Market Update
Japan Indexes Extend Losses to Third Consecutive Session, Manufacturing Index Extends Contraction to Ninth Month
Akira Ito
24 Mar, 2025
Tokyo
Stock market indexes in Tokyo edged lower for the third session in a row amid looming U.S. tariffs, and geopolitical uncertainties weighed.
The Nikkei 225 Stock Average decreased 0.2%, and the broader TOPIX declined 0.5%, as investors reviewed the latest update on manufacturing activities.
The au Jibun Bank Japan Manufacturing PMI index declined to 48.3 in March, falling from 49.0 in the previous month.
The index showed contraction in private sector manufacturing activities for the ninth consecutive month and fell at the sharpest pace since March 2024.
Despite the rise in export orders, overall sales and new orders declined at a sharper pace, and input and output price inflation eased.
The composite index of private sector activities contracted for the first time in five months, a separate report released by the S&P Global on Monday showed.
In Friday's trading, Wall Street indexes trimmed losses for the fifth week in a row as more evidence of tariff turmoil and government cuts emerged.
Nike and Accenture joined a long list of other companies last week and warned of a sharp slowdown this year.
Tariff uncertainties are forcing U.S. businesses to pause additional investments, and consumers are faced with higher bills because of the ever-growing list of items facing import taxes.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 37,608.49, and the broader TOPIX dropped 0.5% to 2,790.88.
Defense stocks led the most actively traded stocks in Monday's trading.
IHI Corp. decreased 1.1% to ¥11,045.0, Mitsubishi Heavy Industries declined 2.2% to ¥2,811.50, and Kawasaki Heavy Industries jumped 0.4% to ¥9,569.0.
Marubeni Corp. declined 0.6% to ¥2,530.0, Itochu Corp. fell 1.3% to ¥7,155.0, Mitsubishi Corp. dropped 1% to ¥2,760.0, and Mitsui Corp. eased 1% to ¥2,760.0.
China and Kong Kong Indexes Struggle Ahead of Next Round of U.S. Tariffs
Li Chen
24 Mar, 2025
Hong Kong
Stocks in China and Hong Kong lacked direction after indexes recorded large losses in the previous week.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index edged up a fraction.
Investors have been in a wait-and-see mode, and policymakers take their time in announcing implementation plans for the previously announced fiscal measures.
Last week, Wall Street indexes extended losses to the fifth week in a row as more evidence of tariff turmoil and government cuts emerged.
Nike and Accenture, joined a long list of other companies last week, and warned of sharp slowdown this year.
Tariff uncertainties are forcing businesses to pause additional investments and consumers are faced with higher bills because of ever growing list of items facing import taxes.
Moreover, investors are awaiting the next round of U.S. tariffs, which are likely to expand to include petroleum refineries, banks, electric vehicle makers, and advanced electronics companies.
This week, investors are awaiting the financial results from BYD Electronic Co. Ltd., China Taiping Insurance Holdings Co. Ltd., China Telecom Corp. Ltd., Huaneng Power International Inc., CNOOC Ltd., and PetroChina Co. Ltd.
China Indexes and Stocks
The Hang Seng index decreased 0.3% to 23,618.17, and the mainland-focused CSI 300 index edged up 0.1% to 3,914.94.
Xiaomi Corp. rose 3.1% to HK $56.40, and the smartphone and electric vehicle revised higher its vehicle sales outlook by 16%.
CK Hutchison Holdings Ltd. gained 4% to HK $45.0, and the global ports faced pressure from the central government after the company agreed to sell its assets in Panama.
China and Kong Kong Indexes Struggle Ahead of Next Round of U.S. Tariffs
Li Chen
24 Mar, 2025
Hong Kong
Stocks in China and Hong Kong lacked direction after indexes recorded large losses in the previous week.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index edged up a fraction.
Investors have been in a wait-and-see mode, and policymakers take their time in announcing implementation plans for the previously announced fiscal measures.
Moreover, investors are awaiting the next round of U.S. tariffs, which are likely to expand to include petroleum refineries, banks, electric vehicle makers, and advanced electronics companies.
China Indexes and Stocks
The Hang Seng index decreased 0.3% to 23,618.17, and the mainland-focused CSI 300 index edged up 0.1% to 3,914.94.
Xiaomi Corp. rose 3.1% to HK $56.40, and the smartphone and electric vehicle revised higher its vehicle sales outlook by 16%.
