Market Update
Japan's Jobless Rate Eased In February, Business Sentiment Index Dropped to One-Year Low
Akira Ito
01 Apr, 2025
Tokyo
Benchmark indexes in Tokyo lacked direction in Tuesday's trading, and investors reviewed the latest update on the job market and business sentiment.
The Nikkei 225 Stock Average closed nearly unchanged, and the broader TOPIX edged higher after the jobless rate declined to 2.4% in February from 2.5% in the previous month.
The relatively tight labor market conditions supported the case for the Bank of Japan to raise rates at the next meeting.
The number of employed persons increased by 400,000 from a year ago to 67.7 million, extending labor market expansion to the 31st consecutive month.
In addition, the jobless rate eased to 1.65%, and the total number of unemployed decreased by 120,000 to 1.74 million, the Ministry of Internal Affairs and Communications reported Tuesday.
Among those not employed, voluntary separations declined by 1.3% to 760,000, but those seeking jobs soared 11.6% to 480,000.
Investors also reviewed the decline in the business sentiment index in the first quarter among the large businesses released by the Bank of Japan.
The Bank of Japan Tankan index of sentiment among large manufacturers fell to 12 in the first quarter from 14 in the previous quarter and dropped to the lowest level in a year.
The U.S. trade policy uncertainty dampened the sentiment index, and the 25% import tax on Japanese vehicles also negatively impacted the mood among business executives.
Japan Indexes and Socks
The Nikkei 225 Stock Average edged up 0.01% to 35,624.48, and the broader TOPIX index added 0.1% to 2,661.73.
Toyota Motor Corp advanced 0.8% to ¥2,630.50, Honda Motor gained 0.2% to ¥1,345.0, and Nissan Motor decreased 1.2% to ¥374.30.
Tokyo Electron added 0.7% to ¥20,250.0, Disco Corp. jumped 0.8% to ¥30,120.0, and Advantest Corp. dropped 2.9% to ¥6,283.0.
Marubeni Corp. jumped 0.7% to ¥2,396.0, Itochu Corp. added 1.4% to ¥6,995.0, Sumitomo Corp. gained 1.3% to ¥3,414.0, and Mitsui & Company inched higher by 0.9% to ¥2,825.0.
Seven & I Holdings Co., Ltd. added 0.4% to ¥2,171.0, Takashimaya Co., Ltd. declined 0.8% to ¥1,200.0, Fast Retailing jumped 0.9% to ¥44,440.0, and Isetan Mitsukoshi fell 1.3% to ¥2,111.50.
Japan's Jobless Rate Eased In February, Business Sentiment Index Dropped to One-Year Low
Akira Ito
01 Apr, 2025
Tokyo
Benchmark indexes in Tokyo lacked direction in Tuesday's trading, and investors reviewed the latest update on the job market and business sentiment.
The Nikkei 225 Stock Average closed nearly unchanged, and the broader TOPIX edged higher after the jobless rate declined to 2.4% in February from 2.5% in the previous month.
The relatively tight labor market conditions supported the case for the Bank of Japan to raise rates at the next meeting.
The number of employed persons increased by 400,000 from a year ago to 67.7 million, extending labor market expansion to the 31st consecutive month.
In addition, the jobless rate eased to 1.65%, and the total number of unemployed decreased by 120,000 to 1.74 million, the Ministry of Internal Affairs and Communications reported Tuesday.
Among those not employed, voluntary separations declined by 1.3% to 760,000, but those seeking jobs soared 11.6% to 480,000.
Investors also reviewed the decline in the business sentiment index in the first quarter among the large businesses released by the Bank of Japan.
The Bank of Japan Tankan index of sentiment among large manufacturers fell to 12 in the first quarter from 14 in the previous quarter and dropped to the lowest level in a year.
The U.S. trade policy uncertainty dampened the sentiment index, and the 25% import tax on Japanese vehicles also negatively impacted the mood among business executives.
Japan Indexes and Socks
The Nikkei 225 Stock Average edged up 0.01% to 35,624.48, and the broader TOPIX index added 0.1% to 2,661.73.
Toyota Motor Corp advanced 0.8% to ¥2,630.50, Honda Motor gained 0.2% to ¥1,345.0, and Nissan Motor decreased 1.2% to ¥374.30.
Tokyo Electron added 0.7% to ¥20,250.0, Disco Corp. jumped 0.8% to ¥30,120.0, and Advantest Corp. dropped 2.9% to ¥6,283.0.
