Market Update
U.S. Movers: Dave & Buster’s Entertainment, Greenbrier, Levi Strauss
Scott Peters
08 Apr, 2025
New York City
Levi Strauss & Co. surged 7.4% to $14.50 after the apparel and jeans company reported results for the fiscal first quarter of 2025 ending in March.
Revenue edged up to $1.53 billion from $1.48 billion, net income came in at $135.0 million compared to a loss of $10.6 million, and diluted earnings per share were 34 cents compared to a loss of 3 cents a year ago.
The company returned approximately $81 million to shareholders in the first quarter, a 12% increase over the prior year, including dividends of $51 million and share repurchases of $30 million.
As of March 2, Levi’s had $560 million remaining under its current share repurchase authorization, which has no expiration date.
The company proposed a cash dividend of 13 cents per share, totaling approximately $51 million, payable on May 9 to shareholders on record as of April 24.
Excluding the impact from the recently announced tariffs, the company guided for fiscal 2025 organic net revenue growth to be between 3.5% and 4.5%, reported net revenue down 1% to 2%, compared to $6.35 billion in 2024, and adjusted earnings per share between $1.20 and $1.25, compared to $1.25 in 2024.
Greenbrier Companies Inc. dropped 4.7% to $42.63 after the supplier of equipment and services to the freight transportation markets reported results for the fiscal second quarter ending in February.
Revenue declined to $762.1 million from $862.7 million, net earnings jumped to $51.9 million from $33.4 million, and diluted earnings per share rose to $1.56 from $1.033 a year ago.
The dividend in the quarter was 30 cents per share, unchanged from a year earlier.
The company lowered its guidance for fiscal 2025 and expects revenue to be between $3.15 billion and $3.35 billion, compared to $3.54 billion in 2024 and compared to its previous estimate of $3.35 billion to $3.65 billion.
Greenbrier increased its quarterly dividend by 7% to 32 cents per share, payable on May 13 to shareholders on record as of April 22, representing the 44th consecutive quarterly dividend.
The company guided for a lower number of railcar deliveries in 2025, now expecting deliveries to be between 21,500 and 23,500 units, compared to 23,700 in 2024, and compared to the company’s previous forecast for 22,500 to 25,000 units.
Dave & Buster’s Entertainment Inc. gained 1.5% to $16.43 after the entertainment and dining company reported results for the fiscal fourth quarter of 2024 ending in February.
Revenue edged down to $534.5 million from $599.1 million, net income slumped to $9.3 million from $36.2 million, and diluted earnings per share dropped to 24 cents from 88 cents a year ago.
Comparable store sales decreased 9.4% in the quarter and 7.2% in the full year 2024.
The company opened five new stores in the fourth quarter.
For the full year, revenue declined to $2.13 billion from $2.20 billion, net income dropped to $58.3 million from $126.9 million, and diluted earnings per share fell to $1.46 from $2.88 a year earlier.
The company repurchased approximately 5 million shares in fiscal 2024, totaling $172.0 million, and one million shares to date in 2025, totaling $23.9 million.
As of April 7, the remaining share repurchase authorization is approximately $104 million.
U.S. Movers: Dave & Buster’s Entertainment, Greenbrier, Levi Strauss
Scott Peters
08 Apr, 2025
New York City
Levi Strauss & Co. surged 7.4% to $14.50 after the apparel and jeans company reported results for the fiscal first quarter of 2025 ending in March.
Revenue edged up to $1.53 billion from $1.48 billion, net income came in at $135.0 million compared to a loss of $10.6 million, and diluted earnings per share were 34 cents compared to a loss of 3 cents a year ago.
The company returned approximately $81 million to shareholders in the first quarter, a 12% increase over the prior year, including dividends of $51 million and share repurchases of $30 million.
As of March 2, Levi’s had $560 million remaining under its current share repurchase authorization, which has no expiration date.
The company proposed a cash dividend of 13 cents per share, totaling approximately $51 million, payable on May 9 to shareholders on record as of April 24.
Excluding the impact from the recently announced tariffs, the company guided for fiscal 2025 organic net revenue growth to be between 3.5% and 4.5%, reported net revenue down 1% to 2%, compared to $6.35 billion in 2024, and adjusted earnings per share between $1.20 and $1.25, compared to $1.25 in 2024.
Greenbrier Companies Inc. dropped 4.7% to $42.63 after the supplier of equipment and services to the freight transportation markets reported results for the fiscal second quarter ending in February.
Revenue declined to $762.1 million from $862.7 million, net earnings jumped to $51.9 million from $33.4 million, and diluted earnings per share rose to $1.56 from $1.033 a year ago.
The dividend in the quarter was 30 cents per share, unchanged from a year earlier.
The company lowered its guidance for fiscal 2025 and expects revenue to be between $3.15 billion and $3.35 billion, compared to $3.54 billion in 2024 and compared to its previous estimate of $3.35 billion to $3.65 billion.
