Market Update
India Movers: BHEL, Cyient, Dr. Reddy's, GOCL, Maruti Suzuki, NHPC, REC
Arun Goswami
28 Mar, 2024
Mumbai
Benchmark indexes in Mumbai advanced, and extended holiday-shortened weekly gains to more than 1.4%.
The Sensex index increased 0.5% to 73,360.05, and the Nifty index edged up 0.5% to 22,225.40.
On the Mumbai stock exchange, 47 stocks traded at their 52-week highs and 56 stocks traded at their 52-week lows.
Maruti Suzuki India decreased 1% to ₹12,391.10, and the largest automaker in India reshuffled its management ranks in several business functions and activities.
Bharat Heavy Electricals jumped 2% to ₹248.10 after Adani Power awarded the company an an order to build a ₹4,000 crore power plant project in Chhattisgarh.
Dr. Reddy's Labs added 1.4% to ₹6,128.10, and the company struck a nationwide distribution partnership with Sanofi India for its vaccine products.
NHPC jumped 1.2% to ₹90.0 after the company's board approved the company's plans to borrow 6,100 crore in the fiscal year 2025.
Moreover, the board also approved the company's plans to close the Loktak Downstream Hydroelectric Project in west Manipur with an annual power capacity of 66 MW.
GOCL Corporation soared 10% to ₹417.85 after the company signed a preliminary agreement with Squarespace Infra City, based in Hyderabad, to monetize its 264.50-acre land facility in Kukatpally, Hyderabad.
REC Limited increased 1.9% to ₹453.95 after the company's board approved a borrowing limit of 1.6 lakh crore through the sale of short- and long-term debts and loans.
Cyient Ltd. added 1.7% to ₹1,976.65, and the company signed a collaboration with Deutsche Aircraft to design the rear fuselage of a 40-seat turboprop aircraft.
Rate Optimism Supports Stock Investor Enthusiasm In the U.S. and Europe
Barry Adams
27 Mar, 2024
New York City
Stock market indexes lacked direction as investors debated the durability of the recent market rally and future rate paths.
Investors are also looking ahead to the release of the price consumption expenditure price index on Friday, an alternative measure of inflation that takes into account customers' behavior to substitute cheaper products.
The PCE price index generally understates inflation, as the metric calculates inflation after consumers adjust to cheaper alternatives, reflecting a lower standard of living.
The S&P 500 index and the Nasdaq Composite are set to extend monthly and quarterly gains after an artificial intelligence boom powered market rally lifted two popular indexes.
The S&P 500 index has gained 9.1%, and the Nasdaq Composite index has advanced 8.7% as of Tuesday's close.
In March, as of Tuesday's close, the S&P 500 increased 2.1% and the Nasdaq Composite advanced 1.4%.
Investors have bid up stocks in the hopes that the Federal Reserve is more likely to lower interest rates as early as June after the Federal Reserve maintained its projection to cut interest rates by three times in the year.
However, investor hopes may be dashed if core inflation, which excludes volatile food and energy prices, stays above 2%.
Moreover, rising tensions in the Middle East are keeping crude oil prices elevated, and that is keeping goods and services inflation at an elevated pace.
In addition, wages are still rising at a rate of more than 4% annually, and the pace of wage inflation is inconsistent with the Fed's target rate of 2%.
Investors' rate-cut hopes may be dented if core inflation stays above 3% and wage inflation stays above 4%, forcing the central bank to keep interest rates higher for longer until the end of the year.
U.S. Indexes and Yields
The S&P 500 index increased 0.6% to 5,217.04, and the Nasdaq Composite fell 0.01% to 16,315.56.
The yield on 2-year Treasury notes decreased to 4.58%, 10-year Treasury notes inched up to 4.22%, and 30-year Treasury bonds edged down to 4.39%.
WTI crude oil decreased $0.22 to $81.40 a barrel, and natural gas prices decreased 5 cents to $1.72 a thermal unit.
Gold decreased by $12.88 to $2,190.88 an ounce, and silver rose 11 cents to $24.53.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.44.
U.S. Stock Movers
GameStop Corp. declined 14.5% to $13.26 after the specialty retailer said fiscal fourth quarter sales declined to $1.8 billion compared to $2.2 billion a year ago.
The company is battling the industry's shift away from physical games to online games and streaming services with subscription models.
Net income in the quarter ending on February 3 rose to $63.1 million from $48.2 million, and diluted earnings per share advanced to 21 cents from 16 cents a year ago.
Merck & Company increased 4% to $130.93 after the U.S. Food and Drug Administration approved the company's drug for the treatment of a lung disease.
Robinhood Markets advanced 2.9% to $19.85 after the company launched a new credit card for its customer base and offered personal finance services.
Lands' End soared 12.4% to $10.46 after the apparel retailer reported a wider loss, but quarterly sales were ahead of market expectations.
Trump Media and Technology Group gained 11.8% to $64.83 and extended gains for the second day after the parent company of social media platform Truth Social made its initial public offering.
Shockwave Medical soared 3.3% to $326.67 after the medical device company extended gains for the second day in a row on a report that the company was in talks to be acquired by Johnson & Johnson.
European Markets Inch Higher In Record Territory
European markets advanced in record territory, and investors debated the outlook for interest rates in the holiday-shortened week.
Benchmark indexes in Paris and Frankfurt inched higher into record territory and extended this year's gain to more than 9%, while the index in London struggled to retain the previous session's gain.
Spain's Inflation Accelerated In March
Spain's inflation accelerated in March to 3.2% from a six-month low of 2.8% in January, according to the latest data released by the statistical agency, INE, on Wednesday.
Faster inflation in fuel and electricity prices outweighed slower inflation in food and non-alcoholic beverages.
The core rate of inflation, which excludes volatile food and energy prices, slowed to 3.3% from 3.5%.
The European Union's harmonized annual inflation rate accelerated to 3.2% from 2.9%.
France and Italy are scheduled to release their inflation updates on Friday, and investors will have their first chance to react on Tuesday after the Easter holiday.
Sweden Holds Rates and Lowers Inflation Outlook
Riksbank held its interest rate at 4.0% and signaled a possible rate cut in May or June if forward-looking data supported the move.
Policymakers also lowered their estimate of inflation by the end of the year to 3.8% from the previous estimate of 4.1% in November.
Moreover, the central bank also revised its 2024 economic growth projection to 0.3% from the previous estimate of a contraction of 0.2% but held its 2025 outlook at 1.9%.
Europe Indexes and Yields
The DAX index increased by 0.5% to 18,480.07, the CAC-40 index rose by 0.2% to 8,200.09, and the FTSE 100 index inched lower by 0.3% to 7,926.51.