Marubeni Corp. jumped 0.7% to ¥2,396.0, Itochu Corp. added 1.4% to ¥6,995.0, Sumitomo Corp. gained 1.3% to ¥3,414.0, and Mitsui & Company inched higher by 0.9% to ¥2,825.0.
Seven & I Holdings Co., Ltd. added 0.4% to ¥2,171.0, Takashimaya Co., Ltd. declined 0.8% to ¥1,200.0, Fast Retailing jumped 0.9% to ¥44,440.0, and Isetan Mitsukoshi fell 1.3% to ¥2,111.50.
China Manufacturing Activities Slowly Improve, Stock Indexes Retain Upward Bias
Li Chen
01 Apr, 2025
Hong Kong
Stocks in China and Hong Kong advanced following the release of a private survey of the manufacturing sector activities.
The Hang Seng index advanced 0.3%, and the mainland-focused CSI index decreased 0.1% as investors weighed the impact of the looming U.S. trade tariffs.
The Hang Seng index advanced 0.8% in March and extended gains in the first quarter to 17%, and the CSI 300 index was nearly unchanged in the month and 1.8%, respectively.
China's manufacturing sector activities expanded at the fastest pace in four months in March, according to a private survey released by Caixin and S&P Global.
The Purchasing Managers' Index increased to 51.2 in March, up from 50.8 in February, and the index reached a four-month high with output growth accelerating.
The private survey, which includes a larger group of smaller exporting companies, confirmed the reading from the official survey, which showed growth accelerated to a one-year high.
China Indexes and Stocks
The Hang Seng index increased 0.3% to 23,206.12, and the mainland-focused CSI 300 index decreased 0.1% to 3,885.36.
China Overseas Land & Investment Ltd. decreased 4.3% to HK $13.26, and the residential property developer reported annual results.
Tencent Holdings added 2% to HK $507.0, Alibaba Group Holding gained 1.7% to HK $130.20, JD.com advanced 0.7% to HK $161.90, and Meituan increased 1.9% to HK $158.70.
China Overseas Land & Investment Ltd. dropped 4.5% to HK $13.28 after the Hong Kong-based real estate company reported results for 2024 ending in December.
Revenue declined to 185.15 billion yuan from 202.52 billion yuan, profit slumped to 15.63 billion yuan from 25.61 billion yuan, and diluted earnings per share fell to 1.43 yuan from 2.34 yuan a year ago.
The group’s revenue from commercial properties was 7.13 billion yuan, an increase of 12.1% as compared to the previous year.
The company proposed a final dividend of HK 30 cents per share, after the interim dividend of HK 30 cent per share.
China Manufacturing Activities Slowly Improve, Stock Indexes Retain Upward Bias
Li Chen
01 Apr, 2025
Hong Kong
Stocks in China and Hong Kong advanced following the release of a private survey of the manufacturing sector activities.
The Hang Seng index advanced 0.3%, and the mainland-focused CSI index decreased 0.1% as investors weighed the impact of the looming U.S. trade tariffs.
The Hang Seng index advanced 0.8% in March and extended gains in the first quarter to 17%, and the CSI 300 index was nearly unchanged in the month and 1.8%, respectively.
China's manufacturing sector activities expanded at the fastest pace in four months in March, according to a private survey released by Caixin and S&P Global.
The Purchasing Managers' Index increased to 51.2 in March, up from 50.8 in February, and the index reached a four-month high with output growth accelerating.
The private survey, which includes a larger group of smaller exporting companies, confirmed the reading from the official survey, which showed growth accelerated to a one-year high.
China Indexes and Stocks
The Hang Seng index increased 0.3% to 23,206.12, and the mainland-focused CSI 300 index decreased 0.1% to 3,885.36.
China Overseas Land & Investment Ltd. decreased 4.3% to HK $13.26, and the residential property developer reported annual results.
Tencent Holdings added 2% to HK $507.0, Alibaba Group Holding gained 1.7% to HK $130.20, JD.com advanced 0.7% to HK $161.90, and Meituan increased 1.9% to HK $158.70.
