Nissan reported operating profit of ¥78 billion for the quarter ended June 30, far above the ¥6 billion consensus estimate, after a ¥79 billion loss a year earlier. Revenue was ¥3 trillion, matching expectations. The automaker maintained its full-year guidance for ¥200 billion in operating profit and ¥13 trillion in revenue, but trimmed its global sales outlook to 3.15 million vehicles. The cut largely reflected weaker demand in China, where industry sales fell 22% in the first half and Nissan’s sales declined 15%.

Daiwa Securities Group said fiscal first-quarter net income rose 81% year on year to ¥56.4 billion for the period ended June 30, the highest level in 13 years. The result beat the average estimate of five analysts and was driven by a surge in equity trading. Equity trading revenue jumped 84% to a record ¥28.7 billion, while fixed-income and investment banking revenue rose 51% and 31%. The stock is up 29% so far this year.