Market Update
Europe Movers: ASML, Heineken
Inga Muller
16 Apr, 2025
Frankfurt
ASML surged 2.6% to €605.40 after the Dutch supplier to the semiconductor industry reported first quarter 2025 results.
Net sales edged up to €7.74 billion from €5.29 billion, net income jumped to €2.35 billion from €1.22 billion, and diluted earnings per share rose to €6.00 from €3.11 a year ago.
The company guided 2025 net sales to be between €30 billion and €35 billion, compared to €28.26 billion in 2024, with a gross margin between 51% and 53%, compared to 51.3% a year earlier.
However, first-quarter order bookings of €3.94 billion fell short of analysts' expectations amid tariff uncertainties.
The company estimated second-quarter net sales between €7.2 billion and €7.7 billion, compared to €6.2 billion a year ago, with a gross margin between 50% and 53%, compared to 51.5% in the second quarter of 2024.
In the first quarter, ASML purchased around €2.7 billion worth of shares under the current 2022-2025 share buyback program.
The company proposed a dividend for the year of €6.40 per share, a 4.9% increase compared to 2023.
Recognizing the three interim dividends of €1.52 per share paid in 2024 and 2025, the final dividend amounts to €1.84 per share.
Heineken N.V. surged 2.9% to €77.36 after the Dutch beer maker reported first quarter 2025 results.
Revenue decreased 4.9% to €7.78 billion from €8.18 billion a year ago.
The company guided operating profit in the full year to grow organically between 4% and 8%.
“In our business-to-business digital platforms, we captured €3.1 billion in gross merchandise value, an organic increase of 16% versus last year,” the company said in a release to investors.
“We are now connecting 686,000 active customers in fragmented, traditional channels,” the company added in the statement.
The Heineken volume in the quarter edged up 4.6% to 14.4 mhl from 13.8 mhl a year earlier, with double-digit growth in 25 markets, including Vietnam, China, and Nigeria.
Europe Movers: ASML
Inga Muller
16 Apr, 2025
Frankfurt
ASML surged 2.6% to €605.40 after the Dutch supplier to the semiconductor industry reported first quarter 2025 results.
Net sales edged up to €7.74 billion from €5.29 billion, net income jumped to €2.35 billion from €1.22 billion, and diluted earnings per share rose to €6.00 from €3.11 a year ago.
The company guided 2025 net sales to be between €30 billion and €35 billion, compared to €28.26 billion in 2024, with a gross margin between 51% and 53%, compared to 51.3% a year earlier.
However, first-quarter order bookings of €3.94 billion fell short of analysts' expectations amid tariff uncertainties.
The company estimated second-quarter net sales between €7.2 billion and €7.7 billion, compared to €6.2 billion a year ago, with a gross margin between 50% and 53%, compared to 51.5% in the second quarter of 2024.
In the first quarter, ASML purchased around €2.7 billion worth of shares under the current 2022-2025 share buyback program.
The company proposed a dividend for the year of €6.40 per share, a 4.9% increase compared to 2023.
Recognizing the three interim dividends of €1.52 per share paid in 2024 and 2025, the final dividend amounts to €1.84 per share.
Japan's Core Machinery Orders Growth Slowed, Nikkei 225 Stock Average Dropped 1%
Akira Ito
16 Apr, 2025
Tokyo
Japan market indexes fell and halted a two-day rally, and investors stayed cautious following a decline in overnight trading in New York.
The Nikkei 225 Stock Average declined 1.3%, and the broader TOPIX fell about 1%, ahead of the start of the US-Japan trade negotiations.
Earnings jitters and ongoing U.S. tariff turmoil weighed on the market sentiment as manufacturer sentiment rose to an eight-month high in April.
The Reuters Tankan sentiment index for manufacturers jumped to +9 in April from -1 in March, the highest level since August.
Despite the improvement in the current sentiment, the forward-looking index suggested challenges ahead amid the U.S. tariff uncertainty.
The index is expected to fall to zero as Japan's exports to the U.S. could face tariffs as high as 25%.
Japan’s core machinery orders rebounded in February, accelerating to a 4.3% monthly rate to ¥894.7 billion, marking the highest level in a year from January’s 3.5% fall.
