Market Update
S&P 500 and Nasdaq Hover Near Recent Highs After a Week of Listless Trading
Barry Adams
21 Feb, 2025
New York City
Benchmark indexes on Wall Street headed slightly lower in early trading as investors reviewed a fresh batch of earnings and debated future rate paths.
The S&P 500 index decreased 0.2% and the Nasdaq Composite declined 0.1%, and they are on track to register small losses after a week of trading.
Investors have retained a positive outlook because corporate earnings have so far met expectations, the macroeconomic backdrop has been stable, and labor market conditions have remained strong.
In addition, despite the recent rebound in inflation, investors continue to believe that inflation is likely to slow down in the months ahead amid weakening crude oil prices.
However, investors are beginning to lower expectations of additional rate cuts in 2025, amid worries of resurgent inflation due to a sharp rise in tariffs imposed by the Trump administration.
The Federal Reserve has paused its rate-cutting campaign since January, after lowering rates three times since September, as policymakers await evidence of further slowdown in inflation.
U.S. Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.3% to 6,099.36, the Nasdaq Composite edged down 0.1% to 19,935.40, and the Russell 2000 index was up 0.2% to 2,266.83.
The yield on 2-year Treasury notes edged lower to 4.27%, 10-year Treasury notes decreased to 4.50%, and 30-year Treasury bonds declined to 4.73%.
WTI crude oil decreased $1.09 to $71.38 a barrel, and natural gas prices edged higher by $0.18 to $4.34 a thermal unit.
Gold decreased by $8.15 to 2,933.54 an ounce, and silver edged down by $0.15 to $32.78.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.10 to 106.47 and traded at a two-year high.
U.S. Movers
Dropbox decreased 6.7% to $29.75 after the cloud software company reported better-than-expected sales and earnings in the latest quarter, but the paying customers declined.
Block Inc. declined 7.5% to $74.39 after the fintech company reported lower-than-expected revenue and earnings in the latest quarter.
The payment processing company posted adjusted earnings per share of 71 cents on revenue of $6.03 billion.
Celsius Holdings increased 35% to $34.50 after the energy beverage company reported sharply higher revenue and earnings in the latest quarter.
In addition, the company signed an agreement to acquire Alani Nutrition for $1.8 billion, and the purchase price includes a tax asset of $150 million.
UnitedHealth Group dropped 11.4% to $445.11 after The Wall Street Journal reported that the insurance company is under investigation by the Department of Justice, focusing on its Medicare billing practices.
S&P 500 and Nasdaq Hover Near Recent Highs After a Week of Lis
Barry Adams
21 Feb, 2025
New York City
Benchmark indexes on Wall Street headed slightly lower in early trading as investors reviewed a fresh batch of earnings and debated future rate paths.
The S&P 500 index decreased 0.2% and the Nasdaq Composite declined 0.1%, and they are on track to register small losses after a week of trading.
Investors have retained a positive outlook because corporate earnings have so far met expectations, the macroeconomic backdrop has been stable, and labor market conditions have remained strong.
In addition, despite the recent rebound in inflation, investors continue to believe that inflation is likely to slow down in the months ahead amid weakening crude oil prices.
However, investors are beginning to lower expectations of additional rate cuts in 2025, amid worries of resurgent inflation due to a sharp rise in tariffs imposed by the Trump administration.
The Federal Reserve has paused its rate-cutting campaign since January, after lowering rates three times since September, as policymakers await evidence of further slowdown in inflation.
U.S. Movers
Dropbox decreased 6.7% to $29.75 after the cloud software company reported better-than-expected sales and earnings in the latest quarter, but the paying customers declined.
Block Inc. declined 7.5% to $74.39 after the fintech company reported lower-than-expected revenue and earnings in the latest quarter.
The payment processing company posted adjusted earnings per share of 71 cents on revenue of $6.03 billion.
Celsius Holdings increased 35% to $34.50 after the energy beverage company reported sharply higher revenue and earnings in the latest quarter.
In addition, the company signed an agreement to acquire Alani Nutrition for $1.8 billion, and the purchase price includes a tax asset of $150 million.
UnitedHealth Group dropped 11.4% to $445.11 after The Wall Street Journal reported that the insurance company is under investigation by the Department of Justice, focusing on its Medicare billing practices.
U.S. Movers: Akamai Technologies, Booking Holdings, Builders FirstSource, Copart, MercadoLibre
Scott Peters
21 Feb, 2025
New York City
Akamai Technologies Inc. plunged 7.2% to $90.97 after the cybersecurity and cloud services provider reported a lower profit in the fourth quarter ending in December.
Revenue increased to $1.02 billion from $995.02 million, net income declined to $139.90 million from $161.16 million, and earnings per diluted share fell to 91 cents from $1.03 a year ago.
The company spent $138 million in the quarter to repurchase 1.4 million shares of its common stock at an average price of $97.43 per share.
Akamai had 150 million shares of common stock outstanding as of the end of 2024.
For the first quarter of 2025, the company estimated revenue between $1 billion and $1.02 billion, compared to $987.0 million in the same period in 2024.
Booking Holdings Inc. gained 2.1% to $5,125 after the travel technology company reported strong financial results for the fourth quarter ending in December.
