Market Update
European Markets Rebounded After US Court Blocked Bulk of Tariffs
Bridgette Randall
29 May, 2025
London
European markets surged after a U.S. court ruling blocked global tariffs imposed by the U.S. president.
Benchmark indexes in Frankfurt, Paris, Milan, and London jumped in the hopes that the "permanent injunction" by a court in Manhattan will at least temporarily delay tariffs.
The U.S. Court of International Trade's three-judge panel ordered the Trump administration to implement the block within 10 working days, citing that the president wrongfully used emergency laws to justify levies.
The order stops 30% tariffs on China, 25% tariffs on some imports from Mexico and Canada, and 10% universal tariffs on global imports.
However, the ruling does not apply to 25% tariffs on vehicle and parts imports that were subject to Section 232 and Section 301.
Global markets have swung wildly over the last two months after the U.S. president announced the so-called "reciprocal tariffs" on April 2.
The court's ruling is the latest iteration over the last ten weeks, as the Trump administration has walked back and shifted stance for key trading partners amid resistance from key trading partners—China, Mexico, and Canada.
Despite the court's permanent ban, investors fear that the Trump administration will find other ways to impose tariffs or trade barriers, potentially limiting international trade and raising prices for American consumers and businesses.
Europe Indexes and Yields
The DAX index increased by 0.6% to 24,185.37, the CAC-40 index edged higher 1.0% to 7,866.14, and the FTSE 100 index advanced 0.02% to 8,727.87.
The yield on 10-year German bonds inched higher to 2.58%, French bonds increased to 3.24%, the UK gilts moved down to 4.72%, and Italian bonds edged higher to 3.57%.
The euro decreased to $1.13; the British pound was lower at $1.35; and the U.S. dollar was higher and traded at 82.96 Swiss cents.
Brent crude increased $0.97 to $65.89 a barrel, and the Dutch TTF natural gas was higher by €0.46 to €36.99 per MWh.
Europe Movers
Semiconductor and artificial intelligence-linked stocks advanced after Nvidia reported a surge in revenue and earnings in its latest quarter.
Infineon Technologies increased 2.2% to €35.18, STMicroelectronics advanced 2.4% to €22.92, and ARM Holdings PLC advanced 3.2% to €124.0.
Luxury stocks were among the top performers after the U.S. court ruling.
Kering SA increased 1.5% to €176.14, LVMH added 1.2% to €489.30, and Hermes International gained 1% to €2,407.0.
Europe Movers: Autotrader, Holland Colours, Nationwide Building Society
Inga Muller
29 May, 2025
Frankfurt
Autotrader Group Plc. inched up 0.04% to 900.40 pence after the UK-based digital automotive platform operator reported strong results for the full year ending in March.
Revenue edged up to £601.1 million from £570.9 million, profit jumped to £282.6 million from £256.9 million, and diluted earnings per share rose to £31.56 from £28.07 a year ago.
“We expect retailer revenue growth to improve to between 5% and 7% for fiscal year 2026,” the company said in a release to investors.
Growth will be stronger in the second half, which would benefit the start of fiscal year 2027, the company added in the statement.
Vehicle and accessory sales, which have no impact on profit, are likely to be £20 million in fiscal year 2026.
Nationwide Building Society dropped 1.2% to £129.88 after the mutual financial and building company reported preliminary results for the fiscal year ending in March.
Total income increased to £7.48 billion from £4.78 billion, and profit attributable to members edged up to £2.30 billion from £1.30 billion a year ago.
Assets under management increased to £367.88 billion from £272.09 billion a year earlier.
Holland Colours NV traded flat at €107 after the provider of solid and liquid colorants, color masterbatches, and advanced polymer additives reported strong results for the fiscal year ending in March.
Revenue increased to €112.35 million from €103.28 million, net income jumped to €5.89 million from €5.18 million, and diluted earnings per share rose to €6.85 from €6.02 a year ago.
Sales in the EMEIA and the Americas divisions increased, while in Asia they fell from a year earlier.
The company proposed a final dividend of €6.85 per share for a total of €5.9 million.