On an annual basis, core machinery orders advanced 1.5%, slower than 4.4% in January, the Cabinet Office reported Wednesday.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 1.3% to 33,846.94, and the broader TOPIX index fell 1% to 2,489.39.
Toyota Motor Corp. declined 1% to ¥2,473.0, Honda Motor Corp. decreased 1.3% to ¥1,350.0, and Nissan Motor Corp. fell 1.8% to ¥312.40.
Panasonic Holding Corp. declined 3.3% to ¥1,469.0, Canon dropped 2% to ¥4,214.0, Fanuc Corp. eased 3.1% to ¥3,336.0, and Yaskawa Electric Corp. fell 4% to ¥2,627.0.
Japan's Core Machinery Orders Growth Slowed, Nikkei 225 Stock Average Dropped1%
Akira Ito
16 Apr, 2025
Tokyo
Japan market indexes fell and halted a two-day rally, and investors stayed cautious following a decline in overnight trading in New York.
The Nikkei 225 Stock Average declined 1.3%, and the broader TOPIX fell about 1%, ahead of the start of the US-Japan trade negotiations.
Earnings jitters and ongoing U.S. tariff turmoil weighed on the market sentiment as manufacturer sentiment rose to an eight-month high in April.
The Reuters Tankan sentiment index for manufacturers jumped to +9 in April from -1 in March, the highest level since August.
Despite the improvement in the current sentiment, the forward-looking index suggested challenges ahead amid the U.S. tariff uncertainty.
The index is expected to fall to zero as Japan's exports to the U.S. could face tariffs as high as 25%.
Japan’s core machinery orders rebounded in February, accelerating to a 4.3% monthly rate to ¥894.7 billion, marking the highest level in a year from January’s 3.5% fall.
On an annual basis, core machinery orders advanced 1.5%, slower than 4.4% in January, the Cabinet Office reported Wednesday.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 1.3% to 33,846.94, and the broader TOPIX index fell 1% to 2,489.39.
Toyota Motor Corp. declined 1% to ¥2,473.0, Honda Motor Corp. decreased 1.3% to ¥1,350.0, and Nissan Motor Corp. fell 1.8% to ¥312.40.
Panasonic Holding Corp. declined 3.3% to ¥1,469.0, Canon dropped 2% to ¥4,214.0, Fanuc Corp. eased 3.1% to ¥3,336.0, and Yaskawa Electric Corp. fell 4% to ¥2,627.0.
China's GDP Growth Maintained 5.4% Pace, Industrial production Surged and Property Market Slump Continued
Li Chen
16 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong fell sharply amid escalating trade between the two largest economies, and investors were disappointed after weak property market data.
The Hang Seng index decreased 2.5%, and the mainland-focused CSI 300 index dropped 1% as the US-China trade war shows no sign of easing.
Investors reacted positively to GDP growth data, but the weakness in the property market overwhelmed the market sentiment.
China's GDP in the first quarter increased at an annual pace of 5.4%, surpassing the market expectation of 5.2% and ahead of the government's target of 5%.
The front-loading by U.S. importers drove the bulk of the rise in economic activities, and the growth rate matched the pace in the December quarter.
Meanwhile, China's property sector continued to struggle, with prices for new and existing homes declining from the previous month and a year ago amid a lack of demand in 70 mainland cities.
New home prices across 70 largest mainland cities declined 4.5% in March, easing from 4.8% fall in the previous month, the National Bureau of Statistics reported Wednesday.
New home prices in Shanghai rose 5.7% compared to 5.6%, but the pace of decline accelerated in Beijing to 5.7% from 5.5%, and slowed in Guangzhou to 7.2% from 7,6% in the previous month, respectively.
China's industrial production growth accelerated to 7.7% annual pace in March from 5.9% in the January-February period, according to the statistical bureau.
The industrial production expanded at the fastest pace since June 2021, and activities expanded at an annual pace of 6.5% in the first quarter compared to an increase of 5.8% in the previous quarter.
Market sentiment weakened as investors priced in slower economic growth, weakening consumer demand, and expectations of earnings revision for the year.
China Indexes and Stocks
The Hang Seng index dropped 2.5% to 20,941.70, and the mainland-focused CSI 300 index decreased 1% to 3,726.17.
Tech stocks led decliners in Hong Kong, and electric vehicle makers
Alibaba Group dropped 5% to HK $104.40, Tencent Holdings decreased 3.20% to HK $441.40, and Baidu Inc. fell 2.9% to HK $79.90.