The yield on 10-year German bonds edged down to 2.33%; French bonds inched lower to 2.81%; the UK gilts edged higher to 4.01%; and Italian bonds inched higher to 3.67%.
The euro edged higher to $1.082, the British pound inched higher to $1.262, and the U.S. dollar held steady at 90.57 Swiss cents.
Brent crude decreased $0.22 to $86.04. a barrel, and the Dutch TTF natural gas rose by €0.02 to €27.12 per MWh.
Europe Stock Movers
H&M jumped 13.5% to SEK 172.78 after the Swedish retailer reported better-than-expected quarterly results.
Revenue in the quarter ending in February declined 2% to SEK 53,7 billion from SEK 54.8 billion, net income rose to SEK 1.2 billion from SEK 540 million, and earnings per share advanced to 75 cents from 33 cents a year ago.
Assa Abloy AB decreased 1% to SEK 310.20, and the Swedish manufacturing conglomerate announced the purchase of Wi-Fi service providers for hospitality and commercial real estate groups.
Nomadix and Global Reach, managed by the same group with offices in Los Angeles and London, will become part of the company's hospitality group.
The two companies collectively generate $30 million in annual revenue, and the purchase of the company is expected to be immediately accretive to Assa Abloy's earnings.
CRH increased 1% to 6,952.0 pence, and the building materials company confirmed it has completed the second divestment phase of its lime operations in the U.K. and Europe.
DS Smith Group soared 7.5% to 391 pence after the paper and packaging company confirmed preliminary deal talks with International Paper that could lead to an offer of £5.7 billion or $7.2 billion.
BP plc decreased 1.5% to 492.10 pence and Shell plc dropped 1.4% to 2,611.50 pence after crude oil prices declined for the second day in a row following the U.S. government agency weekly report showing rising crude inventories.
Japanese Yen Weakness and China Property Market Worries Dominate Asian Trading
Stock markets in Asia diverged as investors prepared for the Easter holiday on Friday and Monday.
In thin trading, market indexes in Japan advanced, in China declined, and in India rebounded from losses in the previous sessions.
In a holiday-shortened week, investors avoided taking new positions and awaited the release of retail sales, industrial production, and unemployment data in Japan on Thursday.
Profits at Chinese industrial companies rose in the first two months of 2024, but investor confidence was weak after BYD issued a cautious outlook and Alibaba canceled its logistics unit's listing in Hong Kong.
India's current account deficit narrowed sharply in the December quarter after foreign remittances and service sector surpluses expanded.
Nikkei Soars to a New Record High After Yen Trades at a 34-year Low
Stocks in Tokyo rebounded and trimmed losses in recent sessions on the continued weakness in the yen.
The yen dropped to a 34-year low of 151.96 against the U.S. dollar as traders ramped up bets that the Bank of Japan will hold rates steady and the U.S. interest rates will stay higher for longer, increasing the difference between the two interest rates.
The latest decline in the yen prompted Japan's Finance Minister, Shunichi Suzuki, to warn financial markets that the government may take steps to support the currency if the yen fails to reflect economic fundamentals.
Suzuki's comments follow similar comments from Vice Finance Minister Masto Kanda a day earlier.
Stocks in Tokyo advanced on the hopes that a weaker yen would drive an increase in earnings for exporting companies.
The Nikkei 225 Stock Average rose 1.3% to 40,919.93, and the Topix index advanced 1% to 2,809.05.
Tech stocks led the gainers, and Tokyo Electron, SoftBank, Advantest, and Screen Holdings rose between 0.2% and 0.4%.
Financials traded mixed, and Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Financial Group gained between 1% and 2%.
General trading groups, also known as Sogo Shosha, Marubeni, Mitsui & Company, Itochu, Mitsubishi Corp., and Sumitomo Corp., advanced between 0.5% and 1.5%.
BYD Outlook Weighs on China Stocks; Alibaba Cancels Logistic Unit IPO
Stocks in Shanghai and Hong Kong traded down after market anxieties were compounded by weak corporate earnings.
The electric vehicle maker reported strong financial results, but the December quarter earnings growth slowed to 18.7%, the slowest increase in the last eight quarters.
Investors overlooked the electric vehicle makers' record annual 2023 earnings and focused on the cautious sales and earnings outlook in the current year and weak consumer demand.
BYD fell 6.4% to HK$202.20, and Li Auto declined 3.2% to HK$117.80.
Moreover, market jitters amplified after Alibaba Group was forced to shelve the listing of its logistics unit Cainiao in Hong Kong after weak investor demand.
Alibaba announced its plans to acquire stakes held by minority shareholders in its logistics unit, and the company stressed its strategic importance.
Alibaba Group, with 8.3%, the second largest constituent in Hong Kong's benchmark index, declined 2.2% to $68.70.
In light trading, benchmark indexes drifted lower ahead of the Easter holiday break on Friday and Monday.
The decline in market indexes was limited after profits at Chinese industrial companies rose 10.2% in the first two months of the year, the statistics bureau reported Wednesday.
The rise in industrial profit followed the increase in industrial production in the period, supporting the case for a stronger-than-estimated economic recovery.
The CSI 300 index fell 0.5% to 3,527.41, and the Hang Seng index dropped 0.6% to 16,512.92.
India Indexes Advanced in Cautious Trading
Stocks in Mumbai inched higher, and bond yields held steady amid rising geopolitical tensions.
The Sensex and the Nifty indexes advanced in early trading as investors set aside the worry of elevated inflation and global interest rate uncertainties.
The Sensex index increased 0.3% to 72,670.55, and the Nifty index edged up 0.3% to 22,070.80.
On the Mumbai stock exchange, 49 stocks traded at their 52-week highs and 45 stocks traded at their 52-week lows.
India's Current Account Deficit Narrowed After Service Surplus Expanded
India's current account deficit fell sharply in the December quarter after service exports soared, according to the latest update released by the Reserve Bank of India on Tuesday.
The current account deficit in the December quarter narrowed to $10.5 billion from $16.8 billion in the corresponding quarter a year ago.
The service export surplus expanded to $45.0 billion from $38.7 billion, driven by the expansion of software, travel, and business services.
However, the international goods deficit was nearly unchanged at $71.6 billion compared to $71.3 billion a year ago, due to persistently elevated energy and gold imports.
The secondary income surplus, which reflects remittances by Indians employed abroad, expanded to $29.3 billion from $28.5 billion.
The primary income gap, which reflects investment income transfers, rose to $13.2 billion from $12.7 billion.
In the financial account, foreign direct investment recorded a net inflow that rose to $4.2 billion from $2.0 billion, and foreign portfolio investment increased to a net inflow of $12.0 billion from $4.6 billion a year ago.
Overall, India's current account deficit declined to 1.2% of gross domestic product compared to 2.0% in the corresponding quarter a year ago.
