Market Update
China Stocks Rebound Amid Hopes of Easing U.S. Trade Tensions
Li Chen
23 Apr, 2025
Hong Kong
Stocks rebounded in China and Hong Kong amid hopes of cooling trade tensions with the U.S.
The Hang Seng index advanced 2%, and the mainland-focused CSI 300 index gained more than 1% following a rebound on Wall Street.
U.S. Treasury Secretary Scott Bessent told investors in a closed-door meeting that the current high level of trade tensions with China is "unsustainable on both sides," and the two trading partners would have to find a common ground.
Bessent's comments raised hopes that the Trump administration's punitive tariffs of 145% could be substantially cut as early as this month.
The unilateral tariffs imposed by the Trump administration have stoked fears of high inflation and a sharp slowdown in the U.S. economy.
Moreover, as many as one million jobs in U.S. small businesses and an additional three million jobs in China are likely to be lost over the rest of the year if the cumulative U.S. tariffs are imposed starting in May.
Investors shifted their attention to the announcement after the Politburo meeting later in the week, amid hopes of more clarity about the previously announced fiscal measures.
Later in the week, market participants are awaiting earnings results from several leading banks, property developers, and financial services providers.
On the economic front, the People's Bank of China held steady its loan prime rates for the sixth consecutive month amid elevated global trade uncertainties.
The one-year rate, used for most corporate and household loans, was held at 3.1%, and the five-year rate, the reference rate for mortgage loans, was kept unrevised at 3.6%.
Last week, China reported its first-quarter GDP growth of 5.4%, matching the rate in the previous quarter amid Beijing's efforts to revive economic activities.
Beijing is prioritizing consumer spending in its ongoing stimulus program, and policymakers are considering raising 300 billion yuan through the sale of ultra-long special treasury bonds and financing a consumer goods trade program.
China Indexes and Stocks
The Hang Seng index jumped 2.2% to 22,048.59, and the CSI 300 index added 1% to 3,792.20.
Leading exporters and online platform operators led gainers in China and Hong Kong trading.
Alibaba Group Holding jumped 2.2% to HK $116.40, Tencent Holdings jumped 3.3% to HK $476.0, and Meituan advanced 3.3% to HK $133.40.
Xiaomi Corp. jumped 6.6% to HK $47.35, Sunny Optical Technology Group gained 3.3% to HK $65.15, and Kuaishou Technology increased 3.3% to HK $51.90.
Zijin Mining Group decreased 4.4% to HK $17.18 despite the price of gold in international trading crossing $3,500 before pulling back closer to $3,300.
China Stocks Rebound Amid Hopes of Easing U.S. Trade Tensions
Li Chen
23 Apr, 2025
Hong Kong
Stocks rebounded in China and Hong Kong amid hopes of cooling trade tensions with the U.S.
The Hang Seng index advanced 2%, and the mainland-focused CSI 300 index gained more than 1% following a rebound on Wall Street.
U.S. Treasury Secretary Scott Bessent told investors in a closed-door meeting that the current high level of trade tensions with China is "unsustainable on both sides," and the two trading partners would have to find a common ground.
Bessent's comments raised hopes that the Trump administration's punitive tariffs of 145% could be substantially cut as early as this month.
The unilateral tariffs imposed by the Trump administration have stoked fears of high inflation and a sharp slowdown in the U.S. economy.
Moreover, as many as one million jobs in U.S. small businesses and an additional three million jobs in China are likely to be lost over the rest of the year if the cumulative U.S. tariffs are imposed starting in May.
Investors shifted their attention to the announcement after the Politburo meeting later in the week, amid hopes of more clarity about the previously announced fiscal measures.
Later in the week, market participants are awaiting earnings results from several leading banks, property developers, and financial services providers.
On the economic front, the People's Bank of China held steady its loan prime rates for the sixth consecutive month amid elevated global trade uncertainties.
The one-year rate, used for most corporate and household loans, was held at 3.1%, and the five-year rate, the reference rate for mortgage loans, was kept unrevised at 3.6%.
Last week, China reported its first-quarter GDP growth of 5.4%, matching the rate in the previous quarter amid Beijing's efforts to revive economic activities.
Beijing is prioritizing consumer spending in its ongoing stimulus program, and policymakers are considering raising 300 billion yuan through the sale of ultra-long special treasury bonds and financing a consumer goods trade program.
