Market Update
Japan's Panic Rice Buying Accelerates Core Inflation In April
Akira Ito
23 May, 2025
Tokyo
Japan's market indexes traded higher and trimmed weekly losses as investors shifted their focus to the economy and global trade outlook.
The Nikkei 225 Stock Average increased 0.5%, the broader Topix gained 0.7%, and investors reviewed the latest update on inflation.
Consumer price inflation held steady at 3.6% in April, the Ministry of Internal Affairs and Communications reported Friday.
The annual rate of inflation was steady and remained at the slowest pace since December, and the core rate of inflation advanced to 3.5% from 3.2% in March.
On a monthly basis, food prices rose at a slower pace of 0.1% compared to the 0.3% rate in March.
Food prices rose at a slower pace of 6.5% compared to 7.4% in the previous month, after the government took measures to contain prices that have doubled over the past year.
Japan's rice prices started soaring last summer and surged to twice the normal level after a warning about a possible "megaquake" set in motion panic buying.
In April, rice prices are 98.4% higher compared to a year ago, and the government's efforts to release emergency reserves so far have failed to calm demand and lower prices.
Japan Indexes and Stocks
The Nikkei 225 Stock Average rose 0.5% to 37,167.79, and the broader Topix index advanced 0.7% to 2,735.92.
Industrial stocks led the most actively traded stocks in Tokyo.
IHI Corp. added 0.6% to ¥13,835.0, Fujikura Ltd. rose 4.3% to ¥6,218.0, and Mitsubishi Heavy Industries advanced 5.2% to ¥3,204.0.
Japan's Panic Rice Buying Accelerates Core Inflation In April
Akira Ito
23 May, 2025
Tokyo
Japan's market indexes traded higher and trimmed weekly losses as investors shifted their focus to the economy and global trade outlook.
The Nikkei 225 Stock Average increased 0.5%, the broader Topix gained 0.7%, and investors reviewed the latest update on inflation.
Consumer price inflation held steady at 3.6% in April, the Ministry of Internal Affairs and Communications reported Friday.
The annual rate of inflation was steady and remained at the slowest pace since December, and the core rate of inflation advanced to 3.5% from 3.2% in March.
On a monthly basis, food prices rose at a slower pace of 0.1% compared to the 0.3% rate in March.
Food prices rose at a slower pace of 6.5% compared to 7.4% in the previous month, after the government took measures to contain prices that have doubled over the past year.
Japan's rice prices started soaring last summer and surged to twice the normal level after a warning about a possible "megaquake" set in motion panic buying.
In April, rice prices are 98.4% higher compared to a year ago, and the government's efforts to release emergency reserves so far have failed to calm demand and lower prices.
Japan Indexes and Stocks
The Nikkei 225 Stock Average rose 0.5% to 37,167.79, and the broader Topix index advanced 0.7% to 2,735.92.
Industrial stocks led the most actively traded stocks in Tokyo.
IHI Corp. added 0.6% to ¥13,835.0, Fujikura Ltd. rose 4.3% to ¥6,218.0, and Mitsubishi Heavy Industries advanced 5.2% to ¥3,204.0.
Hang Seng Advances Sixth Consecutive Week Supported by Busy Week of IPOs
Li Chen
23 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced, and investors shifted their focus to the domestic economy.
The Hang Seng index gained 0.5%, and the CSI 300 index edged up 0.3% amid hopes that the U.S. and China will strike a deal before the end of the 90-day tariff pause in early August.
The Hang Seng index is set to extend its weekly advance for the sixth consecutive session after the two largest economies in the world agreed to pause the implementation of sky-high tariffs.
China's goods exports to the U.S. declined about 20% in April, but the total goods exports increased 8%, driven by the rise in demand in the ASEAN region.
Investors are hoping that consumer spending will continue to advance, supported by the stimulus measures to purchase electric vehicles and home appliances, but the outlook for the residential property markets remains dim.
New home prices continued to slide for the 22nd month in April, and demand in the second- and third-tier cities remained weak amid persistent worries about the financial health of property developers.
Foreign investors are tiptoeing in Hong Kong-listed stocks in the hopes that the boom in electric vehicles, renewable energy, and artificial intelligence-linked companies is likely to persist over several years.
China Indexes and Stocks
The Hang Seng index gained 0.5% to 23,684.48, and the CSI 300 index increased 0.3% to 3,925.58.
Jiangsu Hengrui Pharmaceuticals, one of China's largest drug companies, completed its Hong Kong listing.
The company raised HK $9.9 billion, or $1.26 billion, and priced its stock at HK $44.05 per share.
The Hong Kong-listed stock surged as much as 30% to HK$57.04, and the retail tranche was oversubscribed by 450 times and the institutional tranche by 17 times.
The state-owned generic drug maker's public offering follows CATL's $5.2 billion offering earlier this week, the largest initial public offering so far this year in 2025.
Hang Seng Advances Sixth Consecutive Week Supported by Busy Week of IPOs
Li Chen
23 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced, and investors shifted their focus to the domestic economy.
The Hang Seng index gained 0.5%, and the CSI 300 index edged up 0.3% amid hopes that the U.S. and China will strike a deal before the end of the 90-day tariff pause in early August.
The Hang Seng index is set to extend its weekly advance for the sixth consecutive session after the two largest economies in the world agreed to pause the implementation of sky-high tariffs.
China's goods exports to the U.S. declined about 20% in April, but the total goods exports increased 8%, driven by the rise in demand in the ASEAN region.
Investors are hoping that consumer spending will continue to advance, supported by the stimulus measures to purchase electric vehicles and home appliances, but the outlook for the residential property markets remains dim.