Europe Movers: Autotrader, Holland Colours, Nationwide Building Society
Inga Muller
29 May, 2025
Frankfurt
Autotrader Group Plc. inched up 0.04% to 900.40 pence after the UK-based digital automotive platform operator reported strong results for the full year ending in March.
Revenue edged up to £601.1 million from £570.9 million, profit jumped to £282.6 million from £256.9 million, and diluted earnings per share rose to £31.56 from £28.07 a year ago.
“We expect retailer revenue growth to improve to between 5% and 7% for fiscal year 2026,” the company said in a release to investors.
Growth will be stronger in the second half, which would benefit the start of fiscal year 2027, the company added in the statement.
Vehicle and accessory sales, which have no impact on profit, are likely to be £20 million in fiscal year 2026.
Nationwide Building Society dropped 1.2% to £129.88 after the mutual financial and building company reported preliminary results for the fiscal year ending in March.
Total income increased to £7.48 billion from £4.78 billion, and profit attributable to members edged up to £2.30 billion from £1.30 billion a year ago.
Assets under management increased to £367.88 billion from £272.09 billion a year earlier.
Holland Colours NV traded flat at €107 after the provider of solid and liquid colorants, color masterbatches, and advanced polymer additives reported strong results for the fiscal year ending in March.
Revenue increased to €112.35 million from €103.28 million, net income jumped to €5.89 million from €5.18 million, and diluted earnings per share rose to €6.85 from €6.02 a year ago.
Sales in the EMEIA and the Americas divisions increased, while in Asia they fell from a year earlier.
The company proposed a final dividend of €6.85 per share for a total of €5.9 million.
U.S. Movers: Abercrombie & Fitch, Capri Holdings, Dick's Sporting Goods, Macy’s, NVIDIA, Salesforce, Veeva Systems
Scott Peters
29 May, 2025
New York City
NVIDIA Corp. surged 4.9% to $141.40 after the advanced chipmaker reported strong first-quarter 2026 results.
Revenue jumped to $44.06 billion from $26.04 billion, net income edged up to $18.77 billion from $14.88 billion, and diluted earnings per share rose to 76 cents from 60 cents a year ago.
Data center revenue was $39.1 billion, an increase of 73% from the prior year.
The company was unable to ship an additional $2.5 billion of its H20 product revenue in the first quarter due to a special license requirement by the U.S. government to enter the China market.
NVIDIA will pay its next quarterly cash dividend of 1 cent per share on July 3 to shareholders on record on June 11.
The chip maker guided second-quarter revenue to be $45.0 billion, plus or minus 2%, compared to $30.0 billion a year ago.
The outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
In other segment information, the company’s gaming and AI PC division marked a 42% sales increase, professional visualization was up 19%, and automotive and robotics was up 72% from a year earlier.
Salesforce.com Inc. advanced 1.3% to $279.68 after the customer management software provider reported strong results in the fiscal first-quarter 2026.
Revenue edged up to $9.83 billion from $9.13 billion, net income jumped to $1.54 billion from $1.53 billion, and diluted earnings per share rose to $1.59 from $1.56 a year ago.
During the quarter, the company returned $3.1 billion to shareholders, including $2.7 billion in share repurchases and $402 million in dividends.
The company guided second-quarter revenue to be between $10.11 billion and $10.16 billion, an increase of 8% to 9% from $9.33 billion, and GAAP diluted earnings per share between $1.80 and $1.82, compared to $1.47 a year earlier, respectively.
For the full year, the software company estimated revenue to be between $41.0 billion and $41.3 billion, up 8% to 9% from $37.9 billion, and GAAP diluted earnings per share between $7.15 and $7.21, compared to $6.36 in the previous year, respectively.
Veeva Systems Inc. soared 16.4% to $273 after the provider of cloud-based software solutions for the life sciences industry reported strong first-quarter 2026 results.
Revenue increased to $759.04 million from $650.34 million, net income jumped to $228.19 million from $161.66 million, and diluted earnings per share rose to $1.37 from 98 cents a year ago.
The company guided second-quarter revenue to be between $766 million and $769 million, compared to $676.2 million, and non-GAAP diluted earnings per share between $1.89 and $1.90, compared to $1.62 a year earlier, respectively.
