Market Update
German Debt Increase Lifts Business Mood, EU Passenger Car Registrations Decline
Bridgette Randall
25 Mar, 2025
London
European markets advanced, and investors reviewed economic reports from Germany, Spain, and the U.K.
Benchmark indexes in Frankfurt, Paris, and London jumped as much as 1% amid hopes of softer U.S. tariffs, but tariff turmoil and confusion dominated market sentiment.
German business morale indicator jumped in March following the lawmakers passing a historic debt reform, setting the stage for higher infrastructure and arms spending.
Germany has announced its plans to spend as much as 500 billion, about 11% of its GDP, to invest in improving its aging infrastructure, and the largest economy in the eurozone plans to increase its arms purchases and invest in the region's security.
The German Ifo Business Climate Indicator jumped to an 8-month high of 86.7 in March, the highest since July, the Ifo Institute reported Tuesday.
The measure of retail sales in the U.K. pointed to ongoing softness amid weakness in consumer spending and cautious wholesale trade.
The Confederation of British Industry Distributive Trades Survey declined by 18 points to -41.0, the lowest level since April 2024.
The index decreased for the sixth consecutive month in March and confirmed below-normal sales in the month.
Spain's producer price inflation accelerated in February from the previous month and extended gains to the fourth consecutive month, the National Statistics Institute reported Tuesday.
Producer price inflation advanced to an annual increase of 6.6% in March, driven by a 22.2% surge in energy prices.
However, excluding energy prices, prices remained flat after decreasing 0.2% in January.
EU Passenger Car Registration Declined In February
Passenger vehicle registration, a measure of automobile sales, in the European Union declined at a faster pace in February, the European Automobile Manufacturers' Association reported Tuesday.
The EU vehicle sales in February declined 3.4% to 853,670, following a 2.6% fall in the previous month.
Sales in Italy fell 6.0%, followed by a 4.6% decrease in Germany and a 3.3% decline in France. However, sales in Spain surged 8.4%.
In the first two months to February 2025, battery-electric vehicles accounted for 15.2% of total EU market share, higher than 11.5% in the comparable period of 2024.
Hybrid-electric vehicles surged, capturing 35.2% of the market and remaining the preferred choice among EU consumers.
Meanwhile, the combined market share of petrol and diesel cars declined to 38.8%, down from 48.5% over the same period in 2024.
Europe Indexes and Yields
The DAX index increased by 0.04% to 22,861.99, the CAC-40 index edged higher 0.4% to 8,055.58, and the FTSE 100 index advanced by 0.4% to 8,670.63.
The yield on 10-year German bonds inched higher to 2.79%, French bonds increased to 3.48%, the UK gilts moved up to 4.75%, and Italian bonds edged higher to 3.89%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.40 Swiss cents.
Brent crude increased $0.21 to $73.21 a barrel, and the Dutch TTF natural gas was lower by €0.05 to €42.18 per MWh.
Europe Stock Movers
Kingfisher plc plunged 13.3% to 242.54 pence after the home improvement retailer reported a decline in earnings in 2024.
Kuehne und Nagle International AG dropped 3.7% to CHF 204.70, and the Swiss logistics company offered a weaker-than-estimated operating earnings outlook for 2025.
TAG Immobilien AG decreased 1.9% to €12.05 despite the German residential real estate company reporting strong financial results in 2024.
The company highlighted its success in expanding its business in Poland's rental market and energy service business and added that it has reduced its vacancy rate in Germany.
German Debt Increase Lifts Business Mood, EU Passenger Car Registrations Decline
Bridgette Randall
25 Mar, 2025
London
European markets advanced, and investors reviewed economic reports from Germany, Spain, and the U.K.
Benchmark indexes in Frankfurt, Paris, and London jumped as much as 1% amid hopes of softer U.S. tariffs, but tariff turmoil and confusion dominated market sentiment.
German business morale indicator jumped in March following the lawmakers passing a historic debt reform, setting the stage for higher infrastructure and arms spending.
