Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.35%, S&P 500 futures up by 0.24%, and Nasdaq futures increasing by 0.23% [1] - European indices also show positive movement, with Germany's DAX up by 0.02%, UK's FTSE 100 up by 0.20%, France's CAC40 up by 0.28%, and the Euro Stoxx 50 up by 0.22% [2][3] - WTI crude oil prices increased by 1.63% to $66.22 per barrel, while Brent crude oil rose by 1.52% to $68.67 per barrel [3][4] Economic Insights - There is a growing divergence among Wall Street investment banks regarding interest rate cuts, with Goldman Sachs and Citigroup suggesting aggressive cuts in September, while Bank of America and Barclays remain cautious [4] - The upcoming months are critical for determining the Federal Reserve's interest rate decisions, especially if employment and inflation data continue to show weakness [4] - Concerns about the credibility of government data have arisen following President Trump's criticism of employment data, which could impact the TIPS market significantly [5] Company News - Supermicro (SMCI.US) reported a 7.5% year-over-year increase in Q4 sales to $5.76 billion, but this fell short of market expectations of $6.01 billion, leading to a nearly 17% pre-market drop [7][8] - AMD (AMD.US) saw a 32% year-over-year revenue increase to $7.7 billion in Q2, but its adjusted earnings per share of $0.48 fell below expectations, resulting in a nearly 6% pre-market decline [8] - Novo Nordisk (NVO.US) reported a 32% year-over-year increase in net profit for Q2, driven by strong sales of its semaglutide products, which generated $16.68 billion in revenue [9] - Honda (HMC.US) adjusted its full-year guidance upward despite a 1.2% year-over-year decline in Q1 revenue, anticipating a reduction in tariff-related losses [10] - McDonald's (MCD.US) reported a 5.4% year-over-year revenue increase in Q2, exceeding expectations, with same-store sales growth driven primarily by higher customer spending [11] - Uber (UBER.US) exceeded revenue expectations for Q2, reporting $12.65 billion, and provided a positive outlook for Q3 [11] - Disney (DIS.US) reported Q3 earnings that surpassed expectations, although traditional TV revenue fell short, overshadowing strong performance in theme parks and streaming [12] - Lucid (LCID.US) reported a Q2 adjusted loss of $0.24 per share, below expectations, and lowered its annual production guidance to 18,000-20,000 vehicles [13] - Snap (SNAP.US) experienced a significant drop in advertising revenue growth, leading to a nearly 18% pre-market decline following its Q2 earnings report [13]

Core Insights - Honda reported a significant decline in net profit for Q1 of FY2026, with a net profit of 196.67 billion yen, down 50.2% year-on-year [2] - The company attributed the profit drop primarily to a 27.5% tariff on automobile imports in the U.S., which reduced operating profit by approximately 125 billion yen for the quarter [2] - Despite the sharp decline in net profit, Honda raised its full-year operating profit forecast from 500 billion yen to 700 billion yen [2] Financial Performance - Sales revenue for Q1 FY2026 was 5.34 trillion yen, a decrease of 1.2% year-on-year [2] - Operating profit for the same period was 244.17 billion yen, reflecting a 49.6% year-on-year decline [2] - The company expects a total annual profit reduction of 450 billion yen due to tariffs [2] Market Performance - Honda's global retail sales forecast for FY2026 remains unchanged at 3.62 million units [2] - In 2024, Honda's global sales fell to 3.807 million units, a decrease of 4.6% year-on-year [3] - In the Chinese market, Honda's sales dropped to 852,000 units, down 30.9% year-on-year, marking the first time since 2015 that annual sales fell below one million units [3] - For the first half of the year, Honda's sales in China were 315,200 units, a decline of over 24% year-on-year [3]

本田汽车第一季度营业利润为2442亿日元，同比下降50%，远低于分析师预期。美国总统特朗普加征的 关税对本季度营业利润造成了约1250亿日元的负面影响。 公司上调了截至2026年3月财年全年营业利润预测至7000亿日元，高于此前预期的5000亿日元。本田预 计全年受关税影响的金额将从之前的6500亿日元降至4500亿日元。 （文章来源：证券时报网） ...

本田汽车(HMC.US)盘前涨约2.7%，报32.47美元。消息面上，本田汽车2025财年首财季营收同比下降 1.2%至5.34万亿日元，低于市场预期的5.4万亿日元；营业利润同比下降49.6%至2441.7亿日元，亦不及 预期的3096.5亿日元。然而，在分析了关税影响、并根据最新情况重新评估了外汇假设后，本田上调了 2025财年全年业绩预测，目前预计营收将达21.1万亿日元(此前预期为20.3万亿日元)，营业利润将达 7000亿日元(此前预期为5000亿日元)。(格隆汇) ...