For the full year, the software company estimated revenue to be between $3.09 billion and $3.10 billion, compared to $2.75 billion, and non-GAAP diluted earnings per share of approximately $7.63, compared to $6.60 in the previous year, respectively.
Dick's Sporting Goods Inc. gained 1.7% to $180.08 after the retailer reported higher revenue in the first quarter.
Net sales jumped to $3.17 billion from $3.02 billion, net income eased to $264.39 million from $275.29 million, and diluted earnings per share fell to $3.24 from $3.30 a year ago.
The company continues to expect full-year comparable sales growth in the range of 1% to 3% as it opened six new retail locations during the first quarter and agreed to acquire Foot Locker Inc.
The sporting goods retailer announced a quarterly cash dividend of $1.2125 per share payable on June 27 to shareholders on record on June 13.
For the full year, the company estimated revenue to be between $13.6 billion and $13.9 billion, compared to $13.44 billion, and diluted earnings per share between $13.80 and $14.40, compared to $14.05 a year ago, respectively.
Abercrombie & Fitch Co. advanced 1.8% to $90.06 after the specialty retailer of apparel and accessories reported better-than-expected net sales in the first quarter.
Net sales increased to $1.10 billion from $1.02 billion, net income declined to $80.41 million from $113.85 million, and diluted earnings per share fell to $1.59 from $2.14 a year ago.
Comparable sales rose 4% in the quarter, led by the EMEA region, up 6%.
During the quarter, the company repurchased 2.6 million shares for approximately $200 million, and $1.1 billion remained under repurchase authorization.
The company guided second-quarter revenue to grow between 3% and 5% from $1.1 billion, and diluted earnings per share to be between $2.10 and $2.30, compared to $2.50 a year earlier, respectively.
For the full year, the company estimated revenue to increase between 3% and 6% from $4.95 billion, and diluted earnings per share to be between $9.50 and $10.50, compared to $10.69 in the previous year, respectively.
Macy's Inc. advanced 1.9% to $12.23 despite the department store chain reporting lower sales and earnings in the first quarter.
Net sales declined to $4.60 billion from $4.85 billion, net income slipped to $38 million from $62 million, and diluted earnings per share fell to 13 cents from 22 cents a year ago.
The company’s comparable sales were down 2% on an owned basis, but Bloomingdale’s same-store sales increased 3%.
“Bluemercury reported comparable sales growth of 1.5%, its 17th consecutive quarter of comparable sales growth,” the company said in a release to investors.
During the quarter, the retailer returned approximately $152 million to shareholders, including $51 million in quarterly cash dividends and $101 million of share repurchases.
Macy’s has approximately $1.3 billion remaining under its $2.0 billion share repurchase authorization as of the end of the first quarter.
The company announced a regular quarterly dividend of 18.24 cents per share payable on July 1 to shareholders on record on June 13.
Looking ahead, the company estimated full-year revenue to be between $21.0 billion and $21.4 billion, compared to $23.0 billion, and adjusted diluted earnings per share between $2.05 and $2.25, compared to $3.28 a year earlier, respectively.
Capri Holdings Ltd. surged 2.5% to $18.49 despite the fashion retailer reporting weak fiscal fourth-quarter 2025 results.
Revenue dropped to $1.03 billion from $1.22 billion, net loss widened to $645 million from a loss of $472 million, and diluted loss per share expanded to $5.44 from a loss of $4.03 a year ago.
Versace revenue was $208 million, a decline of 21.2% from the same quarter a year earlier.
The fashion retailer guided first-quarter revenue to be between $765 million and $780 million, compared to $1.07 billion, and diluted earnings per share between 10 cents and 15 cents, compared to a loss of 11 cents a year ago, respectively.
The company estimated fiscal year 2026 revenue to be between $3.3 billion and $3.4 billion, compared to $4.44 billion, and diluted earnings per share between $1.20 and $1.40, compared to a loss of $10 in the previous year, respectively.
U.S. Movers: Abercrombie & Fitch, Capri Holdings, Dick's Sporting Goods, Macy’s, NVIDIA, Salesforce, Veeva Systems
Scott Peters
29 May, 2025
New York City
NVIDIA Corp. surged 4.9% to $141.40 after the advanced chipmaker reported strong first-quarter 2026 results.