India Stock Movers: Tech Mahindra, SBI Life Insurance, Sterlite Tech, Seshasayee Paper, Aether, Ponni Sugars, Ramkrishna, Supreme Petrochem
Arun Goswami
01 Apr, 2025
Mumbai
Tech Mahindra Ltd. fell 1% to ₹1,403.20 despite the technology consulting and digital solutions provider reporting an 89% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹13,302.1 crore from ₹13,188.8 crore, net income jumped to ₹988.8 crore from ₹523.7 crore, and diluted earnings per share rose to ₹11.08 from ₹5.76 a year ago.
SBI Life Insurance Company Ltd. gained 0.7% to ₹1,558.65 after the insurance company reported a 52% decline in revenue and a 71% increase in net income in the December quarter.
Consolidated revenue declined to ₹18,542.2 crore from ₹38,803.4 crore, after-tax profit increased to ₹550.8 crore from ₹321.8 crore, and diluted earnings per share rose to ₹5.50 from ₹3.21 a year ago.
Sterlite Technologies Ltd. edged higher 5.5% to ₹85.40 after the optical cable provider said net loss shrank in the December quarter.
Consolidated revenue declined to ₹1,266 crore from ₹1,341 crore, net loss fell to ₹24 crore from ₹59 crore, and diluted losses per share dropped to 48 paisa from ₹1.43 a year ago.
Seshasayee Paper and Boards Limited inched higher 2.4% to ₹266.45 despite the paper manufacturing company reporting a 76% decline in profit in the December quarter.
Consolidated revenue declined to ₹451.9 crore from ₹484.8 crore, after-tax profit dropped to ₹16.6 crore from ₹69 crore, and diluted earnings per share fell to ₹2.76 from ₹11.45 a year ago.
Aether Industries Limited advanced 0.3% to ₹833.05 after the chemical company reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹233.3 crore from ₹166.6 crore, net income jumped to ₹43.4 crore from ₹17.4 crore, and diluted earnings per share rose to ₹3.27 from ₹1.32 a year ago.
Ponni Sugars (Erode) Ltd. rose 3% to ₹312.35 despite the sugar processing company reporting an 80% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹116.7 crore from ₹126.5 crore, after-tax profit dropped to ₹2.41 crore from ₹11.7 crore, and diluted earnings per share fell to ₹2.80 from ₹13.55 a year ago.
Ramkrishna Forgings Limited declined 0.05% to ₹772.10 despite the metal forming industry reporting a 30% increase in net income in the December quarter.
Consolidated revenue advanced to ₹1,077.4 crore from ₹997.1 crore, net income increased to ₹99.6 crore from ₹84.6 crore, and diluted earnings per share rose to ₹5.51 from ₹5.02 a year ago.
Supreme Petrochem Ltd decreased 0.2% to ₹626 despite the petrochemical company reporting a slight increase in revenue and net income in the December quarter.
Consolidated revenue increased to ₹1,422.7 crore from ₹1,203.3 crore, after-tax profit advanced to ₹71.3 crore from ₹67.7 crore, and diluted earnings per share rose to ₹3.79 from ₹3.60 a year ago.
India Stock Movers: Tech Mahindra, SBI Life Insurance, Sterlite Tech, Seshasayee Paper, Aether, Ponni Sugars, Ramkrishna, Supreme Petrochem
Arun Goswami
01 Apr, 2025
Mumbai
Tech Mahindra Ltd. fell 1% to ₹1,403.20 despite the technology consulting and digital solutions provider reporting an 89% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹13,302.1 crore from ₹13,188.8 crore, net income jumped to ₹988.8 crore from ₹523.7 crore, and diluted earnings per share rose to ₹11.08 from ₹5.76 a year ago.
SBI Life Insurance Company Ltd. gained 0.7% to ₹1,558.65 after the insurance company reported a 52% decline in revenue and a 71% increase in net income in the December quarter.
Consolidated revenue declined to ₹18,542.2 crore from ₹38,803.4 crore, after-tax profit increased to ₹550.8 crore from ₹321.8 crore, and diluted earnings per share rose to ₹5.50 from ₹3.21 a year ago.
Sterlite Technologies Ltd. edged higher 5.5% to ₹85.40 after the optical cable provider said net loss shrank in the December quarter.
Consolidated revenue declined to ₹1,266 crore from ₹1,341 crore, net loss fell to ₹24 crore from ₹59 crore, and diluted losses per share dropped to 48 paisa from ₹1.43 a year ago.
Seshasayee Paper and Boards Limited inched higher 2.4% to ₹266.45 despite the paper manufacturing company reporting a 76% decline in profit in the December quarter.