Revenue increased to $5.47 billion from $4.78 billion, net income surged to $1.07 billion from $222 million, and earnings per basic share jumped to $32.31 from $6.37 a year ago.
Interest and dividend income in the quarter increased to $251 million from $237 million a year earlier.
In addition, the company announced a new share repurchase program of up to $20 billion.
Builders FirstSource Inc. gained 0.1% to $144.50 after the building materials supplier reported lower earnings in the fourth quarter ending in December.
Net sales declined to $3.82 billion from $4.15 billion, net income decreased to $190.2 million from $350.8 million, and earnings per diluted share fell to $1.65 from $2.83 a year ago.
For fiscal 2025, the company estimated net sales between $16.5 billion and $17.5 billion, compared to $16.40 billion in 2024.
Builders FirstSource also guided the adjusted EBITDA between $1.9 billion and $2.3 billion in 2025, compared to $2.33 billion last year.
The adjusted EBITDA margin is expected to be between 11.5% and 13.0%, compared to 14.2% in 2024.
Copart Inc. eased 0.2% to $58.12 after the global provider of online vehicle auction and remarketing services to automotive resellers reported earnings results for the second quarter of 2025 ending in January.
Revenue increased 14% to $1.16 billion from $1.02 billion, net income jumped 19% to $387.40 million from $325.63 million, and earnings per diluted share rose 21.2% to 40 cents from 33 cents a year ago.
MercadoLibre Inc. traded up 12% to $2,364 after the Argentine e-commerce and online auctions company reported strong earnings for the fourth quarter ended in December.
Revenue climbed to $6.06 billion from $4.41 billion, net income surged to $639 million from $165 million, and earnings per diluted share rose to $12.61 from $3.25 a year ago.
The company’s share price has soared since its initial public offering in August 2007.
U.S. Movers: Akamai Technologies, Booking Holdings, Builders FirstSource, Copart, MercadoLibre
Scott Peters
21 Feb, 2025
New York City
Akamai Technologies Inc. plunged 7.2% to $90.97 after the cybersecurity and cloud services provider reported a lower profit in the fourth quarter ending in December.
Revenue increased to $1.02 billion from $995.02 million, net income declined to $139.90 million from $161.16 million, and earnings per diluted share fell to 91 cents from $1.03 a year ago.
The company spent $138 million in the quarter to repurchase 1.4 million shares of its common stock at an average price of $97.43 per share.
Akamai had 150 million shares of common stock outstanding as of the end of 2024.
For the first quarter of 2025, the company estimated revenue between $1 billion and $1.02 billion, compared to $987.0 million in the same period in 2024.
Booking Holdings Inc. gained 2.1% to $5,125 after the travel technology company reported strong financial results for the fourth quarter ending in December.
Revenue increased to $5.47 billion from $4.78 billion, net income surged to $1.07 billion from $222 million, and earnings per basic share jumped to $32.31 from $6.37 a year ago.
Interest and dividend income in the quarter increased to $251 million from $237 million a year earlier.
In addition, the company announced a new share repurchase program of up to $20 billion.
Builders FirstSource Inc. gained 0.1% to $144.50 after the building materials supplier reported lower earnings in the fourth quarter ending in December.
Net sales declined to $3.82 billion from $4.15 billion, net income decreased to $190.2 million from $350.8 million, and earnings per diluted share fell to $1.65 from $2.83 a year ago.
For fiscal 2025, the company estimated net sales between $16.5 billion and $17.5 billion, compared to $16.40 billion in 2024.
Builders FirstSource also guided the adjusted EBITDA between $1.9 billion and $2.3 billion in 2025, compared to $2.33 billion last year.
The adjusted EBITDA margin is expected to be between 11.5% and 13.0%, compared to 14.2% in 2024.
Copart Inc. eased 0.2% to $58.12 after the global provider of online vehicle auction and remarketing services to automotive resellers reported earnings results for the second quarter of 2025 ending in January.
Revenue increased 14% to $1.16 billion from $1.02 billion, net income jumped 19% to $387.40 million from $325.63 million, and earnings per diluted share rose 21.2% to 40 cents from 33 cents a year ago.
MercadoLibre Inc. traded up 12% to $2,364 after the Argentine e-commerce and online auctions company reported strong earnings for the fourth quarter ended in December.
Revenue climbed to $6.06 billion from $4.41 billion, net income surged to $639 million from $165 million, and earnings per diluted share rose to $12.61 from $3.25 a year ago.
The company’s share price has soared since its initial public offering in August 2007.
European Markets Trim Weekly Losses, Eurozone Business Activity Index Improves
Bridgette Randall
21 Feb, 2025
London
European markets edged slightly higher in Friday's trading, and investors reviewed the latest business activity surveys in the Euro Area, France, and Germany, and corporate earnings in the European Union.
Benchmark indexes in Paris, Frankfurt, Milan, and London edged higher, and they trimmed weekly losses amid rising trade tensions with the U.S.
The HCOB Eurozone Composite PMI advanced to 50.2 in February, indicating a modest recovery in the private sector activities, according to a report released by S&P Global.
The HCOB Germany Composite PMI in February edged up to 51.0 from 50.5 in January, after contraction in the manufacturing sector slowed slightly.
