Market Update
Europe Markets Remain Under Pressure Ahead of U.S. Import Tax Roll Out
Bridgette Randall
02 Apr, 2025
London
European markets continued to slide amid worries of escalating trade war with the U.S. and persistent economic weakness in the region.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined between 0.3% and 1.0%, and investors are adjusting corporate earnings and economic growth expectations for the first quarter.
The DAX index soared 12% in the first quarter, the CAC-40 index advanced 5.7%, and the FTSE 100 index gained 3.8%.
However, market indexes have been under pressure since mid-February amid soft economic data, lackluster corporate earnings, and an escalating trade war with the U.S.
German stocks rallied over the last month after lawmakers in a historic decision lifted the debt ceiling to accelerate infrastructure spending and finance rearmament in the European Union.
On the economic front, Spain's registered jobless people decreased by 13,311 from the previous month to 2.58 million in March, according to the latest data released by the Ministry of Employment and Social Security.
From a year ago, the number of registered jobless people decreased by 146,900, and inclement weather played a role in keeping the net new jobs from increasing at a faster pace.
Net formal jobs increased by 23,079 to 21.5 million, the ministry added in the report.
Europe Indexes and Yields
The DAX index decreased by 0.7% to 22,388.63, the CAC-40 index edged lower 0.5% to 7,835.11, and the FTSE 100 index declined by 0.3% to 8,610.27.
The yield on 10-year German bonds inched lower to 2.67%, French bonds decreased to 3.39%, the UK gilts moved down to 4.64%, and Italian bonds edged higher to 3.79%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.45 Swiss cents.
Brent crude decreased $0.30 to $74.19 a barrel, and the Dutch TTF natural gas was higher by €0.01 to €42.68 per MWh.
Europe Movers
Svitzer Group soared 31% to DKK 281.70, and A.P. Moeller Holding proposed to acquire the remaining stake in the marine service provider.
Grafton Group decreased 1.3% to 852.10 pence, and the distributor of building materials said that it has agreed to acquire the Irish unit of HSS Hire Group for €31.6 million on a cash and debt-free basis.
Fuchs SE decreased 2.2% to €32.95, and the German manufacturer of lubricants and specialty products agreed to acquire the U.S.-based IRMCO Advanced Lubricant Technologies for an undisclosed amount.
Nordex SE advanced 3% to €14.86, and the German wind turbine manufacturer said it received two orders totaling 750 MW from a wind energy project developer in Türkiye.
Europe Markets
Bridgette Randall
02 Apr, 2025
London
European markets continued to slide amid worries of escalating trade war with the U.S. and persistent economic weakness in the region.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined between 0.3% and 1.0%, and investors are adjusting corporate earnings and economic growth expectations for the first quarter.
The DAX index soared 12% in the first quarter, the CAC-40 index advanced 5.7%, and the FTSE 100 index gained 3.8%.
However, market indexes have been under pressure since mid-February amid soft economic data, lackluster corporate earnings, and an escalating trade war with the U.S.
German stocks rallied over the last month after lawmakers in a historic decision lifted the debt ceiling to accelerate infrastructure spending and finance rearmament in the European Union.
On the economic front, Spain's registered jobless people decreased by 13,311 from the previous month to 2.58 million in March, according to the latest data released by the Ministry of Employment and Social Security.
From a year ago, the number of registered jobless people decreased by 146,900, and inclement weather played a role in keeping the net new jobs from increasing at a faster pace.
Net formal jobs increased by 23,079 to 21.5 million, the ministry added in the report.
Europe Indexes and Yields
The DAX index decreased by 0.7% to 22,388.63, the CAC-40 index edged lower 0.5% to 7,835.11, and the FTSE 100 index declined by 0.3% to 8,610.27.
The yield on 10-year German bonds inched lower to 2.67%, French bonds decreased to 3.39%, the UK gilts moved down to 4.64%, and Italian bonds edged higher to 3.79%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.45 Swiss cents.
Brent crude decreased $0.30 to $74.19 a barrel, and the Dutch TTF natural gas was higher by €0.01 to €42.68 per MWh.