CK Hutchison Holding decreased 0.3% to HK $41.75, and HSBC Holding rose 0.8% to HK $79.40.
Kente Catalysts soared 281% to 57.51 yuan on the first day of trading, and the maker of ammonium phosphate products sold 22.6 million shares priced at 15 yuan per share.
China's GDP Growth Maintained 5.4% Pace, Industrial production Surged and Property Market Slump Continued
Li Chen
16 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong fell sharply amid escalating trade between the two largest economies, and investors were disappointed after weak property market data.
The Hang Seng index decreased 2.5%, and the mainland-focused CSI 300 index dropped 1% as the US-China trade war shows no sign of easing.
Investors reacted positively to GDP growth data, but the weakness in the property market overwhelmed the market sentiment.
China's GDP in the first quarter increased at an annual pace of 5.4%, surpassing the market expectation of 5.2% and ahead of the government's target of 5%.
The front-loading by U.S. importers drove the bulk of the rise in economic activities, and the growth rate matched the pace in the December quarter.
Meanwhile, China's property sector continued to struggle, with prices for new and existing homes declining from the previous month and a year ago amid a lack of demand in 70 mainland cities.
New home prices across 70 largest mainland cities declined 4.5% in March, easing from 4.8% fall in the previous month, the National Bureau of Statistics reported Wednesday.
New home prices in Shanghai rose 5.7% compared to 5.6%, but the pace of decline accelerated in Beijing to 5.7% from 5.5%, and slowed in Guangzhou to 7.2% from 7,6% in the previous month, respectively.
China's industrial production
Market sentiment weakened as investors priced in slower economic growth, weakening consumer demand, and expectations of earnings revision for the year.
China Indexes and Stocks
The Hang Seng index dropped 2.5% to 20,941.70, and the mainland-focused CSI 300 index decreased 1% to 3,726.17.
Tech stocks led decliners in Hong Kong, and electric vehicle makers
Alibaba Group dropped 5% to HK $104.40, Tencent Holdings decreased 3.20% to HK $441.40, and Baidu Inc. fell 2.9% to HK $79.90.
CK Hutchison Holding decreased 0.3% to HK $41.75, and HSBC Holding rose 0.8% to HK $79.40.
Kente Catalysts soared 281% to 57.51 yuan on the first day of trading, and the maker of ammonium phosphate products sold 22.6 million shares priced at 15 yuan per share.
Stock Markets Brace for Earnings Reports, Tariff Turmoil Keeps Recession Worry Alive
Barry Adams
15 Apr, 2025
New York City
U.S. stocks struggled to advance as investors shifted their attention to corporate earnings amid ongoing tariff turmoil.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.3% as investors reviewed the latest quarterly results from banks and pharma companies.
Bank of America, Citigroup, Goldman Sachs, Johnson & Johnson, and Netflix were in focus after they released earnings.
Market sentiment has seesawed amid constantly changing U.S. trade policy as the Trump administration attempts to pass on its elevated tariff rates as a part of negotiating tactics while claiming to create jobs in the sector in the long run.
Over the last three weeks, Donald Trump announced a high import tax covering all imports worth about $3.5 trillion, an effort to revive the domestic manufacturing industry and stem job losses.
The manufacturing industry's share of jobs has steadily declined to 8% in 2025 from as high as 35% in the early sixties.
About two-thirds of jobs lost in the manufacturing sector over the last four decades have resulted from companies improving their operations and automation.
About 12.7 million people are employed in the manufacturing sector, according to U.S. Bureau of Labor Statistics data.
Moreover, the Trump administration is planning to raise $700 billion in new annual revenue through the imposition of tariffs or import taxes, but none of that revenue will be used to expand the manufacturing sector or pay down the federal government debt of $36 trillion.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.6% to 5,441.14, the Nasdaq Composite edged up 0.7% to 16,948.92, and the Russell 2000 index was up 0.1% to 1,883.12.
The yield on 2-year Treasury notes edged higher to 3.84%, 10-year Treasury notes increased to 4.38%, and 30-year Treasury bonds advanced to 4.83%.
WTI crude oil decreased $0.18 to $61.35 a barrel, and natural gas prices edged lower by $0.03 to $3.30 a thermal unit.
