Market Update
Europe Movers: Crest Nicholson, Flughafen Zuerich, Photon Energy
Inga Muller
16 Jun, 2025
Frankfurt
Crest Nicholson Holdings Plc. eased 3.7% to 189.60 pence after the UK-based home builder reported results for the half year ending on April 30.
Revenue declined to £249.5 million from £257.5 million, net income swung to a profit of £6.7 million from a loss of £23.4 million, and diluted earnings per share swung to a profit of 2.6 pence from a loss of 9.1 pence a year ago.
The company paid an annual dividend of 1.3 pence per share, up from 1.0 pence a year earlier.
The company announced a significant reduction in half-year land creditors to £77.8 million, compared to £131.6 million in the full year 2024.
Flughafen Zuerich AG traded down 3.4% to CHF 224.00 after the owner and operator of Zurich Airport released its passenger update for May.
The Zurich Airport handled 2,775,275 passengers in May, up 0.1% from the previous year, as the number of local passengers increased by 1.4% and transfer passengers declined by 3.0%.
The transfer rate was at 27.7%, compared to 28.6% in May last year.
Flight movements in May increased by 1.4% to 24,092 from 23,762 in the previous year.
The total turnover in May declined 3.1% to CHF 53.9 million from CHF 55.4 million a year earlier.
Overall, the passenger count increased at all the international airports except for the Florianopolis Airport, where the count fell by 2.8% from a year ago.
Photon Energy NV traded up 0.8% €0.75 after the Netherlands-based solar power and energy storage company reported results for the fiscal first quarter ending on March 31.
Revenue surged to €22.05 million from €17.37 million, net income swung to a profit of €0.10 million from a loss of €1.08 million, and diluted loss per share expanded to €0.061 from €0.022 a year ago.
The company reported electricity generation of 23.7 GWh in the quarter, up 6.5% from a year earlier, as the company commissioned 5.1 MWh in Hungary and shut down approximately 19.4 MWh in Romania.
In addition, Photon Energy received a favorable grid connection capacity of 250 MWh in South Africa as the company is developing a PV plant with 150 MW, or 1.8 GWh for 12 hours, of thermal hydro storage.
The company has secured capacity market contracts for 139.20 MW for fiscal 2026.
Europe Movers: Crest Nicholson, Flughafen Zuerich, Photon Energy
Inga Muller
16 Jun, 2025
Frankfurt
Crest Nicholson Holdings Plc. eased 3.7% to 189.60 pence after the UK-based home builder reported results for the half year ending on April 30.
Revenue declined to £249.5 million from £257.5 million, net income swung to a profit of £6.7 million from a loss of £23.4 million, and diluted earnings per share swung to a profit of 2.6 pence from a loss of 9.1 pence a year ago.
The company paid an annual dividend of 1.3 pence per share, up from 1.0 pence a year earlier.
The company announced a significant reduction in half-year land creditors to £77.8 million, compared to £131.6 million in the full year 2024.
Flughafen Zuerich AG traded down 3.4% to CHF 224.00 after the owner and operator of Zurich Airport released its passenger update for May.
The Zurich Airport handled 2,775,275 passengers in May, up 0.1% from the previous year, as the number of local passengers increased by 1.4% and transfer passengers declined by 3.0%.
The transfer rate was at 27.7%, compared to 28.6% in May last year.
Flight movements in May increased by 1.4% to 24,092 from 23,762 in the previous year.
The total turnover in May declined 3.1% to CHF 53.9 million from CHF 55.4 million a year earlier.
Overall, the passenger count increased at all the international airports except for the Florianopolis Airport, where the count fell by 2.8% from a year ago.
Photon Energy NV traded flat at 3.40 zloty after the solar power and energy storage company reported results for the fiscal first quarter ending on March 31.
Revenue surged to €22.05 million from €17.37 million, net income swung to a profit of €0.10 million from a loss of €1.08 million, and diluted loss per share expanded to €0.061 from €0.022 a year ago.
The company reported electricity generation of 23.7 GWp in the quarter, up 6.5% from a year earlier, as the company commissioned 5.1 MWp in Hungary and shut down approximately 19.4 MWp in Romania.
