Market Update
European Markets Hovered Near Record Highs, UK Inflation Edged Lower In February
Bridgette Randall
26 Mar, 2025
London
European markets lacked direction ahead of the possible U.S. trade tariffs.
Benchmark indexes in Frankfurt and Paris declined, but they edged higher in London as investors prepared for the start of the upcoming earnings season in two weeks.
Market volatility in London was above normal ahead of the release of the Spring Statement from the Chancellor of the Exchequer, Rachel Reeves.
Investors are hoping that the new administration will focus on cutting expenses by as much as £10 billion and refrain from raising taxes.
Market sentiment in the eurozone has been positive after German lawmakers approved raising the debt limit and setting up a special fund to invest in infrastructure.
The historic debt reform decision has raised expectations of higher revenue for defense and technology companies in the region, and Germany is expected to spend as much as 500 billion or about 11% of its GDP on improving its aging infrastructure.
On the earnings front, the UK's consumer price inflation edged slightly lower to 2.8% in February from 3.0% in January, according to the report released by the Office for National Statistics.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 23,089.22, the CAC-40 index edged lower 0.2% to 8,090.63, and the FTSE 100 index advanced by 0.2% to 8,678.26.
The yield on 10-year German bonds inched lower to 2.79%, French bonds increased to 3.48%, the UK gilts moved down to 4.73%, and Italian bonds edged higher to 3.89%.
The euro increased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.33 Swiss cents.
Brent crude increased $0.09 to $73.11 a barrel, and the Dutch TTF natural gas was lower by €0.41 to €40.72 per MWh.
Europe Stock Movers
Vistry Group PLC declined 6% to 609.0 pence after the UK-based home builder reported a sharp decline in earnings in 2024.
Revenue increased to £3.78 billion from £3.56 billion, profit slumped to £74.5 million from £215.0 million, and diluted earnings per share fell to 21.8 pence from 61.3 pence a year ago.
Total completions increased 7% to 17,225 units from 16,118 units in 2023, with partner-funded completions up 18% to 12,633 units from 10,722 units a year ago, and average selling prices remained firm.
Aroundtown SA decreased 5% to €2.23, and Germany's largest landlord reported a decline of 5% in Funds from Operations to €316 million.
Wacker Neuson SE rose 0.7% to €21.40, and the construction equipment maker reported a 16% decline in revenue in 2024.
Porsche Automobil Holding SE increased 0.5% to €37.89, and the German luxury automaker reported a smaller-than-expected loss of €20 billion.
Revenue declined to €40.08 billion from €40.53 billion, net income edged down to €3.48 billion from €5.63 billion, and earnings per diluted share fell to €3.94 from €5.66 a year ago.
The company delivered 310,718 vehicles in 2024, compared to 320,221 a year earlier, and launched its second all-electric model, the new Macan.
The company said it plans to continue investing in diversifying its product portfolio and seek opportunities in the defense sector.
Europe Stock Movers: Kingfisher, Porsche, Smiths Group, Vistry, Vonovia
Inga Muller
26 Mar, 2025
Frankfurt
Porsche Automobil Holding SE gained 0.6% to €37.70 after the sports car manufacturer reported results for 2024.
Revenue declined to €40.08 billion from €40.53 billion, net income edged down to €3.48 billion from €5.63 billion, and earnings per diluted share fell to €3.94 from €5.66 a year ago.
The company delivered 310,718 vehicles in 2024, compared to 320,221 a year earlier, and launched its second all-electric model, the new Macan.
“With 86,541 deliveries, North America is once again the largest sales region, recording an increase of one percent compared to the previous year. In China, 56,887 cars were handed over to customers, down 28%,” the company said in a release to investors.
Kingfisher Plc. plunged 10.3% to 251.01 pence after the UK-based retailer reported lower sales in 2024.
Sales declined to £12.78 billion from £12.98 billion, profit dropped to £185 million from £345 million, and diluted earnings per share fell to 9.9 pence from 18.0 pence a year ago.
The company proposed a final dividend of 8.60 pence per share, payable on June 30 to shareholders on record as of May 23, with the ex-dividend date on May 22.
In addition, Kingfisher announced a new share buyback program for £300 million, and since September 2021, the company has completed £900 million of share buybacks.
The new program includes £26 million for repurchase during fiscal year 2025-2026 related to the previous £300 million program.