The business activity index in Germany rose to a nine-month high, and the services sector business activity index edged lower to 52.2, down from 52.5, and the manufacturing index improved to 46.1 from 45.0 in January, respectively.
However, the business activity index in France contracted in February to 44.5 from 47.6 in January, and the index dropped to the lowest level in a year.
The UK retail sales volume expanded at the fastest pace in a year due to a rebound in food store sales, the Office for National Statistics reported Friday.
Retail sales increased monthly by 1.7%, reversing the decline in the previous five months, and slowed to an annual pace of 1% in January from the 2.8% rise in the previous month.
Europe Indexes and Yields
The DAX index increased by 0.1% to 22,336.85, the CAC-40 index edged higher 0.3% to 8,148.18, and the FTSE 100 index advanced by 0.03% to 8,665.39.
The yield on 10-year German bonds inched lower to 2.50%, French bonds decreased to 3.25%, the UK gilts moved up to 4.62%, and Italian bonds edged lower to 3.58%.
The euro decreased to $1.05; the British pound was lower at $1.26; and the U.S. dollar was higher and traded at 89.89 Swiss cents.
Brent crude decreased $0.42 to $76.06 a barrel, and the Dutch TTF natural gas was higher by €0.77 to €48.19 per MWh.
Europe Stock Movers
Standard Chartered advanced 4% to 1,185.50 pence after the British bank reported a decline in profit in the fourth quarter but announced a $1.5 billion stock buyback.
Associated British Foods plc increased 1.6% to 1,912.31 pence after the UK-based company launched its second tranche of the stock repurchase plan.
Sika AG rose 1.5% to CHF 239.30, and the Swiss construction chemical maker said sales in the fourth quarter increased 4.7% in Swiss francs to CHF 11.7 billion and net income advanced 17.4% to CHF 1.25 billion.
Air Liquide SA increased 3.5% to €178.84, and the French industrial gas producer reported higher-than-expected sales in 2024, lifting its medium-term operating margin estimate.
Repsol SA declined 1.3% to €12.78, and the Spanish energy company reported net income in 2024 plunged 45% to €1.8 billion from €3.3 billion a year ago.
The company announced its plans to increase its dividend by 30% to €0.90 in 2024 and 97.5 cents in 2025, an increase of 8.3% from the previous year.
The Spanish energy company also plans to increase its stock buyback to €700 million in the current year and reduce its capital spending.
European Markets Trim Weekly Losses, Eurozone Business Activity Index Imptove
Bridgette Randall
21 Feb, 2025
London
European markets edged slightly higher in Friday's trading, and investors reviewed the latest business activity surveys in the Euro Area, France, and Germany, and corporate earnings in the European Union.
Benchmark indexes in Paris, Frankfurt, Milan, and London edged higher, and they trimmed weekly losses amid rising trade tensions with the U.S.
The HCOB Eurozone Composite PMI advanced to 50.2 in February, indicating a modest recovery in the private sector activities, according to a report released by S&P Global.
The HCOB Germany Composite PMI in February edged up to 51.0 from 50.5 in January, after contraction in the manufacturing sector slowed slightly.
The business activity index in Germany rose to a nine-month high, and the services sector business activity index edged lower to 52.2, down from 52.5, and the manufacturing index improved to 46.1 from 45.0 in January, respectively.
However, the business activity index in France contracted in February to 44.5 from 47.6 in January, and the index dropped to the lowest level in a year.
The UK retail sales volume expanded at the fastest pace in a year due to a rebound in food store sales, the Office for National Statistics reported Friday.
Retail sales increased monthly by 1.7%, reversing the decline in the previous five months, and slowed to an annual pace of 1% in January from the 2.8% rise in the previous month.
Europe Indexes and Yields
The DAX index increased by 0.1% to 22,336.85, the CAC-40 index edged higher 0.3% to 8,148.18, and the FTSE 100 index advanced by 0.03% to 8,665.39.
The yield on 10-year German bonds inched lower to 2.50%, French bonds decreased to 3.25%, the UK gilts moved up to 4.62%, and Italian bonds edged lower to 3.58%.
The euro decreased to $1.05; the British pound was lower at $1.26; and the U.S. dollar was higher and traded at 89.89 Swiss cents.
Brent crude decreased $0.42 to $76.06 a barrel, and the Dutch TTF natural gas was higher by €0.77 to €48.19 per MWh.
Europe Stock Movers
Standard Chartered advanced 4% to 1,185.50 pence after the British bank reported a decline in profit in the fourth quarter but announced a $1.5 billion stock buyback.
Associated British Foods plc increased 1.6% to 1,912.31 pence after the UK-based company launched its second tranche of the stock repurchase plan.
Sika AG rose 1.5% to CHF 239.30, and the Swiss construction chemical maker said sales in the fourth quarter increased 4.7% in Swiss francs to CHF 11.7 billion and net income advanced 17.4% to CHF 1.25 billion.
Air Liquide SA increased 3.5% to €178.84, and the French industrial gas producer reported higher-than-expected sales in 2024, lifting its medium-term operating margin estimate.
Repsol SA declined 1.3% to €12.78, and the Spanish energy company reported net income in 2024 plunged 45% to €1.8 billion from €3.3 billion a year ago.