China Indexes and Stocks
The Hang Seng index jumped 2.2% to 22,048.59, and the CSI 300 index added 1% to 3,792.20.
Leading exporters and online platform operators led gainers in China and Hong Kong trading.
Alibaba Group Holding jumped 2.2% to HK $116.40, Tencent Holdings jumped 3.3% to HK $476.0, and Meituan advanced 3.3% to HK $133.40.
Xiaomi Corp. jumped 6.6% to HK $47.35, Sunny Optical Technology Group gained 3.3% to HK $65.15, and Kuaishou Technology increased 3.3% to HK $51.90.
Zijin Mining Group decreased 4.4% to HK $17.18 despite the price of gold in international trading crossing $3,500 before pulling back closer to $3,300.
U.S. Movers: GE, Moody’s, MSCI, Northern Trust, PulteGroup
Scott Peters
22 Apr, 2025
New York City
Moody’s Corp. gained 0.03% to $413.30 after the bond rating agency reported first-quarter 2025 results.
Revenue edged up to $1.92 billion from $1.79 billion, net income jumped to $625 million from $577 million, and diluted earnings per share rose to $3.46 from $3.15 a year ago.
The company guided fiscal 2025 revenue to increase in the mid-single-digit percent range, compared to $7.09 billion in 2024, and diluted earnings per share to be between $12.00 and $12.75, compared to $11.26 a year ago.
MSCI Inc. dropped 0.03% to $533.33 after the custom index and financial data analytics company reported first-quarter 2025 results.
Revenue surged to $745.83 million from $679.96 million, net income jumped to $288.60 million from $255.95 million, and diluted earnings per share rose to $3.71 from $3.22 a year ago.
In the first quarter and through April 21, a total of $275.4 million, or 493,322 shares, was repurchased, and the company paid approximately $139.7 million in dividends.
The company proposed to pay a cash dividend of $1.80 per share for the fiscal second quarter of 2025.
PulteGroup Inc. gained 2.3% to $95.30 after the home builder reported first-quarter 2025 results.
Total revenue declined to $3.89 billion from $3.95 billion, net income edged down to $522.80 million from $662.98 million, and diluted earnings per share fell to $2.57 from $3.10 a year ago.
The company closed 6,583 homes, generating home sale revenues of $3.7 billion, and announced net new orders of 7,765 homes with a value of $4.5 billion, compared to net new orders of 8,379 homes with a value of $4.7 billion a year ago.
The home builder said its unit backlog includes 11,335 homes with a value of $7.2 billion.
During the quarter, PulteGroup repurchased $300 million of common shares and announced a $1.3 billion cash position.
Northern Trust Corp. surged 3.7% to $89.99 after the financial services company released first-quarter 2025 results.
Total revenue edged up to $1.94 billion from $1.65 billion, net income jumped to $392.0 million from $214.7 million, and diluted earnings per share rose to $1.90 from 96 cents a year ago.
GE Aerospace surged 3.1% to $183.89 after the provider of jet and turboprop engines reported first-quarter 2025 results.
Revenue climbed 11% to $9.93 billion from $8.95 billion, profit edged up 13% to $2.24 billion from $1.99 billion, and continuing earnings per share rose 16% to $1.83 from $1.58 a year ago.
The company guided fiscal 2025 operating profit to be between $7.8 billion and $8.2 billion, compared to $7.3 billion in 2024, and adjusted earnings per share between $5.10 and $5.45, compared to $4.60 a year earlier.
U.S. Movers: Moody’s, MSCI, Northern Trust, PulteGroup
Scott Peters
22 Apr, 2025
New York City
Moody’s Corp. gained 0.03% to $413.30 after the bond rating agency reported first-quarter 2025 results.
Revenue edged up to $1.92 billion from $1.79 billion, net income jumped to $625 million from $577 million, and diluted earnings per share rose to $3.46 from $3.15 a year ago.
The company guided fiscal 2025 revenue to increase in the mid-single-digit percent range, compared to $7.09 billion in 2024, and diluted earnings per share to be between $12.00 and $12.75, compared to $11.26 a year ago.
MSCI Inc. dropped 0.03% to $533.33 after the custom index and financial data analytics company reported first-quarter 2025 results.