Gold increased by $11.47 to 3,223.65 an ounce, and silver edged down by $0.01 to $32.29.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.19 to 99.83, and it traded at the lowest level since April 2022.
U.S. Movers
Bank of America edged up 2% to $37.78 after the financial services company reported better-than-expected quarterly earnings.
The company's revenue rose to $27.51 billion, and earnings per share advanced to 90 cents, driven by strong net interest income and trading revenue.
ON Semiconductor Corp. advanced 1% to $35.70 after the company withdrew its all-cash offer to acquire Allegro MicroSystems for $35.10 per share.
Allegro MicroSystems tumbled 8.5% to $20.05.
Johnson & Johnson declined 1% to $152.80, and the pharmaceutical company's quarterly results surpassed market expectations.
Netflix Inc. advanced 2% to $951.39, and the streaming services provider reported better-than-expected earnings.
American Airlines Group decreased 0.3% to $9.55, and the company plans to offer in-flight Wi-Fi for free in 2026 to members of its AAdvantage loyalty program.
Citigroup Inc. gained 0.6% to $63.58 after the financial service provider reported first quarter 2025 results.
Revenue increased 3% to $21.60 billion from $21.02 billion, net income jumped 21% to $4.06 billion from $3.37 billion, and diluted earnings per share rose to $1.96 from $1.58 a year ago.
The company’s operating expenses were down 5% to $13.4 billion compared to the prior year.
The financial services company returned a total of approximately $2.8 billion to common shareholders during the quarter in the form of dividends and share repurchases.
Stock Markets Brace for Earnings Reports, Tariff Turmoil Keeps Recession Worry Alive
Barry Adams
15 Apr, 2025
New York City
U.S. stocks struggled to advance as investors shifted their attention to corporate earnings amid ongoing tariff turmoil.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.3% as investors reviewed the latest quarterly results from banks and pharma companies.
Bank of America, Citigroup, Goldman Sachs, Johnson & Johnson, and Netflix were in focus after they released earnings.
Market sentiment has seesawed amid constantly changing U.S. trade policy as the Trump administration attempts to pass on its elevated tariff rates as a part of negotiating tactics while claiming to create jobs in the sector in the long run.
Over the last three weeks, Donald Trump announced a high import tax covering all imports worth about $3.5 trillion, an effort to revive the domestic manufacturing industry and stem job losses.
The manufacturing industry's share of jobs has steadily declined to 8% in 2025 from as high as 35% in the early sixties.
About two-thirds of jobs lost in the manufacturing sector over the last four decades have resulted from companies improving their operations and automation.
About 12.7 million people are employed in the manufacturing sector, according to U.S. Bureau of Labor Statistics data.
Moreover, the Trump administration is planning to raise $700 billion in new annual revenue through the imposition of tariffs or import taxes, but none of that revenue will be used to expand the manufacturing sector or pay down the federal government debt of $36 trillion.
U.S. Movers
Bank of America edged up 2% to $37.78 after the financial services company reported better-than-expected quarterly earnings.
The company's revenue rose to $27.51 billion, and earnings per share advanced to 90 cents, driven by strong net interest income and trading revenue.
ON Semiconductor Corp. advanced 1% to $35.70 after the company withdrew its all-cash offer to acquire Allegro MicroSystems for $35.10 per share.
Allegro MicroSystems tumbled 8.5% to $20.05.
Johnson & Johnson declined 1% to $152.80, and the pharmaceutical company's quarterly results surpassed market expectations.
Netflix Inc. advanced 2% to $951.39, and the streaming services provider reported better-than-expected earnings.
American Airlines Group decreased 0.3% to $9.55, and the company plans to offer in-flight Wi-Fi for free in 2026 to members of its AAdvantage loyalty program.
Citigroup Inc. gained 0.6% to $63.58 after the financial service provider reported first quarter 2025 results.
Revenue increased 3% to $21.60 billion from $21.02 billion, net income jumped 21% to $4.06 billion from $3.37 billion, and diluted earnings per share rose to $1.96 from $1.58 a year ago.
The company’s operating expenses were down 5% to $13.4 billion compared to the prior year.
The financial services company returned a total of approximately $2.8 billion to common shareholders during the quarter in the form of dividends and share repurchases.