In addition, Photon Energy received a favorable grid connection capacity of 250 MWp in South Africa as the company is developing a PV plant with 150 MW, or 1.8 GWh for 12 hours, of thermal hydro storage.
The company has secured capacity market contracts for 139.20 MW for fiscal 2026.
Trade-In Program Boosted China's Retail Sales, New Home Sales Struggled In May
Li Chen
16 Jun, 2025
Hong Kong
Stocks in China and Hong Kong struggled to advance on Monday, and investors reviewed the latest batch of economic data.
The Hang Seng declined 0.1%, and the mainland-focused CSI 300 index decreased a fraction after a batch of mixed economic data sapped market enthusiasm.
China's retail sales rose 6.4% from a year ago in May, the largest pace of increase since December 2023, the National Bureau of Statistics reported Monday.
In addition, industrial output advanced 5.8% in May, a slight decline from 6.1% in April, the National Bureau of Statistics reported Monday.
China's economy has withstood several economic shocks, as the central government extended its trade-in program to sustain consumer spending.
China's fixed-asset investment increased 3.7% in the first five months to May, slower than 4% in the period between January and April.
New home sales by area declined 2.9% in the first five months, following a 2.8% decrease in the first four months, according to data released by China Real Estate Information Corp.
Sales at the top 100 residential real estate developers fell 7.1% in the first five months to May, faster than the 6.7% decline in the January–April period.
Moreover, the reported jobless rate eased slightly to 5.0% in May from 5.1% in April, the statistics bureau reported.
China's unemployment rates are viewed with a higher level of skepticism because of past inconsistencies and a lack of reliable data-gathering practices.
Most international economists estimate China's jobless rate is closer to between 7% and 9%, but the precise data are hard to come by.
China Indexes and Stocks
The Hang Seng index decreased 0.1% to 23,864.20, and the mainland-focused CSI 300 index dropped 0.07% to 3,861.67.
Residential property developers advanced, despite the faster decline in sales of new homes in the first five months to May.
Longfor Group Holdings Ltd. increased 1.9% to HK $9.93, China Overseas Land & Investment increased 0.3% to HK $13.94, and China Vanke Co. Ltd. added 3% to HK $5.09.
China's Retail Sales Advanced Boosted by Trade-In Program, New Home Sales Struggled In May
Li Chen
16 Jun, 2025
Hong Kong
Stocks in China and Hong Kong struggled to advance on Monday, and investors reviewed the latest batch of economic data.
The Hang Seng declined 0.1%, and the mainland-focused CSI 300 index decreased a fraction after a batch of mixed economic data sapped market enthusiasm.
China's retail sales rose 6.4% from a year ago in May, the largest pace of increase since December 2023, the National Bureau of Statistics reported Monday.
In addition, industrial output advanced 5.8% in May, a slight decline from 6.1% in April, the National Bureau of Statistics reported Monday.
China's economy has withstood several economic shocks, as the central government extended its trade-in program to sustain consumer spending.
China's fixed-asset investment increased 3.7% in the first five months to May, slower than 4% in the period between January and April.
New home sales by area declined 2.9% in the first five months, following a 2.8% decrease in the first four months, according to data released by China Real Estate Information Corp.
Sales at the top 100 residential real estate developers fell 7.1% in the first five months to May, faster than the 6.7% decline in the January–April period.
Moreover, the reported jobless rate eased slightly to 5.0% in May from 5.1% in April, the statistics bureau reported.
China's unemployment rates are viewed with a higher level of skepticism because of past inconsistencies and a lack of reliable data-gathering practices.
Most international economists estimate China's jobless rate is closer to between 7% and 9%, but the precise data are hard to come by.
China Indexes and Stocks
The Hang Seng index decreased 0.1% to 23,864.20, and the mainland-focused CSI 300 index dropped 0.07% to 3,861.67.
Residential property developers advanced, despite the faster decline in sales of new homes in the first five months to May.