New home prices continued to slide for the 22nd month in April, and demand in the second- and third-tier cities remained weak amid persistent worries about the financial health of property developers.
Foreign investors are tiptoeing in Hong Kong-listed stocks in the hopes that the boom in electric vehicles, renewable energy, and artificial intelligence-linked companies is likely to persist over several years.
China Indexes and Stocks
The Hang Seng index gained 0.5% to 23,684.48, and the CSI 300 index increased 0.3% to 3,925.58.
Jiangsu Hengrui Pharmaceuticals, one of China's largest drug companies, completed its Hong Kong listing.
The company raised HK $9.9 billion, or $1.26 billion, and priced its stock at HK $44.05 per share.
The Hong Kong-listed stock surged as much as 30% to HK$57.04, and the retail tranche was oversubscribed by 450 times and the institutional tranche by 17 times.
The state-owned generic drug maker's public offering follows CATL's $5.2 billion offering earlier this week, the largest initial public offering so far this year in 2025.
Bu
Li Chen
23 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced, and investors shifted their focus to the domestic economy.
The Hang Seng index gained 0.5%, and the CSI 300 index edged up 0.3% amid hopes that the U.S. and China will strike a deal before the end of the 90-day tariff pause in early August.
The Hang Seng index is set to extend its weekly advance for the sixth consecutive session after the two largest economies in the world agreed to pause the implementation of sky-high tariffs.
China's goods exports to the U.S. declined about 20% in April, but the total goods exports increased 8%, driven by the rise in demand in the ASEAN region.
Investors are hoping that consumer spending will continue to advance, supported by the stimulus measures to purchase electric vehicles and home appliances, but the outlook for the residential property markets remains dim.
New home prices continued to slide for the 22nd month in April, and demand in the second- and third-tier cities remained weak amid persistent worries about the financial health of property developers.
Foreign investors are tiptoeing in Hong Kong-listed stocks in the hopes that the boom in electric vehicles, renewable energy, and artificial intelligence-linked companies is likely to persist over several years.
China Indexes and Stocks
The Hang Seng index gained 0.5% to 23,684.48, and the CSI 300 index increased 0.3% to 3,925.58.
Jiangsu Hengrui Pharmaceuticals, one of China's largest drug companies, completed its Hong Kong listing.
The company raised HK $9.9 billion, or $1.26 billion, and priced its stock at HK $44.05 per share.
The Hong Kong-listed stock surged as much as 30% to HK$57.04, and the retail tranche was oversubscribed by 450 times and the institutional tranche by 17 times.
The state-owned generic drug maker's public offering follows CATL's $5.2 billion offering earlier this week, the largest initial public offering so far this year in 2025.
U.S. Treasurys Extend Selloff After House Narrowly Passes Trump Tax Plan
Barry Adams
22 May, 2025
New York City
Wall Street indexes struggled to rebound from the previous session's losses, and bond yields edged higher after the U.S. House passed the budget bill.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.3% amid worries of rising U.S. debt levels, higher interest rates, and increased deficit.
The U.S. House of Representatives passed the budget bill after a 21-hour marathon session in a vote across party lines. Not a single Democrat voted for the bill.
The bill advances to the U.S. Senate before it goes to the U.S. president for his approval.
The budget proposal in its current form is likely to add between $3 trillion and $5 trillion to the U.S. debt over the next 10 years, deteriorating the U.S. fiscal position further.
The worries of the federal government's rising deficit and the debt levels sparked a selloff for the second consecutive session, and the U.S. dollar weakened in early trading.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.1% to 5,837.34, the Nasdaq Composite edged up 0.2% to 18,907.52, and the Russell 2000 index declined 0.4% to 2,038.84.
The yield on 2-year Treasury notes edged lower to 3.99%, 10-year Treasury notes decreased to 4.59%, and 30-year Treasury bonds advanced to 5.10%.
WTI crude oil decreased $0.91 to $60.66 a barrel, and natural gas prices edged lower by $0.08 to $3.29 a thermal unit.
Gold decreased by $14.58 to 3,306.15 an ounce, and silver edged down by $0.47 to $32.99.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.23 to 99.79 and traded at the lowest level since April 2022.
U.S. Stock Movers
Urban Outfitters soared 17% to $70.14 after the specialty apparel retailer reported better-than-quarterly profit.
Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.
The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.
Snowflake Inc. soared 10.6% to $197.28, and the cloud-storage company reported a solid first quarter.
Lumen Technologies Inc. soared 10.2% to $4.118 after AT&T agreed to acquire nearly all of Mass Markets' high-speed internet fiber business.
U.S. Treasurys Extend Selloff After House Narrowly Passes Trump Tax Plan
Barry Adams
22 May, 2025
New York City
Wall Street indexes struggled to rebound from the previous session's losses, and bond yields edged higher after the U.S. House passed the budget bill.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.3% amid worries of rising U.S. debt levels, higher interest rates, and increased deficit.
The U.S. House of Representatives passed the budget bill after a 21-hour marathon session in a vote across party lines. Not a single Democrat voted for the bill.
The bill advances to the U.S. Senate before it goes to the U.S. president for his approval.
The budget proposal in its current form is likely to add between $3 trillion and $5 trillion to the U.S. debt over the next 10 years, deteriorating the U.S. fiscal position further.
The worries of the federal government's rising deficit and the debt levels sparked a selloff for the second consecutive session, and the U.S. dollar weakened in early trading.
U.S. Stock Movers
Urban Outfitters soared 17% to $70.14 after the specialty apparel retailer reported better-than-quarterly profit.
Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.
The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.
Snowflake Inc. soared 10.6% to $197.28, and the cloud-storage company reported a solid first quarter.
Lumen Technologies Inc. soared 10.2% to $4.118 after AT&T agreed to acquire nearly all of Mass Markets' high-speed internet fiber business.