European Markets Retain Upward Bias as Earnings Season Gains Momentum
Bridgette Randall
15 Apr, 2025
London
European markets advanced as earnings season gained momentum and optimism rose about the possible pause on U.S. tariffs on auto imports.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced between 1% and 2%, and investors shifted their focus to the latest earnings results.
Luxury stocks declined after LVMH reported a larger-than-expected decrease in first-quarter sales.
Automobile stocks advanced after the U.S. president signaled a possible pause on tariffs to give manufacturers time to expand their U.S. operations.
On the economic front, Germany's wholesale price inflation slowed in March, but prices rose for the fourth consecutive month, according to the Federal Statistical Office.
Wholesale price inflation slowed to 1.3% in March from a two-year high of 1.6% in the previous month, largely driven by a 44% surge in prices for tea, coffee, cocoa, and spices.
Europe Indexes and Yields
The DAX index increased by 0.8% to 21,117.30, the CAC-40 index edged lower by 0.2% to 7,258.36, and the FTSE 100 index advanced by 0.6% to 8,187.36.
The yield on 10-year German bonds inched lower to 2.50%, French bonds decreased to 3.26%, UK gilts moved down to 4.65%, and Italian bonds edged lower to 3.68%.
The euro decreased to $1.13; the British pound was higher at $1.32; and the U.S. dollar was higher and traded at 81.77 Swiss cents.
Brent crude increased $0.43 to $65.31 a barrel, and the Dutch TTF natural gas was lower by €0.24 to €34.39 per MWh.
Europe Movers
LVMH declined 6.6% to €494.90, and the luxury retailer reported a larger-than-expected 3% decline in sales in the first quarter, largely because of the weakness in sales in the U.S.
Luxury stocks declined after the weaker-than-expected results from LVMH dampened sentiment in the sector.
Salvatore Ferragamo dropped 7.2% to €5.01, Hermes International SCA decreased 0.9% to €2,334.0, and Kering SA fell 1.6% to €168.50.
Automobile stocks advanced after the U.S. president said he may pause tariffs on automobile products to give automakers more time to expand U.S. production.
Mercedes-Benz Group increased 3.2% to €50.83, BMW AG gained 3.4% to €71.0, and VW Group advanced 3.7% to €90.62.
Publicis Groupe SA jumped 2.2% to €85.80 after the French public relations company reported a 9.4% rise in revenue in the first quarter and reaffirmed its 2025 outlook.
European Markets Retain Upward Bias as Earnings Season Gains Momentum
Bridgette Randall
15 Apr, 2025
London
European markets advanced as earnings season gained momentum and optimism rose about the possible pause on U.S. tariffs on auto imports.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced between 1% and 2%, and investors shifted their focus to the latest earnings results.
Luxury stocks declined after LVMH reported a larger-than-expected decrease in first-quarter sales.
Automobile stocks advanced after the U.S. president signaled a possible pause on tariffs to give manufacturers time to expand their U.S. operations.
On the economic front, Germany's wholesale price inflation slowed in March, but prices rose for the fourth consecutive month, according to the Federal Statistical Office.
Wholesale price inflation slowed to 1.3% in March from a two-year high of 1.6% in the previous month, largely driven by a 44% surge in prices for tea, coffee, cocoa, and spices.
Europe Indexes and Yields
The DAX index increased by 0.8% to 21,117.30, the CAC-40 index edged lower by 0.2% to 7,258.36, and the FTSE 100 index advanced by 0.6% to 8,187.36.
The yield on 10-year German bonds inched lower to 2.50%, French bonds decreased to 3.26%, UK gilts moved down to 4.65%, and Italian bonds edged lower to 3.68%.
The euro decreased to $1.13; the British pound was higher at $1.32; and the U.S. dollar was higher and traded at 81.77 Swiss cents.
Brent crude increased $0.43 to $65.31 a barrel, and the Dutch TTF natural gas was lower by €0.24 to €34.39 per MWh.
Europe Movers
LVMH declined 6.6% to €494.90, and the luxury retailer reported a larger-than-expected 3% decline in sales in the first quarter, largely because of the weakness in sales in the U.S.
Luxury stocks declined after the weaker-than-expected results from LVMH dampened sentiment in the sector.
Salvatore Ferragamo dropped 7.2% to €5.01, Hermes International SCA decreased 0.9% to €2,334.0, and Kering SA fell 1.6% to €168.50.