For the period 2025-2026, the company guided adjusted profit before tax to be between £480 million and £540 million and free cash flow between £420 million and £480 million.
Vonovia SE dropped 1.14% to €24.20 despite the real estate company reporting higher sales in 2024.
Revenue from property management increased to €4.88 billion from €4.71 billion, net loss widened to €6.76 billion from a loss of €896.0 million, and diluted loss per share widened to €7.80 from a loss of €1.09 a year ago.
The company guided for fiscal 2025 adjusted EBITDA to be between €2.70 billion and €2.80 billion, compared to €2.62 billion in 2024, and rental income between €3.3 billion and €3.4 billion, compared to €3.32 billion a year ago.
Smiths Group Plc. gained 3.5% to 2.090 pence after the UK-based engineering company reported half-year results for fiscal 2025 ending in January.
Revenue increased to £1.61 billion from £1.51 billion, comprehensive income climbed to £205 million compared to a loss of £141 million, and diluted earnings per share rose to 48.7 pence from 32.0 pence a year ago.
The company proposed a dividend of 14.23 pence per share, up from 13.55 pence per share in the previous year.
Vistry Group Plc dropped 6.3% to 607.50 pence after the UK-based home construction company reported results for 2024.
Revenue increased to £3.78 billion from £3.56 billion, profit slumped to £74.5 million from £215.0 million, and diluted earnings per share fell to 21.8 pence from 61.3 pence a year ago.
Total completions increased 7% to 17,225 units from 16,118 units in 2023, with partner-funded completions up 18% to 12,633 units from 10,722 units a year ago, and average selling prices remained firm.
Open-market completions were down 15% to 4,592 units from 5,396 units in 2023.
By the end of December, the company’s net debt amounted to £180.7 million, down from £88.8 million a year ago.
Vistry received £2 billion from the government in the form of grant funding for new affordable homes, along with £800 million of top-up funding previously announced.
“The funding will drive investment momentum across the affordable housing sector ahead of the launch of the 2026 affordable homes program.”
Europe Stock Movers: Kingfisher, Porsche, Smiths Group, Vistry, Vonovia
Inga Muller
26 Mar, 2025
Frankfurt
Porsche Automobil Holding SE gained 0.6% to €37.70 after the sports car manufacturer reported results for 2024.
Revenue declined to €40.08 billion from €40.53 billion, net income edged down to €3.48 billion from €5.63 billion, and earnings per diluted share fell to €3.94 from €5.66 a year ago.
The company delivered 310,718 vehicles in 2024, compared to 320,221 a year earlier, and launched its second all-electric model, the new Macan.
“With 86,541 deliveries, North America is once again the largest sales region, recording an increase of one percent compared to the previous year. In China, 56,887 cars were handed over to customers, down 28%,” the company said in a release to investors.
Kingfisher Plc. plunged 10.3% to 251.01 pence after the UK-based retailer reported lower sales in 2024.
Sales declined to £12.78 billion from £12.98 billion, profit dropped to £185 million from £345 million, and diluted earnings per share fell to 9.9 pence from 18.0 pence a year ago.
The company proposed a final dividend of 8.60 pence per share, payable on June 30 to shareholders on record as of May 23, with the ex-dividend date on May 22.
In addition, Kingfisher announced a new share buyback program for £300 million, and since September 2021, the company has completed £900 million of share buybacks.
The new program includes £26 million for repurchase during fiscal year 2025-2026 related to the previous £300 million program.
For the period 2025-2026, the company guided adjusted profit before tax to be between £480 million and £540 million and free cash flow between £420 million and £480 million.
Vonovia SE dropped 1.14% to €24.20 despite the real estate company reporting higher sales in 2024.
Revenue from property management increased to €4.88 billion from €4.71 billion, net loss widened to €6.76 billion from a loss of €896.0 million, and diluted loss per share widened to €7.80 from a loss of €1.09 a year ago.
The company guided for fiscal 2025 adjusted EBITDA to be between €2.70 billion and €2.80 billion, compared to €2.62 billion in 2024, and rental income between €3.3 billion and €3.4 billion, compared to €3.32 billion a year ago.
Smiths Group Plc. gained 3.5% to 2.090 pence after the UK-based engineering company reported half-year results for fiscal 2025 ending in January.
