Markets surge in early trade mirroring sharp rally in global peers, drop in crude oil prices
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Fibre2Fashion
3 hours ago
- Fibre2Fashion
Switzerland's Richemont kicks off FY26 with strong Q1 sales of $6.2 bn
Swiss luxury group Richemont has reported a solid start to fiscal 2026 (FY26), with sales rising by 6 per cent year-over-year (YoY) at constant exchange rates to €5.41 billion (~$6.27 billion) in the first quarter ended June 30, 2025. At actual exchange rates, sales increased by 3 per cent YoY, despite persistent macroeconomic and geopolitical uncertainties. Region-wise, the growth was led by double digit increases in Europe, the Americas and Middle East and Africa, more than offsetting Japan's sales decline against high prior-year comparatives; sales in the Asia Pacific region remained stable, Richemont said in a press release. Richemont has reported a strong start to FY26 with Q1 sales rising 6 per cent YoY at constant rates to €5.41 billion (~$6.27 billion). Growth was led by Europe, the Americas, and the Middle East & Africa, offsetting declines in Japan. All sales channels grew 6 per cent. The group maintained a strong net cash position of €7.4 billion (~$8.58 billion) as of June 30, 2025. In Europe, sales grew by 11 per cent, driven by robust demand from local clients and overall positive tourist spend. Almost all main markets in the region saw an increase in sales this quarter, with notable performances in Italy and Germany. In the Americas, sales growth remained strong at 17 per cent, driven by supportive local demand across all business areas and markets. Sales in the Middle East & Africa region rose by 17 per cent, led by the United Arab Emirates market as well as higher tourist spend. In Japan, sales declined by 15 per cent against a demanding 59 per cent comparative in the prior-year period, with a strengthening Yen strongly reducing tourist spend, most notably from Chinese clientele, whilst local demand remained positive. Asia Pacific sales were stable overall versus the prior-year period, as a 7 per cent decline in China, Hong Kong and Macau combined was fully compensated by robust growth in almost all other Asian markets. Sales in Australia and South Korea were up double digits, added the release. Channel-wise, all distribution channels posted 6 per cent growth at constant exchange rates. Retail contributed €3.73 billion, accounting for 69 per cent of group sales, with growth seen across all regions except Japan. Online retail rose to €323 million, and wholesale and royalty income reached €1.36 billion, driven by increases in the Americas, Europe, and Middle East & Africa. Richemont maintained a robust net cash position of €7.4 billion (~$8.58 billion) as of June 30, 2025, slightly up from €7.3 billion in the previous year. This follows a €426 million cash outflow related to the sale of YNAP to Mytheresa on April 23, 2025. Fibre2Fashion News Desk (SG)
Business Standard
5 hours ago
- Business Standard
Asian stocks end lower, China benchmark marginally down
Asian stocks ended mostly lower on Wednesday as U.S. President Donald Trump announced a 19 percent tariff on Indonesian exports under a new bilateral pact. Indonesia has scrapped tariffs on U.S. goods and pledged billions in purchases to maintain access to its second-largest export market, it was said. The 19 percent tariff is just below Vietnam's 20 percent and Bangladesh's 35 percent, two key rivals in major export sectors such as textiles, footwear and apparel. The dollar pulled back slightly, and U.S. Treasury yields retreated after rising in the previous session as June U.S. CPI data showed early signs of tariff-linked inflation. Gold inched higher on concerns surrounding Trump's tariff policy. Oil prices were steady as OPEC maintained oil-demand forecast for 2025 and 2026. China's Shanghai Composite index finished marginally lower at 3,503.78. Hong Kong's Hang Seng index gave up early gains to end 0.29 percent lower at 24,517.76.