CK Hutchison Holdings Ltd. gained 4% to HK $45.0, and the global ports faced pressure from the central government after the company agreed to sell its assets in Panama.
India Movers: Muthoot Finance, Suven Pharma, Ratnamani Metals, Procter & Gamble, Loyal Textile, Jubilant Foodworks, Bal Pharma, BSL Ltd.
Arun Goswami
24 Mar, 2025
Mumbai
Muthoot Finance Limited rose 0.6% to ₹2,368.05 after the financial services provider reported a 30% increase in net income in the December quarter.
Consolidated revenue advanced to ₹4,423.4 crore from ₹3,167.7 crore, net income jumped to ₹1,363 crore from ₹1,027.2 crore, and diluted earnings per share rose to ₹33.95 from ₹25.59 a year ago.
The company's board declared an interim dividend of ₹24 per share.
Suven Pharmaceuticals Limited decreased 3% to ₹1,175 after the pharmaceutical services provider reported a 62% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹275.4 crore from ₹733.5 crore, after-tax profit decreased to ₹86.4 crore from ₹227 crore, and diluted earnings per share dropped to ₹3.37 from ₹8.91 a year ago.
Ratnamani Metals & Tubes Ltd. increased 1.5% to ₹2,774.75 after the steel pipes and tubes maker reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹1,335 crore from ₹1,272 crore, net income increased to ₹133.8 crore from ₹132.8 crore, and diluted earnings per share rose to ₹18.99 from ₹18.94 a year ago.
Procter & Gamble Health Limited advanced 0.3% to ₹5,500 after the household products maker reported a marginal decline in revenue and a 26% increase in net income in the December quarter.
Consolidated revenue declined to ₹313.7 crore from ₹315.2 crore, after-tax profit increased to ₹90.9 crore from ₹72.1 crore, and diluted earnings per share rose to ₹54.76 from ₹43.42 a year ago.
The company declared an interim dividend for the financial year 2025 of ₹80 per equity share, payable on or before March 7.
Loyal Textile Mills Ltd. fell 2.1% to ₹230 after the textile manufacturer reported a three-and-a-half-fold increase in net loss in the December quarter.
Consolidated revenue declined to ₹158.7 crore from ₹223.6 crore, net loss expanded to ₹27.8 crore from ₹7.1 crore, and diluted losses per share advanced to ₹57.79 from ₹14.66 a year ago.
Jubilant Foodworks Limited gained 1.7% to ₹639.40 after the food foodservice company reported a slight increase in revenue and a 26% plunge from a year ago in quarterly profit.
Consolidated revenue advanced to ₹2,168 crore from ₹1,382.2 crore, after-tax profit decreased to ₹43.2 crore from ₹65.7 crore, and diluted earnings per share fell to 74 paisa from ₹1 a year ago.
Bal Pharma Limited rose 0.9% to ₹89.80 despite the pharmaceutical company reporting a 38% decline in profit in the December quarter.
Consolidated revenue declined to ₹73.7 crore from ₹81.8 crore, net income dropped to ₹0.5 crore from ₹0.8 crore, and diluted earnings per share fell to 33 paisa from 54 paisa a year ago.
BSL Ltd. dropped 3% to ₹178.55 after the textile manufacturing and exporting company reported a decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹169.9 crore from ₹171.1 crore, after-tax profit fell to ₹3 crore from ₹3.9 crore, and diluted earnings per share declined to ₹2.96 from ₹3.81 a year ago.
India Movers: Muthoot Finance, Suven Pharma, Ratnamani Metals, Procter & Gamble, Loyal Textile, Jubilant Foodworks, Bal Pharma, BSL Ltd.
Arun Goswami
24 Mar, 2025
Mumbai
Muthoot Finance Limited rose 0.6% to ₹2,368.05 after the financial services provider reported a 30% increase in net income in the December quarter.
Consolidated revenue advanced to ₹4,423.4 crore from ₹3,167.7 crore, net income jumped to ₹1,363 crore from ₹1,027.2 crore, and diluted earnings per share rose to ₹33.95 from ₹25.59 a year ago.
The company's board declared an interim dividend of ₹24 per share.
Suven Pharmaceuticals Limited decreased 3% to ₹1,175 after the pharmaceutical services provider reported a 62% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹275.4 crore from ₹733.5 crore, after-tax profit decreased to ₹86.4 crore from ₹227 crore, and diluted earnings per share dropped to ₹3.37 from ₹8.91 a year ago.