Europe Movers
Svitzer Group soared 31% to DKK 281.70, and A.P. Moeller Holding proposed to acquire the remaining stake in the marine service provider.
Grafton Group decreased 1.3% to 852.10 pence, and the distributor of building materials said that it has agreed to acquire the Irish unit of HSS Hire Group for €31.6 million on a cash and debt-free basis.
Fuchs SE decreased 2.2% to €32.95, and the German manufacturer of lubricants and specialty products agreed to acquire the U.S.-based IRMCO Advanced Lubricant Technologies for an undisclosed amount.
Nordex SE advanced 3% to €14.86, and the German wind turbine manufacturer said it received two orders totaling 750 MW from a wind energy project developer in Türkiye.
U.S. Movers: Progress Software, XPeng
Scott Peters
02 Apr, 2025
New York City
Progress Software gained 0.2% to $57.90 after the infrastructure software developer reported results for the fiscal first quarter ending in February.
Revenue increased 29% to $238.01 million from $184.68 million, net income slumped 52% to $10.95 million from $22.64 million, and diluted earnings per share fell 53% to 24 cents from 51 cents a year ago.
During the quarter, the company repurchased $30 million of its shares and accelerated repayment of the revolving credit line used to partially finance the ShareFile acquisition, paying down $30 million.
The company guided for the second quarter non-GAAP revenue to be between $235 million and $241 million, compared to $175 million a year ago, and non-GAAP diluted earnings per share between $1.28 and $1.34, compared to $1.09 a year earlier.
For the full year ending in November, the software company estimated non-GAAP revenue to be between $958 million and $970 million, compared to $753.41 million a year ago, and non-GAAP diluted earnings per share between $5.00 and $5.12, compared to $4.93 in 2024.
XPeng Inc. gained 1.2% to $21.22 after the Chinese electric vehicle maker announced vehicle delivery results for March and the first quarter of 2025.
In March, the company delivered 33,205 electric vehicles, marking a 268% increase year-over-year, surpassing 30,000 units for the fifth consecutive month.
For the first quarter of 2025, XPeng delivered 94,008 EVs, representing a 331% increase compared to the same period last year.
On March 13, the company launched 2025 versions of the XPeng G6 and XPeng G9, and both upgraded versions come standard with 5C AI batteries and Turing AI-powered smart driving features across all trims.
At the same time, XPeng expanded its global presence by entering the Indonesian market.
On March 18, the company announced fourth quarter of 2024 earnings results.
Revenue increased to 16.10 billion yuan from 13.05 billion yuan, net loss shrank to 1.33 billion yuan from 1.35 billion yuan, and diluted loss per share narrowed to 70 cents from a loss of 75 cents a year ago.
Total deliveries of vehicles were 91,507 during the fourth quarter, representing an increase of 52.1% from 60,158 in the corresponding period of 2023.
For the full year 2024, revenue jumped to 40.87 billion yuan from 30.68 billion yuan, net loss shrank to 5.79 billion yuan from 10.37 billion yuan, and diluted loss per share narrowed to 3.06 yuan from a loss of 5.96 yuan a year ago.
U.S. Movers: Progress Software, XPeng
Scott Peters
02 Apr, 2025
Frankfurt
Progress Software gained 0.2% to $57.90 after the infrastructure software developer reported results for the fiscal first quarter ending in February.
Revenue increased 29% to $238.01 million from $184.68 million, net income slumped 52% to $10.95 million from $22.64 million, and diluted earnings per share fell 53% to 24 cents from 51 cents a year ago.
During the quarter, the company repurchased $30 million of its shares and accelerated repayment of the revolving credit line used to partially finance the ShareFile acquisition, paying down $30 million.
The company guided for the second quarter non-GAAP revenue to be between $235 million and $241 million, compared to $175 million a year ago, and non-GAAP diluted earnings per share between $1.28 and $1.34, compared to $1.09 a year earlier.