U.S. Movers: Guess, Lowe’s, Medtronic, Target, TJX, Urban Outfitters, VF Corp.
Scott Peters
22 May, 2025
New York City
TJX Companies Inc. inched up 0.01% to $131.04 after the off-price apparel and home fashion retailer reported higher revenue in the first quarter of 2025.
Net sales climbed to $13.11 billion from $12.48 billion, net income edged down to $1.04 billion from $1.07 billion, and diluted earnings per share fell to 92 cents from 93 cents a year ago.
First-quarter comparable sales increased 3%, at the high end of the company’s plan, driven by an increase in customer transactions.
The company returned $1.0 billion to shareholders in the quarter through share repurchases and dividends.
The department store retailer guided second-quarter comparable sales to be up 2% to 3% and diluted earnings per share between 97 cents and $1.00, compared to 96 cents a year earlier.
For the full year, the company estimated same-store sales to be up 2% to 3% and diluted earnings per share between $4.34 and $4.43, compared to $4.26 a year ago.
Lowe's Companies Inc. eased 0.1% to $227.15 after the home improvement retailer reported first-quarter 2025 results.
Net sales declined to $20.93 billion from $21.36 billion, net earnings dropped to $1.64 billion from $1.75 billion, and diluted earnings per share fell to $2.92 from $3.06 a year ago.
The company estimated full-year comparable sales to be flat to up 1% as compared to the prior year, revenue between $83.5 billion and $84.5 billion, and diluted earnings per share between $12.15 and $12.40.
In comparison, revenue in 2024 was $83.67 billion, and diluted earnings per share stood at $12.23.
Medtronic Plc. traded flat at $84.41 after the medical device provider reported higher revenue and earnings in the fourth quarter of 2025.
Net sales climbed to $8.93 billion from $8.59 billion, net income edged up to $1.06 billion from $654 million, and diluted earnings per share rose to 82 cents from 49 cents a year ago.
The medical technology company plans to separate its diabetes business into a standalone public company within 18 months.
The company announced a cash dividend of 71 cents per share, or an annual amount of $2.84 per share, payable on July 11 to shareholders on record on June 27.
Medtronic guided fiscal year 2026 organic revenue to grow by approximately 5%, compared to $33.54 billion, and diluted non-GAAP earnings per share to increase by 4%, compared to $5.49 a year earlier, respectively.
Target Corp. eased 0.1% to $92.90 after the big-box retailer reported mixed first-quarter results and lowered its annual outlook.
Net sales slipped 2.8% to $23.85 billion from $24.53 billion, net earnings climbed 10% to $1.04 billion from $942 million, and diluted earnings per share rose 11.7% to $2.27 from $2.03 a year ago.
Comparable sales edged down 3.8% in the quarter amid a lower number of transactions and a lower average transaction amount, partially offset by comparable digital sales growth of 4.7%.
The company guided full-year sales to decline in low single digits, compared to $106.57 billion, and GAAP earnings per share to be between $8.00 and $10.00, compared to $8.86 a year earlier, respectively.
Target paid dividends of $510 million in the first quarter, compared with $508 million last year, reflecting a 1.8% increase in the dividend per share.
In addition, the company repurchased $251 million of its own shares, retiring 2.2 million shares at an average price of $114.60, and as of the end of the quarter, the company had approximately $8.4 billion remaining under repurchase authorization.
VF Corp. traded up 0.4% to $12.20 after the apparel and footwear company reported fourth-quarter 2025 results.
Revenue edged down to $2.14 billion from $2.25 billion, net loss narrowed to $150.79 million from a loss of $418.31 million, and diluted loss per share shrank to 39 cents from a loss of $1.08 a year ago.
The company guided first-quarter sales to decrease by 3% to 5%, compared to $1.9 billion, and operating loss to be between $110 million and $125 million, compared to a loss of $239.89 a year ago, respectively.
Urban Outfitters Inc. soared 17.4% to $70.00 after the lifestyle and homeware retailer reported strong first-quarter 2025 results.
Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.
The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.
The clothing retailer repurchased and subsequently retired 3.3 million shares for approximately $152 million during the quarter and 1.2 million shares for $53 million during the fiscal year, and as of April 30, 14.7 million shares remained under repurchase authorization.
Guess? Inc. traded flat at $11.05 after the fashion clothing retailer reported fourth-quarter 2025 results.
Net revenue edged up to $932.25 million from $891.05 million, net earnings dropped to $81.40 million from $115.27 million, and diluted earnings per share fell to $1.16 from $1.71 a year ago.
The company guided first-quarter revenue to increase between 5.8% and 7.5%, compared to $569.8 million, and GAAP diluted loss per share to be between 75 cents and 66 cents, compared to a loss of 22 cents a year ago, respectively.
For the full year, Guess estimated revenue to increase between 3.9% and 6.2%, compared to $2.8 billion, and GAAP diluted earnings per share to be between $1.03 and $1.37, compared to $3.09 a year earlier, respectively.
During the fiscal year 2025, the company repurchased approximately 2.6 million shares for $60.3 million, and a capacity of $139.8 million remained under repurchase authorization.
U.S. Movers: Guess, Lowe’s, Medtronic, Target, TJX, Urban Outfitters, VF Corp.
Scott Peters
22 May, 2025
New York City
TJX Companies Inc. inched up 0.01% to $131.04 after the off-price apparel and home fashion retailer reported higher revenue in the first quarter of 2025.
Net sales climbed to $13.11 billion from $12.48 billion, net income edged down to $1.04 billion from $1.07 billion, and diluted earnings per share fell to 92 cents from 93 cents a year ago.
