statement flags the first tangible benefits of American regulatory approval from the Food and Drug Administration (FDA) for Genus' PRRS (Porcine Reproductive and Respiratory Syndrome) Pig Resistant Programme (PRP). FDA approval opens the way to the commercialisation of PRP and is already triggering milestone payments from partner companies, as evidenced by the £3.7m received from Beijing Capital Agribusiness. Such payments should help cash flow, too, and, as a result, chief executive Jorgen Kokke signals a reduction in net debt in this month's update. This is a further boost for the investment case, as Genus' record for free cash flow generation in the past few years is spotty at best. If the investment in PRRS starts to pay off, then cash flow could blossom and a reduction in debt would reduce net interest costs and provide a further kicker to profits growth. As it is, the forecast of £72m in pre-tax income for the fiscal year just ended would be a record for the FTSE 250 index member, yet the share price still stands at less than half 2021's peak, even after the recent run.