For the full year ending in November, the software company estimated non-GAAP revenue to be between $958 million and $970 million, compared to $753.41 million a year ago, and non-GAAP diluted earnings per share between $5.00 and $5.12, compared to $4.93 in 2024.
XPeng Inc. gained 1.2% to $21.22 after the Chinese electric vehicle maker announced vehicle delivery results for March and the first quarter of 2025.
In March, the company delivered 33,205 electric vehicles, marking a 268% increase year-over-year, surpassing 30,000 units for the fifth consecutive month.
For the first quarter of 2025, XPeng delivered 94,008 EVs, representing a 331% increase compared to the same period last year.
On March 13, the company launched 2025 versions of the XPeng G6 and XPeng G9, and both upgraded versions come standard with 5C AI batteries and Turing AI-powered smart driving features across all trims.
At the same time, XPeng expanded its global presence by entering the Indonesian market.
On March 18, the company announced fourth quarter of 2024 earnings results.
Revenue increased to 16.10 billion yuan from 13.05 billion yuan, net loss shrank to 1.33 billion yuan from 1.35 billion yuan, and diluted loss per share narrowed to 70 cents from a loss of 75 cents a year ago.
Total deliveries of vehicles were 91,507 during the fourth quarter, representing an increase of 52.1% from 60,158 in the corresponding period of 2023.
For the full year 2024, revenue jumped to 40.87 billion yuan from 30.68 billion yuan, net loss shrank to 5.79 billion yuan from 10.37 billion yuan, and diluted loss per share narrowed to 3.06 yuan from a loss of 5.96 yuan a year ago.
Europe Movers: Greencore, Travis Perkins, YouGov
Inga Muller
02 Apr, 2025
Frankfurt
Travis Perkins Plc. dropped 7.6% to 508.0 pence after the UK-based building products company swung to a loss in 2024.
Revenue declined 4.7% to £4.61 billion from £4.84 billion, net loss was £77.4 million compared to a profit of £38.1 million, and diluted loss per share was 36.6 pence compared to a profit of 17.8 pence a year ago.
The company proposed a dividend of 9.0 pence per share, compared to 5.5 pence in 2023, to give a full-year dividend of 14.5 pence per share, compared to 18.0 pence per share a year ago.
The dividend represents 30% to 40% of adjusted earnings and is payable on May 29 to shareholders on record as of April 22.
The building products company guided a fiscal 2025 effective tax rate of around 30% on UK-generated profits, a base capital expenditure of around £80 million, and property profits of around £3 million.
YouGov Plc. surged 5.6% to 290.43 pence after the UK-based market research and data analytics company reported results for the half year 2025.
Revenue jumped to £191.7 million from £143.1 million, adjusted operating profit edged up to £30.1 million from £27.9 million, and adjusted earnings per share dropped to 17.1 pence from 20.4 pence a year ago.
The company said it is on track to achieve £20 million in cost savings, with 70% to be realized during fiscal 2025.
In the Americas region, the company estimated “mid-single-digit growth driven by sustained momentum in the region, primarily driven by technology and academic clients.”
Greencore Group Plc. surged 5.6% to 178.60 pence after the UK-based convenience foods provider raised its profit outlook after a strong second quarter of 2025.
The company estimated adjusted operating profit for fiscal 2025 to be ahead of current market expectations and in the range between £112 million and £115 million, compared to £97.5 million in 2024.
Greencore will post results for the half year on May 27.
The company continues its focus on cost control, as “strong revenue and volume momentum continued into the second quarter, supported by continued growth with customers and new business won during fiscal 2024,” the company said in a release to investors.
Europe Movers: Greencore, Travis Perkins, YouGov
Inga Muller
02 Apr, 2025
Frankfurt
Travis Perkins Plc. dropped 7.6% to 508.0 pence after the UK-based building products company swung to a loss in 2024.
Revenue declined 4.7% to £4.61 billion from £4.84 billion, net loss was £77.4 million compared to a profit of £38.1 million, and diluted loss per share was 36.6 pence compared to a profit of 17.8 pence a year ago.