格隆汇8月6日｜本田汽车(HMC.US)公司上调了全年利润预期，尽管其季度数据受到美国总统特朗普对 进口汽车和汽车零部件征收关税的打击。该公司周三表示，截至2026年3月的财年，公司目前预计营业 利润为7000亿日元（合47亿美元）。相比之下，之前的预测是5000亿日元，分析师的平均预测是8960亿 日元。在受到关税导致的1250亿日元负面影响后，该公司4月至6月的三个月利润为2440亿日元，低于分 析师预测的3100亿日元。该季度销售额下降1%，至5.3万亿日元。本田首席财务官表示，目前预计关税 的总影响为4500亿日元，低于该公司此前预估的6500亿日元。他将全年汽车销量预期维持在362万辆不 变。 ...

Financial Data and Key Metrics Changes - The operating profit for the fiscal first quarter was JPY 244.1 billion, a decrease of JPY 240.5 billion compared to the same period last year [2][4] - The full-year forecast for operating profit has been revised up to JPY 700 billion, an increase of JPY 200 billion from the previous forecast [2][4] - The net profit forecast for the year is JPY 420 billion, up by JPY 170 billion from the previous estimate [4][5] Business Line Data and Key Metrics Changes - Motorcycle operations achieved an operating profit of JPY 189 billion, an increase of JPY 11.3 billion year-on-year, driven by sales growth in South America [9] - The automobile segment reported an operating loss of JPY 29.6 billion, impacted by tariffs and nonrecurring expenses related to EVs [9][10] - Power Products segment saw a decline in sales, totaling 828,000 units, with growth primarily in Europe [6] Market Data and Key Metrics Changes - Unit sales for motorcycles reached 5.143 million, with significant growth in Brazil and Vietnam [6] - Automobile sales declined to 839,000 units, primarily due to decreases in China and other Asian markets [6] - The forecast for motorcycle unit sales remains at 21.3 million, while automobile sales are projected at 3.62 million [11] Company Strategy and Development Direction - The company aims to improve its earnings structure and expand profits despite ongoing uncertainties related to tariffs and policy changes [3] - There is a focus on localizing production in the U.S. to meet demand and mitigate tariff impacts [22] - The company is exploring collaborations with Nissan and Mitsubishi Motors to enhance business operations [62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the Chinese market, which has seen declining sales for 17 consecutive months, and emphasized the need for strategic adjustments [55][59] - The company remains cautious about the impact of tariffs and is actively monitoring the situation to adapt its strategies accordingly [20][64] - Future EV production timelines may be affected by recent losses and market conditions, with a focus on being prepared for the next fiscal term [80] Other Important Information - The company has acquired shares worth JPY 936.5 billion as part of its share buyback program [3] - The gross impact of tariffs has been revised to JPY 450 billion, reflecting ongoing assessments and adjustments [26][33] Q&A Session All Questions and Answers Question: Impact from tariffs and production strategy - Management confirmed that the reduction of tariffs from 25% to 15% is a positive development for the company, but uncertainties remain regarding future tariff applications [18][20] - The company plans to maintain a high local production ratio in the U.S. and may adjust production allocations to optimize operations [22] Question: Forecast assumptions regarding tariffs - The company has not significantly changed its assumptions regarding tariffs but is working closely with suppliers to understand the impacts [27][31] - The gross impact of tariffs has been adjusted based on detailed calculations, with expectations for a 15% tariff starting from September [33] Question: Sales decline in Asia and Europe - Management noted that competition from Chinese OEMs has intensified in Asian markets, affecting sales, and emphasized the need for hybrid model launches to regain market share [39][42] - In Europe, the company is reassessing its strategy due to historical production challenges and ongoing competitive pressures [42] Question: EV losses and pricing strategy - The company anticipates significant EV-related losses, with a total of JPY 250 billion expected for the fiscal year, impacting future production strategies [78][80] - Pricing strategies will be cautiously adjusted in response to market conditions and inflation trends, with ongoing monitoring of competitor pricing [66][69]