Revenue jumped to $44.06 billion from $26.04 billion, net income edged up to $18.77 billion from $14.88 billion, and diluted earnings per share rose to 76 cents from 60 cents a year ago.
Data center revenue was $39.1 billion, an increase of 73% from the prior year.
The company was unable to ship an additional $2.5 billion of its H20 product revenue in the first quarter due to a special license requirement by the U.S. government to enter the China market.
NVIDIA will pay its next quarterly cash dividend of 1 cent per share on July 3 to shareholders on record on June 11.
The chip maker guided second-quarter revenue to be $45.0 billion, plus or minus 2%, compared to $30.0 billion a year ago.
The outlook reflects a loss in H20 revenue of approximately $8.0 billion due to the recent export control limitations.
In other segment information, the company’s gaming and AI PC division marked a 42% sales increase, professional visualization was up 19%, and automotive and robotics was up 72% from a year earlier.
Salesforce.com Inc. advanced 1.3% to $279.68 after the customer management software provider reported strong results in the fiscal first-quarter 2026.
Revenue edged up to $9.83 billion from $9.13 billion, net income jumped to $1.54 billion from $1.53 billion, and diluted earnings per share rose to $1.59 from $1.56 a year ago.
During the quarter, the company returned $3.1 billion to shareholders, including $2.7 billion in share repurchases and $402 million in dividends.
The company guided second-quarter revenue to be between $10.11 billion and $10.16 billion, an increase of 8% to 9% from $9.33 billion, and GAAP diluted earnings per share between $1.80 and $1.82, compared to $1.47 a year earlier, respectively.
For the full year, the software company estimated revenue to be between $41.0 billion and $41.3 billion, up 8% to 9% from $37.9 billion, and GAAP diluted earnings per share between $7.15 and $7.21, compared to $6.36 in the previous year, respectively.
Veeva Systems Inc. soared 16.4% to $273 after the provider of cloud-based software solutions for the life sciences industry reported strong first-quarter 2026 results.
Revenue increased to $759.04 million from $650.34 million, net income jumped to $228.19 million from $161.66 million, and diluted earnings per share rose to $1.37 from 98 cents a year ago.
The company guided second-quarter revenue to be between $766 million and $769 million, compared to $676.2 million, and non-GAAP diluted earnings per share between $1.89 and $1.90, compared to $1.62 a year earlier, respectively.
For the full year, the software company estimated revenue to be between $3.09 billion and $3.10 billion, compared to $2.75 billion, and non-GAAP diluted earnings per share of approximately $7.63, compared to $6.60 in the previous year, respectively.
Dick's Sporting Goods Inc. gained 1.7% to $180.08 after the retailer reported higher revenue in the first quarter.
Net sales jumped to $3.17 billion from $3.02 billion, net income eased to $264.39 million from $275.29 million, and diluted earnings per share fell to $3.24 from $3.30 a year ago.
The company continues to expect full-year comparable sales growth in the range of 1% to 3% as it opened six new retail locations during the first quarter and agreed to acquire Foot Locker Inc.
The sporting goods retailer announced a quarterly cash dividend of $1.2125 per share payable on June 27 to shareholders on record on June 13.
For the full year, the company estimated revenue to be between $13.6 billion and $13.9 billion, compared to $13.44 billion, and diluted earnings per share between $13.80 and $14.40, compared to $14.05 a year ago, respectively.
Abercrombie & Fitch Co. advanced 1.8% to $90.06 after the specialty retailer of apparel and accessories reported better-than-expected net sales in the first quarter.
Net sales increased to $1.10 billion from $1.02 billion, net income declined to $80.41 million from $113.85 million, and diluted earnings per share fell to $1.59 from $2.14 a year ago.
Comparable sales rose 4% in the quarter, led by the EMEA region, up 6%.
During the quarter, the company repurchased 2.6 million shares for approximately $200 million, and $1.1 billion remained under repurchase authorization.
The company guided second-quarter revenue to grow between 3% and 5% from $1.1 billion, and diluted earnings per share to be between $2.10 and $2.30, compared to $2.50 a year earlier, respectively.