Greenbrier increased its quarterly dividend by 7% to 32 cents per share, payable on May 13 to shareholders on record as of April 22, representing the 44th consecutive quarterly dividend.
The company guided for a lower number of railcar deliveries in 2025, now expecting deliveries to be between 21,500 and 23,500 units, compared to 23,700 in 2024, and compared to the company’s previous forecast for 22,500 to 25,000 units.
Dave & Buster’s Entertainment Inc. gained 1.5% to $16.43 after the entertainment and dining company reported results for the fiscal fourth quarter of 2024 ending in February.
Revenue edged down to $534.5 million from $599.1 million, net income slumped to $9.3 million from $36.2 million, and diluted earnings per share dropped to 24 cents from 88 cents a year ago.
Comparable store sales decreased 9.4% in the quarter and 7.2% in the full year 2024.
The company opened five new stores in the fourth quarter.
For the full year, revenue declined to $2.13 billion from $2.20 billion, net income dropped to $58.3 million from $126.9 million, and diluted earnings per share fell to $1.46 from $2.88 a year earlier.
The company repurchased approximately 5 million shares in fiscal 2024, totaling $172.0 million, and one million shares to date in 2025, totaling $23.9 million.
As of April 7, the remaining share repurchase authorization is approximately $104 million.
India Movers: Alok Industries, D B Corp, Digicontent, Khaitan Chemicals, Wipro, Vinyl Chemicals, ICICI Lombard, Aether Industries
Arun Goswami
08 Apr, 2025
Mumbai
Alok Industries Limited rose 2% to ₹15.25 despite the textile manufacturer reporting a 31% decline in revenue and a net loss expanded in the December quarter.
Consolidated revenue declined to ₹870.6 crore from ₹1,253 crore, net loss expanded to ₹273 crore from ₹229.9 crore, and diluted losses per share advanced to 55 paisa from 46 paisa a year ago.
D B Corp Ltd. gained 2.5% to ₹227.25 despite the newspaper publishing a report of a marginal decline in net income and revenue in the December quarter.
Consolidated revenue declined to ₹655.6 crore from ₹664.7 crore, after-tax profit decreased to ₹118.2 crore from ₹124 crore, and diluted earnings per share fell to ₹6.63 from ₹6.95 a year ago.
Digicontent Limited fell 3.3% to ₹38 despite the digital content company's net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹111.7 crore from ₹108.6 crore, net income swung to a profit of ₹6.6 crore from a loss of ₹5.5 crore, and diluted earnings per share rose to an income of ₹1.13 from a loss of 10 paise a year ago.
Wipro Limited jumped 0.7% to ₹244.55 after the tech services company reported a 25% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹2,332.3 crore from ₹2,280.3 crore, net income jumped to ₹336.7 crore from ₹270.1 crore, and diluted earnings per share rose to ₹3.20 from ₹2.58 a year ago.
The company's board recommended a final dividend of ₹6 per share.
Vinyl Chemicals (India) Ltd. rose 3.4% to ₹275.25 despite the chemical trading company reporting a 29% decline in profit in the December quarter.
Consolidated revenue declined to ₹149.4 crore from ₹159.7 crore, after-tax profit decreased to ₹5 crore from ₹7 crore, and diluted earnings per share fell to ₹2.74 from ₹3.79 a year ago.
ICICI Lombard General Insurance Company Ltd. advanced 0.4% to ₹1,751.20 after the insurance company reported a 68% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹5,882.8 crore from ₹5,004.2 crore, net income jumped to ₹724.1 crore from ₹431.5 crore, and diluted earnings per share rose to ₹14.48 from ₹8.73 a year ago.
Aether Industries Limited increased 1% to ₹814.25 after the maker of specialty and intermediate chemicals reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹233.3 crore from ₹166.6 crore, after-tax profit jumped to ₹433.9 crore from ₹174.3 crore, and diluted earnings per share rose to ₹3.27 from ₹1.32 a year ago.
Khaitan Chemicals & Fertilizers Ltd. inched higher 1.8% to ₹47.14 after the fertilizer maker reported a 55% increase in revenue and net income swung to a profit in the December quarter.
Consolidated revenue advanced to ₹199 crore from ₹128.3 crore, net income swung to a profit of ₹12.6 crore from a loss of ₹27 crore, and diluted earnings per share rose to an income of ₹1.29 from a loss of ₹2.78 a year ago.
India Movers: Alok Industries, D B Corp, Digicontent, Khaitan Chemicals, Wipro, Vinyl Chemicals, ICICI Lombard, Aether Industries
Arun Goswami
08 Apr, 2025
Mumbai
Alok Industries Limited rose 2% to ₹15.25 despite the textile manufacturer reporting a 31% decline in revenue and a net loss expanded in the December quarter.