Germany has announced its plans to spend as much as 500 billion, about 11% of its GDP, to invest in improving its aging infrastructure, and the largest economy in the eurozone plans to increase its arms purchases and invest in the region's security.
The German Ifo Business Climate Indicator jumped to an 8-month high of 86.7 in March, the highest since July, the Ifo Institute reported Tuesday.
The measure of retail sales in the U.K. pointed to ongoing softness amid weakness in consumer spending and cautious wholesale trade.
The Confederation of British Industry Distributive Trades Survey declined by 18 points to -41.0, the lowest level since April 2024.
The index decreased for the sixth consecutive month in March and confirmed below-normal sales in the month.
Spain's producer price inflation accelerated in February from the previous month and extended gains to the fourth consecutive month, the National Statistics Institute reported Tuesday.
Producer price inflation advanced to an annual increase of 6.6% in March, driven by a 22.2% surge in energy prices.
However, excluding energy prices, prices remained flat after decreasing 0.2% in January.
EU Passenger Car Registration Declined In February
Passenger vehicle registration, a measure of automobile sales, in the European Union declined at a faster pace in February, the European Automobile Manufacturers' Association reported Tuesday.
The EU vehicle sales in February declined 3.4% to 853,670, following a 2.6% fall in the previous month.
Sales in Italy fell 6.0%, followed by a 4.6% decrease in Germany and a 3.3% decline in France. However, sales in Spain surged 8.4%.
In the first two months to February 2025, battery-electric vehicles accounted for 15.2% of total EU market share, higher than 11.5% in the comparable period of 2024.
Hybrid-electric vehicles surged, capturing 35.2% of the market and remaining the preferred choice among EU consumers.
Meanwhile, the combined market share of petrol and diesel cars declined to 38.8%, down from 48.5% over the same period in 2024.
Europe Indexes and Yields
The DAX index increased by 0.04% to 22,861.99, the CAC-40 index edged higher 0.4% to 8,055.58, and the FTSE 100 index advanced by 0.4% to 8,670.63.
The yield on 10-year German bonds inched higher to 2.79%, French bonds increased to 3.48%, the UK gilts moved up to 4.75%, and Italian bonds edged higher to 3.89%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.40 Swiss cents.
Brent crude increased $0.21 to $73.21 a barrel, and the Dutch TTF natural gas was lower by €0.05 to €42.18 per MWh.
Europe Stock Movers
Kingfisher plc plunged 13.3% to 242.54 pence after the home improvement retailer reported a decline in earnings in 2024.
Kuehne und Nagle International AG dropped 3.7% to CHF 204.70, and the Swiss logistics company offered a weaker-than-estimated operating earnings outlook for 2025.
TAG Immobilien AG decreased 1.9% to €12.05 despite the German residential real estate company reporting strong financial results in 2024.
The company highlighted its success in expanding its business in Poland's rental market and energy service business and added that it has reduced its vacancy rate in Germany.
Europe Stock Movers: Jenoptik, Tullow Oil
Inga Muller
25 Mar, 2025
Frankfurt
Jenoptik AG gained 0.5% to €23.28 after the Germany-based optical technologies provider reported increased revenue in 2024.
Revenue edged up 4.7% to €1.11 billion from €1.07 billion, earnings jumped to €92.65 million from €72.47 million, and diluted earnings per share rose to €1.62 from €1.27 a year ago.
The company proposed a dividend of 38 cents per share, up 8.6% from 35 cents in 2023.
During 2024, Jenoptik paid a total of €21.8 million in dividends, up from €20.0 million in the previous year.
Tullow Oil Plc. surged 1.6% to 14.23 pence after the UK-based oil and gas exploration and production company reported lower revenue in 2024.
Revenue declined to $52.42 billion from $55.75 million, profit was $54.6 million compared to a loss of $109.6 million, and diluted earnings per share came in at 3.6 cents compared to a loss of 7.6 cents a year ago.
The company guided for 2025 group working interest production to be between 50 and 55 kboepd as previously announced, including approximately 6 kboepd of gas.