Longfor Group Holdings Ltd. increased 1.9% to HK $9.93, China Overseas Land & Investment increased 0.3% to HK $13.94, and China Vanke Co. Ltd. added 3% to HK $5.09.
U.S. and Global Stocks On Defensive Amid Escalating Tensions In Middle East
Barry Adams
13 Jun, 2025
New York City
Wall Street indexes opened sharply lower and extended their decline amid a sharp escalation in tensions in the Middle East.
The S&P 500 index decreased 0.9%, and the tech-heavy Nasdaq Composite fell 0.7% after Israel struck several cities deep into Iran.
For the week, the broader indexes were on track to advance before Friday's sell-off, and the S&P 500 index edged up 0.6%, and the Nasdaq Composite inched higher 0.5%.
Israel confirmed that its air attacks have struck several nuclear installations and military targets in Tehran, Natanz, Tabriz, and other locations.
Iran confirmed that Israel's targeted strikes have killed at least three top commanders and several leading nuclear scientists.
Israel said it will continue the attacks until it has "neutralized" the nuclear threat, without giving details.
Crude oil prices shot up as much as 15% before subsiding to an increase of 5%, and gold edged higher 1%.
The yield on 10-year U.S. Treasury notes edged lower as investors added exposure to bond investments and sought the safety of interest payments over the risk of volatile stocks.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.7% to 6,003.00, the Nasdaq Composite edged down 0.8% to 19,497.99, and the Russell 2000 index declined 1.2% to 2,114.99.
The yield on 2-year Treasury notes edged higher to 3.95%, 10-year Treasury notes increased to 4.39%, and 30-year Treasury bonds advanced to 4.88%.
WTI crude oil increased $5.40 to $73.42 a barrel, and natural gas prices edged higher by $0.05 to $3.54 a thermal unit.
Gold increased by $54.25 to 3,440.52 an ounce, and silver edged down by $0.07 to $36.27.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.53 to 98.45 and traded at the lowest level since April 2022.
U.S. Stock Movers
Defense stocks advanced after Israel conducted preemptive strikes on nuclear facilities in Iran.
Lockheed Martin Corp. added 3% to $483.50, General Dynamics increased 2.2% to $282.03, and RTX Corp. added 3.5% to $146.0.
Energy explorers advanced, following the surge in oil prices in New York, London, and Asia.
Exxon Mobil increased 3.3% to $146.0, Chevron Corp. added 2.8% to $148.88, and ConocoPhillips advanced 4.5% to $99.0.
U.S. and Global Stocks On Defensive Amid Escalating Tensions In Middle East
Barry Adams
13 Jun, 2025
New York City
Wall Street indexes opened sharply lower and extended their decline amid a sharp escalation in tensions in the Middle East.
The S&P 500 index decreased 0.9%, and the tech-heavy Nasdaq Composite fell 0.7% after Israel struck several cities deep into Iran.
For the week, the broader indexes were on track to advance before Friday's sell-off, and the S&P 500 index edged up 0.6%, and the Nasdaq Composite inched higher 0.5%.
Israel confirmed that its air attacks have struck several nuclear installations and military targets in Tehran, Natanz, Tabriz, and other locations.
Iran confirmed that Israel's targeted strikes have killed at least three top commanders and several leading nuclear scientists.
Israel said it will continue the attacks until it has "neutralized" the nuclear threat, without giving details.
Crude oil prices shot up as much as 15% before subsiding to an increase of 5%, and gold edged higher 1%.
The yield on 10-year U.S. Treasury notes edged lower as investors added exposure to bond investments and sought the safety of interest payments over the risk of volatile stocks.
U.S. Stock Movers
Defense stocks advanced after Israel conducted preemptive strikes on nuclear facilities in Iran.
Lockheed Martin Corp. added 3% to $483.50, General Dynamics increased 2.2% to $282.03, and RTX Corp. added 3.5% to $146.0.
Energy explorers advanced, following the surge in oil prices in New York, London, and Asia.
Exxon Mobil increased 3.3% to $146.0, Chevron Corp. added 2.8% to $148.88, and ConocoPhillips advanced 4.5% to $99.0.
