Market Update
U.S. Movers: Bassett Furniture, Delta Air Lines
Scott Peters
10 Jul, 2025
New York City
Bassett Furniture Industries incorporated gained 7.4% to $18.27 after the furniture maker’s net income swung to a profit in the fiscal second quarter ending in May.
Consolidated revenue in the quarter inched higher to $84.3 million from $83.4 million, net income swung to a profit of $1.9 million from a loss of $7.2 million, and diluted income per share swung to a profit of 22 cents from a loss of 82 cents a year ago.
For the six-month period ending in May, revenue decreased to $166.5 million from $170 million, net income swung to a profit of $3.7 million from a loss of $8.3 million, and diluted income per share swung to a profit of 43 cents from a loss of 96 cents a year ago.
Delta Air Lines Inc. gained 12.4% to $56.81 after the international air carrier reported a 62% jump in its earnings in the fiscal second quarter ending in June.
Revenue decreased to $16.6 billion from $16.7 billion, net income jumped to $2.1 billion from $1.3 billion, and diluted earnings per share rose to $3.27 from $2.1 a year ago.
For the six-month period, revenue edged higher to $30.7 billion from $30.4 billion, net income soared to $2.4 billion from $1.3 billion, and diluted earnings per share advanced to $3.63 from $2.08 a year ago.
The Delta Air Lines estimated full-year earnings per share to range between $5.25 and $6.25 and free cash flow between $3 billion and $4 billion.
"For the September quarter, we expect total revenue to be flat to up 4% compared to the prior year, with unit revenue trends expected to improve through the second half of the year as we continue to adjust capacity and the industry further rationalizes supply," the company said in a statement to investors.
U.S. Movers: Bassett Furniture
Scott Peters
10 Jul, 2025
New York City
Bassett Furniture Industries incorporated gained 7.4% to $18.27 after the furniture maker’s net income swung to a profit in the fiscal second quarter.
Consolidated revenue in the quarter inched higher to $84.3 million from $83.4 million, net income swung to a profit of $1.9 million from a loss of $7.2 million, and diluted income per share swung to a profit of 22 cents from a loss of 82 cents a year ago.
For the fiscal year 2025, revenue decreased to $166.5 million from $170 million, net income swung to a profit of $3.7 million from a loss of $8.3 million, and diluted income per share swung to a profit of 43 cents from a loss of 96 cents a year ago.
China Deflation and Volatile U.S. Trade Policy Keep China Markets In Check
Li Chen
10 Jul, 2025
Hong Kong
China's stock market indexes fluctuated on Thursday as investors reviewed the latest inflation reports and awaited the progress on tariff negotiations.
The Hang Seng index edged up 0.1%, and the CSI 300 index decreased 0.3%, ahead of the fast-approaching deadline for the U.S. tariffs.
The producer and consumer inflation reports confirmed the persistent deflation trend for the last three years, and investors lowered economic growth expectations for the second half.
Moreover, the U.S. and China remain far from an agreement on the additional tariffs on Chinese goods.
The Trump administration is looking to impose at least 40% additional duty on Chinese goods and seeking duty-free access for agricultural exports from the U.S.
Chinese consumer and industrial goods makers are expanding overseas and seeking new markets in the ASEAN region, South America, and the Middle East.
The volatile and disruptive U.S. trade policy has pushed thousands of small and medium-sized businesses on the brink of closure.
China Indexes and Stocks
The Hang Seng Index increased 0.1% to 23,918.76, and the mainland-focused CSI 300 index decreased 0.3% to 4,003.32.
Sunny Optical Technology Group advanced 6.5% to HK $75.55, Baidu Inc. decreased 1.4% to HK $86.70, and Xiaomi Corp. fell 1% to HK $56.85.
Alibaba Group Holding fell 0.9% to HK $102.0, Meituan decreased 0.8% to HK $118.30, and Tencent Holdings eased 0.4% to HK $495.40.
China Deflation and Volatile U.S. Trade Policy Keep China Markets In
Li Chen
10 Jul, 2025
Hong Kong
China's stock market indexes fluctuated on Thursday as investors reviewed the latest inflation reports and awaited the progress on tariff negotiations.
The Hang Seng index edged up 0.1%, and the CSI 300 index decreased 0.3%, ahead of the fast-approaching deadline for the U.S. tariffs.
The producer and consumer inflation reports confirmed the persistent deflation trend for the last three years, and investors lowered economic growth expectations for the second half.
Moreover, the U.S. and China remain far from an agreement on the additional tariffs on Chinese goods.