U.S. Movers: GameStop, Lands End, Merck, Robinhood Markets, Shockwave Medical, Trump Media
Scott Peters
27 Mar, 2024
New York City
Benchmark indexes on Wall Street rebounded after falling in the previous three sessions.
The S&P 500 index increased 0.6% to 5,232.96, and the Nasdaq Composite rose 0.3% to 16,365.45.
The yield on 2-year Treasury notes decreased to 4.58%, 10-year Treasury notes inched up to 4.22%, and 30-year Treasury bonds edged down to 4.39%.
GameStop Corp. declined 14.5% to $13.26 after the specialty retailer said fiscal fourth quarter sales declined to $1.8 billion compared to $2.2 billion a year ago.
The company is battling the industry's shift away from physical games to online games and streaming services with subscription models.
Net income in the quarter ending on February 3 rose to $63.1 million from $48.2 million, and diluted earnings per share advanced to 21 cents from 16 cents a year ago.
Merck & Company increased 4% to $130.93 after the U.S. Food and Drug Administration approved the company's drug for the treatment of a lung disease.
Robinhood Markets advanced 2.9% to $19.85 after the company launched a new credit card for its customer base and offered personal finance services.
Lands' End soared 12.4% to $10.46 after the apparel retailer reported a wider loss, but quarterly sales were ahead of market expectations.
Trump Media and Technology Group gained 11.8% to $64.83 and extended gains for the second day after the parent company of social media platform Truth Social made its initial public offering.
Shockwave Medical soared 3.3% to $326.67 after the medical device company extended gains for the second day in a row on a report that the company was in talks to be acquired by Johnson & Johnson.
S&P 500 and Nasdaq Rebound After Three Losing Sessions
Barry Adams
27 Mar, 2024
New York City
Benchmark indexes advanced in Wednesday's trading, and Treasury yields held steady as investors debated the future rate-path outlook.
Investors are also looking ahead to the release of the price consumption expenditure price index on Friday, an alternative measure of inflation that takes into account customers' behavior to substitute cheaper products.
The PCE price index generally understates the inflation experienced by consumers by a significant margin.
The S&P 500 index and the Nasdaq Composite are set to extend monthly and quarterly gains after an artificial intelligence-powered market rally lifted two popular indexes.
The S&P 500 index has gained 9.1%, and the Nasdaq Composite index has advanced 8.7% as of Tuesday's close.
In March, as of Tuesday's close, the S&P 500 increased 2.1% and the Nasdaq Composite advanced 1.4%.
Investors have bid up stocks in the hopes that the Federal Reserve is more likely to lower interest rates as early as June after the Federal Reserve maintained its projection to cut interest rates by three times in the year.
However, investor hopes may be dashed if core inflation, which excludes volatile food and energy prices, stays above 2%.
Moreover, rising tensions in the Middle East are keeping crude oil prices elevated, and that is keeping goods and services inflation at an elevated pace.
In addition, wages are still rising at a rate of more than 4% annually, and the pace of wage inflation is inconsistent with the Fed's target rate of 2%.
Investors' rate-cut hopes may be dented if core inflation stays above 3% and wage inflation stays above 4%, forcing the central bank to keep interest rates higher for longer until the end of the year.
U.S. Indexes and Yields
The S&P 500 index increased 0.6% to 5,232.96, and the Nasdaq Composite rose 0.3% to 16,365.45.
The yield on 2-year Treasury notes decreased to 4.58%, 10-year Treasury notes inched up to 4.22%, and 30-year Treasury bonds edged down to 4.39%.
WTI crude oil decreased $0.29 to $81.33 a barrel, and natural gas prices decreased 6 cents to $1.72 a thermal unit.
Gold decreased by $13.25 to $2,190.24 an ounce, and silver rose 21 cents to $24.63.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.44.
U.S. Stock Movers
GameStop Corp. declined 14.5% to $13.26 after the specialty retailer said fiscal fourth quarter sales declined to $1.8 billion compared to $2.2 billion a year ago.
The company is battling the industry's shift away from physical games to online games and streaming services with subscription models.
Net income in the quarter ending on February 3 rose to $63.1 million from $48.2 million, and diluted earnings per share advanced to 21 cents from 16 cents a year ago.
Merck & Company increased 4% to $130.93 after the U.S. Food and Drug Administration approved the company's drug for the treatment of a lung disease.
Robinhood Markets advanced 2.9% to $19.85 after the company launched a new credit card for its customer base and offered personal finance services.
Lands' End soared 12.4% to $10.46 after the apparel retailer reported a wider loss, but quarterly sales were ahead of market expectations.
Trump Media and Technology Group gained 11.8% to $64.83 and extended gains for the second day after the parent company of social media platform Truth Social made its initial public offering.
Shockwave Medical soared 3.3% to $326.67 after the medical device company extended gains for the second day in a row on a report that the company was in talks to be acquired by Johnson & Johnson.
Europe Movers: Assa Abloy, CRH, DS Smith Group, H&M
Inga Muller
27 Mar, 2024
Frankfurt
European markets inched further into record territory, and bond yields edged slightly lower, but the pound, the euro, and the Swiss franc stayed steady.
The DAX index increased by 0.3% to 18,446.47, the CAC-40 index rose by 0.2% to 8,198.20, and the FTSE 100 index inched lower by 0.3% to 7,908.32.
The yield on 10-year German bonds edged down to 2.33%; French bonds inched lower to 2.81%; the UK gilts edged higher to 4.01%; and Italian bonds inched higher to 3.67%.
H&M jumped 13.5% to SEK 172.78 after the Swedish retailer reported better-than-expected quarterly results.
Revenue in the quarter ending in February declined 2% to SEK 53,7 billion from SEK 54.8 billion, net income rose to SEK 1.2 billion from SEK 540 million, and earnings per share advanced to 75 cents from 33 cents a year ago.
Assa Abloy AB decreased 1% to SEK 310.20, and the company announced the purchase of Wi-Fi service providers for hospitality and commercial real estate groups.
Nomdix and Global Reach, managed by the same management group with offices in Los Angeles and London, will become part of the company's hospitality group.
The two companies collectively generate $30 million.
The purchase of the company is expected to be immediately accretive.
CRH increased 1% to 6,952.0 pence, and the building materials company confirmed it has completed the second divestment phase of its lime operations in the U.K. and Europe.
DS Smith Group soared 7.5% to 391 pence after the paper and packaging company confirmed preliminary deal talks with International Paper that could lead to an offer of £5.7 billion or $7.2 billion.
BP plc decreased 1.5% to 492.10 pence and Shell plc dropped 1.4% to 2,611.50 pence after crude oil prices declined for the second day in a row following the U.S. government agency weekly report showing rising crude inventories.
