Ending lockdowns hasn’t prompted the boost in plane travel airlines hoped for. That will assuage automakers’ pain – but only a little. Global car sales fell by nearly one-fifth in June, according to LMC Automotive, although China, a core Nissan market, recently bucked the trend with an increase.
Newish CEO Makoto Uchida wants to cut the latter down to 5.4 million cars “under normal operation” over the next three years as he seeks to save 300 billion yen ($2.8 billion) annually by closing factories in Spain and streamlining operations with Renault. Nissan made 4.6 million vehicles in its last financial year, itself only about two-thirds of the Yokohama-based company’s total capacity. On Thursday Reuters reported that Japan’s Nissan Motor, in which Paris-listed Renault holds a 43% stake, plans to cut production by 30% to 2.6 million vehicles between April and December to better cope with dampened demand. So much for automakers’ hopes that the pandemic would boost cars as people shun public transport. Pepperoni and breath-freshening rinses go together in more ways than one. Granted, earnings are proving better than feared all round: of the 31 S&P companies that had reported earnings by Wednesday, 74% beat estimates, according to data from Refinitiv. sales at Domino’s jumped 16% from last year’s second quarter, and it even opened a net 39 new outlets.
Perhaps part of the reason is all that extra pizza people have been eating in lockdown – same-store U.S. A 33% drop in revenue from medical-device sales, meanwhile, left the healthcare conglomerate licking wounds first inflicted in the previous quarter.īut J&J consumer-health unit put in another good showing, not least Listerine mouthwash and digestive-health products. What do Johnson & Johnson and Domino’s Pizza have in common? Both reported estimates-beating earnings on Thursday, though the pie maker kept the upward momentum going from the first three months of the year. And the political will to enforce them may get weaker. With each tiny improvement in the data, the prospect of more lockdowns gets more painful. It’s that economic recovery, once glimpsed, is hard to give up. The problem isn’t that this can’t last – though as Covid-19 cases surge in states like Georgia and Texas, it’s pretty clear it won’t.
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