Revenue increased to £1.61 billion from £1.51 billion, comprehensive income climbed to £205 million compared to a loss of £141 million, and diluted earnings per share rose to 48.7 pence from 32.0 pence a year ago.
The company proposed a dividend of 14.23 pence per share, up from 13.55 pence per share in the previous year.
Vistry Group Plc dropped 6.3% to 607.50 pence after the UK-based home construction company reported results for 2024.
Revenue increased to £3.78 billion from £3.56 billion, profit slumped to £74.5 million from £215.0 million, and diluted earnings per share fell to 21.8 pence from 61.3 pence a year ago.
Total completions increased 7% to 17,225 units from 16,118 units in 2023, with partner-funded completions up 18% to 12,633 units from 10,722 units a year ago, and average selling prices remained firm.
Open-market completions were down 15% to 4,592 units from 5,396 units in 2023.
By the end of December, the company’s net debt amounted to £180.7 million, down from £88.8 million a year ago.
Vistry received £2 billion from the government in the form of grant funding for new affordable homes, along with £800 million of top-up funding previously announced.
“The funding will drive investment momentum across the affordable housing sector ahead of the launch of the 2026 affordable homes program.”
Japan 10-Year Bond Yield Reach 16-Year High After Ueda Comments
Akira Ito
26 Mar, 2025
Tokyo
Japan's investors shifted their attention to comments from the chief of the Bank of Japan, and bond yields traded at a 16-year high.
The Nikkei 225 Stock Average gained 0.6%, and the broader TOPIX advanced 0.5%, and the benchmark indexes extended gains for the second consecutive session.
Bank of Japan Governor Kazuo Ueda told parliament that the central bank is prepared to continue interest rates if future economic data meet expectations.
Ueda confirmed that economic metrics and growth so far have met expectations laid out by the central bank, and the cycle of rising wages supporting consumer spending is intact.
Japan's 10-year government bond yield edged higher to a 16-year high of 1.59%, and then the yen traded at 150.35 against the U.S. dollar.
Last week, the central bank left its short-term rate at 0.5%, citing U.S. trade policy uncertainty and economic slowdown in China.
On the economic front, producer price inflation eased in February, according to the latest data available from the Bank of Japan.
The measure of inflation slowed to an annual pace of 3.0% from the upwardly revised annual rate of 3.2% in January, and prices were flat from the previous month.
Excluding international transportation, producer price inflation increased at an annual pace of 3.1% and rose 0.1% on a monthly basis.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.6%, and the broader TOPIX advanced 0.5% to 2,812.89.
Exporters, technology stocks, industrials, and financial services providers led the most actively traded stocks list.
Nintendo Co. Ltd. surged 5.5% to ¥11,330.0 after positive comments from Goldman raised expectations of a faster increase in user base.
Technology stocks led gains in Tokyo following the advance in tech leaders in overnight trading in New York.
Tokyo Electron gained 1.6% to ¥22,670.0, Advantest Corp. increased 0.6% to ¥7,781.0, Disco Corp. inched up 2.6% to ¥35,190.0, and Lasertec added 0.3% to ¥13,985.0.
Marubeni Corp. added 0.5% to ¥2,552.0, Sumitomo Corp. jumped 0.6% to ¥3,647.0, Itochu Corp. increased 0.8% to ¥7,178.0, and Mitsui & Co. Ltd. advanced 2.6% to ¥2,990.0.
Japan 10-Year Bond Yield Reach 16-Year High After Ueda Comments
Akira Ito
26 Mar, 2025
Tokyo
Japan's investors shifted their attention to comments from the chief of the Bank of Japan, and bond yields traded at a 16-year high.
The Nikkei 225 Stock Average gained 0.6%, and the broader TOPIX advanced 0.5%, and the benchmark indexes extended gains for the second consecutive session.
Bank of Japan Governor Kazuo Ueda told parliament that the central bank is prepared to continue interest rates if future economic data meet expectations.
Ueda confirmed that economic metrics and growth so far have met expectations laid out by the central bank, and the cycle of rising wages supporting consumer spending is intact.
Japan's 10-year government bond yield edged higher to a 16-year high of 1.59%, and then the yen traded at 150.35 against the U.S. dollar.
Last week, the central bank left its short-term rate at 0.5%, citing U.S. trade policy uncertainty and economic slowdown in China.
