2025-07-31 20:32

July 31 (Reuters) - First Solar (FSLR.O) , opens new tab raised its annual sales forecast on Thursday, as the U.S. solar panel maker expects higher prices for its products following additional tariffs on foreign-made panels. Shares of the Tempe, Arizona-based company rose over 4% after the bell. Sign up here. The solar industry, which has grappled with lackluster demand and high interest rates, is now bracing for the impact of U.S. President Donald Trump's policies related to renewable energy as well as his plans to impose tariffs on most imports. While Trump's sweeping tax and spending bill - dubbed the "One Big, Beautiful Bill Act" (OBBBA) - aims to phase out solar and wind tax credits by 2028, the U.S. tariffs are expected to improve the outlook for solar companies. "In our view, the recent policy and trade developments have, on balance, strengthened First Solar's relative position in the solar manufacturing industry," CEO Mark Widmar said. Earlier this month, U.S. solar panel makers, including First Solar, asked the U.S. Commerce Department to impose tariffs on imports from Indonesia, India and Laos, as they sought to protect their recent investments and better compete with Chinese rivals. The industry is also expected to benefit from rising demand for power as corporations and governments increasingly adopt cleaner sources of power to combat climate change. First Solar now expects current-year net sales to be between $4.9 billion and $5.7 billion, compared with its previous projection of $4.5 billion and $5.5 billion. Analysts, on average, estimated the company's 2025 net sales at $5.07 billion, according to data compiled by LSEG. https://www.reuters.com/sustainability/climate-energy/first-solar-raises-annual-sales-outlook-expects-higher-prices-due-tariffs-2025-07-31/

2025-07-31 20:27

Microsoft, Meta rise after quarterly results Semiconductor stocks weak Economic data shows inflation rise, stable labor market Indexes off: Dow 0.74%, S&P 0.37%, Nasdaq 0.03% NEW YORK, July 31 (Reuters) - U.S. stocks closed lower on Thursday as early gains faded, following the latest round of corporate earnings and economic data, as investors awaited results from megacaps Amazon and Apple due after the closing bell. Microsoft (MSFT.O) , opens new tab shares rose 3.5% after it posted a strong earnings report and briefly surpassed the $4 trillion market cap threshold, becoming only the second publicly traded company to ever touch the milestone after Nvidia (NVDA.O) , opens new tab. Sign up here. Meta Platforms (META.O) , opens new tab surged 11.3% to close at a record high of $773.44 as AI-driven growth in its core ad business powered a bullish revenue forecast. Still, other AI-related names were weaker on the session. Names such as chipmakers Broadcom (AVGO.O) , opens new tab, which lost 2.9%, and Nvidia, off 0.8%, weighed on the PHLX semiconductor index <.SOX>. The chip index dropped 3.1% for its biggest daily percentage decline since April 16. "Looking at the market action today, you have haves and have-nots, and so you have a couple tech companies, like a lot of the semiconductor-related and semi-cap equipment-related stocks are doing pretty poorly," said Ellen Hazen, chief market strategist at F.L. Putnam Investment Management in Lynnfield, Massachusetts. "But then, of course, Microsoft is doing pretty well, and the same thing with Amazon and Meta, which are doing really well." Of the 297 companies in the S&P 500 that have reported earnings through Thursday morning, 80.8% have topped analyst expectations, according to LSEG data, compared with the 76% beat rate over the past four quarters. After the closing bell, Amazon shed 2.6% in extended trade after reporting quarterly results. The Dow Jones Industrial Average (.DJI) , opens new tab fell 330.30 points, or 0.74%, to 44,130.98, the S&P 500 (.SPX) , opens new tab lost 23.51 points, or 0.37%, to 6,339.39 and the Nasdaq Composite (.IXIC) , opens new tab lost 7.23 points, or 0.03%, to 21,122.45. The S&P 500 had risen as much as 1% and the Nasdaq as much as 1.5% earlier in the session. The Nasdaq has not logged a move of at least 1% in either direction since July 3 while the S&P last recorded a daily 1% move on June 24. Earlier economic data from the Commerce Department report showed inflation picked up in June, with new tariffs pushing prices higher and stoking expectations that price pressures could intensify in the coming months, while weekly initial jobless claims signaled the labor market remained on stable footing. Investors will now eye Friday's non-farm payrolls report and a looming tariff deadline, as U.S. President Donald Trump was expected to issue higher final duty rates for countries that have not reached an agreement, although Mexico was granted a 90-day reprieve. U.S. stocks have rallied after a sharp selloff that began in early April after Trump announced a bevy of sharp tariffs, only to rebound as deals have been struck with many trading partners on duty levels. For the month, the S&P 500 gained 2.17%, the Nasdaq rose 3.7%, and the Dow climbed 0.08%. The Dow, S&P 500 and Nasdaq recorded their third straight monthly gain. Drug stocks were also weaker after the White House said Trump sent letters to the CEOs of 17 major pharmaceutical companies, urging immediate action to lower the cost of prescription drugs for Americans. The NYSE Arca pharmaceutical index (.DRG) , opens new tab slumped 2.9%, its biggest drop since May 14 and fourth straight session of declines. Declining issues outnumbered advancers by a 1.55-to-1 ratio on the NYSE, and by a 1.98-to-1 ratio on the Nasdaq. The S&P 500 posted 35 new 52-week highs and 28 new lows while the Nasdaq Composite recorded 70 new highs and 141 new lows. Volume on U.S. exchanges was 19.65 billion shares, compared with the 18.01 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/equities-stall-early-enthusiasm-ebbs-amazon-apple-earnings-due-2025-07-31/