Time of India
6 hours ago
- Time of India
Goldman Sachs stock rises over 2% in premarket, up 23% YTD, after profit beats estimates on trading surge and 22% earnings jump
Goldman Sachs (GS stock) delivered a big surprise to Wall Street in its second-quarter earnings, posting a 22% jump in profit and blowing past expectations. The bank earned $3.7 billion in profit—or $10.91 per share—far above analyst estimates of around $9.69 to $9.74 per share, according to WSJ and FT . The reason? A massive rebound in both investment banking and trading, plus a strong performance even amid uncertainty from President Trump's ongoing tariff tensions. Why did Goldman Sachs stock go up today? The rally in GS stock can be traced to a few big wins in the company's core business: Explore courses from Top Institutes in Select a Course Category Management Data Analytics Project Management Design Thinking Cybersecurity Artificial Intelligence others Product Management healthcare Data Science MCA Digital Marketing Public Policy Others Degree MBA Leadership Data Science CXO Operations Management Finance PGDM Healthcare Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Total revenue for Q2 2025 came in at $14.58 billion, beating Wall Street's forecast of $13.58 billion. Net profit rose to $3.7 billion, up from $3.03 billion a year ago. Earnings per share hit $10.91, far exceeding expectations. Equities trading brought in a record $4.3 billion, about $840 million higher than analysts predicted. Investment banking generated $2.2 billion, up 26% year-over-year, adding roughly $400 million more than projected. This mix of strong results lifted GS stock by 1.2% in premarket trading, adding to its impressive 23% year-to-date gain, according to FT . How did trading help boost GS stock? Goldman Sachs' trading division made a strong comeback this quarter. Equities trading—stocks and related products—delivered $4.3 billion in revenue, a 36% increase from last year. That alone brought in $840 million more than what analysts had expected, based on data from FX Empire and Reuters . Even its fixed income, currencies, and commodities (FICC) trading arm outperformed. It brought in $3.5 billion, up 9% and slightly ahead of forecasts. These gains came despite market volatility sparked by Trump's fresh wave of tariffs on Asian tech components and metals. Live Events In short, Goldman's traders managed to turn market chaos into solid gains—something GS is known for historically. Did investment banking really bounce back for Goldman Sachs? Yes, big time. After months of sluggish dealmaking, Goldman's investment banking division brought in $2.2 billion, a 26% rise from last year. This surge was driven by a pickup in mergers and acquisitions (M&A) and capital raising activity, especially in healthcare and tech sectors, according to FT . With companies returning to the deal table and IPOs showing signs of life, this rebound added about $400 million more than expected, helping push up GS stock. What about other parts of Goldman's business? While trading and investment banking led the charge, other divisions were more mixed: Asset and wealth management dropped slightly to $3.78 billion, down around 3%. The bank added $384 million in credit loss provisions, mainly tied to its credit card portfolio, as per Reuters . Despite that, Goldman passed the Federal Reserve's stress test and announced a $1 per share dividend increase starting Q3. One controversial point: CEO David Solomon was awarded an $80 million stock bonus, which drew criticism from shareholders. What's the outlook for GS stock after these results? GS stock is riding high on strong earnings, but the big question is whether this momentum can last. The trading boom may fade if markets calm down. However, with investment banking activity climbing back and more volatility expected from ongoing trade policies, Goldman could still have room to run. Analysts say the firm is showing signs of its old self—nimble, profitable, and dominant in dealmaking and trading. As of now, GS stock is approaching all-time highs near $720 to $723, and its 23% gain this year makes it one of the best performers among big banks. Is GS stock a buy? Goldman Sachs is proving it can thrive even when markets are rough. A 22% rise in profit, trading revenue that beat forecasts by $840 million , and investment banking fees up 26% all show the bank is firing on multiple cylinders. While risks remain—especially in consumer credit and asset management—investors are clearly rewarding the strong Q2 numbers. With the dividend increase and a possible continued rebound in deals and volatility, GS stock is certainly in the spotlight now. FAQs: Q1: Why is Goldman Sachs stock rising today? Goldman Sachs stock rose after it beat profit estimates, driven by strong trading results. Q2: How much did Goldman Sachs profit increase? Goldman Sachs profit jumped 22% this quarter thanks to trading and investment banking gains.