The Trump administration is looking to impose at least 40% additional duty on Chinese goods and seeking duty-free access for agricultural exports from the U.S.
Chinese consumer and industrial goods makers are expanding overseas and seeking new markets in the ASEAN region, South America, and the Middle East.
The volatile and disruptive U.S. trade policy has pushed thousands of small and medium-sized businesses on the brink of closure.
China Indexes and Stocks
The Hang Seng Index increased 0.1% to 23,918.76, and the mainland-focused CSI 300 index decreased 0.3% to 4,003.32.
Sunny Optical Technology Group advanced 6.5% to HK $75.55, Baidu Inc. decreased 1.4% to HK $86.70, and Xiaomi Corp. fell 1% to HK $56.85.
Alibaba Group Holding fell 0.9% to HK $102.0, Meituan decreased 0.8% to HK $118.30, and Tencent Holdings eased 0.4% to HK $495.40.
S&P 500 and Nasdaq Scale New Highs, Trump's Tariffs Expand to Sectors
Barry Adams
09 Jul, 2025
New York City
Wall Street indexes hugged the flatline, and investors fear tariff talks are likely to drag on with key trading partners with no hard deadline.
The S&P 500 index edged up 0.5%, and the tech-heavy Nasdaq Composite edged up 0.6%, as investors fear the next wave of Trump tariff threats are likely to focus on sectors.
Trump imposed a 50% tariff on imported copper without specifying timing and grades of metal and announced his plan to impose an additional tariff of 200% on pharmaceuticals.
The Trump administration's arbitrary and reckless approach to import taxes has severely impacted businesses of all sizes, and most retailers, wholesalers, and manufacturers are passing on higher tariffs to consumers.
Moreover, the constant changes in import taxes have forced businesses to halt shipments or avoid international purchases until trade agreements are finalized, which could take several more months.
U.S. Stock Movers
Verona Pharma PLC jumped 20% to $104.92, and the UK-based lung therapy company agreed to be acquired by Merck for $10 billion.
Merck & Co. edged up 0.9% to $81.86.
Mining companies were in focus after the U.S. president slapped a 50% tariff on copper imports.
BHP Group added 1.2% to $49.96, Rio Tinto plc decreased 0.6% to $58.40, Newmont Corporation edged up 0.1% to $57.68, and Freeport-McMoRan Inc. gained 1.1% to $46.80.
AES Corp. jumped 16.5% to $12.90 on a report that the company is exploring a potential sale, according to Bloomberg News.
Starbucks Corp. jumped 2.3% to $97.60 after a CNBC report suggested that the company's China subsidiary sale was valued as high as $10 billion in preliminary bids.
S&P 500 and Nasdaq Scale New Highs, Trump's Tariffs Expand to Sectors
Barry Adams
09 Jul, 2025
New York City
Wall Street indexes hugged the flatline, and investors fear tariff talks are likely to drag on with key trading partners with no hard deadline.
The S&P 500 index edged up 0.5%, and the tech-heavy Nasdaq Composite edged up 0.6%, as investors fear the next wave of Trump tariff threats are likely to focus on sectors.
Trump imposed a 50% tariff on imported copper without specifying timing and grades of metal and announced his plan to impose an additional tariff of 200% on pharmaceuticals.
The Trump administration's arbitrary and reckless approach to import taxes has severely impacted businesses of all sizes, and most retailers, wholesalers, and manufacturers are passing on higher tariffs to consumers.
Moreover, the constant changes in import taxes have forced businesses to halt shipments or avoid international purchases until trade agreements are finalized, which could take several more months.
U.S. Stock Movers
Verona Pharma PLC jumped 20% to $104.92, and the UK-based lung therapy company agreed to be acquired by Merck for $10 billion.
Merck & Co. edged up 0.9% to $81.86.
Mining companies were in focus after the U.S. president slapped a 50% tariff on copper imports.
BHP Group added 1.2% to $49.96, Rio Tinto plc decreased 0.6% to $58.40, Newmont Corporation edged up 0.1% to $57.68, and Freeport-McMoRan Inc. gained 1.1% to $46.80.
AES Corp. jumped 16.5% to $12.90 on a report that the company is exploring a potential sale, according to Bloomberg News.
Starbucks Corp. jumped 2.3% to $97.60 after a CNBC report suggested that the company's China subsidiary sale was valued as high as $10 billion in preliminary bids.
European Markets Overlooked Latest U.S. Tariff Threats; Copper Hits New Record High
Bridgette Randall
09 Jul, 2025
London
European markets advanced on Wednesday, and investors ignored the new U.S. tariff threats.