Consolidated revenue declined to ₹451.9 crore from ₹484.8 crore, after-tax profit dropped to ₹16.6 crore from ₹69 crore, and diluted earnings per share fell to ₹2.76 from ₹11.45 a year ago.
Aether Industries Limited advanced 0.3% to ₹833.05 after the chemical company reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹233.3 crore from ₹166.6 crore, net income jumped to ₹43.4 crore from ₹17.4 crore, and diluted earnings per share rose to ₹3.27 from ₹1.32 a year ago.
Ponni Sugars (Erode) Ltd. rose 3% to ₹312.35 despite the sugar processing company reporting an 80% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹116.7 crore from ₹126.5 crore, after-tax profit dropped to ₹2.41 crore from ₹11.7 crore, and diluted earnings per share fell to ₹2.80 from ₹13.55 a year ago.
Ramkrishna Forgings Limited declined 0.05% to ₹772.10 despite the metal forming industry reporting a 30% increase in net income in the December quarter.
Consolidated revenue advanced to ₹1,077.4 crore from ₹997.1 crore, net income increased to ₹99.6 crore from ₹84.6 crore, and diluted earnings per share rose to ₹5.51 from ₹5.02 a year ago.
Supreme Petrochem Ltd decreased 0.2% to ₹626 despite the petrochemical company reporting a slight increase in revenue and net income in the December quarter.
Consolidated revenue increased to ₹1,422.7 crore from ₹1,203.3 crore, after-tax profit advanced to ₹71.3 crore from ₹67.7 crore, and diluted earnings per share rose to ₹3.79 from ₹3.60 a year ago.
Wall Street Indexes Deepen Losses Ahead of Import Tax Rollout
Barry Adams
31 Mar, 2025
New York City
Stock market indexes on Wall Street extended losses of the previous six weeks amid growing worries about the health of the U.S. economy and inflation.
The S&P 500 index declined as much as 2% ahead of the U.S. import tax on vehicles and automotive parts imported from non-U.S. locations.
Automobile industry-related companies led the decliners amid confusion about the scope and implementation plan for the imports.
Wall Street and global financial markets extended losses after the Trump administration escalated the trade war, raising fears of economic slowdown, job losses, and resurgent inflation.
The selloff that started in mid-February is now intensifying as the import tax deadline looms on April 2.
Indexes on Wall Street declined for the sixth week in a row after the alternative measure of inflation confirmed stubborn inflation.
Those worries related to higher inflation were compounded by the escalating trade war and slowing economic growth.
Economists are lowering GDP growth estimates in the first quarter to between zero and 0.3% and inflation to rebound to above 2.5%.
In March, the S&P 500 index is down about 7%, the Nasdaq has lost about 9.4%, and the Russell 2000 has fallen 7.5%.
For the quarter, the S&P 500 index has declined 6.4%, and the Nasdaq has lost 12.4%.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.5% to 5,495.07, the Nasdaq Composite edged down 2.5% to 16,882.13, and the Russell 2000 index was down 1.8% to 1,987.24.
The yield on 2-year Treasury notes edged lower to 3.88%, 10-year Treasury notes decreased to 4.20%, and 30-year Treasury bonds declined to 4.57%.
WTI crude oil increased $0.40 to $69.76 a barrel, and natural gas prices edged higher by $0.15 to $4.22 a thermal unit.
Gold increased by $34.06 to $3,119.14 an ounce, and silver edged down by $0.07 to $34.02.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.10 to 104.14 and traded at a two-year high.
U.S. Stock Movers
Tesla Inc. declined 3.8% to $253.41, General Motors jumped 1% to $47.09, and Ford Motor Company added 2.4% to $9.97.
Nvidia decreased 4% to $105.22, Broadcom declined 2.8% to $164.43, and AMD fell 1.6% to $101.58.
Steelcase Inc. dropped 0.8% to $11.01 after the furniture design company reported increased revenue in the fiscal fourth quarter 2025 ending in February.
Revenue jumped to $788.0 million from $775.2 million, net income climbed to $27.6 million from $21.3 million, and diluted earnings per share rose to 23 cents from 18 cents a year ago.
The company guided for the first quarter of 2026 revenue to be between $760 million and $785 million, compared to $727.3 million a year ago, and earnings per share between 10 cents and 14 cents, compared to 9 cents a year earlier.