The company proposed a dividend of 9.0 pence per share, compared to 5.5 pence in 2023, to give a full-year dividend of 14.5 pence per share, compared to 18.0 pence per share a year ago.
The dividend represents 30% to 40% of adjusted earnings and is payable on May 29 to shareholders on record as of April 22.
The building products company guided a fiscal 2025 effective tax rate of around 30% on UK-generated profits, a base capital expenditure of around £80 million, and property profits of around £3 million.
YouGov Plc. surged 5.6% to 290.43 pence after the UK-based market research and data analytics company reported results for the half year 2025.
Revenue jumped to £191.7 million from £143.1 million, adjusted operating profit edged up to £30.1 million from £27.9 million, and adjusted earnings per share dropped to 17.1 pence from 20.4 pence a year ago.
The company said it is on track to achieve £20 million in cost savings, with 70% to be realized during fiscal 2025.
In the Americas region, the company estimated “mid-single-digit growth driven by sustained momentum in the region, primarily driven by technology and academic clients.”
Greencore Group Plc. surged 5.6% to 178.60 pence after the UK-based convenience foods provider raised its profit outlook after a strong second quarter of 2025.
The company estimated adjusted operating profit for fiscal 2025 to be ahead of current market expectations and in the range between £112 million and £115 million, compared to £97.5 million in 2024.
Greencore will post results for the half year on May 27.
The company continues its focus on cost control, as “strong revenue and volume momentum continued into the second quarter, supported by continued growth with customers and new business won during fiscal 2024,” the company said in a release to investors.
China Stocks Consolidate Ahead of Earnings and U.S. Import Tax News
Li Chen
02 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong lacked direction ahead of the U.S. tariff news and the start of the earnings season.
The Hang Seng index declined 0.3%, and the mainland-focused CSI 300 index decreased 0.2%, and investors reviewed the latest business activities data released earlier in the week.
Investors were cautious ahead of the release of the U.S. import tax on foreign cars and automobile parts on April 2, and investors are bracing for additional tariffs on Chinese goods.
Shipbuilders, steelmakers, renewable energy companies, and pharmaceutical companies are likely to face additional tariffs of as much as 50% in the weeks ahead.
Market sentiment improved after two separate surveys showed improving activities in the manufacturing sector, but the pace of increase was slow and halting.
Moreover, earlier in the week, China's finance ministry arranged for the injection of as much as 500 billion yuan into the four largest banks, following on the promise after the meeting of top policymakers in the previous month.
Despite the improving economic data and the central government and the People's Bank of China providing stimulus, investor sentiment was cautious amid the escalating trade war with the U.S.
China Indexes and Stocks
The Hang Seng index decreased 0.3% to 23,147.13, and the mainland-focused CSI 300 index declined 0.2% to 3,883.00.
Trip.com Group Ltd decreased 1.5% to HK $494.20 and dropped as much as 4% amid travel cancellations following the earthquake in Thailand and Myanmar.
BYD declined 1.9% to HK $379.0, Li Auto increased 0.9% to HK $99.55, and Xpeng fell 0.8% to HK $82.50.
China Stocks Consolidate Ahead of Earnings and U.S. Import
Li Chen
02 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong lacked direction ahead of the U.S. tariff news and the start of the earnings season.
The Hang Seng index declined 0.3%, and the mainland-focused CSI 300 index decreased 0.2%, and investors reviewed the latest business activities data released earlier in the week.
Investors were cautious ahead of the release of the U.S. import tax on foreign cars and automobile parts on April 2, and investors are bracing for additional tariffs on Chinese goods.
Shipbuilders, steelmakers, renewable energy companies, and pharmaceutical companies are likely to face additional tariffs of as much as 50% in the weeks ahead.
Market sentiment improved after two separate surveys showed improving activities in the manufacturing sector, but the pace of increase was slow and halting.
Moreover, earlier in the week, China's finance ministry arranged for the injection of as much as 500 billion yuan into the four largest banks, following on the promise after the meeting of top policymakers in the previous month.