Benchmark indexes in Frankfurt, Paris, Milan, and London headed higher in cautious trading ahead of the start of the earnings season this week.
Investors turned cautious and refrained from making larger bets amid heightened trade tensions with the U.S. after the U.S. president said he plans to announce additional import duties on the EU in retaliation to duties on U.S. technology firms.
The Trump administration's threats are increasingly ignored by the European investors, because Donald Trump always backs down at the last minute and lowers the previously announced arbitrary tariffs.
Banks traded higher after UniCredit SpA increased its direct equity stake in the Germany-based Commerzbank and signaled its intention is for passive investment only.
Europe Stock Movers
Mining companies declined amid a drop in copper prices after the U.S. president proposed to levy a 50% tariff on the industrial metal.
Glencore PLC decreased 2.9% to 299.70 pence, Antofagasta plc dropped 1.9% to 1,885.0 pence, and Anglo American plc fell 1.8% to 2,183.95 pence.
Italy-based UniCredit SpA increased its stake in Germany's Commerzbank to 20% from 10%, and following the conversion to an equity stake after winning the approval from the European Central Bank, the Federal Reserve Bank, and German regulators.
The Italian bank reiterated its passive investment in the bank is for financial interest and added it plans to convert its derivative stake and increase its equity holding to 29%.
UniCredit SpA advanced 3.3% to €60.37, and Commerzbank AG gained 0.6% to €30.14.
European Markets Overlooked Latest U.S. Tariff Threats; Copper Hits New Record High
Bridgette Randall
09 Jul, 2025
London
European markets advanced on Wednesday, and investors ignored the new U.S. tariff threats.
Benchmark indexes in Frankfurt, Paris, Milan, and London headed higher in cautious trading ahead of the start of the earnings season this week.
Investors turned cautious and refrained from making larger bets amid heightened trade tensions with the U.S. after the U.S. president said he plans to announce additional import duties on the EU in retaliation to duties on U.S. technology firms.
The Trump administration's threats are increasingly ignored by the European investors, because Donald Trump always backs down at the last minute and lowers the previously announced arbitrary tariffs.
Banks traded higher after UniCredit SpA increased its direct equity stake in the Germany-based Commerzbank and signaled its intention is for passive investment only.
Europe Stock Movers
Mining companies declined amid a drop in copper prices after the U.S. president proposed to levy a 50% tariff on the industrial metal.
Glencore PLC decreased 2.9% to 299.70 pence, Antofagasta plc dropped 1.9% to 1,885.0 pence, and Anglo American plc fell 1.8% to 2,183.95 pence.
Italy-based UniCredit SpA increased its stake in Germany's Commerzbank to 20% from 10%, and following the conversion to an equity stake after winning the approval from the European Central Bank, the Federal Reserve Bank, and German regulators.
The Italian bank reiterated its passive investment in the bank is for financial interest and added it plans to convert its derivative stake and increase its equity holding to 29%.
UniCredit SpA advanced 3.3% to €60.37, and Commerzbank AG gained 0.6% to €30.14.
Europe Wednesday
Bridgette Randall
09 Jul, 2025
London
European markets advanced on Wednesday, and investors ignored the new U.S. tariff threats.
Benchmark indexes in Frankfurt, Paris, Milan, and London headed higher in cautious trading ahead of the start of the earnings season this week.
Investors turned cautious and refrained from making larger bets amid heightened trade tensions with the U.S. after the U.S. president said he plans to announce additional import duties on the EU in retaliation to duties on U.S. technology firms.
The Trump administration's threats are increasingly ignored by the European investors, because Donald Trump always backs down at the last minute and lowers the previously announced arbitrary tariffs.
Banks traded higher after UniCredit SpA increased its direct equity stake in the Germany-based Commerzbank and signaled its intention is for passive investment only.
Europe Stock Movers
Mining companies declined amid a drop in copper prices after the U.S. president proposed to levy a 50% tariff on the industrial metal.
Glencore PLC decreased 2.9% to 299.70 pence, Antofagasta plc dropped 1.9% to 1,885.0 pence, and Anglo American plc fell 1.8% to 2,183.95 pence.
Italy-based UniCredit SpA increased its stake in Germany's Commerzbank to 20% from 10%, and following the conversion to an equity stake after winning the approval from the European Central Bank, the Federal Reserve Bank, and German regulators.
The Italian bank reiterated its passive investment in the bank is for financial interest and added it plans to convert its derivative stake and increase its equity holding to 29%.