On the economic front, producer price inflation eased in February, according to the latest data available from the Bank of Japan.
The measure of inflation slowed to an annual pace of 3.0% from the upwardly revised annual rate of 3.2% in January, and prices were flat from the previous month.
Excluding international transportation, producer price inflation increased at an annual pace of 3.1% and rose 0.1% on a monthly basis.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.6%, and the broader TOPIX advanced 0.5% to 2,812.89.
Exporters, technology stocks, industrials, and financial services providers led the most actively traded stocks list.
Nintendo Co. Ltd. surged 5.5% to ¥11,330.0 after positive comments from Goldman raised expectations of a faster increase in user base.
Technology stocks led gains in Tokyo following the advance in tech leaders in overnight trading in New York.
Tokyo Electron gained 1.6% to ¥22,670.0, Advantest Corp. increased 0.6% to ¥7,781.0, Disco Corp. inched up 2.6% to ¥35,190.0, and Lasertec added 0.3% to ¥13,985.0.
Marubeni Corp. added 0.5% to ¥2,552.0, Sumitomo Corp. jumped 0.6% to ¥3,647.0, Itochu Corp. increased 0.8% to ¥7,178.0, and Mitsui & Co. Ltd. advanced 2.6% to ¥2,990.0.
China Indexes Fluctuate In Tight Trading Range Amid Weak Market Sentiment
Li Chen
26 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong lacked direction, and investors took a wait-and-see approach amid elevated geopolitical uncertainties.
The Hang Seng advanced 0.2%, and the mainland-focused CSI index decreased 0.4%, and benchmark indexes traded in a tight range amid weak sentiment.
Investors have been on the sidelines after the recent run-up in technology stocks, uncertainty about U.S. trade policy, and lack of catalysts for corporate earnings growth.
Beijing's policymakers have failed to follow through after announcing a raft of stimulus measures last year and reiterating their commitment to supporting the revival of the property market and consumer confidence.
In addition, Beijing is struggling to devise its trade stance amid constantly changing U.S. trade policy and shifting priorities in the European Union.
The sharp escalation in U.S. tariffs and stricter implementation of the de minimus rule have sharply slowed down new orders for small manufacturing companies in several sectors and caused widespread job losses in Shenzhen, Ningbo, and Guangzhou.
China Indexes and Stocks
The Hang Seng index increased 0.2% to 23,406.73, and the mainland-focused CSI 300 index fell 0.4% to 3,920.44.
Contemporary Ampere Technology Limited decreased 0.3% to 259.02 yuan, and the largest maker of electric vehicle batteries received an approval from the mainland securities regulator to list its stock on the Hong Kong Stock Exchange and raise $5 billion.
Nio advanced 0.6% to HK $34.01, and the company's chief executive, William Li, said that the electric vehicle maker is expected to break even in the fourth quarter.
Li Auto, Xpeng, and BYD advanced following Nio's announcement.
China Indexes Fluctuate In Tight Trading Range Amid Weak Market Sentiment
Li Chen
26 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong lacked direction, and investors took a wait-and-see approach amid elevated geopolitical uncertainties.
The Hang Seng advanced 0.2%, and the mainland-focused CSI index decreased 0.4%, and benchmark indexes traded in a tight range amid weak sentiment.
Investors have been on the sidelines after the recent run-up in technology stocks, uncertainty about U.S. trade policy, and lack of catalysts for corporate earnings growth.
Beijing's policymakers have failed to follow through after announcing a raft of stimulus measures last year and reiterating their commitment to supporting the revival of the property market and consumer confidence.
In addition, Beijing is struggling to devise its trade stance amid constantly changing U.S. trade policy and shifting priorities in the European Union.
The sharp escalation in U.S. tariffs and stricter implementation of the de minimus rule have sharply slowed down new orders for small manufacturing companies in several sectors and caused widespread job losses in Shenzhen, Ningbo, and Guangzhou.
China Indexes and Stocks
The Hang Seng index increased 0.2% to 23,406.73, and the mainland-focused CSI 300 index fell 0.4% to 3,920.44.
Contemporary Ampere Technology Limited decreased 0.3% to 259.02 yuan, and the largest maker of electric vehicle batteries received an approval from the mainland securities regulator to list its stock on the Hong Kong Stock Exchange and raise $5 billion.