Despite the improving economic data and the central government and the People's Bank of China providing stimulus, investor sentiment was cautious amid the escalating trade war with the U.S.
China Indexes and Stocks
The Hang Seng index decreased 0.3% to 23,147.13, and the mainland-focused CSI 300 index declined 0.2% to 3,883.00.
Trip.com Group Ltd decreased 1.5% to HK $494.20 and dropped as much as 4% amid travel cancellations following the earthquake in Thailand and Myanmar.
BYD declined 1.9% to HK $379.0, Li Auto increased 0.9% to HK $99.55, and Xpeng fell 0.8% to HK $82.50.
India Movers: Punjab & Sind Bank, Nelco, Oriental Hotels, CEAT, Mahindra EPC, Authum Investment, Bank of Maharashtra, Mastek
Arun Goswami
02 Apr, 2025
Mumbai
Punjab & Sind Bank fell 6.1% to ₹32.69 despite the financial service provider reporting a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹3,269.4 crore from ₹2,852.7 crore, net income jumped to ₹282 crore from ₹114.3 crore, and diluted earnings per share rose to 42 paise from 17 paise a year ago.
Nelco Ltd. declined 0.4% to ₹889.75 after the satellite communication services provider reported a 19% decline in profit in the December quarter.
Consolidated revenue declined to ₹82.2 crore from ₹84.1 crore, after-tax profit decreased to ₹5 crore from ₹6.2 crore, and diluted earnings per share fell to ₹2.17 from ₹2.69 a year ago.
Oriental Hotels Limited edged higher 0.3% to ₹146.95 after the hotels and resorts services provider reported a slight increase in revenue and a 15% decline in profit in the December quarter.
Consolidated revenue advanced to ₹122.1 crore from ₹106.1 crore, net income fell to ₹14 crore from ₹16.4 crore, and diluted earnings per share declined to 78 paise from 92 paise a year ago.
CEAT Ltd. inched higher 1.2% to ₹2,908 despite the tire maker reporting a 46% plunge in quarterly profit from a year ago.
Consolidated revenue advanced to ₹3,303.3 crore from ₹2,966.1 crore, after-tax profit decreased to ₹97 crore from ₹181 crore, and diluted earnings per share dropped to ₹24.01 from ₹44.87 a year ago.
Mahindra EPC Irrigation Limited decreased 2% to ₹117.55 despite the micro-irrigation and water management service provider reporting a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹81 crore from ₹80.34 crore, net income jumped to ₹6.4 crore from ₹1.7 crore, and diluted earnings per share rose to ₹2.27 from 60 paise a year ago.
Authum Investment & Infrastructure Limited dropped 5% to ₹267.25 after the non-banking finance company reported a slight increase in revenue and a 10% decline in profit in the December quarter.
Consolidated revenue advanced to ₹618.6 crore from ₹491.4 crore, after-tax profit decreased to ₹545.2 crore from ₹603.3 crore, and diluted earnings per share fell to ₹32.10 from ₹35.52 a year ago.
Bank of Maharashtra declined 1% to ₹45.79 despite the financial service provider reporting a 31% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹7,112.7 crore from ₹5,851.5 crore, net income jumped to ₹1,406.7 crore from ₹1,069.7 crore, and diluted earnings per share rose to ₹1.84 from ₹1.47 a year ago.
Mastek Ltd. fell 0.5% to ₹2,110.95 despite the tech services company reporting a 23% increase in net income in the December quarter.
Consolidated revenue increased to ₹879 crore from ₹787.6 crore, after-tax profit advanced to ₹94.7 crore from ₹77.7 crore, and diluted earnings per share rose to ₹30.35 from ₹24.29 a year ago.
The company's board declared an interim dividend of ₹7 per share.
India Movers: Punjab & Sind Bank, Nelco, Oriental Hotels, CEAT, Mahindra EPC, Authum Investment, Bank of Maharashtra, Mastek
Arun Goswami
02 Apr, 2025
Mumbai
Punjab & Sind Bank fell 6.1% to ₹32.69 despite the financial service provider reporting a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹3,269.4 crore from ₹2,852.7 crore, net income jumped to ₹282 crore from ₹114.3 crore, and diluted earnings per share rose to 42 paise from 17 paise a year ago.