Automobile stocks advanced after the U.S. president said he may pause tariffs on automobile products to give automakers more time to expand U.S. production.
Mercedes-Benz Group increased 3.2% to €50.83, BMW AG gained 3.4% to €71.0, and VW Group advanced 3.7% to €90.62.
Publicis Groupe SA jumped 2.2% to €85.80 after the French public relations company reported a 9.4% rise in revenue in the first quarter and reaffirmed its 2025 outlook.
U.S. Movers: Citigroup, Goldman Sachs
Scott Peters
15 Apr, 2025
New York City
The Goldman Sachs Group Inc. eased 0.4% to $502.06 after the financial service reported first-quarter 2025 results.
Revenue climbed to $15.06 billion from $14.21 billion, net earnings edged up to $4.58 billion from $3.93 billion, and diluted earnings per share rose to $14.12 from $11.58 a year ago.
Operating expenses were $9.13 billion in the quarter, 5% higher than the same period a year earlier and 10% higher than the fourth quarter of 2024.
Equities revenue increased to $4.19 billion from $3.31 billion, and investment banking fees edged down to $1.92 billion from $2.08 billion a year earlier.
Commissions and fees in the quarter jumped to $1.23 billion from $1.08 billion a year ago.
Total assets under supervision climbed to $3.17 trillion from $2.85 trillion, with equity increasing to $771 billion from $713 billion and fixed income rising to $1.22 trillion from $1.14 trillion a year ago.
The company proposed a dividend of $3.00 per share, payable on June 27 to shareholders on record as of May 30.
In addition, Goldman Sachs approved a share repurchase program for up to $40 billion of common stock.
During the first quarter, the bank repurchased $4.36 billion of its common stock, 7.1 million shares at an average cost of $610.57, and paid $976 million in dividends.
Citigroup Inc. gained 0.6% to $63.58 after the banking company reported results for the first quarter of 2025.
Revenue increased 3% to $21.60 billion from $21.02 billion, net income jumped 21% to $4.06 billion from $3.37 billion, and diluted earnings per share rose to $1.96 from $1.58 a year ago.
The company’s operating expenses were down 5% to $13.4 billion compared to the prior year.
The financial services company returned a total of approximately $2.8 billion to common shareholders during the quarter in the form of dividends and share repurchases.
U.S. Movers: Citigroup, Goldman Sachs
Scott Peters
15 Apr, 2025
New York City
The Goldman Sachs Group Inc. eased 0.4% to $502.06 after the financial service reported first-quarter 2025 results.
Revenue climbed to $15.06 billion from $14.21 billion, net earnings edged up to $4.58 billion from $3.93 billion, and diluted earnings per share rose to $14.12 from $11.58 a year ago.
Operating expenses were $9.13 billion in the quarter, 5% higher than the same period a year earlier and 10% higher than the fourth quarter of 2024.
The company proposed a dividend of $3.00 per share, payable on June 27 to shareholders on record as of May 30.
In addition, Goldman Sachs approved a share repurchase program for up to $40 billion of common stock.
During the first quarter, the bank returned $4.36 billion of common share repurchases, 7.1 million shares at an average cost of $610.57, and $976 million of common in dividends.
Europe Movers: Ashmore, Ericsson, LVMH, Publicis Groupe, Sika
Inga Muller
15 Apr, 2025
Frankfurt
LVMH gained 1.1% to €530.10 after the French luxury products retailer reported muted results in the first quarter of 2025.
Total revenue declined to €20.31 billion from €20.69 billion a year ago, as the wine and spirits segment sales dropped 8% and fashion and leather goods sales fell 4%.
“Europe once again achieved growth on a constant consolidation scope and currency basis, while the United States saw a slight decline,” the company said in a release to investors.
Japan sales declined from a year ago, which had been boosted by strong growth in Chinese consumer spending in the country, LVMH added in the statement.
Ericsson surged 4.2% to 73.60 krona after the Swedish telecom company said net income jumped in the first quarter of 2025.
Net sales climbed 3% to SEK 55.02 billion from SEK 53.32 billion, net income jumped to SEK 4.15 billion from SEK 2.56 billion, and diluted earnings per share rose to SEK 1.24 from 77 cents a year ago.
The company expanded its presence in the U.S. market to 45% of sales, compared to 37% of sales in the first quarter of 2024.