2025-07-31 20:08

July 31 (Reuters) - U.S. planemaker Boeing (BA.N) , opens new tab sent a new contract offer on Thursday to the union representing roughly 3,200 factory workers at Boeing's defense division, mostly in the St. Louis area. It contains some minor compensation changes that would benefit senior union members, the company said. The offer also keeps current overtime policies, which Boeing had proposed modifying in the last contract offer. Sign up here. If the contract is not passed by Sunday, a $5,000 lump sum bonus will not be offered again, according to Boeing. Members of the International Association of Machinists and Aerospace Workers overwhelmingly rejected a contract offer from Boeing on Sunday. The offer sent to members of IAM District 837 included a 20% general wage increase over four years, the bonus, and more vacation time and sick leave. That offer was insufficient, the IAM union said at the time. “We have carefully considered and responded to the feedback from our employees and the union," Dan Gillian, a Boeing vice president, said in a statement. He called the contract "the richest we’ve ever proposed for IAM 837." The IAM declined to comment. The workers assemble Boeing's fighter jets and the MQ-25, an aerial refueling drone being developed for the U.S. Navy. Boeing's defense division is expanding manufacturing facilities in the St. Louis area for the new U.S. Air Force fighter, the F-47, after it won the contract this year. The Next Generation Air Dominance fighter jet program, initially conceived as a "family of systems" centered around a sixth-generation fighter jet, is meant to replace the F-22 Raptor. https://www.reuters.com/business/world-at-work/boeing-makes-new-contract-offer-st-louis-defense-workers-2025-07-31/