Nelco Ltd. declined 0.4% to ₹889.75 after the satellite communication services provider reported a 19% decline in profit in the December quarter.
Consolidated revenue declined to ₹82.2 crore from ₹84.1 crore, after-tax profit decreased to ₹5 crore from ₹6.2 crore, and diluted earnings per share fell to ₹2.17 from ₹2.69 a year ago.
Oriental Hotels Limited edged higher 0.3% to ₹146.95 after the hotels and resorts services provider reported a slight increase in revenue and a 15% decline in profit in the December quarter.
Consolidated revenue advanced to ₹122.1 crore from ₹106.1 crore, net income fell to ₹14 crore from ₹16.4 crore, and diluted earnings per share declined to 78 paise from 92 paise a year ago.
CEAT Ltd. inched higher 1.2% to ₹2,908 despite the tire maker reporting a 46% plunge in quarterly profit from a year ago.
Consolidated revenue advanced to ₹3,303.3 crore from ₹2,966.1 crore, after-tax profit decreased to ₹97 crore from ₹181 crore, and diluted earnings per share dropped to ₹24.01 from ₹44.87 a year ago.
Mahindra EPC Irrigation Limited decreased 2% to ₹117.55 despite the micro-irrigation and water management service provider reporting a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹81 crore from ₹80.34 crore, net income jumped to ₹6.4 crore from ₹1.7 crore, and diluted earnings per share rose to ₹2.27 from 60 paise a year ago.
Authum Investment & Infrastructure Limited dropped 5% to ₹267.25 after the non-banking finance company reported a slight increase in revenue and a 10% decline in profit in the December quarter.
Consolidated revenue advanced to ₹618.6 crore from ₹491.4 crore, after-tax profit decreased to ₹545.2 crore from ₹603.3 crore, and diluted earnings per share fell to ₹32.10 from ₹35.52 a year ago.
Bank of Maharashtra declined 1% to ₹45.79 despite the financial service provider reporting a 31% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹7,112.7 crore from ₹5,851.5 crore, net income jumped to ₹1,406.7 crore from ₹1,069.7 crore, and diluted earnings per share rose to ₹1.84 from ₹1.47 a year ago.
Mastek Ltd. fell 0.5% to ₹2,110.95 despite the tech services company reporting a 23% increase in net income in the December quarter.
Consolidated revenue increased to ₹879 crore from ₹787.6 crore, after-tax profit advanced to ₹94.7 crore from ₹77.7 crore, and diluted earnings per share rose to ₹30.35 from ₹24.29 a year ago.
The company's board declared an interim dividend of ₹7 per share.
Wall Street Indexes On Rollercoaster Ride Amid U.S. Trade Policy Chaos
Barry Adams
01 Apr, 2025
New York City
Wall Street indexes remained under pressure on the first day of trading of the new quarter as investors awaited clarity on U.S. trade policy.
The S&P 500 index decreased 0.3%, and the Nasdaq Composite fell 0.4%, following a day of wild swings in Monday's trading on Wall Street.
Market sentiment has been cautious amid the Trump administration's chaotic introduction of an import tax and confusion surrounding Donald Trump's constant flip-flops and wild threats to key trading partners.
Economic growth in the first quarter is likely to slow down sharply to close to zero after the Trump administration pursued a policy of an import tax covering nearly $3.3 trillion of imports.
The dramatic expansion and the use of tariffs are causing worldwide reactions, and the import tax is expected to fuel inflation and slow down economic growth.
Moreover, businesses are freezing or delaying investment plans amid tariff confusion, which is raising risks of recession in the third quarter and after.
The Trump administration is scheduled to announce the scope and details of the import tax and implementation plan starting April 2.
The Trump administration is looking to raise as much as $600 billion in annual revenue from new import taxes, sharply higher than the current $77 billion in annual revenue.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.1% to 5,607.06, the Nasdaq Composite edged up 0.1% to 17,324.18, and the Russell 2000 index was down 0.6% to 2,000.08.