Consolidated revenue declined to ₹870.6 crore from ₹1,253 crore, net loss expanded to ₹273 crore from ₹229.9 crore, and diluted losses per share advanced to 55 paisa from 46 paisa a year ago.
D B Corp Ltd. gained 2.5% to ₹227.25 despite the newspaper publishing a report of a marginal decline in net income and revenue in the December quarter.
Consolidated revenue declined to ₹655.6 crore from ₹664.7 crore, after-tax profit decreased to ₹118.2 crore from ₹124 crore, and diluted earnings per share fell to ₹6.63 from ₹6.95 a year ago.
Digicontent Limited fell 3.3% to ₹38 despite the digital content company's net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹111.7 crore from ₹108.6 crore, net income swung to a profit of ₹6.6 crore from a loss of ₹5.5 crore, and diluted earnings per share rose to an income of ₹1.13 from a loss of 10 paise a year ago.
Wipro Limited jumped 0.7% to ₹244.55 after the tech services company reported a 25% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹2,332.3 crore from ₹2,280.3 crore, net income jumped to ₹336.7 crore from ₹270.1 crore, and diluted earnings per share rose to ₹3.20 from ₹2.58 a year ago.
The company's board recommended a final dividend of ₹6 per share.
Vinyl Chemicals (India) Ltd. rose 3.4% to ₹275.25 despite the chemical trading company reporting a 29% decline in profit in the December quarter.
Consolidated revenue declined to ₹149.4 crore from ₹159.7 crore, after-tax profit decreased to ₹5 crore from ₹7 crore, and diluted earnings per share fell to ₹2.74 from ₹3.79 a year ago.
ICICI Lombard General Insurance Company Ltd. advanced 0.4% to ₹1,751.20 after the insurance company reported a 68% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹5,882.8 crore from ₹5,004.2 crore, net income jumped to ₹724.1 crore from ₹431.5 crore, and diluted earnings per share rose to ₹14.48 from ₹8.73 a year ago.
Aether Industries Limited increased 1% to ₹814.25 after the maker of specialty and intermediate chemicals reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹233.3 crore from ₹166.6 crore, after-tax profit jumped to ₹433.9 crore from ₹174.3 crore, and diluted earnings per share rose to ₹3.27 from ₹1.32 a year ago.
Khaitan Chemicals & Fertilizers Ltd. inched higher 1.8% to ₹47.14 after the fertilizer maker reported a 55% increase in revenue and net income swung to a profit in the December quarter.
Consolidated revenue advanced to ₹199 crore from ₹128.3 crore, net income swung to a profit of ₹12.6 crore from a loss of ₹27 crore, and diluted earnings per share rose to an income of ₹1.29 from a loss of ₹2.78 a year ago.
U.S.-Japan Trade Negotiations Raise Lower Tariff Hopes for Japanese Goods
Akira Ito
08 Apr, 2025
Tokyo
Japan's market indexes rebounded after the U.S. agreed to start trade negotiations.
The Nikkei 225 Stock Average soared more than 5%, and the TOPIX index advanced 6%, as investors pinned their hopes on a possible decrease in U.S. import taxes following the trade negotiations.
U.S. President and Japan's Prime Minister Shigeru Ishiba agreed to start high-level trade negotiations as early as next week, which could lead to lower import taxes on Japanese goods.
However, tensions remained high after Donald Trump threatened to slap additional duties of 50% on Chinese goods following Beijing's 34% tariff on U.S. goods.
The yen strengthened to 147.40 against the U.S. dollar and the yield on 10-year Japanese bonds to 1.23%, rebounding from a three-month low, as investors continued to seek safety and stability.
Japan Indexes and Stocks
The Nikkei 225 Stock Average surged 5.5% to 32,867.64, and the broader Topix index gained 6% to 2,425.03.
Banks, retailers, and heavy engineering companies led gainers in Tokyo trading.
Mitsubishi UFJ Financial Group soared 10.5% to ¥1,656.50, Sumitomo Financial Group added 10.9% to ¥3,182.0, and Mizuho Financial Group surged 13% to ¥3,316.0.
Seven & I Holding increased 3.9% to ¥1,922.50, Takashimaya Co. Ltd. soared 8.4% to ¥1,109.0, and Fast Retailing advanced 5.2% to ¥43,810.0.
IHI Corp. soared 10.6% to ¥9,764.0, Kawasaki Heavy Industries jumped 11.5% to ¥6,891.0, and Mitsubishi Heavy Industries surged 11.9% to ¥2,312.0.
Japan- U.S. Trade Negotiations Raise Hopes for Lower Tariff for Japanese Goods
Akira Ito
08 Apr, 2025
Tokyo
Japan's market indexes rebounded after the U.S. agreed to start trade negotiations.
The Nikkei 225 Stock Average soared more than 5%, and the TOPIX index advanced 6%, as investors pinned their hopes on a possible decrease in U.S. import taxes following the trade negotiations.