Revenue surged to $745.83 million from $679.96 million, net income jumped to $288.60 million from $255.95 million, and diluted earnings per share rose to $3.71 from $3.22 a year ago.
In the first quarter and through April 21, a total of $275.4 million, or 493,322 shares, was repurchased, and the company paid approximately $139.7 million in dividends.
The company proposed to pay a cash dividend of $1.80 per share for the fiscal second quarter of 2025.
PulteGroup Inc. gained 2.3% to $95.30 after the home builder reported first-quarter 2025 results.
Total revenue declined to $3.89 billion from $3.95 billion, net income edged down to $522.80 million from $662.98 million, and diluted earnings per share fell to $2.57 from $3.10 a year ago.
The company closed 6,583 homes, generating home sale revenues of $3.7 billion, and announced net new orders of 7,765 homes with a value of $4.5 billion, compared to net new orders of 8,379 homes with a value of $4.7 billion a year ago.
The home builder said its unit backlog includes 11,335 homes with a value of $7.2 billion.
During the quarter, PulteGroup repurchased $300 million of common shares and announced a $1.3 billion cash position.
Northern Trust Corp. surged 3.7% to $89.99 after the financial services company released first-quarter 2025 results.
Total revenue edged up to $1.94 billion from $1.65 billion, net income jumped to $392.0 million from $214.7 million, and diluted earnings per share rose to $1.90 from 96 cents a year ago.
Trump's Attack on Fed Chair Adds One More Layer of Uncertainty, Gold Soars to New High
Barry Adams
22 Apr, 2025
New York City
Wall Street indexes attempted to rebound following a steep sell-off in the previous session amid lingering trade policy uncertainties compounded by attacks on the Federal Reserve.
The S&P 500 index edged up 0.2%, and the Nasdaq Composite advanced 0.1% following a sharp sell-off in Monday's trading after the Trump administration's attacks unnerved investors.
Investor anxieties rose after Donald Trump ramped up vicious and personal attacks on Fed Chair Jerome Powell and demanded an immediate rate cut, interfering with the autonomy of the central bank.
Global investors continue to sell the U.S. dollar-denominated assets after the U.S. president's attack on the independence of the central bank raised the prospects of politicizing the monetary policy.
Moreover, the lack of progress in negotiations with China, Canada, Mexico, and Japan also weighed on the market sentiment.
The Trump administration imposed tariffs ranging between 25% and 245% on imports from Europe and Asia, and the import taxes are likely to hit small businesses hard.
Small businesses in the retail and manufacturing sectors rely on several products and intermediate components from China, Vietnam, and the ASEAN region, and many independent businesses are likely to face bankruptcy in the months ahead.
Moreover, the U.S. economy is likely to hit a recession in the third quarter as businesses avoid making capital investment decisions and supply chains are reoriented to other markets.
Gold surged as much as 0.7% and reached a new intraday high of $3,490.11 as investors looked for safety amid growing economic uncertainty.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 1.3% to 5,227.86, the Nasdaq Composite edged up 1.6% to 16,126.70, and the Russell 2000 index was up 1.6% to 1,869.51.
The yield on 2-year Treasury notes edged higher to 3.80%, 10-year Treasury notes decreased to 4.38%, and 30-year Treasury bonds declined to 4.86%.
WTI crude oil increased $0.72 to $63.13 a barrel, and natural gas prices edged higher by $0.02 to $3.03 a thermal unit.
Gold decreased by $12.58 to 3,423.56 an ounce, and silver edged down by $0.01 to $32.73.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.37 to 98.65, and it traded at the lowest level since April 2022.
U.S. Stock Movers
Nvidia Corp. jumped 1.3% to $98.17 and rebounded from a 5% decline in the previous session amid a looming deadline for shipments to China.
Moreover, the artificial intelligence chip maker announced a $5.5 billion one-time after the U.S. banned the company from selling previously approved chips to China.
Home builders were under pressure amid worries that the sharp increase in tariffs on shipments from China are estimated to increase building material costs between 10% and 20% after May 2.
Toll Brothers declined 1.9% to $92.13, D.R. Horton decreased 0.4% to $120.76, PulteGroup fell 0.5% to $93.11, and NVR Inc. edged down a fraction to $7,133.84.