The company announced its plans to increase its dividend by 30% to €0.90 in 2024 and 97.5 cents in 2025, an increase of 8.3% from the previous year.
The Spanish energy company also plans to increase its stock buyback to €700 million in the current year and reduce its capital spending.
Europe Movers: Aeroports de Paris, Airbus, Renault, Standard & Chartered Bank
Inga Muller
21 Feb, 2025
Frankfurt
Aeroports de Paris SA dropped 8.4% to €105.10 after the Paris-based airport operator reported revenue growth in fiscal 2024, but profit declined.
Revenue jumped to €6.16 billion from €5.49 billion, net income dropped to €342 million from €631 million, and earnings per diluted share fell to €3.45 from €6.39 a year ago.
The company paid dividends of €3.82 per share for €377 million last year and also proposed a dividend of €3.00 per share for a total amount of €296 million, resulting in a payout ratio of 60% of net income.
No interim dividend was paid in 2024.
For fiscal 2025, Aeroports de Paris estimated passenger traffic growth between 2.5% and 4% and recurring EBITDA up over 7%.
The company lowered its forecast for the average annual investment spending and now expects to spend up to €1 billion for ADP SA and €1.4 billion for the group as a whole in 2025.
Renault dropped 4% to €49.13 after the French car manufacturer reported revenue growth in the fourth quarter ended in December, but profit declined.
Revenue increased to €56.23 billion from €52.38 billion, and net income fell to €752 million from €2.20 billion a year ago.
The company proposed a cash dividend of €2.20 per share for 2024, up 19% from €1.85 per share a year earlier, with the ex-dividend date scheduled on May 8, and the payment date on May 12.
The dividend payout ratio is 21.5% of group consolidated net income.
For fiscal 2025, Renault estimated a group operating margin of 7%, compared to 7.6% in 2024, and a free cash flow of €2 billion, including €150 million of Mobilize Financial Services dividend, compared to €600 million in 2024.
Standard Chartered Plc. gained 0.8% to 1,149 pence after the British wealth management company reported operating income growth in the fourth quarter ended in December.
Operating income increased to $4.83 billion from $4.02 billion, net income declined to $522 million from $936 million, and earnings per share fell to 28.9 cents from 30.4 cents a year ago.
Underlying pre-tax income soared 20% to $6.8 billion in 2024, driven by a 13% increase in operating income to $19.7 billion.
The company plans to return at least $8 billion to shareholders cumulatively from 2024 to 2026.
For fiscal 2025 and 2026, Standard Chartered estimated an operating income increase of 5% to 7%, operating expenses below $12.3 billion, and expense savings of around $15 billion.
Airbus SE plunged 2.3% to €165.08 despite the aerospace company reporting a revenue and earnings increase in the fourth quarter ended in December.
Revenue jumped 8% to €24.72 billion from €22.89 billion, net income surged 66% to €2.42 billion from €1.46 billion, and earnings per share climbed 66% to €3.07 from €1.85 a year ago.
The company proposed a dividend of €2.00 per share and a special dividend of €1.00 per share.
For fiscal 2025, Airbus estimated a 7% increase to 820 in commercial aircraft deliveries, compared to 766 commercial aircraft delivered in 2024.
Furthermore, the company guided adjusted EBIT of around €7.0 billion, compared to €5.3 billion in 2024.
Europe Movers: Aeroports de Paris, Airbus, Renault, Standard & Chartered Bank
Bridgette Randall
21 Feb, 2025
London
Japan Indexes Trimmed Weekly Losses, Inflation Accelerated to a 2-Year High in January
Akira Ito
21 Feb, 2025
Tokyo
Stock market indexes in Tokyo advanced on Friday and trimmed weekly losses, and investors reviewed the latest updates on inflation and manufacturing activities.
The Nikkei 225 stock average edged up 0.3%, and the broader TOPIX inched higher by 0.1% after the annual inflation accelerated in January and rose at the fastest pace since January 2023.
The annual consumer price inflation accelerated to 4.0% in January from 3.6% in the previous month, the Ministry of Internal Affairs and Communications said on Friday.
The food price inflation advanced to a 15-month high of 7.8%, and electricity costs stayed elevated at 18.0% with the removal of energy subsidies since May 2024.
The core rate of inflation increased to a 19-month high of 3.2% from 3.0% in December.
The monthly core inflation rate slowed to 0.5% from a 14-month high of 0.6% in December.
The au Jibun Bank Japan Manufacturing PMI edged up slightly in January, according to an update released by S&P Global on Friday.
The manufacturing index inched up to 48.9 in February from a 10-month low of 48.7 in the previous month.
The index of manufacturing activities contracted for the eighth month in a row as both output and new orders growth continued to shrink.
In addition, the report showed that business sentiment deteriorated to the lowest level since June 2020.
The Japanese yen edged higher to 150.45 against the U.S. dollar after the release of inflation data, supporting the case for the Bank of Japan to raise interest rates at the next meeting in March.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.3% to 38,776.94, and the TOPIX added 0.1% to 2,736.53.
DeNA Company soared 14.5% to ¥4,025.0 and rose to a five-year high amid enthusiasm about its mobile version of the popular Pokemon Trading Card Game.
