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China’s economy steadied in June, PMI suggests – South China Morning Post

China’s post-coronavirus recovery held steady in June, with the official manufacturing purchasing managers’ index (PMI) 50.9 for June.

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JPMorgan Chase is set to report second-quarter earnings – here’s what the Street expects – CNBC

JPMorgan Chase will be closely watched for clues on how the coronavirus pandemic is impacting banks’ retail and institutional businesses.

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JPMorgan Chase reported second quarter earnings. 
Here’s how JPMorgan did:
Earnings: $1.38 a share, compared with the $1.04 per share estimate of analysts surveyed by Refinitiv.
Revenue: $33 billion, compared with the $30.3 billion estimate.
JPMorgan, the biggest U.S. bank by assets, is also the first major lender to report earnings. The company will be closely watched for clues on how the coronavirus pandemic is impacting banks’ retail and institutional businesses.
The key question investors have is whether the second quarter will represent the nadir for bank profits this year: Big banks are expected to show the largest loan loss provision for any quarter since the financial crisis because of the pandemic, according to analyst Jason Goldberg of Barclays.
The fate of the industry is tied closely to the path of the coronavirus because the unemployment caused by states shutting down their economies impacts the abilities of customers to repay debts.
JPMorgan CEO Jamie Dimon said in May that the odds were “pretty good” that the economy would rebound in the second half of the year, driven by the reopening. But that scenario could be threatened by the recent progression of the coronavirus, which has already forced some states to reverse course and shutter businesses again.
A bright spot for the industry has been trading, which has benefited from surging volatility and the Federal Reserve’s unprecedented actions to prop up credit markets. At JPMorgan, the bank’s trading division was headed for a revenue increase of more than 50% compared with the year earlier, co-President Daniel Pinto said in late May.
While bank stocks have rebounded from their March lows, they have underperformed the broader indices, which have been buoyed by the roaring technology sector.
One factor keeping bank stocks down: Low interest rates have pressured net interest margin, a key measure of profitability in the banking sector. The industry’s loan books have also begun to shrink, driven in part by lower credit-card usage and the fear of rising defaults.
This story is developing. Please check back for updates.

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U.S. Stock Futures Edge Up Ahead of Banks’ Earnings – The Wall Street Journal

JPMorgan Chase, Citigroup and Wells Fargo are scheduled to report earnings before the market opens

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U.S. stock futures edged up Tuesday as investors awaited second-quarter results from the biggest banks for insights into the health of the American economy and its lenders.
Futures tied to the S&P 500 ticked up 0.3%, suggesting that U.S. stocks could rise after the opening bell. A rally in the equity market on Monday fizzled after California rolled back some of its reopening plans, stoking fears about additional lockdowns.
A…

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Burger King is selling a burger made from cows on low-methane diet – CNBC

Burger King is selling a Whopper patty made from cows on the low-methane diet at selection locations.

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Burger King on Tuesday announced a hot new diet tip: 100 grams of lemongrass a day to keep the methane away.
The Restaurant Brands International chain is rolling out a Whopper patty made from cows on the low-methane diet. The limited-time offer burger will only be available at select locations in Miami, New York, Austin, Portland and Los Angeles.
Burger King worked with scientists from the Autonomous University at the State of Mexico and the University of California, Davis to tackle the environmental impact of beef. Livestock was responsible for 3.9% of U.S. global greenhouse gas emissions in 2018, according to the Environmental Protection Agency. Worldwide, that number is roughly 14.5%, according to the United Nations’ Food and Agriculture Organization.
On average, the lemongrass diet reduces about a third of methane emissions per day during the last three or four months of the cow’s life, according to preliminary tests.
Concerns about climate change have led some consumers to reduce their overall meat intake and switch to eating meat alternatives occasionally. Nationwide, Burger King sells meatless burgers and sausage patties made by Impossible Foods. A report commissioned by the maker of plant-based meats in 2019 found that its burgers produced 89% fewer greenhouse gas emissions than a patty from cow’s beef.
Burger King is not the only restaurant chain looking to make its business more environmentally friendly. Starbucks pledged to become “resource positive.” As part of that promise, it’s adding meat alternatives to its menu and planning to eventually shift to resusable packaging. On Thursday, rival McDonald’s unveiled a new flagship location at Walt Disney World Resort that generates enough renewable energy to cover all of its energy needs on a net annual basis.

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