Riksbank Holds Rates Steady, Spain's Inflation Accelerates
Bridgette Randall
27 Mar, 2024
Frankfurt
European markets advanced in record territory, and investors debated the outlook for interest rates in the holiday-shortened week.
Benchmark indexes in Paris and Frankfurt inched higher into record territory and extended this year's gain to more than 9%, while the index in London struggled to retain the previous session's gain.
Spain's Inflation Accelerated In March
Spain's inflation accelerated in March to 3.2% from a six-month low of 2.8% in January, according to the latest data released by the statistical agency, INE, on Wednesday.
Faster inflation in fuel and electricity prices outweighed slower inflation in food and non-alcoholic beverages.
The core rate of inflation, which excludes volatile food and energy prices, slowed to 3.3% from 3.5%.
The European Union's harmonized annual inflation rate accelerated to 3.2% from 2.9%.
France and Italy are scheduled to release their inflation updates on Friday, and investors will have their first chance to react on Tuesday after the Easter holiday.
Sweden Holds Rates and Lowers Inflation Outlook
Riksbank held its interest rate at 4.0% and signaled a possible rate cut in May or June if forward-looking data supported the move.
Policymakers also lowered their estimate of inflation by the end of the year to 3.8% from the previous estimate of 4.1% in November.
Moreover, the central bank also revised its 2024 economic growth projection to 0.3% from the previous estimate of a contraction of 0.2% but held its 2025 outlook at 1.9%.
Europe Indexes and Yields
The DAX index increased by 0.3% to 18,446.47, the CAC-40 index rose by 0.2% to 8,198.20, and the FTSE 100 index inched lower by 0.3% to 7,908.32.
The yield on 10-year German bonds edged down to 2.33%; French bonds inched lower to 2.81%; the UK gilts edged higher to 4.01%; and Italian bonds inched higher to 3.67%.
The euro edged higher to $1.082, the British pound inched higher to $1.262, and the U.S. dollar held steady at 90.57 Swiss cents.
Brent crude decreased $0.50 to $86.74. a barrel, and the Dutch TTF natural gas rose by €0.27 to €27.24 per MWh.
Europe Stock Movers
H&M jumped 13.5% to SEK 172.78 after the Swedish retailer reported better-than-expected quarterly results.
Revenue in the quarter ending in February declined 2% to SEK 53,7 billion from SEK 54.8 billion, net income rose to SEK 1.2 billion from SEK 540 million, and earnings per share advanced to 75 cents from 33 cents a year ago.
Assa Abloy AB decreased 1% to SEK 310.20, and the company announced the purchase of Wi-Fi service providers for hospitality and commercial real estate groups.
Nomadix and Global Reach, managed by the same management group with offices in Los Angeles and London, will become part of the company's hospitality group.
The two companies collectively generate $30 million in annual revenue and the purchase of the company is expected to be immediately accretive to Assa Abloy's earnings.
CRH increased 1% to 6,952.0 pence, and the building materials company confirmed it has completed the second divestment phase of its lime operations in the U.K. and Europe.
DS Smith Group soared 7.5% to 391 pence after the paper and packaging company confirmed preliminary deal talks with International Paper that could lead to an offer of £5.7 billion or $7.2 billion.
BP plc decreased 1.5% to 492.10 pence and Shell plc dropped 1.4% to 2,611.50 pence after crude oil prices declined for the second day in a row following the U.S. government agency weekly report showing rising crude inventories.
Alibaba Cancels Logistic Unit IPO, Nikkei at Record Level After Yen Drops to a 34-year Low
Arjun Pandit
27 Mar, 2024
Mumbai
Stock markets in Asia diverged as investors prepared for the Easter holiday on Friday and Monday.
In thin trading, market indexes in Japan advanced, in China declined, and in India rebounded from losses in the previous sessions.
In a holiday-shortened week, investors avoided taking new positions and awaited the release of retail sales, industrial production, and unemployment data in Japan on Thursday.
Profits at Chinese industrial companies rose in the first two months of 2024, but investor confidence was weak after BYD issued a cautious outlook and Alibaba canceled its logistics unit's listing in Hong Kong.
India's current account deficit narrowed sharply in the December quarter after foreign remittances and service sector surpluses expanded.
Nikkei Soars to a New Record High After Yen Trades at a 34-year Low
Stocks in Tokyo rebounded and trimmed losses in recent sessions on the continued weakness in the yen.
The yen dropped to a 34-year low of 151.96 against the U.S. dollar as traders ramped up bets that the Bank of Japan will hold rates steady and the U.S. interest rates will stay higher for longer, increasing the difference between the two interest rates.
The latest decline in the yen prompted Japan's Finance Minister, Shunichi Suzuki, to warn financial markets that the government may take steps to support the currency if the yen fails to reflect economic fundamentals.
Suzuki's comments follow similar comments from Vice Finance Minister Masto Kanda a day earlier.
Stocks in Tokyo advanced on the hopes that a weaker yen would drive an increase in earnings for exporting companies.
The Nikkei 225 Stock Average rose 1.3% to 40,919.93, and the Topix index advanced 1% to 2,809.05.
Tech stocks led the gainers, and Tokyo Electron, SoftBank, Advantest, and Screen Holdings rose between 0.2% and 0.4%.
Financials traded mixed, and Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Financial Group gained between 1% and 2%.
General trading groups, also known as Sogo Shosha, Marubeni, Mitsui & Company, Itochu, Mitsubishi Corp., and Sumitomo Corp., advanced between 0.5% and 1.5%.
BYD Outlook Weighs on China Stocks; Alibaba Cancels Logistic Unit IPO
Stocks in Shanghai and Hong Kong traded down after market anxieties were compounded by weak corporate earnings.
BYD, the electric vehicle maker, reported strong financial results, but the December quarter earnings growth slowed to 18.7%, the slowest increase in the last eight quarters.
Investors overlooked the electric vehicle makers' record annual 2023 earnings and focused on the cautious sales and earnings outlook in the current year and weak consumer demand.
BYD fell 6.4% to HK$202.20, and Li Auto declined 3.2% to HK$117.80.
Moreover, market jitters amplified after Alibaba Group was forced to shelve the listing of its logistics unit Cainiao in Hong Kong after weak investor demand.
Alibaba announced its plans to acquire stakes held by minority shareholders in its logistics unit, and the company stressed its strategic importance.
Alibaba Group, with 8.3%, the second largest constituent in Hong Kong's benchmark index, declined 2.2% to $68.70.
In light trading, benchmark indexes drifted lower ahead of the Easter holiday break on Friday and Monday.
The decline in market indexes was limited after profits at Chinese industrial companies rose 10.2% in the first two months of the year, the statistics bureau reported Wednesday.