Ratnamani Metals & Tubes Ltd. increased 1.5% to ₹2,774.75 after the steel pipes and tubes maker reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹1,335 crore from ₹1,272 crore, net income increased to ₹133.8 crore from ₹132.8 crore, and diluted earnings per share rose to ₹18.99 from ₹18.94 a year ago.
Procter & Gamble Health Limited advanced 0.3% to ₹5,500 after the household products maker reported a marginal decline in revenue and a 26% increase in net income in the December quarter.
Consolidated revenue declined to ₹313.7 crore from ₹315.2 crore, after-tax profit increased to ₹90.9 crore from ₹72.1 crore, and diluted earnings per share rose to ₹54.76 from ₹43.42 a year ago.
The company declared an interim dividend for the financial year 2025 of ₹80 per equity share, payable on or before March 7.
Loyal Textile Mills Ltd. fell 2.1% to ₹230 after the textile manufacturer reported a three-and-a-half-fold increase in net loss in the December quarter.
Consolidated revenue declined to ₹158.7 crore from ₹223.6 crore, net loss expanded to ₹27.8 crore from ₹7.1 crore, and diluted losses per share advanced to ₹57.79 from ₹14.66 a year ago.
Jubilant Foodworks Limited gained 1.7% to ₹639.40 after the food foodservice company reported a slight increase in revenue and a 26% plunge from a year ago in quarterly profit.
Consolidated revenue advanced to ₹2,168 crore from ₹1,382.2 crore, after-tax profit decreased to ₹43.2 crore from ₹65.7 crore, and diluted earnings per share fell to 74 paisa from ₹1 a year ago.
Bal Pharma Limited rose 0.9% to ₹89.80 despite the pharmaceutical company reporting a 38% decline in profit in the December quarter.
Consolidated revenue declined to ₹73.7 crore from ₹81.8 crore, net income dropped to ₹0.5 crore from ₹0.8 crore, and diluted earnings per share fell to 33 paisa from 54 paisa a year ago.
BSL Ltd. dropped 3% to ₹178.55 after the textile manufacturing and exporting company reported a decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹169.9 crore from ₹171.1 crore, after-tax profit fell to ₹3 crore from ₹3.9 crore, and diluted earnings per share declined to ₹2.96 from ₹3.81 a year ago.
Self-inflicted Tariff Wars Deepen Wall Street Losses to Fifth Consecutive Week
Barry Adams
21 Mar, 2025
New York City
Wall Street indexes turned lower in Friday's session, and they are set to extend weekly and monthly losses amid Trump's tariff turmoil and rising risks of an economic slowdown.
The S&P 500 index decreased as much as 0.8%, and the Nasdaq Composite dropped as much as 1% amid federal trade policy uncertainty.
Both benchmark indexes are set to fall between 0.7% and 1.0% this week and extend the recent string of losses to the fifth consecutive week.
The tariff turmoil and government closures are becoming more visible in corporate earnings, and Accenture and Nike alerted that the current year's revenues are likely to fall short of initial expectations.
Moreover, investors are worried that the announced tariffs and threats of additional tariffs are fueling inflation and, at the same time, dampening consumer spending, raising the risks of stagflation in the second and third quarters.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.8% to 5,619.41, the Nasdaq Composite edged down 0.8% to 17,542.55, and the Russell 2000 index was down 1.2% to 2,044.17.
The yield on 2-year Treasury notes edged lower to 3.93%, 10-year Treasury notes decreased to 4.21%, and 30-year Treasury bonds declined to 4.54%.
WTI crude oil decreased $0.24 to $67.83 a barrel, and natural gas prices edged higher by $0.02 to $4.00 a therm. unit.
Gold decreased by $10.82 to $3,035.61 an ounce, and silver edged down by $0.40 to $33.14.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.12 to 103.97 and traded at a two-year high.
U.S. Stock Movers
Nike Inc. declined 7.5% to $67.0, and the athletic footwear maker reported strong results in the fiscal third quarter, but the company's estimate of a double-digit decline in sales in the current quarter weighed.
The company earned 54 cents per diluted share on revenue of $11.27 billion in its latest quarter.
Micron Technology decreased 6.8% to $96.22, and the maker of advanced semiconductors offered a positive outlook for the fiscal third quarter, estimating adjusted earnings per share of $1.57 and revenue of $8.8 billion.