First-quarter comparable sales increased 3%, at the high end of the company’s plan, driven by an increase in customer transactions.
The company returned $1.0 billion to shareholders in the quarter through share repurchases and dividends.
The department store retailer guided second-quarter comparable sales to be up 2% to 3% and diluted earnings per share between 97 cents and $1.00, compared to 96 cents a year earlier.
For the full year, the company estimated same-store sales to be up 2% to 3% and diluted earnings per share between $4.34 and $4.43, compared to $4.26 a year ago.
Lowe's Companies Inc. eased 0.1% to $227.15 after the home improvement retailer reported first-quarter 2025 results.
Net sales declined to $20.93 billion from $21.36 billion, net earnings dropped to $1.64 billion from $1.75 billion, and diluted earnings per share fell to $2.92 from $3.06 a year ago.
The company estimated full-year comparable sales to be flat to up 1% as compared to the prior year, revenue between $83.5 billion and $84.5 billion, and diluted earnings per share between $12.15 and $12.40.
In comparison, revenue in 2024 was $83.67 billion, and diluted earnings per share stood at $12.23.
Medtronic Plc. traded flat at $84.41 after the medical device provider reported higher revenue and earnings in the fourth quarter of 2025.
Net sales climbed to $8.93 billion from $8.59 billion, net income edged up to $1.06 billion from $654 million, and diluted earnings per share rose to 82 cents from 49 cents a year ago.
The medical technology company plans to separate its diabetes business into a standalone public company within 18 months.
The company announced a cash dividend of 71 cents per share, or an annual amount of $2.84 per share, payable on July 11 to shareholders on record on June 27.
Medtronic guided fiscal year 2026 organic revenue to grow by approximately 5%, compared to $33.54 billion, and diluted non-GAAP earnings per share to increase by 4%, compared to $5.49 a year earlier, respectively.
Target Corp. eased 0.1% to $92.90 after the big-box retailer reported mixed first-quarter results and lowered its annual outlook.
Net sales slipped 2.8% to $23.85 billion from $24.53 billion, net earnings climbed 10% to $1.04 billion from $942 million, and diluted earnings per share rose 11.7% to $2.27 from $2.03 a year ago.
Comparable sales edged down 3.8% in the quarter amid a lower number of transactions and a lower average transaction amount, partially offset by comparable digital sales growth of 4.7%.
The company guided full-year sales to decline in low single digits, compared to $106.57 billion, and GAAP earnings per share to be between $8.00 and $10.00, compared to $8.86 a year earlier, respectively.
Target paid dividends of $510 million in the first quarter, compared with $508 million last year, reflecting a 1.8% increase in the dividend per share.
In addition, the company repurchased $251 million of its own shares, retiring 2.2 million shares at an average price of $114.60, and as of the end of the quarter, the company had approximately $8.4 billion remaining under repurchase authorization.
VF Corp. traded up 0.4% to $12.20 after the apparel and footwear company reported fourth-quarter 2025 results.
Revenue edged down to $2.14 billion from $2.25 billion, net loss narrowed to $150.79 million from a loss of $418.31 million, and diluted loss per share shrank to 39 cents from a loss of $1.08 a year ago.
The company guided first-quarter sales to decrease by 3% to 5%, compared to $1.9 billion, and operating loss to be between $110 million and $125 million, compared to a loss of $239.89 a year ago, respectively.
Urban Outfitters Inc. soared 17.4% to $70.00 after the lifestyle and homeware retailer reported strong first-quarter 2025 results.
Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.
The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.
The clothing retailer repurchased and subsequently retired 3.3 million shares for approximately $152 million during the quarter and 1.2 million shares for $53 million during the fiscal year, and as of April 30, 14.7 million shares remained under repurchase authorization.
Guess? Inc. traded flat at $11.05 after the fashion clothing retailer reported fourth-quarter 2025 results.
Net revenue edged up to $932.25 million from $891.05 million, net earnings dropped to $81.40 million from $115.27 million, and diluted earnings per share fell to $1.16 from $1.71 a year ago.
The company guided first-quarter revenue to increase between 5.8% and 7.5%, compared to $569.8 million, and GAAP diluted loss per share to be between 75 cents and 66 cents, compared to a loss of 22 cents a year ago, respectively.
For the full year, Guess estimated revenue to increase between 3.9% and 6.2%, compared to $2.8 billion, and GAAP diluted earnings per share to be between $1.03 and $1.37, compared to $3.09 a year earlier, respectively.
During the fiscal year 2025, the company repurchased approximately 2.6 million shares for $60.3 million, and a capacity of $139.8 million remained under repurchase authorization.
Europe Movers: British Land, CTS Eventim, Iliad, Intertek, Johnson Matthey, Julius Baer, Mitchells & Butlers
Inga Muller
22 May, 2025
Frankfurt
Iliad Group, the French private telecom company, reported higher revenue and earnings in the first quarter of 2025.
Revenue edged up to €2.53 billion from €2.43 billion, profit surged to €517 million from €91 million, and diluted earnings per share rose to €8.69 from €1.53 a year ago.
“The French market continues to experience a slower dynamic than in the previous quarters in the fixed segment despite the introduction of connectivity-only offers,” the company said in a release to investors.
The company added 3,000 net new subscribers in the quarter, driving a 1% increase year-on-year in the total subscriber base to 7.57 million.
Sales in Italy edged up 9.4% in the quarter, while in Poland they were up 2.1%.
Julius Baer Gruppe AG traded flat at CHF 54.56 after the Swiss bank released an investor update for the first four months of 2025.
Assets under management stood at CHF 467 billion, a 6% decline over the previous year, reflecting a stronger Swiss franc and the deconsolidation of Julius Baer Brazil, while the company opened an onshore branch in Italy.
