Latest news with #MILAN
Yahoo
11-08-2025
- Business
- Yahoo
Europe Q2 earnings: Strong euro, tariff worries weigh but banks shine
By Samuel Indyk and Danilo Masoni LONDON/MILAN (Reuters) -European companies are proving they can just about endure U.S. import tariffs, eking out earnings growth for a fifth straight quarter, but at a slower pace than in the United States. According to LSEG I/B/E/S, second-quarter earnings are expected to have increased 3.1% from the same period a year ago. Just over half of the companies to have reported have exceeded analyst estimates, broadly in line with a typical quarter. Earnings from financials (up 11.4%) and healthcare (up 15.4%) are among the strongest growth rates but while the former is loved by investors, the latter is currently out of favour. Here are five lessons from Q2 earnings: EARNINGS SLUGGISH, OUTLOOK POSITIVE European companies remain optimistic even though their Q2 earnings growth is substantially weaker than the big tech-powered 12% expected in the United States. "Roughly 30% of companies have increased their guidance and very few companies downgraded guidance, which is surprisingly positive," Maximilian Uleer, Deutsche Bank's head of European equity and cross asset strategy research, said. "We think this guidance observation is pretty important and the theme will continue as companies have better visibility on the downside risk," Uleer added, citing the recent trade deal between the U.S. and European Union. EURO PAIN Currency strategists bet that the dollar would strengthen, particularly against the euro, when the higher U.S. import tariffs kicked in. But the single currency has risen over 12% against the greenback this year and Europe's export-heavy companies have felt the pain. "Larger companies are typically more globally diversified, they generate more revenues from outside of Europe and obviously with the euro strength, that's been a relative headwind for earnings for them," said Rory Dowie, portfolio manager at Marlborough. Barclays and Citi estimate that, typically, a 10% appreciation in the euro results in around a 2% earnings headwind, with Citi pointing to sectors like materials and energy as the most sensitive to FX moves. Yet a broad spectrum of companies have flagged currency headwinds, including Allianz, Bayer, Continental, Ferrari, TotalEnergies and Puma, according to analysis of transcripts. UNSTOPPABLE BANKS? All seven lenders in the STOXX 50 blue-chip index beat expectations, and two improved their guidance. The sector index surged to its highest since 2008, as investors bet on the industry's resilience. Financials delivered the biggest positive second-quarter earnings surprise among European sectors, coming in 12% above analyst forecasts, more than twice the 5.5% rate for the broader STOXX 600, according to LSEG I/B/E/S data. "In Europe, banks have been the main driver of this season, whereas in other areas like autos and discretionary goods we're seeing sharp downward revisions," said Alberto Tocchio, Head of Global Equity and Thematics at Kairos Partners. Still, after a 37% rally this year and the best three-year run since the euro's launch in 1999, some caution is creeping in. BofA has advised long-term investors to hedge exposure, warning that banks could be vulnerable if the economy slows. HEALTHCARE ON WATCH The European healthcare sector has posted Q2 earnings growth of 15%, second only to the technology sector, but investors are keeping their powder dry given U.S. President Donald Trump has mooted a 250% levy on pharmaceutical imports. "We are very cautious on the sector despite the earnings growth," said Deutsche Bank's Uleer. "If we have certainty at some point, it's one where I could think of doing a double upgrade from underweight to overweight." CONSUMER PAIN Investors are turning away from consumer stocks as weak results and cautious outlooks highlight the sector's vulnerability to tariffs and shifting spending habits. Companies from luxury to staples are struggling to balance cost pressure with fragile demand, especially in the U.S. - forcing tough decisions on pricing and strategy. "Anyone exposed to consumption, especially services, is really being hit," said Arun Sai, senior multi-asset strategist at Pictet, noting that the market has underappreciated how much the U.S. has already slowed. According to LSEG I/B/E/S data, earnings from consumer cyclicals such as carmakers and luxury have come in 8% below expectations, while the rate for consumer non-cyclicals such as food companies is 2%, less than half the broader market. Adidas shares fell 18% over six days after it warned it may have to hike U.S. prices, while brewer AB InBev fell 11% as weak Brazil and China demand hit volumes. In the luxury sector, Ferrari slumped 12% in its biggest drop ever after saying it would cut U.S. prices, while Hermes shares dropped 12% over three days.