For the full year, the company estimated revenue to increase between 3% and 6% from $4.95 billion, and diluted earnings per share to be between $9.50 and $10.50, compared to $10.69 in the previous year, respectively.
Macy's Inc. advanced 1.9% to $12.23 despite the department store chain reporting lower sales and earnings in the first quarter.
Net sales declined to $4.60 billion from $4.85 billion, net income slipped to $38 million from $62 million, and diluted earnings per share fell to 13 cents from 22 cents a year ago.
The company’s comparable sales were down 2% on an owned basis, but Bloomingdale’s same-store sales increased 3%.
“Bluemercury reported comparable sales growth of 1.5%, its 17th consecutive quarter of comparable sales growth,” the company said in a release to investors.
During the quarter, the retailer returned approximately $152 million to shareholders, including $51 million in quarterly cash dividends and $101 million of share repurchases.
Macy’s has approximately $1.3 billion remaining under its $2.0 billion share repurchase authorization as of the end of the first quarter.
The company announced a regular quarterly dividend of 18.24 cents per share payable on July 1 to shareholders on record on June 13.
Looking ahead, the company estimated full-year revenue to be between $21.0 billion and $21.4 billion, compared to $23.0 billion, and adjusted diluted earnings per share between $2.05 and $2.25, compared to $3.28 a year earlier, respectively.
Capri Holdings Ltd. surged 2.5% to $18.49 despite the fashion retailer reporting weak fiscal fourth-quarter 2025 results.
Revenue dropped to $1.03 billion from $1.22 billion, net loss widened to $645 million from a loss of $472 million, and diluted loss per share expanded to $5.44 from a loss of $4.03 a year ago.
Versace revenue was $208 million, a decline of 21.2% from the same quarter a year earlier.
The fashion retailer guided first-quarter revenue to be between $765 million and $780 million, compared to $1.07 billion, and diluted earnings per share between 10 cents and 15 cents, compared to a loss of 11 cents a year ago, respectively.
The company estimated fiscal year 2026 revenue to be between $3.3 billion and $3.4 billion, compared to $4.44 billion, and diluted earnings per share between $1.20 and $1.40, compared to a loss of $10 in the previous year, respectively.
Japan Extends Weekly Rally to 3% After US Court Struck Down Global Tariffs
Akira Ito
29 May, 2025
Tokyo
Japan's indexes extended this week's rally after a U.S. federal court blocked global tariffs imposed by the U.S. president.
The Nikkei 225 Stock Average gained nearly 2%, and the broader Topix advanced 1.5% after a three-judge panel deemed Donald Trump's efforts "unlawful to all."
The U.S. Court of International Trade struck down unilaterally imposed global tariffs, citing that the president overstepped his authority and tariffs fail to perform the stated objective of limiting drug trafficking into the U.S.
The White House said it plans to appeal the federal court's decision, as judges ordered the administration to stop collecting tariffs and blocked levies permanently.
The court's decision powered a broad rally in markets in Japan, China, and Australia, in the hopes that the tariffs could be suspended for the foreseeable future.
Japan Indexes and Stocks
The Nikkei 225 Stock Average soared 1.8% to 38,376.73, and the broader Topix index advanced 1.5% to 2,812.0.
The Japanese yen eased sharply to 146.15 as the dollar rebounded and the yield on 10-year Japanese government bonds held near 1.52%.
In active trading, tech stocks led gainers in Tokyo.
Tokyo Electron Ltd. inched up 3.2% to ¥23,895.0, Advantest Corp. gained 4.3% to ¥7,570.0, and Lasertec increased 1.4% to ¥15,210.0.
Toyota Motor jumped 4% to ¥2,738.50, Honda Motor advanced 4.6% to ¥1,495.50, and Nissan Motor increased 6% to ¥381.30.
Seven & I Holdings Co. Ltd. inched up 0.5% to ¥2,191.0, Fast Retailing Co. Ltd. increased 2.6% to ¥48,540.0, and Isetan Mitsukoshi Holdings added 0.7% to ¥2,218.0.
Japan Extends Weekly Rally to 3% After US Court Struck Down Global Tariffs
Akira Ito
29 May, 2025
Tokyo
Japan's indexes extended this week's rally after a U.S. federal court blocked global tariffs imposed by the U.S. president.