The yield on 2-year Treasury notes edged lower to 3.88%, 10-year Treasury notes decreased to 4.18%, and 30-year Treasury bonds declined to 4.53%.
WTI crude oil increased $0.16 to $71.64 a barrel, and natural gas prices edged lower by $0.08 to $4.04 a thermal unit.
Gold increased by $13.04 to 3,133.81 an ounce, and silver edged down by $0.11 to $33.94.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.14 to 104.35 and traded at a two-year high.
U.S. Movers
PVH Corp. surged 16.2% to $75.12 after the parent company of the Calvin Klein and Tommy Hilfiger brands reported results for the fourth quarter of 2024.
Revenue declined to $2.37 billion from $2.49 billion, net income edged down to $157.2 million from $271.8 million, and diluted earnings per share fell to $2.83 from $4.55 a year ago.
The company announced $500 million in share repurchases in 2025 after completing approximately $500 million in stock repurchases during 2024.
Johnson & Johnson dropped 4% to $159.14 after the U.S. bankruptcy judge disapproved the company's $10 billion settlement proposal.
The proposed settlement covered thousands of lawsuits covering its baby powder and other talc products that caused ovarian cancer.
Progress Software Corp. jumped 7.5% to $55.35 after the business application software company's quarterly results surpassed market expectations.
The company's guidance for adjusted earnings for the full year also exceeded market expectations.
Wall Street Indexes On Rollercoaster Ride Amid U.S. Trade Policy
Barry Adams
01 Apr, 2025
New York City
Wall Street indexes remained under pressure on the first day of trading of the new quarter as investors awaited clarity on U.S. trade policy.
The S&P 500 index decreased 0.3%, and the Nasdaq Composite fell 0.4%, following a day of wild swings in Monday's trading on Wall Street.
Market sentiment has been cautious amid the Trump administration's chaotic introduction of an import tax and confusion surrounding Donald Trump's constant flip-flops and wild threats to key trading partners.
Economic growth in the first quarter is likely to slow down sharply to close to zero after the Trump administration pursued a policy of an import tax covering nearly $3.3 trillion of imports.
The dramatic expansion and the use of tariffs are causing worldwide reactions, and the import tax is expected to fuel inflation and slow down economic growth.
Moreover, businesses are freezing or delaying investment plans amid tariff confusion, which is raising risks of recession in the third quarter and after.
The Trump administration is scheduled to announce the scope and details of the import tax and implementation plan starting April 2.
The Trump administration is looking to raise as much as $600 billion in annual revenue from new import taxes, sharply higher than the current $77 billion in annual revenue.
U.S. Movers
PVH Corp. surged 16.2% to $75.12 after the parent company of the Calvin Klein and Tommy Hilfiger brands reported results for the fourth quarter of 2024.
Revenue declined to $2.37 billion from $2.49 billion, net income edged down to $157.2 million from $271.8 million, and diluted earnings per share fell to $2.83 from $4.55 a year ago.
The company announced $500 million in share repurchases in 2025 after completing approximately $500 million in stock repurchases during 2024.
Johnson & Johnson dropped 4% to $159.14 after the U.S. bankruptcy judge disapproved the company's $10 billion settlement proposal.
The proposed settlement covered thousands of lawsuits covering its baby powder and other talc products that caused ovarian cancer.
Progress Software Corp. jumped 7.5% to $55.35 after the business application software company's quarterly results surpassed market expectations.
The company's guidance for adjusted earnings for the full year also exceeded market expectations.
European Extended Quarterly Gains, Eurozone Inflation Eased In March
Bridgette Randall
01 Apr, 2025
London
European markets advanced for the second day in a row, but investors remained cautious amid the looming U.S. import tax and the widening global trade war.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced between 0.5% and 1%, as investors reassess global trade and economic growth outlook amid rising trade tensions with the U.S.
Consumer price inflation in the eurozone slowed for the second consecutive month, driven by the easing of services inflation.