Time of India
16-06-2025
- Health
- Time of India
Vet varsity put heads together for identifying the needs of livestock farmers
Ludhiana: Guru Angad Dev Veterinary and Animal Sciences University organised a one-day workshop on 'Identifying the Needs of Livestock Farmers in Punjab' at the Centre for One Health, in collaboration with the National Institute of Animal Biotechnology (NIAB), Hyderabad, under the MILAN initiative. This multi-stakeholder workshop was presided over by Dr J P S Gill, vice-chancellor, who highlighted the evolving role of livestock farmers in Punjab. Dr Gill emphasised the need for collaborative efforts to translate scientific knowledge into practical solutions at the grassroots level. Dr J S Bedi, director, Centre for One Health and organising secretary of the event, welcomed the participants and highlighted the centre's mission to work at the animal-human-environment interface through stakeholder-driven programs. Dr Bedi remarked "Punjab farmers are not just contributors to animal production, they are active partners in science-led progress." Dr Taru Sharma, director, NIAB, shared insights into the objectives of the MILAN programme and stressed the importance of institutional partnerships in addressing regional livestock challenges. The NIAB has a mandate focused on developing a sustainable and globally competitive livestock based economy through innovative science and technology development and entrepreneurship promotion. Dr Taru lauded vet varsity's role in integrating research, field-level engagement, and policy perspectives. The technical sessions included expert lectures by Dr R S Grewal, director of extension education, on modern farm management and Dr Parminder Singh, additional director of extension education, who discussed various challenges in dairy animals and also moderated a panel discussion with the university experts, farmers and veterinarians. Over 100 participants including progressive farmers, veterinary officers, industry representatives and scientists actively engaged in the discussions. The workshop concluded with an open forum to capture grassroots perspectives. The programme served as a robust platform for participatory dialogue and reinforced the role of science-led participatory approaches in advancing Punjab's livestock sector.
Straits Times
10-06-2025
- Sport
- Straits Times
Ranieri turns down Italy job to stay on at Roma as senior advisor
Ranieri turns down Italy job to stay on at Roma as senior advisor MILAN - Claudio Ranieri said on Tuesday he has turned down the vacant Italy manager's job, after the four-times world champions sacked Luciano Spalletti, and will stay on with AS Roma as their senior advisor. Former Napoli coach Spalletti, 66, announced his own dismissal on Sunday following Italy's 3-0 drubbing by Norway in their opening World Cup qualifier on Friday. Ranieri, who recently retired for a second time after his spell at Roma last season, said he was honoured to have been offered the job by Italian Football Federation President Gabriele Gravina. "I thank President Gravina for the opportunity, a great honour, but I have reflected and decided to remain available to Roma in my new position totally," he told Italian news agency ANSA. "The Friedkins (Roma owners) gave me their full support and backing for whatever decision I had made regarding the national team but the decision is mine alone." Ranieri helped Roma finish fifth in Serie A last season to qualify for the Europa League. The 73-year-old Italian has been replaced by former Atalanta manager Gian Piero Gasperini at Roma. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
New York Times
02-04-2025
- Sport
- New York Times
Connections: Sports Edition hints for April 2, 2025, puzzle No. 191
Need help with today's Connections: Sports Edition puzzle? You've come to the right place. Welcome to Connections: Sports Edition Coach — a spot to gather clues and discuss (and share) scores. A quick public service announcement before we continue: The bottom of this article includes one answer in each of the four categories. So if you want to solve the board hint-free, we recommend you play before continuing. Advertisement You can access Wednesday's game here. Game No. 191's difficulty: 4 out of 5 Scroll below for one answer in each of the four categories. . . . . . . . . . . . . . . . . . . . . Yellow: DART Green: MILAN Blue: LONDON Purple: KANSAS CITY The next puzzle will be available at midnight in your time zone. Thanks for playing — and share your scores in the comments! (Illustration: Dan Goldfarb / The Athletic)
Washington Post
18-03-2025
- Business
- Washington Post
Italy's Meloni calls for 'pragmatism' on tariffs, supports Trump's ceasefire efforts for Ukraine
MILAN — Italian Premier Giorgia Meloni on Tuesday called for 'pragmatism' to prevent an EU-US dispute over tariffs from escalating into a full-scale trade war, and expressed support for U.S. President Donald Trump's efforts for a ceasefire in Ukraine. Speaking to the Italian Senate ahead of a meeting of EU leaders this week, Meloni made her first wide-ranging comments touching on Trump policies that have shaken Europe in the two months since he took office.