The rise in industrial profit followed the increase in industrial production in the period, supporting the case for a stronger-than-estimated economic recovery.
The CSI 300 index fell 0.5% to 3,527.41, and the Hang Seng index dropped 0.6% to 16,512.92.
India Indexes Advanced in Cautious Trading
Stocks in Mumbai inched higher, and bond yields held steady amid rising geopolitical tensions.
The Sensex and the Nifty indexes advanced in early trading as investors set aside the worry of elevated inflation and global interest rate uncertainties.
The Sensex index increased 0.3% to 72,670.55, and the Nifty index edged up 0.3% to 22,070.80.
On the Mumbai stock exchange, 49 stocks traded at their 52-week highs and 45 stocks traded at their 52-week lows.
India's Current Account Deficit Narrowed After Service Surplus Expanded
India's current account deficit fell sharply in the December quarter after service exports soared, according to the latest update released by the Reserve Bank of India on Tuesday.
The current account deficit in the December quarter narrowed to $10.5 billion from $16.8 billion in the corresponding quarter a year ago.
The service export surplus expanded to $45.0 billion from $38.7 billion, driven by the expansion of software, travel, and business services.
However, the international goods deficit was nearly unchanged at $71.6 billion compared to $71.3 billion a year ago, due to persistently elevated energy and gold imports.
The secondary income surplus, which reflects remittances by Indians employed abroad, expanded to $29.3 billion from $28.5 billion.
The primary income gap, which reflects investment income transfers, rose to $13.2 billion from $12.7 billion.
In the financial account, foreign direct investment recorded a net inflow that rose to $4.2 billion from $2.0 billion, and foreign portfolio investment increased to a net inflow of $12.0 billion from $4.6 billion a year ago.
Overall, India's current account deficit declined to 1.2% of gross domestic product compared to 2.0% in the corresponding quarter a year ago.
India Movers: Angel One, Aster DM, Adani Ports, L&T, Piramal Enterprises, Sanofi India, Spicejet
Arun Goswami
27 Mar, 2024
Mumbai
Stocks in Mumbai advanced, bond yields held steady, and the rupee hovered near a record low in a holiday-shortened week.
The Sensex index increased 0.3% to 72,670.55, and the Nifty index edged up 0.3% to 22,070.80.
On the Mumbai stock exchange, 49 stocks traded at their 52-week highs and 45 stocks traded at their 52-week lows.
Central Depository Services edged down 0.1% to ₹1,785.0, and Standard Chartered Bank is planning to sell its entire 7.2% stake, or 75 lakh shares, in the company for $151 million in a block trade.
The stake-sale news was first reported by CNBC TV18.
Aster DM Healthcare decreased 0.02% to ₹438.55, and the private equity firm Olympus Capital Asia plans to sell a 9.8% stake in the company for about ₹1,953 crore, according to a report by Reuters.
Adani Ports and SEZ increased 2.6% to ₹1,315.0 after the company acquired a 95% stake in Gopalpur Port Ltd. located in Odisha for an enterprise value of ₹3,080 crore.
Spicejet increased 3.9% to ₹61.06 after the company entered into a settlement agreement with 755 crore with Canada-based aircraft lessor Export Development Canada.
The deal paves the way for the airline to assume control of 13 of the 15 Bombardier Q400 aircraft financed by EDC.
Larsen & Toubro increased 0.3% to ₹3,683.0 after the company's board approved the plan to raise ₹7,500 crore.
Sanofi India added 3.6% to ₹7,989.85 and Cipla gained 0.8% to ₹1,484.0, and the two companies struck an exclusive distribution partnership.
Under the agreement, Cipla will distribute Sanofi's Central Nervous Medications portfolio of drugs, including Frisium, an anti-epileptic drug.
Piramal Enterprises gained 0.5% to ₹862.80, and the company invested 2,000 crore in Piramal Capital and Housing Finance through its participation in the rights issue.
Angel One declined 1.8% to ₹2,672.35 after the company set a floor price of ₹2,555.01 per share for its institutional offering.
Durable Goods Orders and Shipments Advanced In February
Brian Turner
26 Mar, 2024
New York City
Durable goods orders rose 1.4% from the previous month and increased 1.8% from a year ago in February, from the downwardly revised fall of 6.9% in the previous month, the U.S. Census Bureau reported Tuesday.
Excluding transportation, new orders increased by 0.5%, and excluding defense, new orders increased by 2.2%.
Transportation equipment, also up following two consecutive monthly decreases, increased by 3.3%.
New orders for non-defense capital goods after excluding aircraft, generally viewed as a barometer for business spending, increased 0.7% after falling 0.4% in January.
Non-defense capital goods, excluding aircraft, increased 1.3%, and shipments rose 3.4% from a year ago.
Shipments of manufactured durable goods in February, up following two consecutive monthly decreases, increased 1.2% from the previous month of 3.4% from a year ago.
U.S. and World Market Indexes Advance In Range-bound Trading
Barry Adams
26 Mar, 2024
New York City
Benchmark indexes advanced and extended the previous week's rally, and Treasury yields held steady.
The S&P 500 index and the Nasdaq Composite edged higher, and crude oil prices remained volatile.
Investors remained on the sidelines in the holiday-shortened week as market participants debated the future rate path and macroeconomic conditions.
Crude oil prices retained an upward bias in volatile trading amid rising tensions in the Middle East and Red Sea lanes.
The U.S. voted in favor of the United Nations Security Council adopting a resolution demanding an immediate Israel and Hamas ceasefire for two weeks.
The extraordinary move is not likely to sway Israel from carrying out its bombing raids in Gaza, which have killed more than 25,000 people.
Moreover, Russia carried out missile strikes targeting key infrastructure in the capital, Kyiv, and border town, Lviv, in Ukraine.
The latest strikes come after Russia acknowledged Islamic State militant group were involved in the recent terrorist attack in Moscow that killed at least 145 people.
However, Russia insisted that Tajikistan-born four terrorists had ties to several Islamist terrorist groups with links to Ukraine without offering any evidence.
Durable Goods Orders and Shipments Advanced In February
Durable goods orders rose 1.4% from the previous month and increased 1.8% from a year ago in February, from the downwardly revised fall of 6.9% in the previous month, the U.S. Census Bureau reported Tuesday.
Excluding transportation, new orders increased by 0.5%, and excluding defense, new orders increased by 2.2%.
Transportation equipment, also up following two consecutive monthly decreases, increased by 3.3%.
New orders for non-defense capital goods after excluding aircraft, generally viewed as a barometer for business spending, increased 0.7% after falling 0.4% in January.
Non-defense capital goods, excluding aircraft, increased 1.3%, and shipments rose 3.4% from a year ago.