U.S. President and Japan's Prime Minister Shigeru Ishiba agreed to start high-level trade negotiations as early as next week, which could lead to lower import taxes on Japanese goods.
However, tensions remained high after Donald Trump threatened to slap additional duties of 50% on Chinese goods following Beijing's 34% tariff on U.S. goods.
The yen strengthened to 147.40 against the U.S. dollar and the yield on 10-year Japanese bonds to 1.23%, rebounding from a three-month low, as investors continued to seek safety and stability.
Japan Indexes and Stocks
The Nikkei 225 Stock Average surged 5.5% to 32,867.64, and the broader Topix index gained 6% to 2,425.03.
Banks, retailers, and heavy engineering companies led gainers in Tokyo trading.
Mitsubishi UFJ Financial Group soared 10.5% to ¥1,656.50, Sumitomo Financial Group added 10.9% to ¥3,182.0, and Mizuho Financial Group surged 13% to ¥3,316.0.
Seven & I Holding increased 3.9% to ¥1,922.50, Takashimaya Co. Ltd. soared 8.4% to ¥1,109.0, and Fast Retailing advanced 5.2% to ¥43,810.0.
IHI Corp. soared 10.6% to ¥9,764.0, Kawasaki Heavy Industries jumped 11.5% to ¥6,891.0, and Mitsubishi Heavy Industries surged 11.9% to ¥2,312.0.
China-Controlled Entities Stepped In to Stabilize Markets Amid Escalating Trade Tensions
Li Chen
08 Apr, 2025
Hong Kong
China and Hong Kong market indexes rebounded and halted a three-day slide after Beijing-controlled entities stepped up purchases of stocks to stabilize markets.
The Hang Seng index rebounded more than 1%, and the mainland-focused CSI 300 index advanced 1% as tensions between China and the U.S. rose.
The Trump administration's 34% tariffs on Chinese goods are set to be effective from Wednesday, and they will be added to the base tariff of 10% levied on all U.S. imports.
China's commerce ministry announced its 34% retaliatory tariff on U.S. goods effective April 10, sparking a vow from Donald J. Trump to impose an additional 50% tariff on Chinese goods.
For now, investors overlooked the escalating U.S. tariff war, and state-sponsored entities continued to buy exchange-traded funds to stabilize markets.
The Hang Seng index plunged 13% in Monday's trading, its worst decline since the Asian financial crisis and the index's fall of 13.7% on October 23, 1997.
However, the decline was slightly less than the 12.7% fall on October 27, 2008, when the U.S. subprime crisis dragged down world markets.
The Hang Seng index suffered its worst one-day drop of 33.3% on October 26, 1987, following sharp losses on Wall Street on October 19, 1987.
China's state-controlled entities, linked with its sovereign fund, confirmed their activities in slowing down market decline in Monday's trading.
Central Huijin Investment, China Chengtong Financial Holdings, and Beijing Chengyang Investment confirmed buying exchange traded funds to stabilize markets and shore up investor confidence.
China Indexes and Stocks
The Hang Seng index increased 1.3% to 20,140.78, and the mainland-focused CSI 300 index advanced 1% to 3,623.93.
Technology, online game companies, and e-commerce platform operators rebounded in Tuesday's trading.
Alibaba Group Holding jumped 0.4% to HK $101.70, JD.com Inc. gained 7% to HK $135.30, and Tencent Holdings advanced 0.9% to HK $439.0.
Li Auto Inc. added 0.8% to HK $80.75, BYD jumped 3.2% to HK $326.40, and Xpeng advanced 2.2% to HK $66.40.
China Nerin Engineering soared more than 210% to 65.03 yuan on the first day of trading on the Shanghai Stock Exchange.
The non-ferrous industry services provider sold 30 million shares at an offer price of 15.50 yuan per share.
As of the first week of April, 27 new stocks are listed as A-shares on the mainland exchanges in 2025, with an average first-day gain of over 238%.
China-Controlled Entities Stepped In to Stabilize Markets Amid Escalating Trade Tensions
Li Chen
08 Apr, 2025
Hong Kong
China and Hong Kong market indexes rebounded and halted a three-day slide after Beijing-controlled entities stepped up purchases of stocks to stabilize markets.
The Hang Seng index rebounded more than 1%, and the mainland-focused CSI 300 index advanced 1% as tensions between China and the U.S. rose.
The Trump administration's 34% tariffs on Chinese goods are set to be effective from Wednesday, and they will be added to the base tariff of 10% levied on all U.S. imports.
China's commerce ministry announced its 34% retaliatory tariff on U.S. goods effective April 10, sparking a vow from Donald J. Trump to impose an additional 50% tariff on Chinese goods.
For now, investors overlooked the escalating U.S. tariff war, and state-sponsored entities continued to buy exchange-traded funds to stabilize markets.