Steelcase proposed a dividend of 10 cents per share in the quarter and 40 cents per share for the full year, unchanged from a year ago.
The dividend is payable on or before April 21 to shareholders on record as of April 7.
During fiscal 2025, the company repurchased 2.1 million shares for $26.5 million, and a total of $79.9 million remained under the company's share repurchase authorization at the end of the fourth quarter.
Revenue for the full year 2025 increased to $3.17 billion from $3.16 billion, net income edged up to $120.7 million from $81.1 million, and diluted earnings per share rose to $1.02 from 68 cents a year ago.
At the end of the fourth quarter, the company’s backlog was approximately $694 million, which was 11% higher than the prior year.
For fiscal 2026, Steelcase estimated “mid-single-digit” organic revenue growth and order growth rate and modest improvement in the adjusted operating income margin compared to fiscal 2025.
Wall Street Indexes Deepen Losses Ahead of Import Tax Rollout
Barry Adams
31 Mar, 2025
New York City
Stock market indexes on Wall Street extended losses of the previous six weeks amid growing worries about the health of the U.S. economy and inflation.
The S&P 500 index declined as much as 2% ahead of the U.S. import tax on vehicles and automotive parts imported from non-U.S. locations.
Automobile industry-related companies led the decliners amid confusion about the scope and implementation plan for the imports.
Wall Street and global financial markets extended losses after the Trump administration escalated the trade war, raising fears of economic slowdown, job losses, and resurgent inflation.
The selloff that started in mid-February is now intensifying as the import tax deadline looms on April 2.
Indexes on Wall Street declined for the sixth week in a row after the alternative measure of inflation confirmed stubborn inflation.
Those worries related to higher inflation were compounded by the escalating trade war and slowing economic growth.
Economists are lowering GDP growth estimates in the first quarter to between zero and 0.3% and inflation to rebound to above 2.5%.
In March, the S&P 500 index is down about 7%, the Nasdaq has lost about 9.4%, and the Russell 2000 has fallen 7.5%.
For the quarter, the S&P 500 index has declined 6.4%, and the Nasdaq has lost 12.4%.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.5% to 5,495.07, the Nasdaq Composite edged down 2.5% to 16,882.13, and the Russell 2000 index was down 1.8% to 1,987.24.
The yield on 2-year Treasury notes edged lower to 3.88%, 10-year Treasury notes decreased to 4.20%, and 30-year Treasury bonds declined to 4.57%.
WTI crude oil increased $0.40 to $69.76 a barrel, and natural gas prices edged higher by $0.15 to $4.22 a thermal unit.
Gold increased by $34.06 to $3,119.14 an ounce, and silver edged down by $0.07 to $34.02.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.10 to 104.14 and traded at a two-year high.
U.S. Stock Movers
Tesla Inc. declined 3.8% to $253.41, General Motors jumped 1% to $47.09, and Ford Motor Company added 2.4% to $9.97.
Nvidia decreased 4% to $105.22, Broadcom declined 2.8% to $164.43, and AMD fell 1.6% to $101.58.
Steelcase Inc. dropped 0.8% to $11.01 after the furniture design company reported increased revenue in the fiscal fourth quarter 2025 ending in February.
Revenue jumped to $788.0 million from $775.2 million, net income climbed to $27.6 million from $21.3 million, and diluted earnings per share rose to 23 cents from 18 cents a year ago.
The company guided for the first quarter of 2026 revenue to be between $760 million and $785 million, compared to $727.3 million a year ago, and earnings per share between 10 cents and 14 cents, compared to 9 cents a year earlier.
Steelcase proposed a dividend of 10 cents per share in the quarter and 40 cents per share for the full year, unchanged from a year ago.
The dividend is payable on or before April 21 to shareholders on record as of April 7.
During fiscal 2025, the company repurchased 2.1 million shares for $26.5 million, and a total of $79.9 million remained under the company's share repurchase authorization at the end of the fourth quarter.
Revenue for the full year 2025 increased to $3.17 billion from $3.16 billion, net income edged up to $120.7 million from $81.1 million, and diluted earnings per share rose to $1.02 from 68 cents a year ago.
At the end of the fourth quarter, the company’s backlog was approximately $694 million, which was 11% higher than the prior year.
For fiscal 2026, Steelcase estimated “mid-single-digit” organic revenue growth and order growth rate and modest improvement in the adjusted operating income margin compared to fiscal 2025.