Shipments of manufactured durable goods in February, up following two consecutive monthly decreases, increased 1.2% from the previous month of 3.4% from a year ago.
U.S. Indexes and Yields
The S&P 500 index increased 0.2% to 5,229.40, and the Nasdaq Composite advanced 0.3% to 16,435.66.
The yield on 2-year Treasury notes decreased to 4.60%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds edged down to 4.41%.
WTI crude oil decreased $0.31 to $81.60 a barrel, and natural gas prices decreased 1 cent to $1.78 a thermal unit.
Gold decreased by $6.13 to $2,177.41 an ounce, and silver fell 21 cents to $24.46.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.24.
U.S. Stock Movers
Krispy Kreme jumped 19.4% to $14.86 after the company said it plans to sell donuts in McDonald's restaurants across the nation by 2026.
McCormick jumped 6.6% to $74.60 after the spice company reported better-than-expected revenue and earnings in its latest quarter.
Hershey Co. decreased 1.3% to $190.13, and Mondelez International declined 0.7% to $70.80 after the price of cocoa surged to a record high above $10,030 per ton in Tuesday's trading before edging down to $9.712 per ton.
The supply of cocoa from Western African nations is likely to drop by as much as 60% because of dry weather conditions and the spread of a virus that damaged crop yields.
The cocoa price has soared more than 135% in the year so far.
European Markets Inch Higher
European markets inched further into record territories as investors overlooked rising geopolitical tensions and debated macroeconomic developments.
Benchmark indexes in Paris, London, and Frankfurt advanced, and government bond yields hovered near three-month lows.
Investors bid up stocks in the holiday-shortened week after major central banks held key interest rates steady, keeping expectations of rate cuts alive in the second half of the year.
Moreover, investors also took a cautious view of China's economy after the government failed to provide additional stimulus measures to stabilize financial markets.
Leading Chinese companies reported sharply higher 2023 annual earnings, stoking speculation that the recent market rebound may be more sustainable.
PetroChina, China Merchants, China Resources Land, and Meituan reported better-than-expected annual earnings.
Spain's GDP Growth Improves In Fourth Quarter
Closer to home, Spain's economic growth in the fourth quarter improved from the third quarter, the statistical agency INE reported Tuesday.
Gross domestic product in the fourth quarter expanded by 0.6% from the third quarter, when the nation's output rose by 0.4%.
The latest GDP data confirmed the estimate released on January 30.
When compared to a year ago, economic growth accelerated to 2.0% from 1.9% in the third quarter.
GDP growth in 2023 slowed to 2.5% from the previous year, and economic growth slowed for the third year in a row, from 5.8% in 2022 and 6.4% in 2021.
Europe Indexes and Yields
The DAX index increased by 0.7% to 18,384.43, the CAC-40 index rose by 0.4% to 8,184.75, and the FTSE 100 index inched higher by 0.2% to 7,930.96.
The yield on 10-year German bonds edged down to 2.34%; French bonds inched lower to 2.81%; the UK gilts edged lower to 3.97%; and Italian bonds inched higher to 3.63%.
The euro edged higher to $1.085, the British pound inched higher to $1.265, and the U.S. dollar held steady at 90.09 Swiss cents.
Brent crude decreased $0.40 to $86.33. a barrel, and the Dutch TTF natural gas fell by €0.94 to €27.55 per MWh.
Europe Stock Movers
Ocado Group jumped 7.7% to 487.40 pence after the grocery delivery company reported better-than-expected first-quarter results, driven by a 10.6% increase in revenues.
Flutter Entertainment edged up 0.2% to 17,255.0 pence after the online sports betting and gambling company reported better-than-expected 2023 financial results.
Nordex SE increased 0.8% to €12.15 after the wind turbine company won an order to supply and install 57 turbines in its Delta 4000 series to a customer in South Africa.
Smiths Group advanced 3.5% to 1,714.0 pence after the engineering company reported strong interim results and launched a £100 million stock repurchase program.
China Earnings and Yen Worries Drive Asian Trading
Asian markets traded mixed amid rising geopolitical tensions and rising crude oil prices.
Market sentiment was weak on the ongoing worries of rising tensions in the Red Sea and Russia enlarging its bombing campaign to key targets in Kyiv and Lviv, a town close to a border with Poland.
Japanese Stocks Rest, Yen Hovers Near 4-month Low
Benchmark indexes in Tokyo rebounded after weak trading in the previous session.
Investors focused on the volatility in the yen, and the currency stabilized around 151.40 against the U.S. dollar in the hopes of government intervention.
Tech and financial stocks were among the leading gainers in the hopes of faster economic growth as domestic investors step up investing in large-cap stocks.
Investors are awaiting the release of retail sales, industrial production, and the unemployment rate later in the week.
The Nikkei 225 Stock Average decreased 0.1% to 40,370.29, and the Topix edged down 0.01% to 2,777.31.
Softbank, Tokyo Electron, Advantest, and Screen Holdings edged up between 0.5% and 1.5%.
China Indexes Edge Higher Amid Positive Earnings
Benchmark indexes in Shanghai and Hong Kong retained an upward bias as investors reviewed the latest earnings from PetroChina, China Resources Land, and China Merchants Bank.
In cautious trading, market indexes struggled to gain traction, and investors worried that the latest intervention-driven rebound in stocks may not be durable despite a string of positive earnings.
Investors are awaiting the release of earnings from at least 20 leading companies this week.
The CSI 300 index declined 0.04% to 3,524.39, and the Hang Seng index decreased 0.06% to 16,461.11.
China Merchants Bank advanced 4.5% to HK$31.35 after the financial services company reported a 6.2% increase in annual earnings in 2023 to 146.6 billion yuan, or $10.2 billion.
China Resources Land gained 1.4% to HK$24.65 after the property developer reported better-than-expected 2023 earnings of 31.4 billion yuan, or $4.4 billion.
Revenue in the full-year increased 21.3% to 251.1 billion yuan, and profit attributable to shareholders rose 11.7% to record 31.4 billion yuan from 28.1 billion a year ago.
Core profit, excluding investment gains, edged up 2.7% to 27.8 billion yuan.
The company's board recommended a final dividend of 1.243 yuan per share, and together with the interim dividend of 0.198 yuan per share, the total dividend for 2023 increased by 2.9% from a year ago to 1.441 yuan per share.
As of the end of the year 2023, the net long-term debt-to-equity ratio eased 6.2 percentage points from a year ago to 32.6%, while the weighted average cost of debt decreased 19 basis points to a ten-year low of 3.56%.
Earnings per share advanced to 4.40 yuan from 3.94 yuan a year ago.