The Hang Seng index plunged 13% in Monday's trading, its worst decline since the Asian financial crisis and the index's fall of 13.7% on October 23, 1997.
However, the decline was slightly less than the 12.7% fall on October 27, 2008, when the U.S. subprime crisis dragged down world markets.
The Hang Seng index suffered its worst one-day drop of 33.3% on October 26, 1987, following sharp losses on Wall Street on October 19, 1987.
China's state-controlled entities, linked with its sovereign fund, confirmed their activities in slowing down market decline in Monday's trading.
Central Huijin Investment, China Chengtong Financial Holdings, and Beijing Chengyang Investment confirmed buying exchange traded funds to stabilize markets and shore up investor confidence.
China Indexes and Stocks
The Hang Seng index increased 1.3% to 20,140.78, and the mainland-focused CSI 300 index advanced 1% to 3,623.93.
Technology, online game companies, and e-commerce platform operators rebounded in Tuesday's trading.
Alibaba Group Holding jumped 0.4% to HK $101.70, JD.com Inc. gained 7% to HK $135.30, and Tencent Holdings advanced 0.9% to HK $439.0.
Li Auto Inc. added 0.8% to HK $80.75, BYD jumped 3.2% to HK $326.40, and Xpeng advanced 2.2% to HK $66.40.
China Nerin Engineering soared more than 210% to 65.03 yuan on the first day of trading on the Shanghai Stock Exchange.
The non-ferrous industry services provider sold 30 million shares at an offer price of 15.50 yuan per share.
As of the first week of April, 27 new stocks are listed as A-shares on the mainland exchanges in 2025, with an average first-day gain of over 238%.
Wall Street Rejects Trump Administration's Tariff Defense, Stocks Resume Slide
Barry Adams
07 Apr, 2025
New York City
Stock market indexes on Wall Street opened sharply lower as key trading partners signaled they would announce their list of tariffs on U.S. goods.
The S&P 500 index declined as much as 3%, and the Nasdaq Composite fell 4% after the Trump administration offered a vigorous defense of tariffs and failed to calm market nerves.
The alphabet soup of tariffs continues to grow and now includes base tariffs, reciprocal tariffs, sector tariffs, and country-specific tariffs.
Moreover, the Trump administration signaled the release of additional tariffs as early as this Wednesday.
The Trump administration went on the media offensive and added that tariffs are likely to create minor pain for U.S. consumers and businesses in the short term, but they will create jobs in the long term and support the revitalization of the manufacturing sector.
Despite the rosy claims promoted by Treasury Secretary Scott Bessent, automakers, home builders, food stores, apparel and home goods retailers, electronic gadgets and appliance stores, and DIY stores plan to raise prices between 10% and 50% as early as this month.
U.S. automobile makers are preparing to hike prices between $3,000 and $12,000 as early as next week, and food prices are expected to jump higher between 15% and 30%.
In addition, U.S. home construction costs are expected to jump at least 20% after the implementation of tariffs on goods from China, the European Union, and Canada.
The Nikkei 225 Stock Average in Japan plunged 8%, its third-worst decline in index points, and the Hang Seng index plunged a whopping 13% as worries of global recession mounted.
Markets in Europe plunged more than 3% and extended a 3-day decline to more than 12%, amid fears that the European Union and Canada will join China in announcing their retaliatory tariffs as early as next month.
The S&P 500 index is now down about 17% from the recent peak in mid-February, and the Nasdaq Composite extended its losses over the period to more than 20%.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 3.1% to 4,916.99, the Nasdaq Composite edged down 3.1% to 15,096.48, and the Russell 2000 index was down 4.3% to 1,748.58.
The yield on 2-year Treasury notes edged lower to 3.65%, 10-year Treasury notes increased to 4.06%, and 30-year Treasury bonds advanced to 4.50%.
WTI crude oil decreased $1.53 to $60.42 a barrel, and natural gas prices edged higher by $0.005 to $3.84 a thermal unit.
Gold decreased by $13.45 to 3,023.65 an ounce, and silver edged up by $0.57 to $30.14.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.07 to 102.96 and traded at a two-year high.
Wall Street Rejects Trump Administration's Tariff Defense, Stocks Resume Slide
Barry Adams
07 Apr, 2025
New York City
Stock market indexes on Wall Street opened sharply lower as key trading partners signaled they would announce their list of tariffs on U.S. goods.
The S&P 500 index declined as much as 3%, and the Nasdaq Composite fell 4% after the Trump administration offered a vigorous defense of tariffs and failed to calm market nerves.
The alphabet soup of tariffs continues to grow and now includes base tariffs, reciprocal tariffs, sector tariffs, and country-specific tariffs.
Moreover, the Trump administration signaled the release of additional tariffs as early as this Wednesday.