FedEx Corp. declined 9.9% to $223.27, and the parcel delivery company reported mixed fiscal third quarter results, citing soft demand and uncertainty in the U.S. industrial economy.
The company said revenue was $22.2 billion and adjusted earnings per share was $4.51.
The company lowered its adjusted annual profit estimate to between $18.0 and $18.60, from the December estimate between $19 and $20 and from the initial estimate between $20 and $22.
Self-inflicted Tariff War Deepen Wall Street Losses to Fifth Consecutive Week
Barry Adams
21 Mar, 2025
New York City
Wall Street indexes turned lower in Friday's session, and they are set to extend weekly and monthly losses amid Trump's tariff turmoil and rising risks of an economic slowdown.
The S&P 500 index decreased as much as 0.8%, and the Nasdaq Composite dropped as much as 1% amid federal trade policy uncertainty.
Both benchmark indexes are set to fall between 0.7% and 1.0% this week and extend the recent string of losses to the fifth consecutive week.
The tariff turmoil and government closures are becoming more visible in corporate earnings, and Accenture and Nike alerted that the current year's revenues are likely to fall short of initial expectations.
Moreover, investors are worried that the announced tariffs and threats of additional tariffs are fueling inflation and, at the same time, dampening consumer spending, raising the risks of stagflation in the second and third quarters.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.8% to 5,619.41, the Nasdaq Composite edged down 0.8% to 17,542.55, and the Russell 2000 index was down 1.2% to 2,044.17.
The yield on 2-year Treasury notes edged lower to 3.93%, 10-year Treasury notes decreased to 4.21%, and 30-year Treasury bonds declined to 4.54%.
WTI crude oil decreased $0.24 to $67.83 a barrel, and natural gas prices edged higher by $0.02 to $4.00 a therm. unit.
Gold decreased by $10.82 to $3,035.61 an ounce, and silver edged down by $0.40 to $33.14.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.12 to 103.97 and traded at a two-year high.
U.S. Stock Movers
Nike Inc. declined 7.5% to $67.0, and the athletic footwear maker reported strong results in the fiscal third quarter, but the company's estimate of a double-digit decline in sales in the current quarter weighed.
The company earned 54 cents per diluted share on revenue of $11.27 billion in its latest quarter.
Micron Technology decreased 6.8% to $96.22, and the maker of advanced semiconductors offered a positive outlook for the fiscal third quarter, estimating adjusted earnings per share of $1.57 and revenue of $8.8 billion.
FedEx Corp. declined 9.9% to $223.27, and the parcel delivery company reported mixed fiscal third quarter results, citing soft demand and uncertainty in the U.S. industrial economy.
The company said revenue was $22.2 billion and adjusted earnings per share was $4.51.
The company lowered its adjusted annual profit estimate to between $18.0 and $18.60, from the December estimate between $19 and $20 and from the initial estimate between $20 and $22.
Europe Markets Extend Weekly Losses Amid Tariff Threats and Resurgent Inflation Worries
Bridgette Randall
21 Mar, 2025
London
Investors in Europe turned negative on the final trading day of the week and turned cautious amid rising trade tensions and the ongoing Russia-Ukraine conflict.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged lower ahead of the U.S. tariffs on European shipments starting as early as April 2.
Investors worried that reciprocal tariffs will weigh on future growth in trade with the U.S., and the European Union's rearmament plan of nearly $800 billion could stoke demand for additional social spending in the region.
The Bank of Russia held its key lending rate steady at the record high of 21% and signaled that additional tightening may not be needed for the disinflation process.
Earlier in the week, central banks in the UK and Sweden held their benchmark rates steady, but Switzerland lowered its rate by 25 basis points to 0.25%.
The U.S. Federal Reserve also held its key lending rate range between 4.25% and 4.50%, and the Bank of Japan held its short-term lending rate at 0.5%.
For the week, the DAX 30 index declined 1.1%, the CAC 40 index dropped 0.2%, but the FTSE 100 index rose 0.2%.
Europe Indexes and Yields
The DAX index decreased by 0.8% to 22,804.72, the CAC-40 index edged lower 0.8% to 8,030.69, and the FTSE 100 index declined by 0.6% to 8,650.31.
The yield on 10-year German bonds inched lower to 2.75%, French bonds decreased to 3.45%, the UK gilts moved up to 4.66%, and Italian bonds edged lower to 3.81%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was lower and traded at 88.15 Swiss cents.
