Latest news with #LSEG
Reuters
18 minutes ago
- Business
- Reuters
China cuts electricity emissions to record lows in 2025
LITTLETON, Colorado, July 16 (Reuters) - Surging clean power supplies have allowed China's utilities to reduce their emissions from electricity production to record lows during the opening half of 2025. Carbon dioxide emissions per kilowatt hour (kWh) of electricity averaged 492 grams during the opening half of 2025, according to data from energy portal That was the first ever reading below 500 grams per kWh, and is down from 514g/kWh during the same period in 2024 and 539g/kWh from January to June 2023. A nearly 23% rise in clean power generation from January to June 2024 was the main driver behind the reduction in emissions intensity, as higher volumes of clean energy allowed power firms to reduce output from coal and gas power plants. Total power generation from thermal power plants - mainly coal - dropped by 4% from a year ago to just under 7,000 terawatt hours (TWh), data from LSEG shows. Output from clean energy sources from January to June totalled 2,400 TWh, highlighting that fossil fuel power sources still account for a 75% share of China's power generation mix. But the growth of clean energy supplies continues to sharply outpace growth in fossil fuel power generation, suggesting that China's power mix looks set to keep getting cleaner. Total Chinese clean power output during the first half of 2025 was 200% more than during the first half of 2019, according to LSEG. In contrast, total Chinese thermal power output from January to June 2025 was 20% greater than during the same period in 2019. China's power sector emissions from fossil fuel generation have declined in line with the cleaner mix. Total emissions from fossil fuels used in electricity production from January to May were 2.24 billion metric tons of CO2, according to data from energy think tank Ember. That total is 60.5 million tons less than during the same months of 2024, and is an indication that some progress is being made against Beijing's goals of reducing energy sector pollution. However, the enduring economic drag caused by a lingering property downturn as well as the uncertainty surrounding tariffs charged by the United States on Chinese goods is also impacting China's power needs and emissions totals. The pace of construction in China has slowed sharply so far this decade following a debt crisis among property developers, which in turn has choked off demand for energy-intensive goods such as cement, piping, glass and construction steel. More recently, the fresh tariffs on Chinese goods set by U.S. President Donald Trump this year have hit demand for China-made products, and slowed production lines across several manufactured items. Slower activity on construction sites and factory production lines has in turn reduced the overall power needs of both those industries, and allowed power generation firms to cut back on production as a result. If a recovery unfolds in the construction and manufacturing sectors going forward, China's overall power needs will increase in tow, and will likely spur a rebound in generation from pollution-emitting fossil fuels. But if China's economy remains chilled by construction debt and tariff worries, the country's use of fossil fuels will remain subdued, which could set the stage for further reductions in power sector emissions. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab.
Reuters
2 hours ago
- Business
- Reuters
Goldman's profit tops estimates as market turbulence powers record equities revenue
July 16 (Reuters) - Goldman Sachs' (GS.N), opens new tab second-quarter profit exceeded Wall Street expectations, as turbulent markets lifted revenue from its equities division to a record and a pickup in dealmaking boosted investment banking. The results capture a growing trend of market turmoil boosting trading desks across Wall Street as investors rebalance their portfolios to manage tariff-related risks. Goldman's equities revenue rose 36% to $4.3 billion, higher than the $3.6 billion analysts were expecting, according to estimates compiled by LSEG. Fixed income, currencies and commodities business hauled in $3.47 billion, 9% higher than a year ago. Financing revenue in both equities and FICC hit a record. While shifting tariff risks kept some companies on the sidelines, pent-up demand for dealmaking triggered a flurry of acquisitions. Still, the return of trade policy uncertainty in recent weeks has revived concerns about how long the momentum would last. "The economy and markets are generally responding positively to the evolving policy environment. But as developments rarely unfold in a straight line, we remain very focused on risk management," Goldman CEO David Solomon said in a statement. Goldman's investment banking fees stood at $2.19 billion, rising 26% from a year ago. Analysts were expecting a nearly 10% jump. "The well-above consensus rise in investment banking was (a surprise), with a lot of analysts snookered into thinking that macro uncertainty would hold back this line item more than it did," said Stephen Biggar, director of financial services research at Argus Research. Advisory fees were significantly higher due to strength in the Americas and Europe, the Middle East and Africa, the bank said. Revenue from debt underwriting fell slightly, while equities underwriting was unchanged. Overall profit rose 22% to $3.7 billion, or $10.91 per share, for the three months ended June 30,exceeding estimate of $9.53. Goldman's rivals JPMorgan Chase (JPM.N), opens new tab and Citigroup (C.N), opens new tab too had reported strong trading gains on Tuesday. Revenue from Goldman's asset and wealth management arm, which caters to institutions and high net-worth individuals, dipped 3% to $3.78 billion due to weakness in equity and debt investments. The business is important for Goldman as it can offer steadier revenue than trading and investment banking. The bank set aside $384 million as provisions for credit losses, compared with $282 million last year, mainly related to its credit card portfolio. Headcount fell to 45,900, 2% lower than the first quarter. The bank had planned to trim its staffing by 3% to 5% in an annual performance review process. Shares rose 0.9% before the market open. They have climbed 23% this year, making them the fifth best performer in the S&P 500 financial index (.SPSY), opens new tab. The stock boost has partly been driven by shareholder confidence in recent weeks after the bank cleared the Federal Reserve's annual stress test, paving the way for it to increase its dividend, opens new tab by $1 a share from the third quarter.