Sika AG gained 2.4% to CHF 197.70 after the specialty chemicals company reported revenue results for the first quarter of 2025.
Sales increased to CHF 2.68 billion from CHF 2.65 billion a year ago, with an acquisition effect of 1%.
The company plans to acquire Singapore-based Elmich, UK-based Cromar, and US-based HPS and is working to open new factories in Singapore, China, Ecuador, and Kazakhstan.
Sika has confirmed its outlook for fiscal 2025 but cited increased market uncertainties from potentially prolonged trade conflicts.
The company guided 2025 sales growth in local currencies between 3% and 6%, compared to CHF 11.76 billion in 2024, and an EBITDA margin between 19.5% and 19.8%, compared to 19.3% a year earlier.
Ashmore Group Plc plunged 6.4% to 125.10 pence after the UK-based emerging market investment manager released its assets under management report.
Total assets in the third quarter ending in March declined 5% to $46.2 billion, compared to $48.8 billion in the quarter ending in December.
“Emerging markets performed well over the quarter on the back of economic resilience together with the benefit of a weaker US dollar and strength in the euro as a consequence of planned fiscal expansion in Europe,” the company said in a release to investors.
However, individual institutional asset allocation decisions resulted in a net outflow for the quarter, the company added in the statement.
Publicis Groupe S.A. traded flat at €84.02 after the French public relations company reported higher sales in the first quarter of 2025.
Revenue surged 9.4% to €3.53 billion from €3.23 billion a year ago, helped by key acquisitions in Australia, Latin America, and Canada.
The company guided fiscal 2025 sales to increase between 4% and 5% and estimated a slight increase in operating margin rate, compared to its industry-high level of 18% in 2024, along with a free cash flow projection between €1.9 billion and €2 billion.
Europe Movers: Ashmore, Ericsson, LVMH, Publicis Groupe, Sika
Inga Muller
15 Apr, 2025
Frankfurt
LVMH gained 1.1% to €530.10 after the French luxury products retailer reported muted results in the first quarter of 2025.
Total revenue declined to €20.31 billion from €20.69 billion a year ago, as the wine and spirits segment sales dropped 8% and fashion and leather goods sales fell 4%.
“Europe once again achieved growth on a constant consolidation scope and currency basis, while the United States saw a slight decline,” the company said in a release to investors.
Japan sales declined from a year ago, which had been boosted by strong growth in Chinese consumer spending in the country, LVMH added in the statement.
Ericsson surged 4.2% to 73.60 krona after the Swedish telecom company said net income jumped in the first quarter of 2025.
Net sales climbed 3% to SEK 55.02 billion from SEK 53.32 billion, net income jumped to SEK 4.15 billion from SEK 2.56 billion, and diluted earnings per share rose to SEK 1.24 from 77 cents a year ago.
The company expanded its presence in the U.S. market to 45% of sales, compared to 37% of sales in the first quarter of 2024.
Sika AG gained 2.4% to CHF 197.70 after the specialty chemicals company reported revenue results for the first quarter of 2025.
Sales increased to CHF 2.68 billion from CHF 2.65 billion a year ago, with an acquisition effect of 1%.
The company plans to acquire Singapore-based Elmich, UK-based Cromar, and US-based HPS and is working to open new factories in Singapore, China, Ecuador, and Kazakhstan.
Sika has confirmed its outlook for fiscal 2025 but cited increased market uncertainties from potentially prolonged trade conflicts.
The company guided 2025 sales growth in local currencies between 3% and 6%, compared to CHF 11.76 billion in 2024, and an EBITDA margin between 19.5% and 19.8%, compared to 19.3% a year earlier.
Ashmore Group Plc plunged 6.4% to 125.10 pence after the UK-based emerging market investment manager released its assets under management report.
Total assets in the third quarter ending in March declined 5% to $46.2 billion, compared to $48.8 billion in the quarter ending in December.
“Emerging markets performed well over the quarter on the back of economic resilience together with the benefit of a weaker US dollar and strength in the euro as a consequence of planned fiscal expansion in Europe,” the company said in a release to investors.
However, individual institutional asset allocation decisions resulted in a net outflow for the quarter, the company added in the statement.
Publicis Groupe S.A. traded flat at €84.02 after the French public relations company reported higher sales in the first quarter of 2025.