Tullow’s Ghana drilling program with Noble Venturer is set to commence in May 2025 with two Jubilee wells, one producer and one water injector, expected to come on stream in the third quarter of 2025.
The company has signed an agreement with Gabon Oil Co. for the sale of Tullow Oil Gabon SA for a cash consideration of $300 million net of tax.
“Entering into the full sale and purchase agreement is targeted for the second quarter of 2025, with completion of the transaction expected around the middle of the year,” the company said in a release to investors.
Tullow has “confidence in the Jubilee field to deliver material cash flows and provide the business with optionality for returns and growth, once the company’s net debt target of below $1 billion is reached.”
The company said it plans to increase its capital expenditure to $250 million, including $160 million in Ghana, $70 million across the West African non-operated portfolio, $5 million in Kenya, and $15 million of exploration expenditure.
Net debt reduced by $156.1 million during the year to $1,452.3 million at the end of 2024 from $1,608.4 million in 2023, due to generation of free cash flow of $156.1 million.
The leverage ratio decreased to 1.3 times, from 1.4 times in 2023, due to the reduction in net debt compared to prior year.
Europe Stock Movers: Jenoptik, Tullow Oil
Inga Muller
25 Mar, 2025
Frankfurt
Jenoptik AG gained 0.5% to €23.28 after the Germany-based optical technologies provider reported increased revenue in 2024.
Revenue edged up 4.7% to €1.11 billion from €1.07 billion, earnings jumped to €92.65 million from €72.47 million, and diluted earnings per share rose to €1.62 from €1.27 a year ago.
The company proposed a dividend of 38 cents per share, up 8.6% from 35 cents in 2023.
During 2024, Jenoptik paid a total of €21.8 million in dividends, up from €20.0 million in the previous year.
Tullow Oil Plc. surged 1.6% to 14.23 pence after the UK-based oil and gas exploration and production company reported lower revenue in 2024.
Revenue declined to $52.42 billion from $55.75 million, profit was $54.6 million compared to a loss of $109.6 million, and diluted earnings per share came in at 3.6 cents compared to a loss of 7.6 cents a year ago.
The company guided for 2025 group working interest production to be between 50 and 55 kboepd as previously announced, including approximately 6 kboepd of gas.
Tullow’s Ghana drilling program with Noble Venturer is set to commence in May 2025 with two Jubilee wells, one producer and one water injector, expected to come on stream in the third quarter of 2025.
The company has signed an agreement with Gabon Oil Co. for the sale of Tullow Oil Gabon SA for a cash consideration of $300 million net of tax.
“Entering into the full sale and purchase agreement is targeted for the second quarter of 2025, with completion of the transaction expected around the middle of the year,” the company said in a release to investors.
Tullow has “confidence in the Jubilee field to deliver material cash flows and provide the business with optionality for returns and growth, once the company’s net debt target of below $1 billion is reached.”
The company said it plans to increase its capital expenditure to $250 million, including $160 million in Ghana, $70 million across the West African non-operated portfolio, $5 million in Kenya, and $15 million of exploration expenditure.
Net debt reduced by $156.1 million during the year to $1,452.3 million at the end of 2024 from $1,608.4 million in 2023, due to generation of free cash flow of $156.1 million.
The leverage ratio decreased to 1.3 times, from 1.4 times in 2023, due to the reduction in net debt compared to prior year.
U.S. Stock Movers: BYD Electronic, KB Home, Meituan
Scott Peters
25 Mar, 2025
New York City
KB Home dropped 7.2% to $57.34 after the homebuilder missed earnings expectations for the fiscal first quarter of 2025.
Housing revenue declined 5% to $1.39 billion from $1.47 billion, net income edged down to $109.5 million from $138.7 million, and diluted earnings per share fell to $1.49 from $1.76 a year ago.
New orders edged down 17% to 2,772 from 3,323, and deliveries fell 9% to 2,770 from 3,037 a year ago.
The average selling price increased 4% to $500,700 from $480,100, and the backlog of homes decreased 23% to 4,436 from 5,796 a year earlier.