Trump's Attack on Fed Chair Adds One More Layer of Uncertainty, Gold Soars to New High
Barry Adams
22 Apr, 2025
New York City
Wall Street indexes attempted to rebound following a steep sell-off in the previous session amid lingering trade policy uncertainties compounded by attacks on the Federal Reserve.
The S&P 500 index edged up 0.2%, and the Nasdaq Composite advanced 0.1% following a sharp sell-off in Monday's trading after the Trump administration's attacks unnerved investors.
Investor anxieties rose after Donald Trump ramped up vicious and personal attacks on Fed Chair Jerome Powell and demanded an immediate rate cut, interfering with the autonomy of the central bank.
Global investors continue to sell the U.S. dollar-denominated assets after the U.S. president's attack on the independence of the central bank raised the prospects of politicizing the monetary policy.
Moreover, the lack of progress in negotiations with China, Canada, Mexico, and Japan also weighed on the market sentiment.
The Trump administration imposed tariffs ranging between 25% and 245% on imports from Europe and Asia, and the import taxes are likely to hit small businesses hard.
Small businesses in the retail and manufacturing sectors rely on several products and intermediate components from China, Vietnam, and the ASEAN region, and many independent businesses are likely to face bankruptcy in the months ahead.
Moreover, the U.S. economy is likely to hit a recession in the third quarter as businesses avoid making capital investment decisions and supply chains are reoriented to other markets.
Gold surged as much as 0.7% and reached a new intraday high of $3,490.11 as investors looked for safety amid growing economic uncertainty.
U.S. Stock Movers
Nvidia Corp. jumped 1.3% to $98.17 and rebounded from a 5% decline in the previous session amid a looming deadline for shipments to China.
Moreover, the artificial intelligence chip maker announced a $5.5 billion one-time after the U.S. banned the company from selling previously approved chips to China.
Home builders were under pressure amid worries that the sharp increase in tariffs on shipments from China are estimated to increase building material costs between 10% and 20% after May 2.
Toll Brothers declined 1.9% to $92.13, D.R. Horton decreased 0.4% to $120.76, PulteGroup fell 0.5% to $93.11, and NVR Inc. edged down a fraction to $7,133.84.
Caution Prevailed In European Trading Amid Global Trade Uncertainties
Bridgette Randall
22 Apr, 2025
London
Investors across Europe remained cautious amid elevated trade tension and a lack of meaningful progress in resolving new tariff threats.
Benchmark indexes in Frankfurt, Paris, Milan, and London decreased after investors returned from a long Easter break.
Investors have been on edge amid constantly shifting U.S. trade policy and rapidly rising risks of a U.S. economic recession brought on by a U.S.-led tariff war.
Moreover, the Trump administration's pressure and sharp criticism of the Federal Reserve's policy also raised prospects of political interference and attacks on the autonomy of the central bank.
The Trumps' blame game on the Fed also contributed to the weakness in the U.S. dollar, as investors' confidence was shaken in the safe-haven status of the currency.
Gold surged as much as 0.7% and reached a new intraday high of $3,490.11 as investors looked for safety amid growing economic uncertainty.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 21,074.44, the CAC-40 index edged lower 0.5% to 7,250.84, and the FTSE 100 index advanced by 0.04% to 8,278.43.
The yield on 10-year German bonds inched lower to 2.46%, French bonds decreased to 3.23%, UK gilts moved up to 4.58%, and Italian bonds edged lower to 3.64%.
The euro decreased to $1.15; the British pound was higher at $1.34; and the U.S. dollar was higher and traded at 81.04 Swiss cents.
Brent crude increased $0.58 to $66.84 a barrel, and the Dutch TTF natural gas was higher by €0.01 to €35.38 per MWh.
Europe Movers
Hermes International S.A. dropped 3.2% to €2,287.00, LVMH declined 2.3% to €474.55, and Kering SA fell 0.6% to €163.52.
Volkswagen AG gained 2.1% to €91.42, Mercedes-Benz Group increased 1% to €50.72, BMW AG gained 0.3% to €70.46, and Renault SA advanced 0.7% to €44.09.
UniCredit SpA edged down 0.1% to €48.35, BNP Paribas SA advanced 1.4% to €71.74, Deutsche Bank rose 1.7% to €21.03, and Barclays PLC advanced 0.1% to 277.45 pence.