European Markets Drop 1% After Israel Strikes Iran
Bridgette Randall
13 Jun, 2025
London
Benchmark indexes across Europe fell sharply after Israel conducted military strikes deep into Iran, raising the prospects of a wider war in the Middle East.
Market indexes in Frankfurt, Paris, Milan, and London declined more than 1%, and energy and defense stocks gained while travel and leisure stocks traded down.
Israel confirmed that it conducted multiple strikes deep into Iran and attacked nuclear infrastructure and military installations.
The attacks on early Friday also killed at least three top military generals and several leading nuclear scientists, according to local reports in Tel Aviv and Tehran.
Crude oil prices and gold advanced, and bond yields edged lower after investors sought safety in precious metals and government bonds.
Europe Indexes and Yields
The DAX index decreased by 1.4% to 23,444.05, the CAC-40 index edged lower 1.2% to 7,674.59, and the FTSE 100 index declined 0.6% to 8,835.31.
The yield on 10-year German bonds inched lower to 2.47%, French bonds increased to 3.19%, UK gilts moved up to 4.51%, and Italian bonds edged higher to 3.44%.
The euro decreased to $1.15; the British pound was lower at $1.36; and the U.S. dollar was higher and traded at 81.08 Swiss cents.
Brent crude increased $3.55 to $72.90 a barrel, and the Dutch TTF natural gas was higher by €0.83 to €37.22 per MWh.
Europe Stock Movers
Thales SA advanced 0.6% to €251.10, Rheinmetall AG advanced 1.2% to €1,773.50, MTU Aero Engines AG declined 1.1% to €341.50, and Safran SA fell 1.6% to €253.90.
BP plc advanced 2.2% to 389.30, Repsol SA gained 1.3% to €12.48, TotalEnergies SE inched higher 2.2% to €55.87, and Shell PLC gained 1.6% to €31.40.
European Markets Drop 1% After Israel Strikes Iran
Bridgette Randall
13 Jun, 2025
London
Benchmark indexes across Europe fell sharply after Israel conducted military strikes deep into Iran, raising the prospects of a wider war in the Middle East.
Market indexes in Frankfurt, Paris, Milan, and London declined more than 1%, and energy and defense stocks gained while travel and leisure stocks traded down.
Israel confirmed that it conducted multiple strikes deep into Iran and attacked nuclear infrastructure and military installations.
The attacks on early Friday also killed at least three top military generals and several leading nuclear scientists, according to local reports in Tel Aviv and Tehran.
Crude oil prices and gold advanced, and bond yields edged lower after investors sought safety in precious metals and government bonds.
Europe Indexes and Yields
The DAX index decreased by 1.4% to 23,444.05, the CAC-40 index edged lower 1.2% to 7,674.59, and the FTSE 100 index declined 0.6% to 8,835.31.
The yield on 10-year German bonds inched lower to 2.47%, French bonds increased to 3.19%, UK gilts moved up to 4.51%, and Italian bonds edged higher to 3.44%.
The euro decreased to $1.15; the British pound was lower at $1.36; and the U.S. dollar was higher and traded at 81.08 Swiss cents.
Brent crude increased $3.55 to $72.90 a barrel, and the Dutch TTF natural gas was higher by €0.83 to €37.22 per MWh.
Europe Stock Movers
Thales SA advanced 0.6% to €251.10, Rheinmetall AG advanced 1.2% to €1,773.50, MTU Aero Engines AG declined 1.1% to €341.50, and Safran SA fell 1.6% to €253.90.
BP plc advanced 2.2% to 389.30, Repsol SA gained 1.3% to €12.48, TotalEnergies SE inched higher 2.2% to €55.87, and Shell PLC gained 1.6% to €31.40.
Japan's Stocks and Bond Yields Declined Amid Escalating Tensions In Middle East
Akira Ito
13 Jun, 2025
Tokyo
Stock market indexes in Japan declined for the second consecutive session amid rising tensions in the Middle East.
The Nikkei 225 Stock Average decreased 1%, and the broader Topix eased nearly 0.9%.