The company said net new money inflows accounted for CHF 4.2 billion despite ongoing de-risking of the client book.
CTS Eventim AG eased 0.6% to €112.60 after the German ticketing services and live entertainment company reported higher sales in the first quarter of 2025.
Revenue increased 22% to €498.6 million from €408.7 million, adjusted EBITDA rose 8.9% to €100.3 million from €92.2 million, and the adjusted EBITDA margin was down to 20.1% from 22.6% a year ago.
The company said sales in the ticketing segment improved by 16.9%, and they were up 24.5% in the live entertainment segment from a year ago, respectively.
Intertek Group dropped 2.6% to 4.792 pence after the British product testing services provider reported higher sales in the first four months of 2025.
Revenue climbed to £1.09 billion from £1.08 billion a year ago, as comparable revenue rose 4.5% in constant currency and 1.1% at actual rates.
The company said it will target a dividend payout ratio of 65% through fiscal 2025.
British Land Company Plc. plunged 5.1% to 390.40 pence after the property development and investment company reported lower revenue in the fiscal year 2025.
Revenue declined to £454 million from £575 million, net income swung to a profit of £338 million from a loss of £1 million, and diluted earnings per share swung to a profit of 35.0 pence from a loss of 0.1 pence a year ago.
The company proposed a dividend of 10.56 pence per share payable on July 25 to shareholders on record on June 20.
Looking ahead, British Land expects fiscal year 2026 underlying earnings per share to be broadly flat, compared to 28.5 pence a year ago, which equates to underlying profit growth of 2%.
The property company reiterated its guidance of 3% to 5% per annum estimated rental value growth across the portfolio.
Mitchells & Butlers Plc surged 4.1% to 287.36 pence after the UK-based restaurants, bars, and pubs operator reported higher revenue in the first six months of fiscal 2025.
Revenue jumped to £1.45 billion from £1.40 billion, profit edged up to £100 million from £81 million, and diluted earnings per share rose to 16.7 pence from 13.5 pence a year ago.
Same-store sales increased by 4.3% compared to the prior year, as comparable drink sales edged up 4.3% and food sales jumped 3.8%.
The company expects food and drink inflation to increase heading into fiscal 2026 and estimates higher labor costs as well.
Johnson Matthey Plc. soared 30.4% to 1,812 pence after the UK-based specialty chemicals and technologies company reported a sharply higher profit in fiscal 2025.
Revenue declined to £11.67 billion from £12.84 billion, profit surged to £373 million from £108 million, and diluted earnings per share rose to 211.2 pence from 58.3 pence a year ago.
The company has agreed to sell Catalyst Technologies Inc. to Honeywell International Inc. at an enterprise value of £1.8 billion, and £1.4 billion of the net sale proceeds will be returned to shareholders.
For the year ahead, the engineering company expects mid-single-digit percentage growth in underlying operating profit at constant precious metal prices and constant currency, compared to £389 million in fiscal 2025.
Europe Movers: British Land, CTS Eventim, Iliad, Intertek, Johnson Matthey, Julius Baer, Mitchells & Butlers
Inga Muller
22 May, 2025
Frankfurt
Iliad Group, the French private telecom company, reported higher revenue and earnings in the first quarter of 2025.
Revenue edged up to €2.53 billion from €2.43 billion, profit surged to €517 million from €91 million, and diluted earnings per share rose to €8.69 from €1.53 a year ago.
“The French market continues to experience a slower dynamic than in the previous quarters in the fixed segment despite the introduction of connectivity-only offers,” the company said in a release to investors.
The company added 3,000 net new subscribers in the quarter, driving a 1% increase year-on-year in the total subscriber base to 7.57 million.
Sales in Italy edged up 9.4% in the quarter, while in Poland they were up 2.1%.
Julius Baer Gruppe AG traded flat at CHF 54.56 after the Swiss bank released an investor update for the first four months of 2025.
Assets under management stood at CHF 467 billion, a 6% decline over the previous year, reflecting a stronger Swiss franc and the deconsolidation of Julius Baer Brazil, while the company opened an onshore branch in Italy.
The company said net new money inflows accounted for CHF 4.2 billion despite ongoing de-risking of the client book.
CTS Eventim AG eased 0.6% to €112.60 after the German ticketing services and live entertainment company reported higher sales in the first quarter of 2025.
Revenue increased 22% to €498.6 million from €408.7 million, adjusted EBITDA rose 8.9% to €100.3 million from €92.2 million, and the adjusted EBITDA margin was down to 20.1% from 22.6% a year ago.
The company said sales in the ticketing segment improved by 16.9%, and they were up 24.5% in the live entertainment segment from a year ago, respectively.
Intertek Group dropped 2.6% to 4.792 pence after the British product testing services provider reported higher sales in the first four months of 2025.
Revenue climbed to £1.09 billion from £1.08 billion a year ago, as comparable revenue rose 4.5% in constant currency and 1.1% at actual rates.
The company said it will target a dividend payout ratio of 65% through fiscal 2025.
British Land Company Plc. plunged 5.1% to 390.40 pence after the property development and investment company reported lower revenue in the fiscal year 2025.
Revenue declined to £454 million from £575 million, net income swung to a profit of £338 million from a loss of £1 million, and diluted earnings per share swung to a profit of 35.0 pence from a loss of 0.1 pence a year ago.
The company proposed a dividend of 10.56 pence per share payable on July 25 to shareholders on record on June 20.
Looking ahead, British Land expects fiscal year 2026 underlying earnings per share to be broadly flat, compared to 28.5 pence a year ago, which equates to underlying profit growth of 2%.
The property company reiterated its guidance of 3% to 5% per annum estimated rental value growth across the portfolio.