Caution Prevailed In European Trading Amid Global Trade Uncertainties
Bridgette Randall
22 Apr, 2025
London
Caution Prevailed In European Trading Amid Global Trade Uncertainties
Bridgette Randall
22 Apr, 2025
London
Investors across Europe remained cautious amid elevated trade tension and a lack of meaningful progress in resolving new tariff threats.
Benchmark indexes in Frankfurt, Paris, Milan, and London decreased after investors returned from a long Easter break.
Investors have been on edge amid constantly shifting U.S. trade policy and rapidly rising risks of a U.S. economic recession brought on by a U.S.-led tariff war.
Moreover, the Trump administration's pressure and sharp criticism of the Federal Reserve's policy also raised prospects of political interference and attacks on the autonomy of the central bank.
The Trumps' blame game on the Fed also contributed to the weakness in the U.S. dollar, as investors' confidence was shaken in the safe-haven status of the currency.
Gold surged as much as 0.7% and reached a new intraday high of $3,490.11 as investors looked for safety amid growing economic uncertainty.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 21,074.44, the CAC-40 index edged lower 0.5% to 7,250.84, and the FTSE 100 index advanced by 0.04% to 8,278.43.
The yield on 10-year German bonds inched lower to 2.46%, French bonds decreased to 3.23%, UK gilts moved up to 4.58%, and Italian bonds edged lower to 3.64%.
The euro decreased to $1.15; the British pound was higher at $1.34; and the U.S. dollar was higher and traded at 81.04 Swiss cents.
Brent crude increased $0.58 to $66.84 a barrel, and the Dutch TTF natural gas was higher by €0.01 to €35.38 per MWh.
Europe Movers
Hermes International S.A. dropped 3.2% to €2,287.00, LVMH declined 2.3% to €474.55, and Kering SA fell 0.6% to €163.52.
Volkswagen AG gained 2.1% to €91.42, Mercedes-Benz Group increased 1% to €50.72, BMW AG gained 0.3% to €70.46, and Renault SA advanced 0.7% to €44.09.
UniCredit SpA edged down 0.1% to €48.35, BNP Paribas SA advanced 1.4% to €71.74, Deutsche Bank rose 1.7% to €21.03, and Barclays PLC advanced 0.1% to 277.45 pence.
Europe Movers: Antofagasta, Deliveroo, Hermes, L’Oréal, Rentokil, Sainsbury’s, VAT Group
Inga Muller
22 Apr, 2025
Frankfurt
Hermes International S.A. dropped 3.2% to €2,287.00 despite the French luxury products retailer reporting higher first-quarter 2025 sales.
Revenue increased 8.5% to €4.13 billion from €3.80 billion a year ago, as all geographical areas recorded growth.
“In the medium term, despite the economic, geopolitical, and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates,” the company said in a release to investors.
Rentokil Initial Plc. gained 5% to 350.00 pence after the UK-based pest-control company reported first-quarter sales results.
Total revenue was $1.63 billion, an increase of 1.5% from a year ago.
“Pest control organic revenue was up 0.5%, and pest control services for residential, commercial, and termite customers were down by 0.2% as they continued to be impacted by low inbound lead flow and contract sales,” the company said in a release for investors.
Deliveroo Plc. gained 3.3% to 134.40 pence after the UK-based delivery services provider reported first-quarter sales growth.
Revenue excluding Hong Kong jumped 7% to £518 million from £485 million a year ago.
The company reported a 9% growth in gross transaction volume and a 7% increase in orders compared to the prior year.
Deliveroo guided for fiscal 2025 gross transaction volume growth to be at a high single-digit percentage and adjusted EBITDA between £170 million and £190 million, compared to £129.6 a year ago.
L’Oréal Groupe gained 0.1% to €341.85 after the French cosmetics products maker reported higher sales in the first quarter of 2025.
Sales jumped to €11.73 billion from €11.24 billion a year ago.
Comparable store sales increased by 3.5%, and sales in all divisions grew, led by L’Oréal Luxe.
Fragrances and hair haircare remained the fastest-growing categories.
By region, progress was strongest in emerging markets, while Europe continued to deliver robust growth, the company said in a release to investors.
VAT Group AG dropped 3.1% to CHF 271.20 despite the vacuum valve maker reporting higher sales in the first quarter of 2025.
