Shell lowers second-quarter gas output guidance, warns of weaker trading results
Energy major Shell on Monday lowered its production guidance for its integrated gas division across the second quarter and warned of weaker results from its gas and chemicals trading units.
In a trading update released ahead of its second-quarter financial results, the firm said it now expects integrated gas output to be in a range of 900,000 to 940,000 barrels of oil equivalent per day (boe/d), compared with a 890,000 to 950,000 boe/d guidance for the period issued during the company’s first-quarter results outlook.
The world’s largest trader of liquified natural gas anticipates second-quarter LNG volumes to come in between 6.4 million and 6.8 million metric tons, also below a previous estimate of 6.3 million to 6.9 million metric tons.
A Shell logo in Austin, Texas on May 3, 2024.
Brandon Bell | Getty Images
Shell warned of “significantly lower” trading results in the second quarter, compared with the previous three-month period, for both its integrated gas division and its chemicals and products unit, where it anticipates to be “below break-even” over the period.
“We see the release as weak; the weaker trading performance was likely expected, however the trading update points to a significantly worse performance in the downstream than anticipated,” RBC Capital Markets analysts said in a note. “Shell has issued successive positive trading updates over the last couple of years, and it looks like the positive streak has been broken.”
Shell shares were down 2.18% at 08:13 a.m. London time after the release.
— Ruxandra Iordache
European shares open mixed
We’re 10 minutes into the first trading session of the week, and European stocks are trading in mixed territory.
The pan-European Stoxx 600 was last seen hovering just below the flatline, with no consensus movement among regional sectors.
Major bourses are also moving in opposite directions, with London’s FTSE 100 down 0.1%, the French CAC 40 little changed, and Germany’s DAX gaining 0.4%.
— Chloe Taylor
Capgemini to buy WNS in $3.3 billion deal
French tech firm Capgemini announced on Monday that it will buy U.S.-listed WNS in a $3.3 billion cash deal.
That translates to $76.50 per share in the technology outsourcing firm — a 17% premium on its July 3 closing price.
Capgemini is aiming to capitalize on WNS’ generative and agentic artificial intelligence offerings, which it said would attract significant investments.
— Emilia Hardie
Octopus Energy reportedly plans Kraken demerger
The U.K.’s largest residential gas and electricity supplier, Octopus Energy, is planning a £10 billion ($13.6 billion) demerger of its technology arm Kraken, Britain’s Sky News reported over the weekend.
The demerger is reportedly expected to take place within the next 12 months.
— James Tillotson
China retaliates against EU ban with import restrictions on medical devices
China’s Finance Ministry said on Sunday that it was restricting government purchases of medical devices from the EU if they exceeded 45 million yuan ($6.3 million). It’s a retaliation against the bloc saying last month it would ban Chinese firms from competing for EU public tenders for medical devices worth more than 60 billion euros ($70 billion) a year.
Read more here.
— Chloe Taylor
European stocks poised for mixed open
London Bridge on March 12, 2024.
Lucy North – Pa Images | Pa Images | Getty Images
Good morning from a very gray London.
Europe-listed shares look set for a mixed open today. Futures tied to the regional Stoxx 50 were last seen trading 0.1% higher, while those tied to London’s FTSE 100 and the German DAX were last 0.2% lower and 0.2% higher, respectively.
Futures tied to France’s CAC 40 are around 0.3% lower this morning.
— Chloe Taylor
Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies
U.S. President Donald Trump gestures, on the day he is expected to sign a sweeping spending and tax legislation, known as the “One Big Beautiful Bill Act,” at the White House in Washington, D.C., U.S., July 4, 2025.
Ken Cedeno | Reuters
U.S. President Donald Trump has threatened an additional 10% tariff on countries that orient themselves along the “Anti-American policies of BRICS.”
Trump’s announcement, which did not elaborate on any specific policy of BRICS, came as the group’s meeting is underway in Rio de Janeiro, Brazil.
The bloc’s leaders took aim at Trump’s sweeping tariff policies in a joint statement dated July 6, warning against “unjustified unilateral protectionist measures, including the indiscriminate increase of reciprocal tariffs.”
Read more here.
— Anniek Bao