Nio advanced 0.6% to HK $34.01, and the company's chief executive, William Li, said that the electric vehicle maker is expected to break even in the fourth quarter.
Li Auto, Xpeng, and BYD advanced following Nio's announcement.
India Movers: : Dish TV, Bannari Amman, Superhouse, Regency, Suryalakshmi Cotton, DIGJAM, Panacea Biotec, Tarsons
Arun Goswami
26 Mar, 2025
Mumbai
Dish TV India Ltd. was unchanged at ₹6.09 after the satellite television services provider reported a sixteen-fold increase in net loss in the December quarter.
Consolidated revenue declined to ₹382 crore from ₹474.6 crore, net loss expanded to ₹46.5 crore from ₹2.8 crore, and diluted losses per share advanced to 24 paisa from 1 paisa a year ago.
Bannari Amman Spinning Mills Limited fell 1% to ₹30.14 after the vertically integrated textile company’s net income swung to a profit in the December quarter.
Consolidated revenue advanced to ₹213.3 crore from ₹198.7 crore, net income swung to a profit of ₹2 crore from a loss of ₹1.5 crore, and diluted earnings per share rose to an income of 12 paisa from a loss of 4 paisa a year ago.
Superhouse Ltd. dropped 0.6% to ₹149.55 after the multi-product conglomerate reported a slight increase in revenue and a 64% plunge in quarterly profit from a year ago.
Consolidated revenue advanced to ₹169.6 crore from ₹148.9 crore, net income declined to ₹0.8 crore from ₹2.2 crore, and diluted earnings per share fell to 72 paisa from ₹1.95 a year ago.
Regency Ceramics Ltd. was unchanged at ₹47 after the ceramic floor and wall tile maker reported a 46% increase in net loss in the December quarter.
Consolidated revenue increased to ₹4.4 crore from ₹0.8 crore, net loss expanded to ₹3.8 crore from ₹2.6 crore, and diluted losses per share advanced to ₹1.45 from 98 paise a year ago.
Suryalakshmi Cotton Mills Ltd. declined 1.1% to ₹62.85 after the yarn and premium denim maker reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹194.7 crore from ₹185.1 crore, net income increased to ₹0.9 crore from ₹0.8 crore, and diluted earnings per share rose to 49 paisa from 47 paisa a year ago.
DIGJAM Limited plunged 0.7% to ₹39 after the fabric maker for suiting and casual wear reported a decline in net income and revenue in the December quarter.
Consolidated revenue declined to ₹6.2 crore from ₹6.3 crore, after-tax profit decreased to ₹1.5 crore from a loss of ₹1.7 crore, and diluted earnings per share fell to 76 from a loss of 91 a year ago.
Panacea Biotec Ltd. advanced 1.6% to ₹439 after the health management company's net income swung to a profit in the December quarter.
Consolidated revenue advanced to ₹167.1 crore from ₹156.2 crore, net income swung to a profit of ₹4.5 crore from a loss of ₹2.2 crore, and diluted earnings per share rose to an income of 74 from a loss of 37 a year ago.
Tarsons Products Ltd. decreased 2.4% to ₹315.90 after the lab equipment maker reported a 50% decline in profit in the December quarter.
Consolidated revenue advanced to ₹9.7 crore from ₹6.5 crore, after-tax profit declined to ₹0.5 crore from ₹1 crore, and diluted earnings per share fell to 99 paisa from ₹1.9 a year ago.
India Movers: : Dish TV, Bannari Amman, Superhouse, Regency, Suryalakshmi Cotton, DIGJAM, Panacea Biotec, Tarsons
Arun Goswami
26 Mar, 2025
Mumbai
Wall Street Indexes Struggle Amid Stagflation Worries and Tariff Uncertainties
Barry Adams
25 Mar, 2025
New York City
Market rally on Wall Street appeared to fizzle out, and tariff flip-flop worry dominated market sentiment.
The S&P 500 index increased as much as 0.3%, and the Nasdaq Composite edged down a fraction amid confusion about the scope and timing of the next round of tariffs promoted by the U.S. President.
Wall Street indexes sharply rebounded on reports that the next round of tariffs, which are import taxes paid by all consumers, may not be as harsh as previously advertised.
However, the worry of economic slowdown and higher inflation resurfaced after another pronouncement from the White House suggested a sharp increase in tariffs on automobiles and pharmaceutical imports.