Net sales surged 38.6% to CHF 275.1 million from CHF 198.5 million a year ago.
The company estimated second-quarter 2025 sales to be between CHF 260 million and CHF 290 million, compared to CHF 251 million in the prior year.
Sainsbury’s gained 3.5% to 256.80 pence after the UK-based food retailer reported fiscal 2024 results ending in March.
Revenue edged up to £32.81 billion from £32.24 billion, profit jumped to £242 million from £137 million, and diluted earnings per share rose to 10.2 pence from 5.7 pence a year ago.
The company estimated retail operating profit for fiscal 2026 to be flat at around £1 billion and retail free cash flow of more than £500 million.
Over the past financial year, the supermarket invested £1 billion in lowering prices and delivered its highest market share gain in more than a decade.
Comparable sales in the fourth quarter increased by 3.7%, excluding fuel, and 2.2% including fuel.
In the same quarter a year ago, comparable sales excluding fuel rose 4.8%, and they were up 2.9% including fuel.
The company proposed a dividend of 9.7 pence per share, up from 9.2 pence a year ago, payable on July 11 to shareholders on record as of June 6.
The total full-year dividend was 13.6 pence per share, an increase of 3.8% from 13.1 pence in 2023-24.
The food retailer plans to buy back at least £200 million of shares during 2025-26.
Antofagasta Plc. traded down 1% to 1,538.50 pence after the mining company released its first-quarter production report.
Copper production was 154,700 tons, a 20% increase from a year ago, driven by increased production at Los Pelambres and Centinela concentrates in Chile.
Gold production was 42,900 ounces, a 29% increase from a year ago, while molybdenum production was up 15% to 3,100 tons.
The company guided for fiscal 2025 copper production to be between 660,000 and 700,000 tons and capital expenditure unchanged at $3.9 billion.
Europe Movers: Antofagasta, Deliveroo, Hermes, L’Oréal, Rentokil, Sainsbury’s, VAT Group
Inga Muller
22 Apr, 2025
Frankfurt
Hermes International S.A. dropped 3.2% to €2,287.00 despite the French luxury products retailer reporting higher first-quarter 2025 sales.
Revenue increased 8.5% to €4.13 billion from €3.80 billion a year ago, as all geographical areas recorded growth.
“In the medium term, despite the economic, geopolitical, and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates,” the company said in a release to investors.
Rentokil Initial Plc. gained 5% to 350.00 pence after the UK-based pest-control company reported first-quarter sales results.
Total revenue was $1.63 billion, an increase of 1.5% from a year ago.
“Pest control organic revenue was up 0.5%, and pest control services for residential, commercial, and termite customers were down by 0.2% as they continued to be impacted by low inbound lead flow and contract sales,” the company said in a release for investors.
Deliveroo Plc. gained 3.3% to 134.40 pence after the UK-based delivery services provider reported first-quarter sales growth.
Revenue excluding Hong Kong jumped 7% to £518 million from £485 million a year ago.
The company reported a 9% growth in gross transaction volume and a 7% increase in orders compared to the prior year.
Deliveroo guided for fiscal 2025 gross transaction volume growth to be at a high single-digit percentage and adjusted EBITDA between £170 million and £190 million, compared to £129.6 a year ago.
L’Oréal Groupe gained 0.1% to €341.85 after the French cosmetics products maker reported higher sales in the first quarter of 2025.
Sales jumped to €11.73 billion from €11.24 billion a year ago.
Comparable store sales increased by 3.5%, and sales in all divisions grew, led by L’Oréal Luxe.
Fragrances and hair haircare remained the fastest-growing categories.
By region, progress was strongest in emerging markets, while Europe continued to deliver robust growth, the company said in a release to investors.
VAT Group AG dropped 3.1% to CHF 271.20 despite the vacuum valve maker reporting higher sales in the first quarter of 2025.
Net sales surged 38.6% to CHF 275.1 million from CHF 198.5 million a year ago.
The company estimated second-quarter 2025 sales to be between CHF 260 million and CHF 290 million, compared to CHF 251 million in the prior year.
Sainsbury’s gained 3.5% to 256.80 pence after the UK-based food retailer reported fiscal 2024 results ending in March.
Revenue edged up to £32.81 billion from £32.24 billion, profit jumped to £242 million from £137 million, and diluted earnings per share rose to 10.2 pence from 5.7 pence a year ago.