UniCredit SpA advanced 3.3% to €60.37, and Commerzbank AG gained 0.6% to €30.14.
Japan Indexes Wavered Amid Shifting U.S.
Akira Ito
09 Jul, 2025
Tokyo
Japan's stock indexes wavered around the flatline amid heightened trade tensions with the U.S.
The Nikkei 225 Stock Average edged up 0.2%, and the broader Topix inched up 0.4%, and Japanese negotiators signaled their unwillingness to accept any level of additional U.S. tariffs.
Japanese vehicles and parts are facing an additional import duty of 25%, and pharmaceutical products are likely to face higher duties as well.
Investor sentiment has weakened over the last two weeks amid constantly changing U.S. trade policy and the lack of clarity about the firm deadline to conclude negotiations.
The Trump administration launched a global tariff war on April 2, targeting key trading partners—China, Japan, Canada, and Mexico.
The erratic trade policy of the Trump administration has wreaked havoc on the shipping and logistics companies, and manufacturing companies in Japan and Asia are facing sharp swings in orders from the U.S.
Moreover, importers and retailers are halting new shipments amid a lack of clarity about the tariff levels at the port of arrivals in the U.S.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.2% to 39,778.08, and the broader Topix advanced 0.4% to 2,826.41.
Semiconductor equipment makers led decliners in Tokyo trading.
Advantest Corp. edged up 0.2% to ¥10,980.0, Tokyo Electron decreased 0.3% to ¥27,175.0, and Fujikura Ltd. declined 1.3% to ¥7,714.0.
Automakers extended losses as the U.S. stayed firm on its demand for additional duties on Japanese vehicles.
Toyota Motor increased 1% to ¥2,487.50, Honda Motor gained 3.3% to ¥1,481.0, and Nissan Motor declined 3.3% to ¥305.50.
Nissan Motor expanded its convertible bond offering to 200 billion yen, or $1.4 billion, from 150 billion yen.
U.S. Movers: AEHR Test Systems
Scott Peters
09 Jul, 2025
New York City
Aehr Test Systems advanced 2.4% to $15.17 despite the semiconductor testing equipment maker’s net income swinging to a loss in the fiscal fourth quarter.
Consolidated revenue in the quarter inched down to $14.1 million from $16.6 million, net income swung to a loss of $2.9 million from a profit of $23.9 million, and diluted income per share swung to a loss of 10 cents from a profit of 82 cents a year ago.
For the fiscal year 2025, revenue decreased to $59 million from $66.2 million, after-tax income swung to a loss of $3.9 million from a profit of $33.1 million, and diluted earnings per share swung to a loss 13 cents from a profit of $1.15 a year ago.
U.S. Movers: AEHR Test Systems
Scott Peters
09 Jul, 2025
New York City
Aehr Test Systems advanced 2.4% to $15.17 despite the semiconductor testing equipment maker’s net income swinging to a loss in the fiscal fourth quarter.
Consolidated revenue in the quarter inched down to $14.1 million from $16.6 million, net income swung to a loss of $2.9 million from a profit of $23.9 million, and diluted income per share swung to a loss of 10 cents from a profit of 82 cents a year ago.
For the fiscal year 2025, revenue decreased to $59 million from $66.2 million, after-tax income swung to a loss of $3.9 million from a profit of $33.1 million, and diluted earnings per share swung to a loss 13 cents from a profit of $1.15 a year ago.
China's Deflation Worries Keep Stocks Under Pressure, Five New Listings In Hong Kong
Li Chen
09 Jul, 2025
Hong Kong
Stocks in China lacked direction amid ongoing trade uncertainty and persistent worries of deflation.
The Hang Seng index decreased 0.8%, and the mainland-focused CSI 300 index edged slightly higher as investors reviewed the latest reports on inflation.
China's CPI and PPI Confirm Ongoing Deflation Trends
Consumer price inflation edged up unexpectedly 0.1% in June, reversing the decline by the same amount in the previous month, the National Bureau of Statistics reported Wednesday.
Prices of goods decreased 0.2%, services increased 0.5%, and food edged down 0.3% from a year ago, respectively.
The overall price inflation rose for the first time in five months, but demand remained weak despite government subsidy programs to encourage the purchase of household goods and consumer electronics.
Core prices, which exclude volatile food and energy prices, advanced 0.7% from a year ago, their highest level in 14 months.
The producer price index, the measure of prices charged by suppliers, edged down for the 33rd consecutive month and extended the 3.3% decrease in the previous month, the National Bureau of Statistics said in a separate report.