Revenue surged 9.4% to €3.53 billion from €3.23 billion a year ago, helped by key acquisitions in Australia, Latin America, and Canada.
The company guided fiscal 2025 sales to increase between 4% and 5% and estimated a slight increase in operating margin rate, compared to its industry-high level of 18% in 2024, along with a free cash flow projection between €1.9 billion and €2 billion.
India Movers: BF Utilities, OK Play, Anand Rathi, United Spirits, Sona BLW, 20 Microns, Capri Global
Arun Goswami
15 Apr, 2025
Mumbai
BF Utilities Ltd. increased 1.4% to ₹759.10 after the wind power generator and infrastructure activities operator reported a rise in net income in the latest quarter.
Consolidated revenue eased to ₹216.3 crore from ₹250.7 crore, net income jumped to ₹83.9 crore from ₹76 crore, and diluted earnings per share rose to ₹9.21 from ₹9.91 a year ago.
OK Play India Ltd. rose 1.4% to ₹11.75 despite the plastic products maker reporting a four-fold increase in net loss in the fiscal fourth quarter.
Consolidated revenue in the March quarter decreased to ₹58.8 crore from ₹60.32 crore, and net loss expanded to ₹2.7 crore from ₹0.7 crore, and diluted losses per share expanded to 7 paise from a loss of 1 paisa a year ago.
For the fiscal year 2025, revenue declined to ₹175.1 crore from ₹185 crore, and net loss declined to ₹0.8 crore from ₹1.1 crore. Diluted losses per share dropped to ₹2 paise from ₹4 paise a year ago.
Anand Rathi Wealth Ltd. fell 1.1% to ₹1,785 despite the wealth management company reporting a 30% increase in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹241.4 crore from ₹197.2 crore, and profit after tax advanced to ₹73.7 crore from ₹56.8 crore, and diluted earnings per share rose to ₹8.87 from ₹6.80 a year ago.
For the fiscal year 2025, revenue advanced to ₹980.7 crore from ₹752 crore, profit after tax increased to ₹300.8 crore from ₹225.8 crore, and diluted earnings per share soared to ₹36.17 from ₹27.02 a year ago.
The company's board declared a final dividend of ₹5 per share.
Tata Consultancy Services rose 0.7% to ₹3,254.90 after the IT services, consulting, infrastructure, and business solutions provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹65,507 crore from ₹62,394 crore, profit after tax declined to ₹12,293 crore from ₹12,502 crore, and diluted earnings per share fell to ₹33.79 crore from ₹34.37 a year ago.
For the fiscal year 2025, revenue advanced to ₹2,59,286 crore from ₹2,45,315 crore, profit after tax rose to ₹48,797 crore from ₹46,099 crore, and diluted earnings per share soared to ₹134.19 from ₹125.88 a year ago.
The company's board recommended a final dividend of ₹26 per share.
United Spirits Ltd. rose 0.7% to ₹1,486 after the alcoholic beverage manufacturer reported an 11% increase in revenue and a marginal decline in net income in the December quarter.
Consolidated revenue advanced to ₹7,804 crore from ₹7,014 crore, net income declined to ₹335 crore from ₹350 crore, and diluted earnings per share fell to ₹4.72 from ₹4.93 a year ago.
Sona BLW Precision Forgings Ltd. jumped 7% to ₹460.20 after the automotive component company reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹914.7 crore from ₹781.5 crore, net income jumped to ₹150.7 crore from ₹133.5 crore, and diluted earnings per share rose to ₹2.43 from ₹2.26 a year ago.
The company's board declared an interim dividend of ₹1.60 per share.
20 Microns Ltd. inched higher 4.3% to ₹203.50 after the mineral and chemical manufacturers reported a 30% advance in net income in the December quarter.
Consolidated revenue advanced to ₹216.1 crore from ₹175.3 crore, after-tax profit increased to ₹12.9 crore from ₹11.5 crore, and diluted earnings per share rose to ₹3.65 from ₹3.25 a year ago.
Capri Global Capital Limited gained 1.2% to ₹158.90 after the non-banking financial company reported an 89% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹821.8 crore from ₹605.9 crore, after-tax profit increased to ₹128 crore from ₹67.9 crore, and diluted earnings per share rose to ₹1.54 from 85 paise a year ago.