The company estimated retail operating profit for fiscal 2026 to be flat at around £1 billion and retail free cash flow of more than £500 million.
Over the past financial year, the supermarket invested £1 billion in lowering prices and delivered its highest market share gain in more than a decade.
Comparable sales in the fourth quarter increased by 3.7%, excluding fuel, and 2.2% including fuel.
In the same quarter a year ago, comparable sales excluding fuel rose 4.8%, and they were up 2.9% including fuel.
The company proposed a dividend of 9.7 pence per share, up from 9.2 pence a year ago, payable on July 11 to shareholders on record as of June 6.
The total full-year dividend was 13.6 pence per share, an increase of 3.8% from 13.1 pence in 2023-24.
The food retailer plans to buy back at least £200 million of shares during 2025-26.
Antofagasta Plc. traded down 1% to 1,538.50 pence after the mining company released its first-quarter production report.
Copper production was 154,700 tons, a 20% increase from a year ago, driven by increased production at Los Pelambres and Centinela concentrates in Chile.
Gold production was 42,900 ounces, a 29% increase from a year ago, while molybdenum production was up 15% to 3,100 tons.
The company guided for fiscal 2025 copper production to be between 660,000 and 700,000 tons and capital expenditure unchanged at $3.9 billion.
Japan Trade Talks Founder Amid Shifting U.S. Demands and Lack of Consistency
Akira Ito
22 Apr, 2025
Tokyo
Stock market indexes in Tokyo declined for the second consecutive session amid lingering global trade uncertainties and the status of the U.S.-Japan trade talks.
The Nikkei 225 Stock Average decreased 0.2%, and the broader TOPIX index edged higher 0.1% in choppy trading.
The yen strengthened to a seven-month high of 140.50 against the U.S. dollar as investors sought safety amid global trade tensions and growing skepticism towards U.S. dollar-denominated assets.
Attention shifted to the Bank of Japan's policy meeting next week, and the central bank is widely anticipated to hold its short-term rates at 0.5%.
The central bank is also likely to lower its annual economic growth outlook in light of rising external risks, driven by the U.S.-led tariffs on Japan's export-heavy economy.
About 40% of listed companies on the Tokyo Stock Exchange are dependent on exports to the U.S. and Europe.
The lack of progress on U.S.-Japan trade talks is also keeping the market sentiment weak, as investors detest policy uncertainty and lack of clarity on future earnings outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.2% to 34,200.14, and the broader TOPIX index increased 0.1% to 2,531.54.
Export-sensitive companies led the decliners in Tokyo trading as Japan's top trade negotiator, Ryosei Akazawa, returned empty-handed.
Toyota Motor Corp. decreased 0.9% to ¥2,449.50, Honda Motor declined 0.1% to ¥1,381.50, and Nissan Motor fell 0.2% to ¥313.40.
Panasonic Holdings advanced 1.2% to ¥1,528.50, Canon Inc. decreased 0.2% to ¥4,148.0, and Fujitsu fell 1% to ¥2,891.0.
Sumitomo Mitsui Financial Group decreased 0.7% to ¥3,141.0, Mitsubishi UFJ Financial Group fell 1.2% to ¥1,633.0, and Mizuho Financial Group dropped 2% to ¥3,324.0.
Japan Trade Talks Founder Amid Shifting U.S. Demands and Lack of Consistency
Akira Ito
22 Apr, 2025
Tokyo
Stock market indexes in Tokyo declined for the second consecutive session amid lingering global trade uncertainties and the status of the U.S.-Japan trade talks.
The Nikkei 225 Stock Average decreased 0.2%, and the broader TOPIX index edged higher 0.1% in choppy trading.
The yen strengthened to a seven-month high of 140.50 against the U.S. dollar as investors sought safety amid global trade tensions and growing skepticism towards U.S. dollar-denominated assets.
Attention shifted to the Bank of Japan's policy meeting next week, and the central bank is widely anticipated to hold its short-term rates at 0.5%.
The central bank is also likely to lower its annual economic growth outlook in light of rising external risks, driven by the U.S.-led tariffs on Japan's export-heavy economy.
About 40% of listed companies on the Tokyo Stock Exchange are dependent on exports to the U.S. and Europe.