PetroChina, the listed arm of the state-controlled China National Petroleum Corporation, increased 0.6% to HK$6.50 after the oil exploration and refinery company reported a record annual profit in 2023.
2023 revenue declined 7% to 3.0 trillion yuan from 3.3 trillion yuan, and profit attributable to shareholders increased 8% to 161.1 billion yuan from 148.7 billion yuan a year ago.
India Indexes Look Down in Cautious Trading
Stocks in Mumbai traded down as investors returned after a long holiday weekend.
The Sensex index and the Nifty Composite edged down 0.1% in early trading amid mixed markets in Asia and elevated crude oil prices in international trading.
Popular benchmark indexes declined in a holiday-shortened week with only three trading days this week.
Financial markets were closed on Monday to celebrate the festival of color Holi and mark the arrival of spring, and markets were closed on Friday to celebrate Good Friday.
The financial markets are closed on Friday in Europe and the U.S., and they are closed on Monday in Europe.
India's foreign exchange reserve increased to a record high of $642.3 billion at the end of the week ending March 15, the Reserve Bank of India reported in its latest update.
Rising service exports, falling energy imports, and a steady inflow of foreign remittances are supporting the growth in foreign reserves.
The Sensex index decreased 0.2% to 72,659.64, and the Nifty index edged down 0.2% to 22,044.50.
On the Mumbai stock exchange, 44 stocks traded at their 52-week highs and 24 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.08%, and the Indian rupee edged lower to ₹83.35 against the U.S. dollar.
U.S. Movers: Hershey, Krispy Kreme, McCormick, Mondelez
Scott Peters
26 Mar, 2024
New York City
Stocks on Wall Street edged higher, and tech and financial sector stocks were among the leading gainers in early trading.
The S&P 500 index increased 0.2% to 5,246.13, and the Nasdaq Composite rose 0.3% to 16,460.05.
The yield on 2-year Treasury notes decreased to 4.60%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds edged down to 4.41%.
Krispy Kreme jumped 19.4% to $14.86 after the company said it plans to sell donuts in McDonald's restaurants across the nation by 2026.
McCormick jumped 6.6% to $74.60 after the spice company reported better-than-expected revenue and earnings in its latest quarter.
Hershey Co. decreased 1.3% to $190.13, and Mondelez International declined 0.7% to $70.80 after the price of cocoa surged to a record high above $10,030 per ton in Tuesday's trading before edging down to $9.712 per ton.
The supply of cocoa from Western African nations is likely to drop by as much as 60% because of dry weather conditions and the spread of a virus that damaged crop yields.
The cocoa price has soared more than 135% in the year so far.
U.S. Major Averages Attempt to Extend Record-Setting Market Rally
Barry Adams
26 Mar, 2024
New York City
Benchmark indexes attempted to extend the previous week's rally, and Treasury yields held steady.
The S&P 500 index and the Nasdaq Composite edged higher in early trading, and crude oil prices remained volatile.
Investors remained on the sidelines in the holiday-shortened week as market participants debated the future rate path and macroeconomic conditions.
Crude oil prices retained an upward bias in volatile trading amid rising tensions in the Middle East and Red Sea lanes.
The U.S. voted in favor of the United Nations Security Council adopting a resolution demanding an immediate Israel and Hamas ceasefire for two weeks.
The extraordinary move is not likely to sway Israel from carrying out its bombing raids in Gaza, which have killed more than 25,000 people.
Moreover, Russia carried out missile strikes targeting key infrastructure in the capital, Kyiv, and border town, Lviv, in Ukraine.
The latest strikes come after Russia acknowledged Islamist militants were involved in the recent terrorist attack in Moscow that killed at least 145 people.
However, Russia insisted that Tajikistan-born four terrorists had ties to several Islamist terrorist groups with links to Ukraine without offering any evidence.
U.S. Indexes and Yields
The S&P 500 index increased 0.2% to 5,246.13, and the Nasdaq Composite rose 0.3% to 16,460.05.
The yield on 2-year Treasury notes decreased to 4.60%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds edged down to 4.41%.
WTI crude oil increased $0.19 to $82.18 a barrel, and natural gas prices decreased 1 cent to $1.78 a thermal unit.
Gold decreased by $18.53 to $2,189.54 an ounce, and silver rose 5 cents to $24.76.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.14.
U.S. Stock Movers
Krispy Kreme jumped 19.4% to $14.86 after the company said it plans to sell donuts in McDonald's restaurants across the nation by 2026.
McCormick jumped 6.6% to $74.60 after the spice company reported better-than-expected revenue and earnings in its latest quarter.
Hershey Co. decreased 1.3% to $190.13, and Mondelez International declined 0.7% to $70.80 after the price of cocoa surged to a record high above $10,030 per ton in Tuesday's trading before edging down to $9.712 per ton.
The supply of cocoa from Western African nations is likely to drop by as much as 60% because of dry weather conditions and the spread of a virus that damaged crop yields.
The cocoa price has soared more than 135% in the year so far.
Europe Movers: Bellway Flutter Entertainment, Nordex, Ocado Group, Smiths Group, Wacker Neuson
Inga Muller
26 Mar, 2024
Frankfurt
European markets edged slightly higher, and investors debated future rate paths amid an uncertain macroeconomic outlook.
The DAX index increased by 0.5% to 18,343.28, the CAC-40 index rose by 0.1% to 8,163.0, and the FTSE 100 index inched higher by 0.1% to 7,917.82.
The yield on 10-year German bonds edged down to 2.34%; French bonds inched lower to 2.81%; the UK gilts edged lower to 3.97%; and Italian bonds inched higher to 3.63%.
Ocado Group jumped 7.7% to 487.40 pence after the grocery delivery company reported better-than-expected first-quarter results, driven by a 10.6% increase in revenues.
Flutter Entertainment edged up 0.2% to 17,255.0 pence after the online sports betting and gambling company reported better-than-expected 2023 financial results.
Nordex SE increased 0.8% to €12.15 after the wind turbine company won an order to supply and install 57 turbines in its Delta 4000 series to a customer in South Africa.
Smiths Group advanced 3.5% to 1,714.0 pence after the engineering company reported strong interim results and launched a £100 million stock repurchase program.
Bellway PLC advanced 1.6% to 2,674.0 pence despite the home builder reporting a decline in pre-tax profit in the first half.
Wacker Neuson SE decreased 1.7% to €17.52 after the German construction equipment and machinery maker said full-year revenue is likely to be flat or decline slightly in the current year, citing macroeconomic uncertainty in all market segments of the world.
European Markets Inch Higher, Spain's Economic Growth Improves
Bridgette Randall
26 Mar, 2024
Frankfurt
European markets inched further into record territories as investors overlooked rising geopolitical tensions and debated macroeconomic developments.