Europe Markets Extend Losses Amid Looming U.S. Import Tax on Vehicles
Bridgette Randall
31 Mar, 2025
London
European stock market indexes struggled to advance in Monday's trading ahead of the looming U.S. tariffs this week.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined 1% as investors fear a widening trade war's negative impact on the economy and corporate earnings.
The 25% import tax announced by the White House is likely to lower vehicle exports from the European Union to the U.S.
The U.S. is the second largest market for the passenger cars made in the European Union, and about 704,000 vehicles were shipped across the Atlantic in 2024.
The European carmakers are expected to increase the final U.S. sale price between $3,000 and $10,000 after the implementation of the import tax.
On the economic front, Germany's consumer price inflation slowed to 2.2% in March from 2.3% in the previous month, according to a report released by the Federal Statistical Office.
The overall inflation slowed because of a moderation in services inflation to 3.4% from 3.8% and a further decline in energy prices to 2.9% from 2.4% in the previous month, respectively.
Core inflation, which excludes food and energy prices, slowed to 2.5% from 2.7% in the previous month.
Europe Indexes and Yields
The DAX index decreased by 1.1% to 22,202.31, the CAC-40 index edged lower 1.05% to 7,836.77, and the FTSE 100 index declined by 0.9% to 8,581.47.
The yield on 10-year German bonds inched lower to 2.67%, French bonds decreased to 3.39%, the UK gilts moved down to 4.66%, and Italian bonds edged lower to 3.81%.
The euro increased to $1.08; the British pound was higher at $1.30; and the U.S. dollar was lower and traded at 87.96 Swiss cents.
Brent crude decreased $0.13 to $72.63 a barrel, and the Dutch TTF natural gas was lower by €0.27 to €40.63 per MWh.
Europe Stock Movers
Associated British Foods decreased 1.1% to 1,918.0 pence, and the company's Primark chief executive, Paul Marchant, resigned following allegations of improper behavior.
Pets At Home Group PLC dropped 9% to 215.60 pence after the specialty retailer estimated lower earnings in fiscal 2026.
3i Group PLC decreased 3.5% to 3,598.0 pence after the UK-based private equity group issued a preliminary update for the current fiscal year ending in March 2025.
Europe Markets Extend Losses Amid Looming U.S. Import Tax on Vehicles
Bridgette Randall
31 Mar, 2025
London
European stock market indexes struggled to advance in Monday's trading ahead of the looming U.S. tariffs this week.
Benchmark indexes in Frankfurt, Paris, Milan, and London declined 1% as investors fear a widening trade war's negative impact on the economy and corporate earnings.
The 25% import tax announced by the White House is likely to lower vehicle exports from the European Union to the U.S.
The U.S. is the second largest market for the passenger cars made in the European Union, and about 704,000 vehicles were shipped across the Atlantic in 2024.
The European carmakers are expected to increase the final U.S. sale price between $3,000 and $10,000 after the implementation of the import tax.
On the economic front, Germany's consumer price inflation slowed to 2.2% in March from 2.3% in the previous month, according to a report released by the Federal Statistical Office.
The overall inflation slowed because of a moderation in services inflation to 3.4% from 3.8% and a further decline in energy prices to 2.9% from 2.4% in the previous month, respectively.
Core inflation, which excludes food and energy prices, slowed to 2.5% from 2.7% in the previous month.
Europe Indexes and Yields
The DAX index decreased by 1.1% to 22,202.31, the CAC-40 index edged lower 1.05% to 7,836.77, and the FTSE 100 index declined by 0.9% to 8,581.47.
The yield on 10-year German bonds inched lower to 2.67%, French bonds decreased to 3.39%, the UK gilts moved down to 4.66%, and Italian bonds edged lower to 3.81%.
The euro increased to $1.08; the British pound was higher at $1.30; and the U.S. dollar was lower and traded at 87.96 Swiss cents.
Brent crude decreased $0.13 to $72.63 a barrel, and the Dutch TTF natural gas was lower by €0.27 to €40.63 per MWh.
Europe Stock Movers
Associated British Foods decreased 1.1% to 1,918.0 pence, and the company's Primark chief executive, Paul Marchant, resigned following allegations of improper behavior.
Pets At Home Group PLC dropped 9% to 215.60 pence after the specialty retailer estimated lower earnings in fiscal 2026.