Mercari Inc. gained 2% to ¥2,299.50 amid a surge in tech and internet stocks for the second consecutive session.
Suzuki Motor Corp. decreased 3.2% to ¥1,880.0, and the company's India unit continues to lose market share to domestic competitors.
IHI Corp. dropped 3.8% to ¥9,150.0, and Kawasaki Heavy Industries decreased 2.3% to ¥7,862.0.
Japan Indexes Trimmed Weekly Losses, Inflation Accelerated to a 2-Year High in January
Akira Ito
21 Feb, 2025
Tokyo
Stock market indexes in Tokyo advanced on Friday and trimmed weekly losses, and investors reviewed the latest updates on inflation and manufacturing activities.
The Nikkei 225 stock average edged up 0.3%, and the broader TOPIX inched higher by 0.1% after the annual inflation accelerated in January and rose at the fastest pace since January 2023.
The annual consumer price inflation accelerated to 4.0% in January from 3.6% in the previous month, the Ministry of Internal Affairs and Communications said on Friday.
The food price inflation advanced to a 15-month high of 7.8%, and electricity costs stayed elevated at 18.0% with the removal of energy subsidies since May 2024.
The core rate of inflation increased to a 19-month high of 3.2% from 3.0% in December.
The monthly core inflation rate slowed to 0.5% from a 14-month high of 0.6% in December.
The au Jibun Bank Japan Manufacturing PMI edged up slightly in January, according to an update released by S&P Global on Friday.
The manufacturing index inched up to 48.9 in February from a 10-month low of 48.7 in the previous month.
The index of manufacturing activities contracted for the eighth month in a row as both output and new orders growth continued to shrink.
In addition, the report showed that business sentiment deteriorated to the lowest level since June 2020.
The Japanese yen edged higher to 150.45 against the U.S. dollar after the release of inflation data, supporting the case for the Bank of Japan to raise interest rates at the next meeting in March.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.3% to 38,776.94, and the TOPIX added 0.1% to 2,736.53.
DeNA Company soared 14.5% to ¥4,025.0 and rose to a five-year high amid enthusiasm about its mobile version of the popular Pokemon Trading Card Game.
Mercari Inc. gained 2% to ¥2,299.50 amid a surge in tech and internet stocks for the second consecutive session.
Suzuki Motor Corp. decreased 3.2% to ¥1,880.0, and the company's India unit continues to lose market share to domestic competitors.
IHI Corp. dropped 3.8% to ¥9,150.0, and Kawasaki Heavy Industries decreased 2.3% to ¥7,862.0.
China and Hong Kong Indexes Extended Weekly Gains Amid Return of Foreign Buyers
Li Chen
21 Feb, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced amid speculation that the threat of the U.S. tariff headwinds may ease in the near future.
The Hang Seng index soared more than 3%, and the mainland-focused CSI 300 index advanced more than 1%, and benchmark indexes extended weekly gains to 3% and 0.6%, respectively.
The recent rally in artificial intelligence-linked stocks continued after Alibaba Group reported a surge in revenue and earnings, driven by the strong increase in its cloud services.
Moreover, foreign fund inflows have also supported the advances over the last five weeks, and the Hang Seng Tech index has rebounded by more than 20% from the low in January to approach a five-month high.
China Indexes and Stocks
The Hang Seng index soared 3.4% to 23,339.47, and the mainland-focused CSI 300 index advanced 1.1% to 3,975.34.
Alibaba Group jumped 13% to HK $137.60 after the e-commerce platform operator reported strong financial results in its latest quarter.
JD.com advanced 3.4% to HK $158.90, Tencent Holdings gained 5.2% to HK $512.0, and Meituan increased 3% to HK $161.80.
Residential property developers are in focus after China held steady its loan prime rates for 1-year and 5-year for the fourth month in a row in February this week.
China Vanke advanced 1.2% to HK $5.86, Longfor Group decreased 0.1% to HK $9.99, Sun Hung Kai Properties inched up 0.1% to HK $70.70.
China and Hong Kong Indexes Extended Weekly Gains Amid Return of Foreign
Li Chen
21 Feb, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced amid speculation that the threat of the U.S. tariff headwinds may ease in the near future.
The Hang Seng index soared more than 3%, and the mainland-focused CSI 300 index advanced more than 1%, and benchmark indexes extended weekly gains to 3% and 0.6%, respectively.
The recent rally in artificial intelligence-linked stocks continued after Alibaba Group reported a surge in revenue and earnings, driven by the strong increase in its cloud services.
Moreover, foreign fund inflows have also supported the advances over the last five weeks, and the Hang Seng Tech index has rebounded by more than 20% from the low in January to approach a five-month high.
China Indexes and Stocks
The Hang Seng index soared 3.4% to 23,339.47, and the mainland-focused CSI 300 index advanced 1.1% to 3,975.34.
Alibaba Group jumped 13% to HK $137.60 after the e-commerce platform operator reported strong financial results in its latest quarter.
JD.com advanced 3.4% to HK $158.90, Tencent Holdings gained 5.2% to HK $512.0, and Meituan increased 3% to HK $161.80.