Market indexes have been in a tailspin over the last five weeks after the Trump administration doubled down on the import tax as the new key source of revenue for the federal government.
Despite the presidential campaign promises to lower prices, not just inflation, Trump is set to increase prices for all consumers and use that revenue to finance tax cuts for the wealthy donors.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.1% to 5,770.82, the Nasdaq Composite edged up 0.1% to 18,203.11, and the Russell 2000 index was down 0.1% to 2,107.73.
The yield on 2-year Treasury notes edged higher to 4.05%, 10-year Treasury notes decreased to 4.34%, and 30-year Treasury bonds advanced to 4.68%.
WTI crude oil increased $0.54 to $69.65 a barrel, and natural gas prices edged higher by $0.01 to $3.93 a thermal unit.
Gold increased by $17.86 to $3,027.54 an ounce, and silver edged up by $0.78 to $33.71.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.27 to 103.99 and traded at a two-year high.
U.S. Stock Movers
KB Home dropped 9% to $56.52 after the home builder reported weaker-than-expected quarterly revenue and earnings.
New orders edged down 17% to 2,772 from 3,323, and deliveries fell 9% to 2,770 from 3,037 a year ago.
The average selling price increased 4% to $500,700 from $480,100, and the backlog of homes decreased 23% to 4,436 from 5,796 a year earlier.
UniFirst Corp. plunged 12.9% to $172.0 after Cintas terminated its merger talks, citing substantial differences with management.
The company had offered $275 per share in a deal that valued UniFirst at $5.3 billion.
”While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst regarding key transaction terms. We do not believe further discussions are warranted at this time,” Cintas CEO Todd Schneider said in a statement.
American Electric Power declined 1.6% to $102.52 after the company planned a secondary offering to raise as much as $2 billion.
Wall Street Indexes Struggle Amid Stagflation Worries and Tariff Uncertainties
Barry Adams
25 Mar, 2025
New York City
Market rally on Wall Street appeared to fizzle out, and tariff flip-flop worry dominated market sentiment.
The S&P 500 index increased as much as 0.3%, and the Nasdaq Composite edged down a fraction amid confusion about the scope and timing of the next round of tariffs promoted by the U.S. President.
Wall Street indexes sharply rebounded on reports that the next round of tariffs, which are import taxes paid by all consumers, may not be as harsh as previously advertised.
However, the worry of economic slowdown and higher inflation resurfaced after another pronouncement from the White House suggested a sharp increase in tariffs on automobiles and pharmaceutical imports.
Market indexes have been in a tailspin over the last five weeks after the Trump administration doubled down on the import tax as the new key source of revenue for the federal government.
Despite the presidential campaign promises to lower prices, not just inflation, Trump is set to increase prices for all consumers and use that revenue to finance tax cuts for the wealthy donors.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.1% to 5,770.82, the Nasdaq Composite edged up 0.1% to 18,203.11, and the Russell 2000 index was down 0.1% to 2,107.73.
The yield on 2-year Treasury notes edged higher to 4.05%, 10-year Treasury notes decreased to 4.34%, and 30-year Treasury bonds advanced to 4.68%.
WTI crude oil increased $0.54 to $69.65 a barrel, and natural gas prices edged higher by $0.01 to $3.93 a thermal unit.
Gold increased by $17.86 to $3,027.54 an ounce, and silver edged up by $0.78 to $33.71.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.27 to 103.99 and traded at a two-year high.
U.S. Stock Movers
KB Home dropped 9% to $56.52 after the home builder reported weaker-than-expected quarterly revenue and earnings.
New orders edged down 17% to 2,772 from 3,323, and deliveries fell 9% to 2,770 from 3,037 a year ago.
The average selling price increased 4% to $500,700 from $480,100, and the backlog of homes decreased 23% to 4,436 from 5,796 a year earlier.
UniFirst Corp. plunged 12.9% to $172.0 after Cintas terminated its merger talks, citing substantial differences with management.
The company had offered $275 per share in a deal that valued UniFirst at $5.3 billion.
”While we continue to believe in the merits of a transaction, we were unable to have substantive engagement with UniFirst regarding key transaction terms. We do not believe further discussions are warranted at this time,” Cintas CEO Todd Schneider said in a statement.
American Electric Power declined 1.6% to $102.52 after the company planned a secondary offering to raise as much as $2 billion.