2025-07-31 20:01

Pakistan's first US crude purchase announced after landmark trade deal Deal diversifies crude sourcing, reduces reliance on Middle Eastern suppliers Cnergyico plans refinery upgrades, expects demand growth Cnergyico may import at least one US crude cargo per month if viable KARACHI/SINGAPORE, Aug 1 (Reuters) - Pakistan's largest refiner Cnergyico (CNER.PSX) , opens new tab will import 1 million barrels of oil from Vitol in October, its vice chairman Usama Qureshi told Reuters on Friday, marking the country's first-ever purchase of U.S. crude following a landmark trade deal. The West Texas Intermediate light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in the second half of October, Qureshi said. Sign up here. "This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month," he said, adding that the shipment was not meant for resale. The deal follows months of multiple negotiations which first began in April, he said, after U.S. President Donald Trump threatened to impose 29% tariffs on imports from Pakistan. Qureshi said Pakistan's finance and petroleum ministries encouraged local refineries to explore U.S. crude imports after the April tariff announcement. Vitol did not immediately respond to a request for comment sent outside of office hours. On Thursday, Pakistan hailed a trade deal struck with the U.S., its top export market. Pakistan said the agreement would lead to lower tariffs and increased investment, without specifying the level of duties to be levied on Pakistani shipments. A key China ally, Pakistan has been warming up to Trump after he threatened tariffs. It has credited U.S. diplomatic intervention for ending recent hostilities with neighbouring India and nominated Trump for the Nobel peace prize. Oil is Pakistan's biggest import item and its shipments were valued at $11.3 billion in the year ended June 30, 2025, accounting for nearly a fifth of the country's total import bill. The import deal will help Pakistan diversify its crude sourcing and reduce reliance on Middle Eastern suppliers, who account for nearly all of its oil imports. "Gross refining margin is on par with gulf grades, and no blending or refinery tweaks are required," Qureshi said. Cnergyico can process 156,000 barrels of crude per day and operates the country's only single-point mooring terminal near Karachi, enabling it to handle large tankers unlike other refiners in Pakistan. The company plans to install a second offshore terminal to allow larger or more frequent shipments, and upgrade its refinery over the next five to six years, Qureshi said. The refiner, which has been operating at an average refinery run rate of 30-35% due to tepid local demand, is betting on growth in demand for oil products. "We expect run rates to rise as domestic demand strengthens and local production is prioritised over imported fuels," Qureshi said. Trump said on Wednesday the U.S. would also cooperate with Pakistan to develop the South Asian country's "massive oil reserves", without providing further details. https://www.reuters.com/business/energy/pakistan-get-first-us-oil-shipment-cnergyico-seals-import-deal-2025-07-31/

2025-07-31 19:56

Campari to issue investor update in November CEO tells Reuters weak dollar is a further challenge Not much room to hike U.S. retail prices, CEO says Too much uncertainty to shift production to the States, CFO says MILAN, July 31 (Reuters) - Italian spirits group Campari (CPRI.MI) , opens new tab on Thursday warned of an up to 45 million euro ($51 million) hit from U.S. tariffs to earnings this year, as it reported a 2.9% increase in second-quarter adjusted operating profit. European wine and spirits will face a 15% U.S. import tariff until a different deal is agreed in talks expected to continue in the autumn, the European Commission and EU diplomats said earlier on Thursday. Sign up here. Campari, whose products include the popular Aperol aperitif, sees a negative impact from U.S. tariffs ranging from 4 million euros, were tariffs on EU products to be lifted, to 45 million euros, excluding offsetting actions. The company is not considering any "meaningful" increase in prices given low U.S. consumer confidence, CFO Paolo Marchesini told analysts. He added that shifting production to the United States in such an uncertain environment was not an option either. CEO Simon Hunt said the weakening dollar, with the U.S. currency losing more than 10% of its value against the euro since January, posed a further challenge. "I don't think there's a lot of pricing movements at the moment because the devalued dollar means that actually whatever tariffs come through are then getting an additional hit when it gets to shelf," he told Reuters. Hunt also said the group, which last month agreed to sell its historic Cinzano vermouth and its Frattina grappa brands for 100 million euros, was still working on streamlining its portfolio. "We have a number of discussions that are ongoing with potential acquirers of some brands that we don't see as a great fit with us going forward ... but we are not in a hurry", he said on a phone interview. Campari's adjusted earning before interest and tax (EBIT) totalled 352 million euros in the first half, above the 326 million euros of a Visible Alpha consensus. Organic net sales rose 3.5% in the second quarter. In the first half, they were flat at 1.53 billion euros. The group confirmed its 2025 guidance and said that the third quarter would be key to have a clearer picture, allowing Campari to update investors on strategic priorities in November. ($1 = 0.8748 euros) https://www.reuters.com/markets/europe/italys-campari-flags-possible-tariff-hit-says-no-room-hike-us-prices-2025-07-31/