3i Group PLC decreased 3.5% to 3,598.0 pence after the UK-based private equity group issued a preliminary update for the current fiscal year ending in March 2025.
Europe Movers: United Internet, Vossloh
Inga Muller
31 Mar, 2025
Frankfurt
Vossloh AG dropped 2.7% to €65.00 after the German rail infrastructure company reported flat sales in 2024.
Revenue declined to €1.209 billion from €1.214 billion, net income jumped to €63.2 million from €38.7 million, and diluted earnings per share rose to €3.56 from €2.21 a year ago.
The company guided fiscal 2025 revenue to be between €1.25 billion and €1.325 billion, expecting “a significant increase in sales in China, the U.S., and Germany.”
EBIT is expected to be between €110 million and €120 million, compared to €105.2 million in 2024, with the EBIT margin between 8.5% and 9.5%, compared to 8.7% a year ago.
United Internet AG plunged 4.4% to €19.76 after the Internet services provider reported lower hardware sales for 2024.
Total sales increased 1.9% to €6.33 billion from €6.21 billion, and EBITDA inched up 0.1% to €1.294 billion from €1.292 billion a year ago.
Customer contracts increased by 590,000 to 29.02 million from 28.49 million contracts a year earlier.
The company proposed a dividend of 40 cents per share, plus a catch-up dividend of €1.50 per share.
For fiscal 2025, the company guided sales to be approximately €6.4 billion and EBITDA around €1.35 billion.
Europe Movers: United Internet, Vossloh
Inga Muller
31 Mar, 2025
Frankfurt
Vossloh AG dropped 2.7% to €65.00 after the German rail infrastructure company reported flat sales in 2024.
Revenue declined to €1.209 billion from €1.214 billion, net income jumped to €63.2 million from €38.7 million, and diluted earnings per share rose to €3.56 from €2.21 a year ago.
The company guided fiscal 2025 revenue to be between €1.25 billion and €1.325 billion, expecting “a significant increase in sales in China, the U.S., and Germany.”
EBIT is expected to be between €110 million and €120 million, compared to €105.2 million in 2024, with the EBIT margin between 8.5% and 9.5%, compared to 8.7% a year ago.
United Internet AG plunged 4.4% to €19.76 after the Internet services provider reported lower hardware sales for 2024.
Total sales increased 1.9% to €6.33 billion from €6.21 billion, and EBITDA inched up 0.1% to €1.294 billion from €1.292 billion a year ago.
Customer contracts increased by 590,000 to 29.02 million from 28.49 million contracts a year earlier.
The company proposed a dividend of 40 cents per share, plus a catch-up dividend of €1.50 per share.
For fiscal 2025, the company guided sales to be approximately €6.4 billion and EBITDA around €1.35 billion.
Japan Indexes Plunged 4% Following Wall Street Weakness, Retail Sales and Industrial Output Painted Mixed Picture
Akira Ito
31 Mar, 2025
Tokyo
Stock market indexes in Tokyo plunged following sharp losses in Friday's trading in New York.
The Nikkei 225 Stock Average dropped 4%, and the broader TOPIX decreased 3.6% amid a widespread sell-off in technology, financials, and industrial stocks.
Investors were on the defensive after the U.S. imposed a 25% tariff on all imported vehicles and automotive parts, which is likely to raise risks of economic recession and fuel inflation.
The import tax is scheduled to come into effect from April 2, but the White House has announced few details on how the tax will be imposed, calculated, and what is deemed as imports.
Japanese automakers have a significant presence in Mexico, and factories in Canada and Mexico provide duty-free access to U.S. customers, but many times parts and assemblies cross the borders with the U.S. and Canada as much as eight times before the final sale.
On the economic front, Japan's retail sales advanced for the 35th month in a row in February, the Ministry of Economy, Trade, and Industry reported Monday.
Retail sales rose at an annual pace of 1.4%, slower than the upwardly revised 4.4% in the previous month, and the softest growth since last October.
Japan's industrial output advanced for the first time in four months in February, the ministry said in a separate report on Monday.
The industrial output index, which includes production from 15 industries, advanced 2.5% from the previous month in February after a 1.1% decline in January.
On an annual basis, production increased and slowed to 0.3% from the 2.2% pace in January.
The ministry estimated production to rise monthly 0.6% in March and then slow to a 0.1% increase in April.