For the week, the Nikkei 225 Stock Average declined 1.2%, and the broader Topix dropped 0.9%.
Crude oil prices surged more than 5% to $71.45 a barrel after Israel struck Iran's military and nuclear installations and killed top military leaders and nuclear scientists.
The yield on 10-year Japanese bonds declined to 1.4% as investors sought safe haven after Israel pledged to continue its strike until it "neutralizes" the nuclear threat from Iran.
Market sentiment was also under pressure after the U.S. president renewed threats of additional tariffs on key trading partners, including Japan.
Japan has urged the U.S. to remove its unilateral 25% tariff on vehicles and automotive components, but so far the U.S. has shown little interest.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 1% to 37,805.74, and Topix dropped 1% to 2,755.61.
Toyota Motor decreased 2.3% to ¥2,555.0, Honda Motor fell 0.5% to ¥1,393.50, and Nissan Motor declined 1.3% to ¥359.10.
Cosmo Energy Holdings gained 1.9% to ¥6,512.0, Idemitsu Kosan Ltd. added 1.1% to ¥886.30, and Eneos Holdings added 1.8% to ¥742.80.
Japan's Stocks and Bond Yields Declined Amid Escalating Tensions In Middle East
Akira Ito
13 Jun, 2025
Tokyo
Stock market indexes in Japan declined for the second consecutive session amid rising tensions in the Middle East.
The Nikkei 225 Stock Average decreased 1%, and the broader Topix eased nearly 0.9%.
For the week, the Nikkei 225 Stock Average declined 1.2%, and the broader Topix dropped 0.9%.
Crude oil prices surged more than 5% to $71.45 a barrel after Israel struck Iran's military and nuclear installations and killed top military leaders and nuclear scientists.
The yield on 10-year Japanese bonds declined to 1.4% as investors sought safe haven after Israel pledged to continue its strike until it "neutralizes" the nuclear threat from Iran.
Market sentiment was also under pressure after the U.S. president renewed threats of additional tariffs on key trading partners, including Japan.
Japan has urged the U.S. to remove its unilateral 25% tariff on vehicles and automotive components, but so far the U.S. has shown little interest.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 1% to 37,805.74, and Topix dropped 1% to 2,755.61.
Toyota Motor decreased 2.3% to ¥2,555.0, Honda Motor fell 0.5% to ¥1,393.50, and Nissan Motor declined 1.3% to ¥359.10.
Cosmo Energy Holdings gained 1.9% to ¥6,512.0, Idemitsu Kosan Ltd. added 1.1% to ¥886.30, and Eneos Holdings added 1.8% to ¥742.80.
China Markets Extended Losses Following Middle East Tensions, Chow Tai Fook Jewellery In Focus
Li Chen
13 Jun, 2025
Hong Kong
China's stock market indexes fell and turned weekly gains to losses after Israel struck key installations in Tehran.
The Hang Seng index decreased 1%, and the CSI 300 index declined 0.8% after crude oil and gold prices jumped following renewed tensions in the Middle East.
Early Friday, Israel said it struck key military and nuclear stations at multiple locations in Iran and killed several top commanders and nuclear scientists.
Oil prices rose after the attack raised the prospect of supply disruption, and bond yields edged lower as investors sought safety in government bonds.
Crude oil prices advanced 7.8% to $73.43 a barrel, and gold jumped 1.1% to $3,423.92 an ounce.
China Indexes and Stocks
PetroChina added 2.2% to HK $7.43, CNOOC Ltd. increased 2.3% to HK $18.74, and Sinopec Shanghai Petrochemical increased 1.6% to HK $1.26.
The Hang Seng index decreased 1% to 23,804.05, and the mainland-focused CSI 300 index dropped 0.8% to 3,860.33.
Chow Tai Fook Jewelry Group Ltd. gained 6.2% to HK $13.04 after the jeweler's net income surpassed expectations.
Revenue declined to HK$89.66 billion from HK$108.71 billion, profit edged down to HK$5.91 billion from HK$6.50 billion, and diluted earnings per share fell to 59.2 cents from 65.0 cents a year ago.