Mitchells & Butlers Plc surged 4.1% to 287.36 pence after the UK-based restaurants, bars, and pubs operator reported higher revenue in the first six months of fiscal 2025.
Revenue jumped to £1.45 billion from £1.40 billion, profit edged up to £100 million from £81 million, and diluted earnings per share rose to 16.7 pence from 13.5 pence a year ago.
Same-store sales increased by 4.3% compared to the prior year, as comparable drink sales edged up 4.3% and food sales jumped 3.8%.
The company expects food and drink inflation to increase heading into fiscal 2026 and estimates higher labor costs as well.
Johnson Matthey Plc. soared 30.4% to 1,812 pence after the UK-based specialty chemicals and technologies company reported a sharply higher profit in fiscal 2025.
Revenue declined to £11.67 billion from £12.84 billion, profit surged to £373 million from £108 million, and diluted earnings per share rose to 211.2 pence from 58.3 pence a year ago.
The company has agreed to sell Catalyst Technologies Inc. to Honeywell International Inc. at an enterprise value of £1.8 billion, and £1.4 billion of the net sale proceeds will be returned to shareholders.
For the year ahead, the engineering company expects mid-single-digit percentage growth in underlying operating profit at constant precious metal prices and constant currency, compared to £389 million in fiscal 2025.
European Markets Turn Lower Amid U.S. Fiscal Outlook Worries
Bridgette Randall
22 May, 2025
London
European markets faced renewed selling pressure amid a worsening U.S. fiscal debt outlook, a weakening dollar, and rising interest rates.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined more than 0.6% as concerns over the U.S. fiscal debt rattled global markets.
In overnight trading on Wall Street, the S&P 500 index and the Nasdaq Composite dropped more than 1%, the worst decline in over five weeks, amid deteriorating U.S. fiscal outlook, rising debt levels, and higher interest rates.
Moreover, the yield on 30-year U.S. Treasury bonds advanced to 5.09% amid fears that the latest U.S. budget would add between $3 trillion and $5 trillion over the next 10 years.
The U.S. fiscal debt in the current fiscal year ending in September is on track to surpass $38 trillion, or about 100% of gross domestic product, and the federal deficit is estimated to hover above 7% of GDP.
Amid the "sell U.S. assets" narrative, investors are trimming exposures to U.S. stocks and bonds, and investors are shifting their allocation to European bonds.
The U.S.'s safe-haven status has been tarnished since the launch of unilateral tariffs on all imports by the U.S. president.
Moreover, Europe is attracting interest from global investors amid its issuance of debt to finance its infrastructure development and rearmament.
Nations and corporations raised more than one trillion euros in the year to May 20; despite global trade tensions, investors appeared to be ready to finance Europe's debt boom.
Europe Indexes and Yields
The DAX index decreased by 0.9% to 23,906.17, the CAC-40 index edged lower 0.9% to 7,839.96, and the FTSE 100 index declined 0.6% to 8,731.50.
The yield on 10-year German bonds inched higher to 2.66%, French bonds increased to 3.34%, UK gilts moved up to 4.78%, and Italian bonds edged higher to 3.67%.
The euro decreased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 82.48 Swiss cents.
Brent crude decreased $0.64 to $64.27 a barrel, and the Dutch TTF natural gas was higher by €0.54 to €37.06 per MWh.
Europe Stock Movers
Assicurazioni Generali SpA rose 0.7% to €33.08 after Italy's largest insurance company reported better-than-expected profit in the first quarter.
easyJet plc declined 3.5% to 545.20 pence after the discount airline reported wider-than-expected losses in the first half, but the company reiterated its annual outlook.
European Markets Turn Lower Amid U.S. Fiscal Outlook Worries
Bridgette Randall
22 May, 2025
London
European markets faced renewed selling pressure amid a worsening U.S. fiscal debt outlook, a weakening dollar, and rising interest rates.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined more than 0.6% as concerns over the U.S. fiscal debt rattled global markets.
In overnight trading on Wall Street, the S&P 500 index and the Nasdaq Composite dropped more than 1%, the worst decline in over five weeks, amid deteriorating U.S. fiscal outlook, rising debt levels, and higher interest rates.
Moreover, the yield on 30-year U.S. Treasury bonds advanced to 5.09% amid fears that the latest U.S. budget would add between $3 trillion and $5 trillion over the next 10 years.
The U.S. fiscal debt in the current fiscal year ending in September is on track to surpass $38 trillion, or about 100% of gross domestic product, and the federal deficit is estimated to hover above 7% of GDP.
Amid the "sell U.S. assets" narrative, investors are trimming exposures to U.S. stocks and bonds, and investors are shifting their allocation to European bonds.
The U.S.'s safe-haven status has been tarnished since the launch of unilateral tariffs on all imports by the U.S. president.
Moreover, Europe is attracting interest from global investors amid its issuance of debt to finance its infrastructure development and rearmament.
Nations and corporations raised more than one trillion euros in the year to May 20; despite global trade tensions, investors appeared to be ready to finance Europe's debt boom.
Europe Indexes and Yields
The DAX index decreased by 0.9% to 23,906.17, the CAC-40 index edged lower 0.9% to 7,839.96, and the FTSE 100 index declined 0.6% to 8,731.50.
The yield on 10-year German bonds inched higher to 2.66%, French bonds increased to 3.34%, UK gilts moved up to 4.78%, and Italian bonds edged higher to 3.67%.
The euro decreased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 82.48 Swiss cents.
Brent crude decreased $0.64 to $64.27 a barrel, and the Dutch TTF natural gas was higher by €0.54 to €37.06 per MWh.