During the quarter, the company repurchased 753,939 shares at a total cost of $50.0 million, or $66.32 per share.
As of February 28, KB Home had $650.0 million remaining under its current stock repurchase authorization.
The home builder guided for the full year housing revenue to be between $6.60 billion and $7.00 billion, compared to $6.93 billion a year ago.
The average home selling price is estimated to be between $480,000 and $495,000, compared to $486,900 in 2024.
Meituan surged 3.09% to $20.83 after the Hong Kong-based e-commerce platform operator reported increased revenue in 2024.
Revenue jumped to 337.59 billion yuan from 276.74 billion yuan, profit soared to 35.81 billion yuan from 13.85 billion yuan, and diluted earnings per share jumped to 5.66 yuan from 2.11 yuan a year ago.
BYD Electronic International Co. Ltd. gained 2.6% to $6.20 after the Hong Kong-based automotive electronics company reported higher revenue in 2024.
Operating revenue jumped to 777.10 billion yuan from 602.31 billion yuan, net profit edged up to 41.59 billion yuan from 31.34 billion yuan, and diluted earnings per share rose to 13.84 yuan from 10.32 yuan a year ago.
U.S. Stock Movers: BYD Electronic, KB Home, Meituan
Scott Peters
25 Mar, 2025
New York City
KB Home dropped 7.2% to $57.34 after the homebuilder missed earnings expectations for the fiscal first quarter of 2025.
Housing revenue declined 5% to $1.39 billion from $1.47 billion, net income edged down to $109.5 million from $138.7 million, and diluted earnings per share fell to $1.49 from $1.76 a year ago.
New orders edged down 17% to 2,772 from 3,323, and deliveries fell 9% to 2,770 from 3,037 a year ago.
The average selling price increased 4% to $500,700 from $480,100, and the backlog of homes decreased 23% to 4,436 from 5,796 a year earlier.
During the quarter, the company repurchased 753,939 shares at a total cost of $50.0 million, or $66.32 per share.
As of February 28, KB Home had $650.0 million remaining under its current stock repurchase authorization.
The home builder guided for the full year housing revenue to be between $6.60 billion and $7.00 billion, compared to $6.93 billion a year ago.
The average home selling price is estimated to be between $480,000 and $495,000, compared to $486,900 in 2024.
Meituan surged 3.09% to $20.83 after the Hong Kong-based e-commerce platform operator reported increased revenue in 2024.
Revenue jumped to 337.59 billion yuan from 276.74 billion yuan, profit soared to 35.81 billion yuan from 13.85 billion yuan, and diluted earnings per share jumped to 5.66 yuan from 2.11 yuan a year ago.
BYD Electronic International Co. Ltd. gained 2.6% to $6.20 after the Hong Kong-based automotive electronics company reported higher revenue in 2024.
Operating revenue jumped to 777.10 billion yuan from 602.31 billion yuan, net profit edged up to 41.59 billion yuan from 31.34 billion yuan, and diluted earnings per share rose to 13.84 yuan from 10.32 yuan a year ago.
China Markets Drop Amid Profit Taking, BYD and Xiaomi In Focus
Li Chen
25 Mar, 2025
Hong Kong
Benchmark indexes in China and Hong Kong declined sharply amid profit-taking and lack of catalysts.
The Hang Seng index dropped 2%, and the mainland-focused CSI 300 index declined a fraction, amid weakening confidence for the second week in a row.
Investors are worried that the recent run-up in tech stocks may have stretched valuations and feared that the next round of U.S. tariffs could impact electric vehicle makers and renewable energy companies.
China Indexes and Stocks
The Hang Seng index declined 2.2% to 23,360.79, and the mainland-focused CSI 300 index dropped 0.1% to 3,932.30.
BYD Electronic International dropped nearly 10% to HK $42.45 after the company announced its annual results.
The company announced a final cash dividend of 0.568 yen per share to be approved by shareholders on June 6.
BYD declined 3.5% to HK $389.0, and the electric vehicle maker reported its quarterly results.