RTÉ News
3 hours ago
- Business
- RTÉ News
Johnson & Johnson beats profit estimates
Johnson & Johnson raised its full-year sales forecast today after beating estimates for second-quarter profit on strong demand for its cancer drug, Darzalex, and strength in its medical device business. The company also reduced its expectations for tariff-related costs to $200 million from $400 million for the year, citing the Trump administration's pause on levies on China and other retaliatory tariff measures. "We were able to absorb that and still raise our EPS guidance by 25 cents on the year," CFO Joseph Wolk said. On an adjusted basis, the drug and medical device maker earned $2.77 per share for the quarter, above analysts' expectations of $2.68 per share, according to data compiled by LSEG. Sales in the quarter were $23.74 billion, above analysts' expectations of $22.84 billion. Excluding the impact of foreign currency, quarterly sales for the medtech unit rose 6.1% to $8.54 billion. Analysts were expecting sales of $8.25 billion. The company said it now expects full-year sales, including the impact of foreign currency, in the range of $93.2 billion to $93.6 billion, up from its April forecast of $91 billion to $91.8 billion. Analysts on average had estimated sales of $91.5 billion for the year. It cited strong operational performance in the quarter as well as the stronger dollar for the increase. J&J said in April that it was expecting $400 million in costs related to tariffs, mostly in the company's medical device business, starting from the second quarter. Wolk said the company was not ready to forecast the impact of tariffs on 2026. "It's such a fluid environment that we'll just have to wait and see," he said. On an adjusted basis, J&J expects to earn $10.80 to $10.90 per share in 2025, compared with its previous forecast of $10.50 to $10.70 per share. Darzalex, a blood cancer therapy launched in 2015, brought in second-quarter sales of $3.54 billion, compared with analysts' expectations of $3.38 billion.
CNBC
3 hours ago
- Business
- CNBC
Stocks making the biggest moves premarket: Goldman Sachs, ASML, Diageo, Johnson & Johnson and more
Check out the companies making headlines in premarket trading. Bank of America — Shares popped 1.5% after the bank earned 89 cents per share for the second quarter, beating the consensus forecast of 86 cents a share from analysts polled by LSEG. But revenue came in at $26.61 billion, slightly below the $26.72 billion figure penciled in by Wall Street. Morgan Stanley — Shares ticked 0.3% lower despite the financial institution beating second-quarter estimates. Morgan Stanley earned $2.13 per share and saw $16.79 billion in revenue, while analysts anticipated earnings of $1.96 a share and $16.07 billion in revenue, per LSEG. Goldman Sachs — The bank stock rose 1.5% after second-quarter earnings surpassed Street predictions. Goldman earned $10.91 per share on $14.58 billion in revenue, while analysts surveyed by LSEG forecast $9.53 a share and $13.47 billion, respectively. ASML — The stock dropped 7% after the semiconductor company warned it may see no growth in 2026, citing macroeconomics and geopolitics. The news sent chip stocks such as Broadcom and AMD lower. Johnson & Johnson — Shares of the pharmaceutical giant rose more than 2% after second-quarter results beat estimates. Johnson & Johnson earned $2.77 per share after adjustments on $23.74 billion of revenue. Analysts surveyed by LSEG were looking for a profit of $2.68 per share and revenue of $22.84 billion. The company also raised its full-year guidance for several metrics, including adjusted earnings. Crypto stocks – Stocks tied to the crypto market bounced on renewed optimism Congress could pass key stablecoin legislation this week. Ether treasury stocks were the biggest gainers: BitMine surged 20%, while SharpLink jumped 14% and Bit Digital gained 5%. Bitcoin proxies advanced too, with MicroStrategy up 1.5% and Mara Holdings rising nearly 3%. Diageo — Shares climbed 3.3% on a Financial Times report , which cited people familiar with the matter, that the Ketel One and Captain Morgan parent's board is planning to replace CEO Debra Crew. Commvault Systems — Shares of the data protection company rose about 2% after Guggenheim upgraded it to buy from neutral, with a $210 price target that represents roughly 20% upside. Analyst Howard Ma said he expects Commvault could deliver on key metrics that will help it deliver revenue growth and free cash flow margin over 20% this year. GDS — The Chinese data center operator rose about 1% following an upgrade to overweight from neutral at JPMorgan. The bank said that the stock would be a beneficiary of Nvidia resuming the sales of its H20 chips in China. — CNBC's Lisa Han, Tanaya Macheel, Jesse Pound, Sarah Min and Michelle Fox contributed reporting
CNBC
4 hours ago
- Business
- CNBC
Morgan Stanley earnings top estimates on increased trading revenue
Morgan Stanley on Wednesday reported second-quarter results that crushed Wall Street expectations on the back of higher trading revenues. Here's what the bank reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Net income rose 13% to $3.5 billion, or $2.13 per share, from $3.1 billion, or $1.82 per share, for the same period a year ago. Institutional securities reported net revenues of $7.64 billion, compared to about $6.98 billion a year ago. The strong performance was propelled by higher client activity with notable strength in equity trading. "Morgan Stanley delivered another strong quarter," Ted Pick, CEO and chairman of the bank said in a statement. "Six sequential quarters of consistent earnings ... reflect higher levels of performance in different market environments." The bank stock has risen more than 12% this year, doubling the S&P 500's performance. Shares were around flat in premarket trading immediately following the results.