Financial Data and Key Metrics Changes - The operating profit for the fiscal first quarter was JPY 244.1 billion, a decrease of JPY 240.5 billion compared to the same period last year [3][5] - The full-year forecast for operating profit has been revised up to JPY 700 billion, an increase of JPY 200 billion from the previous forecast [3][5] - The net profit forecast for the year is JPY 420 billion, up by JPY 170 billion from the previous estimate [5][6] Business Line Data and Key Metrics Changes - Motorcycle operations achieved an operating profit of JPY 189 billion, an increase of JPY 11.3 billion year-on-year, driven by sales growth in South America [10] - The automobile segment reported an operating loss of JPY 29.6 billion, with sales impacted by declines in China and other Asian regions [10][11] - Power Products experienced a decline in North America and Asia, totaling 828,000 units sold, while Europe showed growth [7] Market Data and Key Metrics Changes - Unit sales for motorcycles reached 5.143 million, with significant growth in Brazil and other regions [7] - Automobile unit sales were 839,000, reflecting declines primarily in China and other Asian markets [7] - The forecast for motorcycle unit sales for the full year is maintained at 21.3 million, while automobile sales are projected at 3.62 million [12] Company Strategy and Development Direction - The company aims to improve its earnings structure and expand profits despite ongoing uncertainties related to tariffs and exchange rates [4] - There is a focus on localizing production in the U.S. to mitigate tariff impacts and enhance competitiveness [20][23] - The company plans to increase production capacity in Brazil to meet high demand, indicating a strategic emphasis on South American markets [57] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the Chinese market, which has seen declining sales for 17 consecutive months, and emphasized the need for strategic adjustments [59][61] - The company remains cautious about the impact of tariffs and is actively engaging with suppliers to manage costs [34][36] - Future EV production timelines may be affected by recent losses and market conditions, with a focus on preparing for a launch in the next fiscal year [84] Other Important Information - The company has initiated a share buyback program amounting to JPY 1.1 trillion, with JPY 936.5 billion worth of shares acquired as of July 31 [4] - The forecast for the full-year dividend remains unchanged at JPY 70 per share [6] Q&A Session Summary Question: Impact from tariffs and production strategy - Management confirmed that the reduction of tariffs from 25% to 15% is a positive development, but uncertainties remain regarding the implementation details [20][22] - The company plans to maintain a high local production ratio in the U.S. and may adjust production shifts to increase output [23][25] Question: Tariff assumptions for the fiscal year - The company has revised its gross impact from tariffs to JPY 450 billion, reflecting detailed calculations and adjustments [29][30] - Management is working closely with suppliers to understand the implications of tariffs on parts and components [34][35] Question: Sales decline in Asia and Europe - The decline in sales is attributed to increased competition from Chinese OEMs and varying government subsidies for hybrid vehicles [43][46] - Management is focusing on launching hybrid models in markets where they have not yet been introduced to regain competitiveness [44] Question: EV losses and future production - The company expects EV-related losses to total JPY 250 billion for the fiscal year, with ongoing assessments of production strategies [82][84] - Management is cautious about the timing of the Zero series EV launch due to market conditions and IRA impacts [84] Question: Price hikes and forecast assumptions - Price hikes are being considered cautiously, with management monitoring inflation trends and competitor pricing strategies [71][72] - The company remains conservative in its forecasts, particularly regarding exchange rates and tariff impacts [73][76]

Core Viewpoint - Honda Motor Co., Ltd. reported disappointing Q1 results for the fiscal year 2025, with revenues and profits falling short of market expectations, yet the company raised its full-year guidance significantly [1][2]. Financial Performance - Q1 revenue was 5.34 trillion yen, a decrease of 1.2% year-on-year, below the market expectation of 5.40 trillion yen [1][2]. - Operating profit for Q1 was 244.1 billion yen, down 49.6% year-on-year, and also below the expected 309.6 billion yen [1][2]. - The operating margin fell to 4.6%, a decline of 4.4 percentage points compared to the same period last year [1][2]. - Profit before income taxes was 292.3 billion yen, a decrease of 47.7% year-on-year [1][2]. - Net profit attributable to owners of the parent was 196.6 billion yen, down 50.2% year-on-year [1][2]. Full-Year Guidance - Honda revised its full-year revenue forecast for fiscal year 2025 to 21.1 trillion yen, up from the previous estimate of 20.3 trillion yen [2][3]. - The company now expects operating profit for the year to be 700 billion yen, increased from the prior forecast of 500 billion yen [2][3]. - The forecast for profit before income taxes was raised to 710 billion yen, up from 490 billion yen previously [2][3]. - Net profit for the year is now projected at 420 billion yen, significantly higher than the previous estimate of 250 billion yen [2][3]. Currency and Tariff Impact - Honda adjusted its assumptions regarding the USD/JPY exchange rate to an average of 140 yen per dollar, up from 135 yen [3]. - The company expects a loss of 450 billion yen in operating profit due to tariffs, revised down from an earlier estimate of 650 billion yen [3]. - A trade agreement between the U.S. and Japan was reached, resulting in a 15% tariff on Japanese imports, including a 12.5% tariff on automobiles [4].

Honda Motor raises its annual profit forecast even as its quarterly figure took a hit from President Donald Trump’s tariffs on cars and car parts imported to the US https://t.co/S81DxLokI6 ...

Core Insights - Honda's first quarter operating profits fell 50% year over year, missing estimates due to U.S. auto tariffs and a stronger yen [1][2] - Revenue for the first quarter was reported at 5.34 trillion yen, slightly above the mean estimates [1][5] Financial Performance - Operating profit decreased to 244.17 billion yen, compared to LSEG mean estimates of 323.48 billion yen [2][5] - Revenue exceeded expectations, coming in at 5.34 trillion yen versus the estimated 5.25 trillion yen [5] Market Context - Japanese automobile makers have started reducing vehicle prices for shipments to the U.S. in response to a 25% tariff imposed by the U.S. [2] - In June, Tokyo's car exports to the U.S. saw a 25.3% year-over-year decline in value, despite a 4.6% increase in export volumes [3] Trade Relations - A new trade deal announced by President Trump includes a proposed reduction of tariffs on Japan-made vehicle imports to 15%, though the implementation timeline remains unclear [3] - Japanese Prime Minister Shigeru Ishiba is actively engaging with President Trump to expedite the tariff reduction process [4]