Residential property developers are in focus after China held steady its loan prime rates for 1-year and 5-year for the fourth month in a row in February this week.
China Vanke advanced 1.2% to HK $5.86, Longfor Group decreased 0.1% to HK $9.99, Sun Hung Kai Properties inched up 0.1% to HK $70.70.
India Movers: BEML, Bharat Global, Emcure Pharma, Godrej Industries, Kalyani Steels, Sapphire Foods, Surya Roshni
Arun Goswami
21 Feb, 2025
Mumbai
The Sensex and Nifty indexes extended losses to the second week in a row amid weak market sentiment and stretched valuations.
The Sensex index declined by 0.6% to 75,271.44, and the Nifty index decreased by 0.6% to 22,776.65.
On the Mumbai stock exchange, 40 stocks traded at their 52-week highs, and 73 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record low and traded at 86.58 against the U.S. dollar.
Stock Movers
Bharat Global Developers dropped 5% to ₹1,236.45 despite the sustainable energy solutions provider reporting a sharp increase in revenue and earnings.
Consolidated revenue increased to ₹276.3 crore from ₹1.1 crore, after-tax profit rose to ₹1.4 crore from ₹0.5 crore, and diluted earnings per share jumped to 14 paisa from ₹8.51 a year ago.
Godrej Industries jumped 12% to ₹1,128.75 after the company reported a 90% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹5,146.9 crore from ₹3,843.7 crore, net income increased to ₹312.4 crore from ₹164.6 crore, and diluted earnings per share rose to ₹5.59 from ₹3.16 a year ago.
Kalyani Steels Ltd. fell 2.5% to ₹760.20 after steel manufacturers reported a slight increase in revenue and a 15% decline in profit in the December quarter.
Consolidated revenue increased to ₹496.4 crore from ₹492 crore, after-tax profit declined to ₹55.3 crore from ₹65.3 crore, and diluted earnings per share fell to ₹12.69 from ₹14.97 a year ago.
Emcure Pharmaceuticals increased 0.2% to ₹986.90, and the pharmaceutical products maker reported a 30% increase in net income in the December quarter.
Consolidated revenue advanced to ₹1,966.5 crore from ₹1,683.3 crore, net income jumped to ₹156 crore from ₹119.8 crore, and diluted earnings per share rose to ₹8.12 from ₹6.27 a year ago.
Surya Roshni Limited rose 0.9% to ₹234.50 despite the steel pipes and lighting company reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹ 1,873.7 crore from ₹1,941.2 crore, after-tax profit fell to ₹89.9 crore from ₹90 crore, and diluted earnings per share declined to ₹4.13 from ₹4.14 a year ago.
PVR Inox Ltd. increased 0.3% to ₹1,011.10 after the film exhibitor reported a three-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹1,595.8 crore from ₹1,496.8 crore, net income jumped to ₹34.5 crore from ₹12.6 crore, and diluted earnings per share advanced to ₹3.51 from ₹1.28 a year ago.
Sapphire Foods India Ltd. dropped 2.5% to ₹327.95 despite the restaurant service provider reporting a 30% increase in net income in the December quarter.
Consolidated revenue increased to ₹767 crore from ₹671.5 crore, after-tax profit rose to ₹12.7 crore from ₹9.8 crore, and diluted earnings per share jumped to 37 paisa from 31 paisa a year ago.
BEML Limited advanced 1% to ₹2,668.50 after the heavy equipment maker reported a 48% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹880.6 crore from ₹1,081.4 crore, net income fell to ₹24.8 crore from ₹48.4 crore, and diluted earnings per share dropped to ₹5.95 from ₹11.63 a year ago.
The company declared an interim cash dividend for the fiscal year 2025 of ₹5 per share.
India Movers: BEML, Bharat Global, Emcure Pharma, Godrej Industries, Kalyani Steels, Sapphire Foods, Surya Roshni
Arun Goswami
21 Feb, 2025
Mumbai
The Sensex and Nifty indexes extended losses to the second week in a row amid weak market sentiment and stretched valuations.
The Sensex index declined by 0.6% to 75,271.44, and the Nifty index decreased by 0.6% to 22,776.65.
On the Mumbai stock exchange, 40 stocks traded at their 52-week highs, and 73 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record low and traded at 86.58 against the U.S. dollar.
Stock Movers
Bharat Global Developers dropped 5% to ₹1,236.45 despite the sustainable energy solutions provider reporting a sharp increase in revenue and earnings.
Consolidated revenue increased to ₹276.3 crore from ₹1.1 crore, after-tax profit rose to ₹1.4 crore from ₹0.5 crore, and diluted earnings per share jumped to 14 paisa from ₹8.51 a year ago.
Godrej Industries jumped 12% to ₹1,128.75 after the company reported a 90% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹5,146.9 crore from ₹3,843.7 crore, net income increased to ₹312.4 crore from ₹164.6 crore, and diluted earnings per share rose to ₹5.59 from ₹3.16 a year ago.
Kalyani Steels Ltd. fell 2.5% to ₹760.20 after steel manufacturers reported a slight increase in revenue and a 15% decline in profit in the December quarter.
Consolidated revenue increased to ₹496.4 crore from ₹492 crore, after-tax profit declined to ₹55.3 crore from ₹65.3 crore, and diluted earnings per share fell to ₹12.69 from ₹14.97 a year ago.