Europe Stock Movers
Assicurazioni Generali SpA rose 0.7% to €33.08 after Italy's largest insurance company reported better-than-expected profit in the first quarter.
easyJet plc declined 3.5% to 545.20 pence after the discount airline reported wider-than-expected losses in the first half, but the company reiterated its annual outlook.
Stock Movers: Nirlon, Stove Kraft, Power Finance, Trident, GMM, Star Cement, Oil India, Geojit Financial
Arun Goswami
22 May, 2025
Mumbai
Nirlon Ltd. declined 0.8% to ₹531.15 despite the real estate company reporting a slight increase in revenue and net income in the latest quarter.
Consolidated revenue in the March quarter increased to ₹160.7 crore from ₹154.4 crore, and after-tax profit rose to ₹53.5 crore from ₹51.2 crore, and diluted earnings per share soared to ₹5.94 from ₹5.68 a year ago.
For the fiscal year 2025, revenue advanced to ₹645 crore from ₹607.4 crore, after-tax profit inched higher to ₹218.2 crore from ₹205.6 crore, and diluted earnings per share edged higher to ₹24.21 from ₹22.81 a year ago.
The company's board recommended a final dividend of ₹11 per share.
Stove Kraft Ltd. fell 3.5% to ₹576.90 despite the domestic appliance maker reporting a 42% declined in profit in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched down to ₹314.2 crore from ₹324.7 crore, and after-tax profit declined to ₹1.5 crore from ₹2.6 crore, and diluted earnings per share fell to 44 paise from 80 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹1,450.2 crore from ₹1,364.3 crore, after-tax profit increased to ₹38.5 crore from ₹34.1 crore, and diluted earnings per share soared to ₹11.64 from ₹10.30 a year ago.
The company's board recommended a final dividend of ₹3 per share.
Power Finance Corporation decreased 2% to ₹404.25 after the power sector financial services provider reported a 10.6% rise in net income in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹29,285.4 crore from ₹24,176.3 crore, and after-tax profit inched higher to ₹8,357.9 crore from ₹7,556.4 crore, and diluted earnings per share rose to ₹19.14 from ₹17.04 a year ago.
For the fiscal year 2025, revenue edged higher to ₹1,06,598.7 crore from ₹91,174.9 crore, after-tax profit soared to ₹30,514.4 crore from ₹26,461.2 crore, and diluted earnings per share increased to ₹69.67 from ₹59.9 a year ago.
The company's board recommended a final dividend of ₹2.05 per share.
Trident Ltd. decreased 1.5% to ₹32.98 despite the home textiles and yarn manufacturer reporting a two-fold jump in earnings in the March quarter.
Consolidated revenue in the March quarter edged up to ₹1,883.3 crore from ₹1,700.4 crore, and after-tax profit inched higher to ₹133.4 crore from ₹59 crore, and diluted earnings per share rose to 25 paise from 11 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹7,047.2 crore from ₹6,866 crore, after-tax profit increased to ₹370.7 crore from ₹349.9 crore, and diluted earnings per share soared to 73 paise from 69 paise a year ago.
The company's board declared an interim dividend of 50 paise per share.
GMM Pfaudler Ltd. dropped 7.4% to ₹1,172.20 after the corrosion-resistant technologies provider's net income swung to a loss latest quarter.
Consolidated revenue increased to ₹801.9 crore from ₹751.3 crore, net income swung to a loss of ₹27.94 crore from a profit of ₹25.27 crore, and diluted income per share swung to a loss of ₹6 from a profit of ₹6.15 a year ago.
For the fiscal year 2025, revenue edged higher to ₹3,229 crore from ₹3,466.5 crore, after-tax profit edged down to ₹49.2 crore from ₹170.7 crore, and diluted earnings per share fell to ₹11.78 from ₹39.02 a year ago.
The company's board recommended a final dividend of ₹1 per share.
Star Cement Limited declined 2.4% to ₹225.55 despite the cement manufacturer reporting a 42% rise in profit in the fiscal fourth quarter.
Consolidated revenue in the March quarter advanced to ₹1,057.1 crore from ₹921.4 crore, and after-tax profit inched higher to ₹123.1 crore from ₹87.7 crore, and diluted earnings per share rose to ₹3.05 from ₹2.17 a year ago.
For the fiscal year 2025, revenue edged higher to ₹3,174 crore from ₹2,937.1 crore, after-tax profit fell to ₹168.8 crore from ₹295.1 crore, and diluted earnings per share decreased to ₹4.18 from ₹7.30 a year ago.
Oil India Ltd. decreased 3.9% to ₹410, and the crude oil and natural gas company reported a 36% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter decreased to ₹9,970.1 crore from ₹10,375.1 crore, after-tax profit dropped to ₹1,497 crore from ₹2,332.9 crore, and diluted earnings per share declined to ₹8.05 from ₹13.16 a year ago.
For the fiscal year 2025, revenue edged higher to ₹37,830 crore from ₹37,646.5 crore, after-tax profit increased to ₹7,039.6 crore from ₹6,980.5 crore, and diluted earnings per share rose to ₹40.27 from ₹38.95 a year ago.
The company's board recommended a final dividend of ₹1.5 per share.
Geojit Financial Services Ltd. advanced 1.7% to ₹88.02 despite the financial products and service provider reporting a 38% decline in quarterly profit.
Consolidated revenue in the March quarter decreased to ₹177.5 crore from ₹208.6 crore, and after-tax profit declined to ₹32.2 crore from ₹51.9 crore, and diluted earnings per share fell to ₹1.12 from ₹1.90 a year ago.
For the fiscal year 2025, revenue edged higher to ₹749.3 crore from ₹624 crore, after-tax profit increased to ₹172.5 crore from ₹149.4 crore, and diluted earnings per share soared to ₹6.17 from ₹5.45 a year ago.