The Trump administration went on the media offensive and added that tariffs are likely to create minor pain for U.S. consumers and businesses in the short term, but they will create jobs in the long term and support the revitalization of the manufacturing sector.
Despite the rosy claims promoted by Treasury Secretary Scott Bessent, automakers, home builders, food stores, apparel and home goods retailers, electronic gadgets and appliance stores, and DIY stores plan to raise prices between 10% and 50% as early as this month.
U.S. automobile makers are preparing to hike prices between $3,000 and $12,000 as early as next week, and food prices are expected to jump higher between 15% and 30%.
In addition, U.S. home construction costs are expected to jump at least 20% after the implementation of tariffs on goods from China, the European Union, and Canada.
The Nikkei 225 Stock Average in Japan plunged 8%, its third-worst decline in index points, and the Hang Seng index plunged a whopping 13% as worries of global recession mounted.
Markets in Europe plunged more than 3% and extended a 3-day decline to more than 12%, amid fears that the European Union and Canada will join China in announcing their retaliatory tariffs as early as next month.
The S&P 500 index is now down about 17% from the recent peak in mid-February, and the Nasdaq Composite extended its losses over the period to more than 20%.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 3.1% to 4,916.99, the Nasdaq Composite edged down 3.1% to 15,096.48, and the Russell 2000 index was down 4.3% to 1,748.58.
The yield on 2-year Treasury notes edged lower to 3.65%, 10-year Treasury notes increased to 4.06%, and 30-year Treasury bonds advanced to 4.50%.
WTI crude oil decreased $1.53 to $60.42 a barrel, and natural gas prices edged higher by $0.005 to $3.84 a thermal unit.
Gold decreased by $13.45 to 3,023.65 an ounce, and silver edged up by $0.57 to $30.14.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.07 to 102.96 and traded at a two-year high.
Europe Movers: Ferrexpo
Inga Muller
07 Apr, 2025
Frankfurt
Ferrexpo Plc. dropped 6.8% to 44.60 pence after the producer and exporter of iron ore pellets reported the highest quarterly production since 2022, but higher costs overshadowed the production results.
Total commercial production accounted for 2.12 million tons in the first quarter ending March, compared to 2.05 million tons a year ago.
The increase is due to “an increase in production of high-grade concentrates, sold to customers in Asia, combined with a stable production of Ferrexpo premium pellets,” the company said in a release to investors.
Pellet production dropped 26% in the quarter to 1.35 million tons from 1.81 million tons a year ago, and production of premium pellets declined 36% to 1.10 million tons from 1.73 million tons in the same quarter a year earlier.
“The increase in production, however, did not translate into improved earnings because of sustained high input costs, in particular imported electricity and deteriorating iron ore pellet premiums and prices,” the company added in the statement.
The environment in which the company is operating has become increasingly challenging.
In March, the Ukrainian tax authorities notified Ferrexpo’s two main operating subsidiaries of their decision to suspend the refund of VAT for the month of January 2025, for the total amount of approximately $12.5 million.
“This suspension of the VAT refund has resulted in lowering the available liquidity to fund the operations,” the company said, adding that the company has downscaled its operations to one pellet line and implemented significant cost-cutting measures across the business.
Europe Movers: Ferrexpo
Inga Muller
07 Apr, 2025
Frankfurt
Ferrexpo Plc. dropped 6.8% to 44.60 pence after the producer and exporter of iron ore pellets reported the highest quarterly production since 2022, but higher costs overshadowed the production results.
Total commercial production accounted for 2.12 million tons in the first quarter, compared to 2.05 million tons a year ago.
The increase is due to “an increase in production of high-grade concentrates, sold to customers in Asia, combined with a stable production of Ferrexpo premium pellets,” the company said in a release to investors.
Pellet production dropped 26% in the quarter to 1.35 million tons from 1.81 million tons a year ago, and production of premium pellets declined 36% to 1.10 million tons from 1.73 million tons in the same quarter a year earlier.
“The increase in production, however, did not translate into improved earnings because of sustained high input costs, in particular imported electricity and deteriorating iron ore pellet premiums and prices,” the company added in the statement.
The environment in which the company is operating has become increasingly challenging.
In March, the Ukrainian tax authorities notified Ferrexpo’s two main operating subsidiaries of their decision to suspend the refund of VAT for the month of January 2025, for the total amount of approximately $12.5 million.
“This suspension of the VAT refund has resulted in lowering the available liquidity to fund the operations,” the company said, adding that the company has downscaled its operations to one pellet line and implemented significant cost-cutting measures across the business.
European Markets Plunged to Multi-Month Lows as Recession Fears Dominate Sentiment
Bridgette Randall
07 Apr, 2025
London
European markets opened sharply lower in Monday's trading and extended losses of the previous week amid fears of a global recession as the U.S.-led trade war intensified.