2025-07-31 19:53

US stock index end lower even with Meta, Microsoft boost Dollar rises against yen as BOJ holds rates steady, ups inflation forecast Mexico's peso gains on tariff news Investors await more trade clarity from August 1 deadline NEW YORK/LONDON, July 31 (Reuters) - The U.S. dollar index rose on Thursday while MSCI's global equities gauge fell as stronger-than-expected megacap earnings reports were balanced against signs of rising inflation and investor anxiousness ahead of President Donald Trump's deadline for trade agreements. Trump gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal but was expected to issue higher final duty rates for most other countries as the clock wound down on the Friday deadline. Sign up here. Earlier in the day, an economic data release showed U.S. inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. Thursday's data also showed fewer-than-expected Americans applied for unemployment benefits, while second-quarter U.S. labor costs increased slightly more than expected on a pick-up in wage growth. The Federal Reserve kept rates steady on Wednesday, and Chair Jerome Powell said the central bank needed to wait for more data before deciding whether to adjust rates in September, sending equities lower on the day and drawing further criticism from Trump. Indexes saw some support earlier on Thursday from better-than-expected results from Microsoft (MSFT.O) , opens new tab and Meta Platforms (META.O) , opens new tab but by the end of the day, gains had evaporated. With the economic data appearing to support the Fed's more hawkish stance and an anxious wait for Friday's payroll report along with Trump's tariff deadline, investors had an awful lot to handle this week, said Kevin Gordon, senior investment strategist at Schwab. "This is one of those weeks where it's almost too much information to digest, so the market is ignoring it all and staying in a tight range," Gordon said. However, he noted megacap strength was countering weakness elsewhere in the market including in small-cap companies, which have less latitude to cope with higher prices. "You really only have communications services and parts of technology that are holding you up today. Breadth is generally pretty weak," the strategist said. The Russell 2000 (.RUT) , opens new tab small cap index ended down 0.93% while the S&P 600 small cap index (.SPCY) , opens new tab fell 1.17%. On Wall Street, the Dow Jones Industrial Average (.DJI) , opens new tab fell 330.30 points, or 0.74%, to 44,130.98 and the S&P 500 (.SPX) , opens new tab was down 23.51 points, or 0.37%, to 6,339.39 with only two of its 11 major industry sectors showing gains for the day. The Nasdaq Composite (.IXIC) , opens new tab fell 7.23 points, or 0.03%, to 21,122.45. For the month, the S&P 500 gained 2.17% and the Nasdaq rose 3.7%, while the Dow added 0.08%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab fell 5.31 points, or 0.57%, to 929.02. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index finished down 0.75%, at a more than one-week low. European investors were disappointed by corporate earnings reports from the likes of Sanofi and Ferrari, while beverage makers slid as they were a 15% U.S. tariff. US DOLLAR EYES MONTHLY GAIN In currencies, the U.S. dollar was eyeing its first monthly gain for 2025 against major currencies, underpinned by hopes for clarity on trade policy and U.S. economic resilience. For the day, the dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.26% to 100.05. The euro was up 0.08% at $1.1413 and the Mexican peso strengthened 0.23% versus the dollar at 18.854. But against the Japanese yen , the dollar strengthened 0.84% to 150.76 after the Bank of Japan held interest rates steady and increased its inflation forecast. The Korean won weakened 0.21% against the dollar after Trump's announcement that the U.S. would charge a 15% tariff on imports from South Korea, which would in return invest $350 billion in U.S. projects and purchase $100 billion in U.S. energy products. In U.S. Treasuries, longer-dated yields were lower before the anticipated July jobs report, reversing an increase on Wednesday following Powell's comment. The yield on benchmark U.S. 10-year notes fell 0.6 basis points to 4.372%, from 4.378% late on Wednesday, while the 30-year bond yield fell 1.5 basis points to 4.8979%. But the 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2 basis points to 3.957%, from 3.937% late on Wednesday. In oil markets, prices fell 1% after rising in each of the prior three sessions as investors considered the extension of an existing trade deal between the U.S. and Mexico and a surprise build in U.S. crude stocks put pressure on prices. U.S. crude settled down 1.06%, or 74 cents at $69.26 a barrel while Brent settled at $72.53 per barrel, down 0.97%, or 71 cents on the day. Gold prices rose as traders turned to the safe-haven asset on tariff uncertainty. Spot gold rose 0.51% to $3,291.55 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-8-2025-07-31/