The lack of progress on U.S.-Japan trade talks is also keeping the market sentiment weak, as investors detest policy uncertainty and lack of clarity on future earnings outlook.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.2% to 34,200.14, and the broader TOPIX index increased 0.1% to 2,531.54.
Export-sensitive companies led the decliners in Tokyo trading as Japan's top trade negotiator, Ryosei Akazawa, returned empty-handed.
Toyota Motor Corp. decreased 0.9% to ¥2,449.50, Honda Motor declined 0.1% to ¥1,381.50, and Nissan Motor fell 0.2% to ¥313.40.
Panasonic Holdings advanced 1.2% to ¥1,528.50, Canon Inc. decreased 0.2% to ¥4,148.0, and Fujitsu fell 1% to ¥2,891.0.
Sumitomo Mitsui Financial Group decreased 0.7% to ¥3,141.0, Mitsubishi UFJ Financial Group fell 1.2% to ¥1,633.0, and Mizuho Financial Group dropped 2% to ¥3,324.0.
China Investors On Hold Ahead of Politburo Meeting
Li Chen
22 Apr, 2025
New York City
Stock market indexes in China and Hong Kong lacked direction after investors returned from a holiday.
The Hang Seng index inched slightly lower, and the CSI 300 index edged higher amid high uncertainty about the U.S. trade policy.
Investors mood was cautious amid elevated trade tensions between the U.S. and China, and foreign investors have been looking for ways to diversify their U.S. dollar-denominated holdings.
Moreover, the U.S. president ramped up attacks on Federal Reserve Chair Jerome Powell and demanded a rate cut, raising the prospect of politicizing the U.S. monetary policy.
The attacks on the Federal Reserve also stoked fears that Donald Trump may fire Fed Chair Powell before the completion of his term in May 2026, raising serious questions about the independence of the institution, the direction of the monetary policy, and the status of the U.S. dollar.
Closer to home, investors shifted their attention to the upcoming meeting of the Politburo and are awaiting the details of the previously announced fiscal stimulus.
Market declines in China and Hong Kong have been limited because of the hopes that the central government will soon announce additional measures to bolster economic growth and minimize the impact of the U.S. tariffs.
China Indexes and Stocks
The Hang Seng index inched lower by 0.03% to 21,387.39, and the CSI 300 index gained 0.03% to 3,786.09.
E-commerce platform operators led decliners in trading after the U.S. imposed a stiff penalty on Chinese shipments to consumers and Hong Kong Post suspended shipments to the U.S.
Meituan declined 6% to HK $128.30, Alibaba Group rose HK $110.10, and Tencent Holdings decreased 0.5% to HK $456.60.
China Investors On Hold Ahead of Politburo Meeting
Li Chen
22 Apr, 2025
New York City
Stock market indexes in China and Hong Kong lacked direction after investors returned from a holiday.
The Hang Seng index inched slightly lower, and the CSI 300 index edged higher amid high uncertainty about the U.S. trade policy.
Investors mood was cautious amid elevated trade tensions between the U.S. and China, and foreign investors have been looking for ways to diversify their U.S. dollar-denominated holdings.
Moreover, the U.S. president ramped up attacks on Federal Reserve Chair Jerome Powell and demanded a rate cut, raising the prospect of politicizing the U.S. monetary policy.
The attacks on the Federal Reserve also stoked fears that Donald Trump may fire Fed Chair Powell before the completion of his term in May 2026, raising serious questions about the independence of the institution, the direction of the monetary policy, and the status of the U.S. dollar.
Closer to home, investors shifted their attention to the upcoming meeting of the Politburo and are awaiting the details of the previously announced fiscal stimulus.
Market declines in China and Hong Kong have been limited because of the hopes that the central government will soon announce additional measures to bolster economic growth and minimize the impact of the U.S. tariffs.
China Indexes and Stocks
The Hang Seng index inched lower by 0.03% to 21,387.39, and the CSI 300 index gained 0.03% to 3,786.09.
E-commerce platform operators led decliners in trading after the U.S. imposed a stiff penalty on Chinese shipments to consumers and Hong Kong Post suspended shipments to the U.S.
Meituan declined 6% to HK $128.30, Alibaba Group rose HK $110.10, and Tencent Holdings decreased 0.5% to HK $456.60.