The company's board recommended a final dividend of ₹1.50 per share.
Stock Movers: Nirlon, Stove Kraft, Power Finance, Trident, GMM, Star Cement, Oil India, Geojit Financial
Arun Goswami
22 May, 2025
Mumbai
Nirlon Ltd. declined 0.8% to ₹531.15 despite the real estate company reporting a slight increase in revenue and net income in the latest quarter.
Consolidated revenue in the March quarter increased to ₹160.7 crore from ₹154.4 crore, and after-tax profit rose to ₹53.5 crore from ₹51.2 crore, and diluted earnings per share soared to ₹5.94 from ₹5.68 a year ago.
For the fiscal year 2025, revenue advanced to ₹645 crore from ₹607.4 crore, after-tax profit inched higher to ₹218.2 crore from ₹205.6 crore, and diluted earnings per share edged higher to ₹24.21 from ₹22.81 a year ago.
The company's board recommended a final dividend of ₹11 per share.
Stove Kraft Ltd. fell 3.5% to ₹576.90 despite the domestic appliance maker reporting a 42% declined in profit in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched down to ₹314.2 crore from ₹324.7 crore, and after-tax profit declined to ₹1.5 crore from ₹2.6 crore, and diluted earnings per share fell to 44 paise from 80 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹1,450.2 crore from ₹1,364.3 crore, after-tax profit increased to ₹38.5 crore from ₹34.1 crore, and diluted earnings per share soared to ₹11.64 from ₹10.30 a year ago.
The company's board recommended a final dividend of ₹3 per share.
Power Finance Corporation decreased 2% to ₹404.25 after the power sector financial services provider reported a 10.6% rise in net income in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹29,285.4 crore from ₹24,176.3 crore, and after-tax profit inched higher to ₹8,357.9 crore from ₹7,556.4 crore, and diluted earnings per share rose to ₹19.14 from ₹17.04 a year ago.
For the fiscal year 2025, revenue edged higher to ₹1,06,598.7 crore from ₹91,174.9 crore, after-tax profit soared to ₹30,514.4 crore from ₹26,461.2 crore, and diluted earnings per share increased to ₹69.67 from ₹59.9 a year ago.
The company's board recommended a final dividend of ₹2.05 per share.
Trident Ltd. decreased 1.5% to ₹32.98 despite the home textiles and yarn manufacturer reporting a two-fold jump in earnings in the March quarter.
Consolidated revenue in the March quarter edged up to ₹1,883.3 crore from ₹1,700.4 crore, and after-tax profit inched higher to ₹133.4 crore from ₹59 crore, and diluted earnings per share rose to 25 paise from 11 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹7,047.2 crore from ₹6,866 crore, after-tax profit increased to ₹370.7 crore from ₹349.9 crore, and diluted earnings per share soared to 73 paise from 69 paise a year ago.
The company's board declared an interim dividend of 50 paise per share.
GMM Pfaudler Ltd. dropped 7.4% to ₹1,172.20 after the corrosion-resistant technologies provider's net income swung to a loss latest quarter.
Consolidated revenue increased to ₹801.9 crore from ₹751.3 crore, net income swung to a loss of ₹27.94 crore from a profit of ₹25.27 crore, and diluted income per share swung to a loss of ₹6 from a profit of ₹6.15 a year ago.
For the fiscal year 2025, revenue edged higher to ₹3,229 crore from ₹3,466.5 crore, after-tax profit edged down to ₹49.2 crore from ₹170.7 crore, and diluted earnings per share fell to ₹11.78 from ₹39.02 a year ago.
The company's board recommended a final dividend of ₹1 per share.
Star Cement Limited declined 2.4% to ₹225.55 despite the cement manufacturer reporting a 42% rise in profit in the fiscal fourth quarter.
Consolidated revenue in the March quarter advanced to ₹1,057.1 crore from ₹921.4 crore, and after-tax profit inched higher to ₹123.1 crore from ₹87.7 crore, and diluted earnings per share rose to ₹3.05 from ₹2.17 a year ago.
For the fiscal year 2025, revenue edged higher to ₹3,174 crore from ₹2,937.1 crore, after-tax profit fell to ₹168.8 crore from ₹295.1 crore, and diluted earnings per share decreased to ₹4.18 from ₹7.30 a year ago.
Oil India Ltd. decreased 3.9% to ₹410, and the crude oil and natural gas company reported a 36% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter decreased to ₹9,970.1 crore from ₹10,375.1 crore, after-tax profit dropped to ₹1,497 crore from ₹2,332.9 crore, and diluted earnings per share declined to ₹8.05 from ₹13.16 a year ago.
For the fiscal year 2025, revenue edged higher to ₹37,830 crore from ₹37,646.5 crore, after-tax profit increased to ₹7,039.6 crore from ₹6,980.5 crore, and diluted earnings per share rose to ₹40.27 from ₹38.95 a year ago.
The company's board recommended a final dividend of ₹1.5 per share.
Geojit Financial Services Ltd. advanced 1.7% to ₹88.02 despite the financial products and service provider reporting a 38% decline in quarterly profit.
Consolidated revenue in the March quarter decreased to ₹177.5 crore from ₹208.6 crore, and after-tax profit declined to ₹32.2 crore from ₹51.9 crore, and diluted earnings per share fell to ₹1.12 from ₹1.90 a year ago.
For the fiscal year 2025, revenue edged higher to ₹749.3 crore from ₹624 crore, after-tax profit increased to ₹172.5 crore from ₹149.4 crore, and diluted earnings per share soared to ₹6.17 from ₹5.45 a year ago.
The company's board recommended a final dividend of ₹1.50 per share.