Japan Indexes and Stocks
The Nikkei 225 Stock Average plunged 4% to 35,617.56, and the broader TOPIX index declined 3.5% to 35,617.56.
Tech stocks led the decliners in Tokyo trading, following sharp losses in semiconductor-related stocks in New York in Friday's trading.
Tokyo Electron decreased 6.5% to ¥20,110.0, Advantest Corp. plunged 7.6% to ¥6,472.0, and Disco Corp. plunged 8.4% to ¥29,895.0.
Japan Indexes Plunged 4% Following Wall Street Weakness, Retail Sales and Industrial Output Painted Mixed Picture
Akira Ito
31 Mar, 2025
Tokyo
Stock market indexes in Tokyo plunged following sharp losses in Friday's trading in New York.
The Nikkei 225 Stock Average dropped 4%, and the broader TOPIX decreased 3.6% amid a widespread sell-off in technology, financials, and industrial stocks.
Investors were on the defensive after the U.S. imposed a 25% tariff on all imported vehicles and automotive parts, which is likely to raise risks of economic recession and fuel inflation.
The import tax is scheduled to come into effect from April 2, but the White House has announced few details on how the tax will be imposed, calculated, and what is deemed as imports.
Japanese automakers have a significant presence in Mexico, and factories in Canada and Mexico provide duty-free access to U.S. customers, but many times parts and assemblies cross the borders with the U.S. and Canada as much as eight times before the final sale.
On the economic front, Japan's retail sales advanced for the 35th month in a row in February, the Ministry of Economy, Trade, and Industry reported Monday.
Retail sales rose at an annual pace of 1.4%, slower than the upwardly revised 4.4% in the previous month, and the softest growth since last October.
Japan's industrial output advanced for the first time in four months in February, the ministry said in a separate report on Monday.
The industrial output index, which includes production from 15 industries, advanced 2.5% from the previous month in February after a 1.1% decline in January.
On an annual basis, production increased and slowed to 0.3% from the 2.2% pace in January.
The ministry estimated production to rise monthly 0.6% in March and then slow to a 0.1% increase in April.
Japan Indexes and Stocks
The Nikkei 225 Stock Average plunged 4% to 35,617.56, and the broader TOPIX index declined 3.5% to 35,617.56.
Tech stocks led the decliners in Tokyo trading, following sharp losses in semiconductor-related stocks in New York in Friday's trading.
Tokyo Electron decreased 6.5% to ¥20,110.0, Advantest Corp. plunged 7.6% to ¥6,472.0, and Disco Corp. plunged 8.4% to ¥29,895.0.
China Injects Capital In Four Largest Banks, Business Activities Expands in March
Li Chen
31 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong turned sharply lower in Monday's trading, and investors reviewed the latest updates on business activities.
China's manufacturing sector expanded for the second month in a row in March, according to an official survey released by the National Bureau of Statistics.
The purchasing managers' index edged up to 50.5 from 50.2, and the non-manufacturing activities advanced to a three-month high of 50.8 from 50.4 in February, respectively.
The increase in activities confirmed that the stimulus provided by the government is cushioning the negative impact of sharply higher U.S. tariffs and elevated trade tensions with the European Union.
China also announced its plans to inject as much as 520 billion yuan, or about $71.5 billion, into the four largest banks, as promised after the meeting of the National People's Congress last month.
The finance ministry arranges the sale of securities in banks, and shares will be denominated in the yuan and will trade on the Shanghai Stock Exchange after the ending of a five-week lock-up period.
China Construction Bank plans to sell stocks worth 105 billion yuan. Bank of Communications sells at least 120 billion yuan, Postal Savings Bank of China sells 130 billion yuan, and Bank of China sells about 165 billion yuan.
The leading four banks announced their plans to sell stocks in separate statements released to the Hong Kong Stock Exchange.
China Indexes and Stocks
The Hang Seng index decreased 1.8% to 23,085.16, and the mainland-focused CSI 300 index dropped 0.7% to 3,888.86.
China Construction Bank gained 3.2% to HK $6.91, Bank of China added 2% to HK $4.68, Bank of Communications edged up 0.7% to HK $6.98, and Postal Savings Bank of China decreased 2% to HK $4.85.
Bank of China Communications plans to sell 13.8 billion shares at 8.71 yuan each, Postal Savings Bank to sell 20.6 billion shares at 6.32 yuan each, and CCB plans to sell 11.3 billion shares at 9.27 yuan each.