Benchmark indexes in Frankfurt, Paris, Milan, and London plunged as much as between 7% and 4% after the European Union leaders vowed to respond to the U.S. import tax.
The base tariffs of 10% went into effect this Sunday, and China's policymakers suggested that Beijing is ready to retaliate with additional tariffs if need be.
Over the weekend, the Trump administration stepped up its defense of the import tax and added the Secretary of Treasury falsely claimed that most consumers will see very little impact of tariffs.
U.S. automobile makers are preparing to hike prices between $3,000 and $12,000 as early as next week, and food prices are already scaling higher between 15% and 30%.
In addition, U.S. home construction costs are expected to jump at least 20% after the implementation of tariffs on goods from China, the European Union, and Canada.
Closer to home, on the economic front, investors reviewed the latest updates on retail sales in the eurozone, German industrial production, and the UK home price index.
Germany's imports rose at a faster pace than exports in February, driving its trade surplus lower, according to data available from the Federal Statistical Office.
Seasonally and calendar-adjusted goods exports increased 0.1% to €131.6 billion, imports declined 4.6% to €113.8 billion, and the trade surplus shrank to 13.6% to €17.7 billion from €20.5 billion a year ago, respectively.
Germany's industrial production declined 4% from a year ago in February, faster than the fall of 1.6% in January, the Federal Statistical Office said on Monday.
The Halifax House Price Index in the UK rose 2.8% from a year ago in March, the slowest pace of increase since July 2024, according to Halifax and Bank of Scotland.
On a monthly basis, prices fell 0.5%, and the average home price edged down to £296,699 from £298,602.
“Our customers completed more house sales in March than in January and February combined, including the busiest single day on record,” said Amanda Bryden, Head of Mortgages at Halifax.
Retail sales in the eurozone rose at a faster annual pace of 2.8% in February from the upwardly revised 1.8% in the previous month, Eurostat reported Monday.
On a monthly basis, retail sales rose 0.3% after stagnating for three consecutive months.
Europe Indexes and Yields
The DAX index decreased by 7.3% to 19,135.79, the CAC-40 index edged lower 6.1% to 6,831.57, and the FTSE 100 index declined by 4.5% to 7,688.93.
The yield on 10-year German bonds inched lower to 2.49%, French bonds decreased to 3.26%, the UK gilts moved down to 4.39%, and Italian bonds edged lower to 3.74%.
The euro increased to $1.10; the British pound was higher at $1.29; and the U.S. dollar was lower and traded at 84.66 Swiss cents.
Brent crude decreased $2.65 to $62.95 a barrel, and the Dutch TTF natural gas was lower by €2.33 to €34.20 per MWh.
Europe Movers
Banks, defense, and mining companies led the decliners in European trading.
BNP Paribas decreased 3.5% to €66.53, Societe Generale dropped 2.9% to €33.59, UniCredit SpA declined 3.5% to €42.38, and Deutsche Bank fell 4.1% to €18.02.
Rheinmetall AG declined 3.3% to €1,237.0, Rank Group PLC decreased 2.5% to 78.20 pence, MTU Aero Engines AG dropped 6.1% to €269.0, and Hensoldt AG plunged 4.3% to €55.25.
European Markets Plunged to Multi-Month Low as Recession Fears Dominate Sentiment
Bridgette Randall
07 Apr, 2025
London
European markets opened sharply lower in Monday's trading and extended losses of the previous week amid fears of a global recession as the U.S.-led trade war intensified.
Benchmark indexes in Frankfurt, Paris, Milan, and London plunged as much as between 7% and 4% after the European Union leaders vowed to respond to the U.S. import tax.
The base tariffs of 10% went into effect this Sunday, and China's policymakers suggested that Beijing is ready to retaliate with additional tariffs if need be.
Over the weekend, the Trump administration stepped up its defense of the import tax and added the Secretary of Treasury falsely claimed that most consumers will see very little impact of tariffs.
U.S. automobile makers are preparing to hike prices between $3,000 and $12,000 as early as next week, and food prices are already scaling higher between 15% and 30%.
In addition, U.S. home construction costs are expected to jump at least 20% after the implementation of tariffs on goods from China, the European Union, and Canada.
Closer to home, on the economic front, investors reviewed the latest updates on retail sales in the eurozone, German industrial production, and the UK home price index.
Germany's imports rose at a faster pace than exports in February, driving its trade surplus lower, according to data available from the Federal Statistical Office.
Seasonally and calendar-adjusted goods exports increased 0.1% to €131.6 billion, imports declined 4.6% to €113.8 billion, and the trade deficit shrank to €17.7 billion from €20.5 billion a year ago, respectively.
Germany's industrial production declined 4% from a year ago in February, faster than the fall of 1.6% in January, the Federal Statistical Office said on Monday.
The Halifax House Price Index in the UK rose 2.8% from a year ago in March, the slowest pace of increase since July 2024, according to Halifax and Bank of Scotland.