The Nikkei 225 Stock Average gained nearly 2%, and the broader Topix advanced 1.5% after a three-judge panel deemed Donald Trump's efforts "unlawful to all."
The U.S. Court of International Trade struck down unilaterally imposed global tariffs, citing that the president overstepped his authority and tariffs fail to perform the stated objective of limiting drug trafficking into the U.S.
The White House said it plans to appeal the federal court's decision, as judges ordered the administration to stop collecting tariffs and blocked levies permanently.
The court's decision powered a broad rally in markets in Japan, China, and Australia, in the hopes that the tariffs could be suspended for the foreseeable future.
Japan Indexes and Stocks
The Nikkei 225 Stock Average soared 1.8% to 38,376.73, and the broader Topix index advanced 1.5% to 2,812.0.
The Japanese yen eased sharply to 146.15 as the dollar rebounded and the yield on 10-year Japanese government bonds held near 1.52%.
In active trading, tech stocks led gainers in Tokyo.
Tokyo Electron Ltd. inched up 3.2% to ¥23,895.0, Advantest Corp. gained 4.3% to ¥7,570.0, and Lasertec increased 1.4% to ¥15,210.0.
Toyota Motor jumped 4% to ¥2,738.50, Honda Motor advanced 4.6% to ¥1,495.50, and Nissan Motor increased 6% to ¥381.30.
Seven & I Holdings Co. Ltd. inched up 0.5% to ¥2,191.0, Fast Retailing Co. Ltd. increased 2.6% to ¥48,540.0, and Isetan Mitsukoshi Holdings added 0.7% to ¥2,218.0.
China and Hong Kong Indexes Advanced After Trade Court Struck Down Trump Tariffs
Li Chen
29 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong traded higher and approached two-month highs after a U.S. court struck down tariffs unilaterally imposed by the U.S. president.
The Hang Seng index advanced 0.7%, and the mainland-focused CSI 300 index gained 0.6% as investors surmised that the court's ruling may not impede international trade.
The U.S. Court of International Trade, located in New York City, struck down the so-called "reciprocal tariffs," stating that the U.S. president had overstepped his authority.
The panel of three judges added that it did not see a direct connection between the president's stated objective of arresting the drug trafficking in the U.S. and the administration's approach in taxing legal trade.
The court ruling removed for now one level of uncertainty, and investors shifted their attention to corporate earnings and economic releases.
The manufacturing sector is likely to show a contraction in activities for the second consecutive month in May, according to a report from the National Bureau of Statistics later in the week.
China Indexes and Stocks
The Hang Seng index jumped 0.7% to 23,408.36, and the mainland-focused CSI 300 index edged higher 0.6% to 3,862.44.
Alibaba Group Holding advanced 0.8% to HK $116.60, Meituan jumped 4.5% to HK $137.90, and the apparel maker Shenzhou International Group Holdings gained 4.6% to HK $59.45.
China and Hong Kong Indexes Advanced After Trade Court Struck Down Trump
Li Chen
29 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong traded higher and approached two-month highs after a U.S. court struck down tariffs unilaterally imposed by the U.S. president.
The Hang Seng index advanced 0.7%, and the mainland-focused CSI 300 index gained 0.6% as investors surmised that the court's ruling may not impede international trade.
The U.S. Court of International Trade, located in New York City, struck down the so-called "reciprocal tariffs," stating that the U.S. president had overstepped his authority.
The panel of three judges added that it did not see a direct connection between the president's stated objective of arresting the drug trafficking in the U.S. and the administration's approach in taxing legal trade.
The court ruling removed for now one level of uncertainty, and investors shifted their attention to corporate earnings and economic releases.
The manufacturing sector is likely to show a contraction in activities for the second consecutive month in May, according to a report from the National Bureau of Statistics later in the week.
China Indexes and Stocks
The Hang Seng index jumped 0.7% to 23,408.36, and the mainland-focused CSI 300 index edged higher 0.6% to 3,862.44.
Alibaba Group Holding advanced 0.8% to HK $116.60, Meituan jumped 4.5% to HK $137.90, and the apparel maker Shenzhou International Group Holdings gained 4.6% to HK $59.45.