Emcure Pharmaceuticals increased 0.2% to ₹986.90, and the pharmaceutical products maker reported a 30% increase in net income in the December quarter.
Consolidated revenue advanced to ₹1,966.5 crore from ₹1,683.3 crore, net income jumped to ₹156 crore from ₹119.8 crore, and diluted earnings per share rose to ₹8.12 from ₹6.27 a year ago.
Surya Roshni Limited rose 0.9% to ₹234.50 despite the steel pipes and lighting company reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹ 1,873.7 crore from ₹1,941.2 crore, after-tax profit fell to ₹89.9 crore from ₹90 crore, and diluted earnings per share declined to ₹4.13 from ₹4.14 a year ago.
PVR Inox Ltd. increased 0.3% to ₹1,011.10 after the film exhibitor reported a three-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹1,595.8 crore from ₹1,496.8 crore, net income jumped to ₹34.5 crore from ₹12.6 crore, and diluted earnings per share advanced to ₹3.51 from ₹1.28 a year ago.
Sapphire Foods India Ltd. dropped 2.5% to ₹327.95 despite the restaurant service provider reporting a 30% increase in net income in the December quarter.
Consolidated revenue increased to ₹767 crore from ₹671.5 crore, after-tax profit rose to ₹12.7 crore from ₹9.8 crore, and diluted earnings per share jumped to 37 paisa from 31 paisa a year ago.
BEML Limited advanced 1% to ₹2,668.50 after the heavy equipment maker reported a 48% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹880.6 crore from ₹1,081.4 crore, net income fell to ₹24.8 crore from ₹48.4 crore, and diluted earnings per share dropped to ₹5.95 from ₹11.63 a year ago.
The company declared an interim cash dividend for the fiscal year 2025 of ₹5 per share.
U.S. and Global Markets React to Corporate Results Amid Rate Path Uncertainties
Alexander Garcia
20 Feb, 2025
Miami
Stock market indexes on Wall Street stayed below the flatline after Walmart's guidance and rate path uncertainties compounded market anxieties.
The S&P 500 index declined 0.6%, and the Nasdaq Composite dropped 0.8%, and the latest meeting of minutes showed members of the rate-setting committee agreed that inflation needs to weaken further before they can trim rates again.
The Federal Open Market Committee's stance was widely perceived as the Fed delaying the rate cut to the second half, and investors dialed down expectations of additional rate cuts to one from three.
Market sentiment was further dented after Walmart lowered its revenue growth estimate in the current fiscal year, after same store sales slowed.
Initial weekly jobless claims increased by 5,000 to 219,000 in the week ending on February 15, the Department of Labor reported Thursday.
Continuing claims, which lag by one week, edged up 24,000 to 1.87 million, confirming that the labor market conditions remain strong.
U.S. Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.5% to 6,113.34, the Nasdaq Composite edged down 0.6% to 19,932.84, and the Russell 2000 index was down 0.8% to 2,276.24.
The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes decreased to 4.52%, and 30-year Treasury bonds declined to 4.74%.
WTI crude oil increased $0.46 to $72.59 a barrel, and natural gas prices edged lower by $0.27 to $4.12 a thermal unit.
Gold increased by $1.87 to $2,937.55 an ounce, and silver edged up by $0.38 to $33.09.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.19 to 106.98 and traded at a two-year high.
Stock Movers
Walmart Inc. dropped 6% to $97.62 after the retailer's weak guidance for the current fiscal year overshadowed strong results in the latest quarter.
The company guided fiscal 2026 revenue growth to slow to between 3% and 4%.
Klaviyo Inc. declined 8.5% to $43.06 after the CRM software developer reported better-than-expected fourth quarter results, but the company's current quarter outlook fell short of expectations.
IMAX Corp. declined 3% to $26.41 after the advanced movie theater technology company's earnings failed to meet market expectations.
Alibaba Group Holding jumped 11% to $140.57 after the Chinese e-commerce giant reported a rise in revenue and earnings in the fourth quarter, driven by a 13% increase in revenue in the third quarter.
Shake Shack soared 11.5% to $124.35 after the fast food company's fourth quarter results met preliminary results announced in mid-January.
The company guided revenue in the current quarter to range between $326.5 million and $330.9 million, and the company's guidance came ahead of market expectations despite the ongoing challenges linked to wildfires in Los Angeles.
Builders FirstSource, Inc. gained 1.6% to $147.06 after the company's earnings were ahead of analysts' expectations, but revenue fell short.
European Markets Attempt to Rebound, Danish Economic Growth Accelerated
European stock market indexes attempted to rebound after falling sharply in the previous session amid growing worries about profitability for the automobile industry and global trade uncertainties.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher in choppy trading as investors reviewed the latest batch of earnings.
Mercedes Benz Group, Renault, Airbus SE, Accor, Indivior, Aegon, Anglo American, and Schneider Electric were in focus after they reported financial results.
Investors have retained optimism and bid up stocks in 2025 despite the growing uncertainty related to U.S. economic growth and economic policy and mediocre U.S. presidential administration.