On a monthly basis, prices fell 0.5%, and the average home price edged down to £296,699 from £298,602.
“Our customers completed more house sales in March than in January and February combined, including the busiest single day on record,” said Amanda Bryden, Head of Mortgages at Halifax.
Retail sales in the eurozone rose at a faster annual pace of 2.8% in February from the upwardly revised 1.8% in the previous month, Eurostat reported Monday.
On a monthly basis, retail sales rose 0.3% after stagnating for three consecutive months.
Europe Indexes and Yields
The DAX index decreased by 7.3% to 19,135.79, the CAC-40 index edged lower 6.1% to 6,831.57, and the FTSE 100 index declined by 4.5% to 7,688.93.
The yield on 10-year German bonds inched lower to 2.49%, French bonds decreased to 3.26%, the UK gilts moved down to 4.39%, and Italian bonds edged lower to 3.74%.
The euro increased to $1.10; the British pound was higher at $1.29; and the U.S. dollar was lower and traded at 84.66 Swiss cents.
Brent crude decreased $2.65 to $62.95 a barrel, and the Dutch TTF natural gas was lower by €2.33 to €34.20 per MWh.
Europe Movers
Banks, defense, and mining companies led the decliners in European trading.
BNP Paribas decreased 3.5% to €66.53, Societe Generale dropped 2.9% to €33.59, UniCredit SpA declined 3.5% to €42.38, and Deutsche Bank fell 4.1% to €18.02.
Rheinmetall AG declined 3.3% to €1,237.0, Rank Group PLC decreased 2.5% to 78.20 pence, MTU Aero Engines AG dropped 6.1% to €269.0, and Hensoldt AG plunged 4.3% to €55.25.
India Movers: : Infosys, Plastiblends, Shemaroo, Havells, Hatsun Agro, Bhansali Engineering, Reliance Industries, Metro Brands
Arun Goswami
07 Apr, 2025
Mumbai
Infosys Ltd. dropped 5% to ₹1,380.60 despite the technology services and consulting company reporting a 7% increase in net income in the December quarter.
Consolidated revenue advanced to ₹41,764 crore from ₹38,821 crore, net income increased to ₹6,822 crore from ₹6,113 crore, and diluted earnings per share rose to ₹16.39 from ₹14.74 a year ago.
Plastiblends India Ltd. fell 3% to ₹176 after the color maker reported a marginal decline in revenue and a slight increase in net income in the December quarter.
Consolidated revenue declined to ₹186.4 crore from ₹199.2 crore, after-tax profit increased to ₹6.7 crore from ₹6.6 crore, and diluted earnings per share rose to ₹2.58 from ₹2.54 a year ago.
Shemaroo Entertainment Ltd. declined 4.7% to ₹95.30 after the media and entertainment conglomerate reported a marginal increase in revenue and a net loss expanded in the December quarter.
Consolidated revenue advanced to ₹167.3 crore from ₹158.1 crore, net loss expanded to ₹36.4 crore from ₹30.43 crore, and diluted losses per share advanced to ₹13.30 from ₹ 11.02 a year ago.
Havells India Ltd. decreased 2% to ₹1,441.04 after the power distribution equipment maker reported an 11% increase in revenue and a marginal decline in net in the December quarter.
Consolidated revenue advanced to ₹4,946 crore from ₹4,456 crore, after-tax profit decreased to ₹282.8 crore from ₹287.9 crore, and diluted earnings per share fell to ₹4.51 from ₹4.59 a year ago.
Hatsun Agro Product Ltd. decreased 3.5% to ₹868 after the dairy company reported a slight increase in revenue and a 29% decline in profit in the December quarter.
Consolidated revenue advanced to ₹2,012 crore from ₹1,891.6 crore, net income declined to ₹40.9 crore from ₹57.4 crore, and diluted earnings per share fell to ₹1.84 from ₹2.58 a year ago.
Bhansali Engineering Polymers Ltd. dropped 6.2% to ₹100.45 despite the company reporting an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹352.6 crore from ₹301.3 crore, after-tax profit increased to ₹40.83 crore from ₹40.22 crore, and diluted earnings per share rose to ₹1.64 from ₹1.62 a year ago.
Reliance Industries Ltd. declined 4.2% to ₹1,154.20 despite reporting a 12% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹2,48,079 crore from ₹2,31,839 crore, net income rose to ₹21,804 crore from ₹19,488 crore, and diluted earnings per share increased to ₹13.70 from ₹12.76 a year ago.
Metro Brands Limited fell 5.3% to ₹1,020 after the footwear retailer reported a decline in profit in the December quarter.
Consolidated revenue increased to ₹726.3 crore from ₹651.5 crore, after-tax profit declined to ₹95.1 crore from ₹98.9 crore, and diluted earnings per share fell to ₹3.46 from ₹3.58 a year ago.