The company closed down 906 points of sale in mainland China amid an ongoing weak demand outlook and lowered the mainland count of locations to 6,501.
E-commerce contributed 5.8% in retail sales volume and 13.8% in volume to mainland performance during the fiscal year 2025.
The significant growth was driven by several key factors, including the establishment of an in-house livestreaming studio and enhanced social media promotions.
U.S. Movers: Adobe, RH
Scott Peters
13 Jun, 2025
New York City
Adobe Inc. eased 1.5% to $407.50 after the content software developer reported results for the fiscal second quarter ending on May 30.
Revenue edged up to $5.87 billion from $5.31 billion, net income climbed to $1.69 billion from $1.57 billion, and diluted earnings per share rose to $3.94 from $3.49 a year ago.
The company repurchased approximately 8.6 million shares during the quarter.
The software company guided third-quarter revenue to be between $5.87 billion and $5.92 billion, compared to $5.41 billion, and non-GAAP earnings per share between $5.15 and $5.20, compared to $4.65 a year earlier, respectively.
For the full year, the company estimated revenue to be between $23.50 billion and $23.60 billion, compared to $21.51 billion, and non-GAAP earnings per share between $20.50 and $20.70, compared to $18.42 a year ago, respectively.
RH Corp. surged 20.2% to $212.56 after the home furnishing retailer reported results for the first quarter of fiscal 2025 ending on May 3.
Revenue jumped to $813.95 million from $726.96 million, net income swung to a profit of $8.04 million from a loss of $3.62 million, and diluted earnings per share swung to a profit of 40 cents from a loss of 20 cents a year ago.
“We are forecasting to generate $250 million to $350 million in free cash flow in 2025,” the company said in a release to investors.
The furniture company has continued to shift sourcing out of China and expects receipts to decrease from 16% in the first quarter to 2% in the fourth quarter, with a meaningful portion of the tariff absorbed by its vendor partners.
“We are now projecting that 52% of our upholstered furniture will be produced in the United States and 21% will be produced in Italy by the end of fiscal 2025,” the company added in the statement.
RH guided second-quarter revenue to grow between 8% and 10% and full-year sales to grow between 10% and 13% amid expansion initiatives globally.
U.S. Movers: Adobe, RH
Scott Peters
13 Jun, 2025
New York City
Adobe Inc. eased 1.5% to $407.50 after the content software developer reported results for the fiscal second quarter ending on May 30.
Revenue edged up to $5.87 billion from $5.31 billion, net income climbed to $1.69 billion from $1.57 billion, and diluted earnings per share rose to $3.94 from $3.49 a year ago.
The company repurchased approximately 8.6 million shares during the quarter.
The software company guided third-quarter revenue to be between $5.87 billion and $5.92 billion, compared to $5.41 billion, and non-GAAP earnings per share between $5.15 and $5.20, compared to $4.65 a year earlier, respectively.
For the full year, the company estimated revenue to be between $23.50 billion and $23.60 billion, compared to $21.51 billion, and non-GAAP earnings per share between $20.50 and $20.70, compared to $18.42 a year ago, respectively.
RH Corp. surged 20.2% to $212.56 after the home furnishing retailer reported results for the first quarter of fiscal 2025 ending on May 3.
Revenue jumped to $813.95 million from $726.96 million, net income swung to a profit of $8.04 million from a loss of $3.62 million, and diluted earnings per share swung to a profit of 40 cents from a loss of 20 cents a year ago.
“We are forecasting to generate $250 million to $350 million in free cash flow in 2025,” the company said in a release to investors.
The furniture company has continued to shift sourcing out of China and expects receipts to decrease from 16% in the first quarter to 2% in the fourth quarter, with a meaningful portion of the tariff absorbed by its vendor partners.
“We are now projecting that 52% of our upholstered furniture will be produced in the United States and 21% will be produced in Italy by the end of fiscal 2025,” the company added in the statement.
RH guided second-quarter revenue to grow between 8% and 10% and full-year sales to grow between 10% and 13% amid expansion initiatives globally.