The season of quarterly continues at a rapid pace and tests the stability of the markets: Zalando comes under pressure in Frankfurt after the revision of the estimates for 2026, while Toyota Despite raising its guidance, the company is facing doubts about China and the profitability of the auto sector. In London, Hsbc falls despite having beaten expectations on profits and revenues, while Hugo Boss holds up thanks to better-than-expected profitability and confirmation of annual objectives.
HSBC beats expectations, boosted by interest and commissions
Hsbc closes on second quarter of 2026 with a Useful pre-tax revenue of $10,1 billion, up 60% from $6,33 billion in the same period last year and exceeding analysts' expectations of $9,51 billion.
I revenues rose 16% to $19,1 billion, compared to the market estimate of $18,57 billion, thanks mainly to the growth of income da interests and commissionsNet interest income increased 9% to $9,29 billion, while operating expenses decreased 2%.
The results also benefited from components extraordinary, including a gain of $1,3 billion, with an overall positive impact of $2,6 billion on the quarter. HSBC confirmed its return on tangible capital target (RoTE) at 17%, approved a dividend of 10 cents for action and a new buyback up to $1 billion.
Despite better-than-expected figures, the title goes down on the Stock Exchange London up 1,11% to 1.579,60 pence, after hitting a high of 1.610 pence, its highest level in 52 weeks.
Toyota raises guidance, but China weighs on margins
The Toyota improves its annual outlook, but the stock market reaction remains cold. The Japanese group announced a maxi share buyback plan 1.000 billion yen, approximately 5,5 billion euros, but the stock lost around 1,5% in Tokyo.
The carmaker raised its forecast forUseful operating 2026-2027 at 3.400 trillion yen, 13% higher than the previous estimate of 3.000 trillion, while the revenues Expected growth is expected to rise from 51.000 trillion yen to 54.000 trillion yen. Part of the improvement, about 230 billion yen, is due to the favorable exchange rate effect against the weaker yen.
In the quarter, however, operating profit fell 8,8% to 1.063 billion yen, below expectations, while operating margin It went from 9,5% to 7,9%. Revenue grew 10,4% to 13.525 billion yen, and net profit rose 75,6% to 1.477 billion yen.
What weighs most is the China, where Toyota and Lexus sales fell by 28% to 324 thousand vehicles. The group is still aiming for hybrids, with a forecast of 5,09 million hybrid cars, while reducing the estimate for pure electric vehicles from 598 to 533. The buyback, equal to 4,22% of the capital and accompanied by the cancellation of 200 million shares, signals confidence in cash generation, but the market is demanding greater progress on margins and electric vehicles.
Zalando sinks after revised estimates
The most severe reaction is that of ZalandoThe stock fell by more than 16% on the Frankfurt Stock Exchange, falling to around 24,28 euros, after hitting an intraday low of 24,15 euros.
What matters is not the quarterly accounts, which show growth, but the 2026 guidance revisionIn the second quarter, GMV increased by 20,7% to 4,9 billion euros, turnover rose to 3,4 billion and theAdjusted Ebit grew by 10% to 205 million euros, also supported by over 10 million euros of synergies linked to About You.
However, the market has penalized the downgrading of expectations: Zalando now expects GMV and revenue growth at the low end of the previous range, between 12% and 17%, while adjusted EBIT is expected between 680 and 720 million euros, compared to the previous range of 660-740 million.
Hugo Boss: Sales down but margins better than expected
Different reaction for Hugo Boss, which to Frankfurt Stock Exchange remains little changed after a quarterly with revenues declining, but with some positive signs on profitability. The German fashion group recorded a decrease in profitability in the second quarter. sales of 9%, while in the first half-year the decrease was 8%.
The improvement in margins was the main factor supporting the results: edge gross quarterly growth rose to 64,9%, above analysts' expectations, while in the first six months it reached 63,7%.operating profit (Ebit) fell to 59 million euros from 81 million a year earlier, but the figure was still better than market forecasts.
Also 'earning per share Quarterly earnings exceeded estimates, coming in at €0,49, compared to €0,68 in the same period last year. Hugo Boss confirmed its 2026 forecast, with revenue expected to decline by 5% to 9% and operating profit between €300 million and €350 million.
Despite the slowdown in sales, investors welcomed the results without major shocks, supported by the progress of the strategy of revival of the group, from the improvement in margins and the reduction in inventories.