Producer prices fell 2.6% in the first half, and the outlook for prices in the second half is weaker because of the persistent weak domestic demand and uncertain outlook for exports.
China Indexes and Stocks
The Hang Seng Index decreased 0.8% to 23,960.34, and the mainland-focused CSI 300 index gained 0.4% to 4,012.14.
Five companies listed their shares on the Hong Kong Stock Exchange, as more mainland companies seek capital for international expansion.
Wuhan Dazhong Medical jumped 17% to HK $23.20, and the dental company priced its initial public offering at HK $20 per share.
The dental services provider sold 10.8 million shares and raised gross proceeds of HK$217.4 million.
Fortior Technology gained 10% to HK $132.60, and the company priced its public offering at HK $120 per share.
The advanced chip designer for electric motor control and drivers sold 18.7 million and raised a total of HK $2.8 billion.
Lens Technology Co. Ltd. jumped 6% to HK $19.12, and the lens sensor provider for Apple priced its initial public offering at HK $18.18 per share.
The precision manufacturing company for consumer electronics and electric vehicles raised a total of HK $4.7 billion.
Beijing Geekplus Technology traded unchanged at HK $16.81, and the company priced its public offering at HK $16.80 per share.
The autonomous mobile robot maker for warehouses sold 161.45 million shares and raised a total of HK $2.7 billion.
Beijing Xunzhong Communication decreased a fraction to HK $13.46, and the company priced its public offering at HK $13.55 per share.
The cloud-based communication provider in China, with a market share of 1.8%, sold 30.4 million shares and raised a total of HK $412.5 million.
The Hong Kong Stock Exchange led the world's leading stock markets after a string of large and medium-sized companies from the mainland sought new capital.
A total of 44 new companies raised HK $107 billion in the first half of 2025, a sevenfold jump from HK $13.4 billion when 30 new companies raised capital a year ago, according to the Hong Kong Stock Exchange.
China's Deflation Worries Keep Stocks Under Pressure, Five New Listings In Hong Kong
Li Chen
09 Jul, 2025
Hong Kong
Stocks in China lacked direction amid ongoing trade uncertainty and persistent worries of deflation.
The Hang Seng index decreased 0.8%, and the mainland-focused CSI 300 index edged slightly higher as investors reviewed the latest reports on inflation.
China's CPI and PPI Confirm Ongoing Deflation Trends
Consumer price inflation edged up unexpectedly 0.1% in June, reversing the decline by the same amount in the previous month, the National Bureau of Statistics reported Wednesday.
Prices of goods decreased 0.2%, services increased 0.5%, and food edged down 0.3% from a year ago, respectively.
The overall price inflation rose for the first time in five months, but demand remained weak despite government subsidy programs to encourage the purchase of household goods and consumer electronics.
Core prices, which exclude volatile food and energy prices, advanced 0.7% from a year ago, their highest level in 14 months.
The producer price index, the measure of prices charged by suppliers, edged down for the 33rd consecutive month and extended the 3.3% decrease in the previous month, the National Bureau of Statistics said in a separate report.
Producer prices fell 2.6% in the first half, and the outlook for prices in the second half is weaker because of the persistent weak domestic demand and uncertain outlook for exports.
China Indexes and Stocks
The Hang Seng Index decreased 0.8% to 23,960.34, and the mainland-focused CSI 300 index gained 0.4% to 4,012.14.
Five companies listed their shares on the Hong Kong Stock Exchange, as more mainland companies seek capital for international expansion.
Wuhan Dazhong Medical jumped 17% to HK $23.20, and the dental company priced its initial public offering at HK $20 per share.
The dental services provider sold 10.8 million shares and raised gross proceeds of HK$217.4 million.
Fortior Technology gained 10% to HK $132.60, and the company priced its public offering at HK $120 per share.
The advanced chip designer for electric motor control and drivers sold 18.7 million and raised a total of HK $2.8 billion.
Lens Technology Co. Ltd. jumped 6% to HK $19.12, and the lens sensor provider for Apple priced its initial public offering at HK $18.18 per share.
The precision manufacturing company for consumer electronics and electric vehicles raised a total of HK $4.7 billion.
Beijing Geekplus Technology traded unchanged at HK $16.81, and the company priced its public offering at HK $16.80 per share.
The autonomous mobile robot maker for warehouses sold 161.45 million shares and raised a total of HK $2.7 billion.
Beijing Xunzhong Communication decreased a fraction to HK $13.46, and the company priced its public offering at HK $13.55 per share.
The cloud-based communication provider in China, with a market share of 1.8%, sold 30.4 million shares and raised a total of HK $412.5 million.