The annual rate of inflation eased to 2.2% from 2.3% in the previous month, and service inflation slowed to 3.4% from 3.7%, and energy inflation fell to -0.7% from 2.2% in the previous month, respectively.
Core inflation, which excludes volatile food and energy prices, eased to 2.4% from 2.6% in the previous month.
Europe Indexes and Yields
The DAX index increased by 0.8% to 22,342.74, the CAC-40 index edged higher 0.5% to 7,828.90, and the FTSE 100 index advanced by 0.6% to 8,631.81.
In the first quarter, the DAX index soared 12%, the CAC-40 index advanced 6.2%, and the FTSE 100 index increased 4.2%.
The yield on 10-year German bonds inched lower to 2.70%, French bonds decreased to 3.41%, the UK gilts moved down to 4.63%, and Italian bonds edged lower to 3.82%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was lower and traded at 88.32 Swiss cents.
Brent crude decreased $0.006 to $74.76 a barrel, and the Dutch TTF natural gas was higher by €0.21 to €40.69 per MWh.
Europe Movers
Travis Perkins plc dropped 6% to 517.0 pence, and the building products company swung to a pre-tax loss and cut the dividend.
Greencore Group plc rose 5.6% to 178.60 pence, and the producer of convenience food upgraded its full-year profit estimate because of the continued sales momentum in the second quarter.
Skanska AB increased 1.5% to 224.20 krona after the Swedish construction company won a contract worth 4.5 billion krona to renovate Raritan Bridge in New Jersey, U.S.A.
Ipsos SA advanced 1% to €42.10, and the market research and consulting company entered into exclusive talks to acquire The BVA Family.
Nordex SE gained 1.6% to €14.46, and the German wind turbine company won two orders from Swedish renewable energy company OX2 AB to supply 70 turbines in Finland.
European Extended Quarterly Gains, Eurozone Inflation Eased In March
Bridgette Randall
01 Apr, 2025
London
European markets advanced for the second day in a row, but investors remained cautious amid the looming U.S. import tax and the widening global trade war.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced between 0.5% and 1%, as investors reassess global trade and economic growth outlook amid rising trade tensions with the U.S.
Consumer price inflation in the eurozone slowed for the second consecutive month, driven by the easing of services inflation.
The annual rate of inflation eased to 2.2% from 2.3% in the previous month, and service inflation slowed to 3.4% from 3.7%, and energy inflation fell to -0.7% from 2.2% in the previous month, respectively.
Core inflation, which excludes volatile food and energy prices, eased to 2.4% from 2.6% in the previous month.
Europe Indexes and Yields
The DAX index increased by 0.8% to 22,342.74, the CAC-40 index edged higher 0.5% to 7,828.90, and the FTSE 100 index advanced by 0.6% to 8,631.81.
In the first quarter, the DAX index soared 12%, the CAC-40 index advanced 6.2%, and the FTSE 100 index increased 4.2%.
The yield on 10-year German bonds inched lower to 2.70%, French bonds decreased to 3.41%, the UK gilts moved down to 4.63%, and Italian bonds edged lower to 3.82%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was lower and traded at 88.32 Swiss cents.
Brent crude decreased $0.006 to $74.76 a barrel, and the Dutch TTF natural gas was higher by €0.21 to €40.69 per MWh.
Europe Movers
Travis Perkins plc dropped 6% to 517.0 pence, and the building products company swung to a pre-tax loss and cut the dividend.
Greencore Group plc rose 5.6% to 178.60 pence, and the producer of convenience food upgraded its full-year profit estimate because of the continued sales momentum in the second quarter.
Skanska AB increased 1.5% to 224.20 krona after the Swedish construction company won a contract worth 4.5 billion krona to renovate Raritan Bridge in New Jersey, U.S.A.
Ipsos SA advanced 1% to €42.10, and the market research and consulting company entered into exclusive talks to acquire The BVA Family.
Nordex SE gained 1.6% to €14.46, and the German wind turbine company won two orders from Swedish renewable energy company OX2 AB to supply 70 turbines in Finland.