Revenue in the latest quarter increased to $38.1 billion, and earnings per share rose to 5.16 yuan, and the company shipped 1.5 million vehicles in the period.
Of the total shipments, all-electric vehicles accounted for 595,000 units, surpassing Tesla's shipment of 496,000 in the fourth quarter.
Xiaomi Corp. decreased 6.3% to HK $53.40, and the electric vehicle and smartphone maker completed its secondary offering.
The company sold 800 million shares at HK $53.25 per share and raised $5.5 billion.
Nanshan Aluminium International Holdings Ltd. decreased 4% to HK $25.25 after the company listed its stock on the Hong Kong Stock Exchange.
The company sold 88.23 million shares at a price of HK $26.60 per share and raised HK $2.35 billion, or about $302 million.
China Markets Drop Amid Profit Taking, BYD and Xiaomi In Focus
Li Chen
25 Mar, 2025
Hong Kong
Benchmark indexes in China and Hong Kong declined sharply amid profit-taking and lack of catalysts.
The Hang Seng index dropped 2%, and the mainland-focused CSI 300 index declined a fraction, amid weakening confidence for the second week in a row.
Investors are worried that the recent run-up in tech stocks may have stretched valuations and feared that the next round of U.S. tariffs could impact electric vehicle makers and renewable energy companies.
China Indexes and Stocks
The Hang Seng index declined 2.2% to 23,360.79, and the mainland-focused CSI 300 index dropped 0.1% to 3,932.30.
BYD Electronic International dropped nearly 10% to HK $42.45 after the company announced its annual results.
The company announced a final cash dividend of 0.568 yen per share to be approved by shareholders on June 6.
BYD declined 3.5% to HK $389.0, and the electric vehicle maker reported its quarterly results.
Revenue in the latest quarter increased to $38.1 billion, and earnings per share rose to 5.16 yuan, and the company shipped 1.5 million vehicles in the period.
Of the total shipments, all-electric vehicles accounted for 595,000 units, surpassing Tesla's shipment of 496,000 in the fourth quarter.
Xiaomi Corp. decreased 6.3% to HK $53.40, and the electric vehicle and smartphone maker completed its secondary offering.
The company sold 800 million shares at HK $53.25 per share and raised $5.5 billion.
Nanshan Aluminium International Holdings Ltd. decreased 4% to HK $25.25 after the company listed its stock on the Hong Kong Stock Exchange.
The company sold 88.23 million shares at a price of HK $26.60 per share and raised HK $2.35 billion, or about $302 million.
India Movers: Stove Kraft, Poly Medicure, Paradeep Phosphates, MM Forgings, Oriental Aromatics, Nahar Poly, Nila Infra, General Insurance
Arun Goswami
25 Mar, 2025
Mumbai
Stove Kraft Ltd. fell 1.5% to ₹763 despite the domestic appliance maker reporting a 78% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹404 crore from ₹360 crore, net income jumped to ₹12.1 crore from ₹6.8 crore, and diluted earnings per share rose to ₹3.67 from ₹2.04 a year ago.
Poly Medicure Ltd. decreased 2% to ₹2,246.10 despite the medical devices company reporting a 31% increase in net income in the December quarter.
Consolidated revenue advanced to ₹446 crore from ₹356 crore, after-tax profit increased to ₹85 crore from ₹65 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.
Paradeep Phosphates Limited declined 0.4% to ₹103.08 despite the complex phosphatic fertilizer maker reporting a 46% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹4,140.1 crore from ₹2,603.7 crore, net income jumped to ₹158.7 crore from ₹108.9 crore, and diluted earnings per share rose to ₹1.94 from ₹1.34 a year ago.
MM Forgings Limited dropped 2% to ₹353.8 after the iron and steel forgings maker reported a 21% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹377.6 crore from ₹404.2 crore, after-tax profit decreased to ₹26.5 crore from ₹33.4 crore, and diluted earnings per share fell to ₹5.50 from ₹13.90 a year ago.