Benchmark indexes in Paris, London, and Frankfurt advanced, and government bond yields hovered near three-month lows.
Investors bid up stocks in the holiday-shortened week after major central banks held key interest rates steady, keeping expectations of rate cuts alive in the second half of the year.
Moreover, investors also took a cautious view of China's economy after the government failed to provide additional stimulus measures to stabilize financial markets.
Leading Chinese companies reported sharply higher 2023 annual earnings, stoking speculation that the recent market rebound may be more sustainable.
PetroChina, China Merchants, China Resources Land, and Meituan reported better-than-expected annual earnings.
Spain's GDP Growth Improves In Fourth Quarter
Closer to home, Spain's economic growth in the fourth quarter improved from the third quarter, the statistical agency INE reported Tuesday.
Gross domestic product in the fourth quarter expanded by 0.6% from the third quarter, when the nation's output rose by 0.4%.
The latest GDP data confirmed the estimate released on January 30.
When compared to a year ago, economic growth accelerated to 2.0% from 1.9% in the third quarter.
GDP growth in 2023 slowed to 2.5% from the previous year, and economic growth slowed for the third year in a row, from 5.8% in 2022 and 6.4% in 2021.
Europe Indexes and Yields
The DAX index increased by 0.5% to 18,343.28, the CAC-40 index rose by 0.1% to 8,163.0, and the FTSE 100 index inched higher by 0.1% to 7,917.82.
The yield on 10-year German bonds edged down to 2.34%; French bonds inched lower to 2.81%; the UK gilts edged lower to 3.97%; and Italian bonds inched higher to 3.63%.
The euro edged higher to $1.085, the British pound inched higher to $1.265, and the U.S. dollar held steady at 90.09 Swiss cents.
Brent crude decreased $0.33 to $86.40. a barrel, and the Dutch TTF natural gas fell by €0.63 to €27.86 per MWh.
Europe Stock Movers
Ocado Group jumped 7.7% to 487.40 pence after the grocery delivery company reported better-than-expected first-quarter results, driven by a 10.6% increase in revenues.
Flutter Entertainment edged up 0.2% to 17,255.0 pence after the online sports betting and gambling company reported better-than-expected 2023 financial results.
Nordex SE increased 0.8% to €12.15 after the wind turbine company won an order to supply and install 57 turbines in its Delta 4000 series to a customer in South Africa.
Smiths Group advanced 3.5% to 1,714.0 pence after the engineering company reported strong interim results and launched a £100 million stock repurchase program.
China Stocks Rebound After Positive Earnings, Yen Hovers Near 4-month Low
Arjun Pandit
26 Mar, 2024
Mumbai
Asian markets traded mixed amid rising geopolitical tensions and rising crude oil prices.
Market sentiment was weak on the ongoing worries of rising tensions in the Red Sea and Russia enlarging its bombing campaign to key targets in Kyiv and Lviv, a town close to a border with Poland.
Japanese Stocks Rest, Yen Hovers Near 4-month Low
Benchmark indexes in Tokyo rebounded after weak trading in the previous session.
Investors focused on the volatility in the yen, and the currency stabilized around 151.40 against the U.S. dollar in the hopes of government intervention.
Tech and financial stocks were among the leading gainers in the hopes of faster economic growth as domestic investors step up investing in large-cap stocks.
Investors are awaiting the release of retail sales, industrial production, and the unemployment rate later in the week.
The Nikkei 225 Stock Average decreased 0.1% to 40,370.29, and the Topix edged down 0.01% to 2,777.31.
Softbank, Tokyo Electron, Advantest, and Screen Holdings edged up between 0.5% and 1.5%.
China Indexes Edge Higher Amid Positive Earnings
Benchmark indexes in Shanghai and Hong Kong retained an upward bias as investors reviewed the latest earnings from PetroChina, China Resources Land, and China Merchants Bank.
In cautious trading, market indexes struggled to gain traction, and investors worried that the latest intervention-driven rebound in stocks may not be durable despite a string of positive earnings.
Investors are awaiting the release of earnings from at least 20 leading companies this week.
The CSI 300 index declined 0.04% to 3,524.39, and the Hang Seng index decreased 0.06% to 16,461.11.
China Merchants Bank advanced 4.5% to HK$31.35 after the financial services company reported a 6.2% increase in annual earnings in 2023 to 146.6 billion yuan, or $10.2 billion.
China Resources Land gained 1.4% to HK$24.65 after the property developer reported better-than-expected 2023 earnings of 31.4 billion yuan, or $4.4 billion.
Revenue in the full-year increased 21.3% to 251.1 billion yuan, and profit attributable to shareholders rose 11.7% to record 31.4 billion yuan from 28.1 billion a year ago.
Core profit, excluding investment gains, edged up 2.7% to 27.8 billion yuan.
The company's board recommended a final dividend of 1.243 yuan per share, and together with the interim dividend of 0.198 yuan per share, the total dividend for 2023 increased by 2.9% from a year ago to 1.441 yuan per share.
As of the end of the year 2023, the net long-term debt-to-equity ratio eased 6.2 percentage points from a year ago to 32.6%, while the weighted average cost of debt decreased 19 basis points to a ten-year low of 3.56%.
Earnings per share advanced to 4.40 yuan from 3.94 yuan a year ago.
PetroChina, the listed arm of the state-controlled China National Petroleum Corporation, increased 0.6% to HK$6.50 after the oil exploration and refinery company reported a record annual profit in 2023.
2023 revenue declined 7% to 3.0 trillion yuan from 3.3 trillion yuan, and profit attributable to shareholders increased 8% to 161.1 billion yuan from 148.7 billion yuan a year ago.
India Indexes Look Down in Cautious Trading
Stocks in Mumbai traded down as investors returned after a long holiday weekend.
The Sensex index and the Nifty Composite edged down 0.1% in early trading amid mixed markets in Asia and elevated crude oil prices in international trading.
Popular benchmark indexes declined in a holiday-shortened week with only three trading days this week.
Financial markets were closed on Monday to celebrate the festival of color Holi and mark the arrival of spring, and markets were closed on Friday to celebrate Good Friday.
The financial markets are closed on Friday in Europe and the U.S., and they are closed on Monday in Europe.
India's foreign exchange reserve increased to a record high of $642.3 billion at the end of the week ending March 15, the Reserve Bank of India reported in its latest update.
Rising service exports, falling energy imports, and a steady inflow of foreign remittances are supporting the growth in foreign reserves.
The Sensex index decreased 0.2% to 72,659.64, and the Nifty index edged down 0.2% to 22,044.50.
On the Mumbai stock exchange, 44 stocks traded at their 52-week highs and 24 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds increased to 7.08%, and the Indian rupee edged lower to ₹83.35 against the U.S. dollar.