European companies are looking for ways to tap markets in Brazil, India, China, and the ASEAN region amid rising trade barriers and policy uncertainties in the U.S.
Closer to home and on the economic front, Germany's producer price inflation slowed to an annual pace of 0.5% in January from 0.8% in the previous month, according to an update from Destatis on Thursday.
Denmark's economy advanced 1.6% in the fourth quarter, higher than the upwardly revised 1.3% growth in the previous quarter.
On an annual basis, the Danish economy in the fourth quarter expanded a solid 4.1% following an upwardly revised 3.8% in the previous quarter, Statistics Denmark reported Thursday.
For the full-year 2024, economy expanded at an annual pace of 1.85%, matching the 1.9% increase in 2023.
Europe Indexes and Yields
The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46.
The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.
The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.18 Swiss cents.
Brent crude increased $0.13 to $76.22 a barrel, and the Dutch TTF natural gas was higher by €0.49 to €47.55 per MWh.
Europe Stock Movers
Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027, and the company's results fell short of market expectations.
Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.
Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings in its car division and announced a new plan to cut costs.
Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025, and the company reported record annual sales and earnings.
Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.
Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income.
Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results.
Japan's Indexes Extended Losses Second Consecutive Session
Stock market indexes in Tokyo closed down on Thursday, extending losses in the previous session amid worries of additional U.S. tariffs on Japanese exports.
The Nikkei 225 stock average decreased 1.2%, and the broader TOPIX fell 1.3% amid new tariff headwinds.
Stock market indexes headed lower for the second consecutive day after the U.S. president proposed to impose additional tariffs on key Japanese industries and pillars of exports—automobiles, pharmaceuticals, and semiconductor products.
Market sentiment was defensive ahead of the release of inflation data on Friday, and investors are estimating that consumer price inflation has accelerated in January, setting the stage for another rate increase in March.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 1.2% to 38,678.04, and the broader TOPIX dropped 1.3% to 2,734.60.
Shiseido decreased 0.1% to ¥2,667.0 and trimmed the previous session's surge of 12% after the London, UK-based Independent Franchise Partners acquired a 5.2% stake in the company.
Hino Motors decreased 5.7% to ¥482.0,
Yokohama Rubber fell 6.6% to ¥3,352.0, despite the company reporting record results and lifting its 2025 sales outlook.
Yokohama estimated 2025 global sales to increase 11% to $7.74 billion. and 2.7% rise in business profit of $876.2 million.
Revenue increased to ¥1.09 trillion from ¥985.33 billion, profit surged to ¥74.92 billion from ¥67.23 billion, and earnings per share climbed to ¥466.57 from ¥418.31 a year ago.
For fiscal 2025, the company estimated revenue growth of 11.4% to ¥1.22 trillion, and an 8.8% profit increase to ¥81.5 billion.
The company’s dividend for year 2024 includes the previously distributed interim dividend of ¥46 per share and a proposed year-end dividend of ¥52 per share, payable from March 31.
If approved, the annual dividend for fiscal 2024 will be ¥98 per share.
For fiscal 2025, the company plans to pay an annual dividend of ¥102 per share, comprising an interim dividend of ¥48 per share and a year-end dividend of ¥54 per share, and representing the fifth consecutive increase in the annual dividend.
China Tech Stocks Deepen Losses, PBOC Holds LPR In February
Stock market indexes in China and Hong Kong dropped for the second consecutive session amid worries about stretched valuations and ongoing trade tensions with the U.S.
The Hang Seng index declined 1.5% and the mainland-focused CSI 300 index dropped 0.3%, as investors pulled back after a rally in tech stocks over the last five week.
The Hang Seng Tech Index jumped to a five-month high and rebounded from the low in late January after the success of the affordable artificial intelligence chatbot Deep Seek raised hopes that more companies would be able to implement advanced technology.
The success of the Deep Seek reversed the outflow of foreign funds, as investors speculated about the possible rise in earnings growth for leading tech companies.
However, the market rally came to a halt this week as investors began questioning stretched valuations of tech companies amid a lack of solid evidence of earnings growth.
The People's Bank of China held its loan prime rates for the fourth month in a row in February.
The one-year loan prime rate was held at 3.1%, while the five-year rate was unrevised at 3.6%, the reference rate for mortgage lending.
Both reference rates for consumer and housing loans are now at record lows, since these rates were dropped in October and July last year.
Moreover, market sentiment was defensive after the members of the U.S. rate-setting committee demanded the emergence of solid evidence of a decline in inflation amid policy uncertainties and cited the inflation outlook.
The U.S. Federal Reserve paused its rate-cutting campaign in January after cutting rates three times in a row since September.
China Indexes and Stocks
The Hang Seng index decreased 1.5% to 22,591.58, and the mainland-focused CSI 300 index fell 0.3% to 3,928.90.
Bilibili Inc. decreased 5.2% to HK $154.90, and the technology company is scheduled to release earnings later today.
Alibaba Group Holding fell 2.6% to HK $120.90, and the e-commerce company is expected to deliver a strong increase in revenue and earnings, driven in part by the surge in cloud services.
Meituan decreased 6.6% to HK $156.60, Tencent Holdings dropped 2.5% to HK $485.20, and Baidu Inc fell 3.3% to HK $85.50.