Oriental Aromatics Ltd. fell 2.7% to ₹300.85 despite the chemicals maker reporting a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹222.7 crore from ₹199.7 crore, net income jumped to ₹10.7 crore from ₹2.7 crore, and diluted earnings per share rose to ₹3.18 from 80 paise a year ago.
Nahar Poly Films plunged 2.4% to ₹ 196.40 despite the packaging film maker’s net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹177.1 crore from ₹155.6 crore, net income swung to a profit of ₹6.6 crore from a loss of ₹8.9 crore, and diluted earnings per share rose to an income of ₹2.68 from a loss of ₹3.64 a year ago.
Nila Infrastructures Ltd. declined 2% to ₹9.63 despite the infrastructure company reporting profit soared 53% in the fiscal third quarter.
Consolidated revenue advanced to ₹56 crore from ₹36.6 crore, net income jumped to ₹4.9 crore from ₹3.2 crore, and diluted earnings per share rose to 13 paisa from 8 paisa a year ago.
The General Insurance Corporation of India dropped 3.1% to ₹426.35 despite the reinsurance services provider reporting an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹10,420.1 crore from ₹10,267.5 crore, after-tax profit increased to ₹1,623.4 crore from ₹1,392.2 crore, and diluted earnings per share rose to ₹9.56 from ₹8.20 a year ago.
India Movers: Stove Kraft, Poly Medicure, Paradeep Phosphates, MM Forgings, Oriental Aromatics, Nahar Poly, Nila Infra, General Insurance
Arun Goswami
25 Mar, 2025
Mumbai
Stove Kraft Ltd. fell 1.5% to ₹763 despite the domestic appliance maker reporting a 78% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹404 crore from ₹360 crore, net income jumped to ₹12.1 crore from ₹6.8 crore, and diluted earnings per share rose to ₹3.67 from ₹2.04 a year ago.
Poly Medicure Ltd. decreased 2% to ₹2,246.10 despite the medical devices company reporting a 31% increase in net income in the December quarter.
Consolidated revenue advanced to ₹446 crore from ₹356 crore, after-tax profit increased to ₹85 crore from ₹65 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.
Paradeep Phosphates Limited declined 0.4% to ₹103.08 despite the complex phosphatic fertilizer maker reporting a 46% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹4,140.1 crore from ₹2,603.7 crore, net income jumped to ₹158.7 crore from ₹108.9 crore, and diluted earnings per share rose to ₹1.94 from ₹1.34 a year ago.
MM Forgings Limited dropped 2% to ₹353.8 after the iron and steel forgings maker reported a 21% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹377.6 crore from ₹404.2 crore, after-tax profit decreased to ₹26.5 crore from ₹33.4 crore, and diluted earnings per share fell to ₹5.50 from ₹13.90 a year ago.
Oriental Aromatics Ltd. fell 2.7% to ₹300.85 despite the chemicals maker reporting a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹222.7 crore from ₹199.7 crore, net income jumped to ₹10.7 crore from ₹2.7 crore, and diluted earnings per share rose to ₹3.18 from 80 paise a year ago.
Nahar Poly Films plunged 2.4% to ₹ 196.40 despite the packaging film maker’s net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹177.1 crore from ₹155.6 crore, net income swung to a profit of ₹6.6 crore from a loss of ₹8.9 crore, and diluted earnings per share rose to an income of ₹2.68 from a loss of ₹3.64 a year ago.
Nila Infrastructures Ltd. declined 2% to ₹9.63 despite the infrastructure company reporting profit soared 53% in the fiscal third quarter.
Consolidated revenue advanced to ₹56 crore from ₹36.6 crore, net income jumped to ₹4.9 crore from ₹3.2 crore, and diluted earnings per share rose to 13 paisa from 8 paisa a year ago.
The General Insurance Corporation of India dropped 3.1% to ₹426.35 despite the reinsurance services provider reporting an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹10,420.1 crore from ₹10,267.5 crore, after-tax profit increased to ₹1,623.4 crore from ₹1,392.2 crore, and diluted earnings per share rose to ₹9.56 from ₹8.20 a year ago.