Brent crude decreased $0.30 to $71.70 a barrel, and the Dutch TTF natural gas was higher by €0.06 to €42.92 per MWh.
Europe Movers
Airline stocks dropped after Heathrow Airport in London was closed because of a fire near an electric substation.
About 1,300 flights have been cancelled disrupting travel and affecting 145,000 passengers.
Lufthansa AG decreased 2.2% to €7.40, Air France KLM Group declined 1.3% to €9.62, and International Airlines Group, the parent company of British Air, dropped 1% to 287.60 pence.
Ferrexpo plc declined 7.2% to 66.02 pence on the worry that the company may face liquidity crisis.
Ukraine's tax authority has suspended the refund of the company's value-added tax worth 513 million hryvnia or $12.4 million.
Salzgitter AG declined 0.7% to €25.96, and the specialty steelmaker delivered a mixed financial performance in 2024.
Europe Markets Extend Weekly Losses Amid Tariff Threats and Resurgent Inflation Worries
Bridgette Randall
21 Mar, 2025
London
Investors in Europe turned negative on the final trading day of the week and turned cautious amid rising trade tensions and the ongoing Russia-Ukraine conflict.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged lower ahead of the U.S. tariffs on European shipments starting as early as April 2.
Investors worried that reciprocal tariffs will weigh on future growth in trade with the U.S., and the European Union's rearmament plan of nearly $800 billion could stoke demand for additional social spending in the region.
The Bank of Russia held its key lending rate steady at the record high of 21% and signaled that additional tightening may not be needed for the disinflation process.
Earlier in the week, central banks in the UK and Sweden held their benchmark rates steady, but Switzerland lowered its rate by 25 basis points to 0.25%.
The U.S. Federal Reserve also held its key lending rate range between 4.25% and 4.50%, and the Bank of Japan held its short-term lending rate at 0.5%.
For the week, the DAX 30 index declined 1.1%, the CAC 40 index dropped 0.2%, but the FTSE 100 index rose 0.2%.
Europe Indexes and Yields
The DAX index decreased by 0.8% to 22,804.72, the CAC-40 index edged lower 0.8% to 8,030.69, and the FTSE 100 index declined by 0.6% to 8,650.31.
The yield on 10-year German bonds inched lower to 2.75%, French bonds decreased to 3.45%, the UK gilts moved up to 4.66%, and Italian bonds edged lower to 3.81%.
The euro decreased to $1.08; the British pound was lower at $1.29; and the U.S. dollar was lower and traded at 88.15 Swiss cents.
Brent crude decreased $0.30 to $71.70 a barrel, and the Dutch TTF natural gas was higher by €0.06 to €42.92 per MWh.
Europe Movers
Airline stocks dropped after Heathrow Airport in London was closed because of a fire near an electric substation.
About 1,300 flights have been cancelled disrupting travel and affecting 145,000 passengers.
Lufthansa AG decreased 2.2% to €7.40, Air France KLM Group declined 1.3% to €9.62, and International Airlines Group, the parent company of British Air, dropped 1% to 287.60 pence.
Ferrexpo plc declined 7.2% to 66.02 pence on the worry that the company may face liquidity crisis.
Ukraine's tax authority has suspended the refund of the company's value-added tax worth 513 million hryvnia or $12.4 million.
Salzgitter AG declined 0.7% to €25.96, and the specialty steelmaker delivered a mixed financial performance in 2024.
Japan's Inflation Eases from 2-Year High but Stays Elevated, Nikkei 225 Extends Weekly Gains
Akira Ito
21 Mar, 2025
Tokyo
Benchmark indexes in Tokyo closed mixed as investors returned from a mid-week holiday and reacted to monetary policy decisions from major central banks.
The Nikkei 225 stock average closed down 0.2%, but the broader TOPIX advanced 0.3%, as investors reviewed the latest inflation data.
Consumer price inflation in February eased to 3.7% from a two-year high of 4% in the previous month, the Ministry of Internal Affairs and Communications reported Friday.
The pace of inflation slowed after the government resumed subsidies for electric prices.
Consumer price inflation excluding fresh food slowed to 3.0% from the 19-month high of 3.2% in January.
Despite the slight decline in inflation, prices rose faster than the BoJ's target rate of 2% for the 35th month in a row.
Moreover, the core rate of inflation, which excludes food and energy prices, rose 2.6%, the highest rate in a year.
The persistent shortage of skilled labor, falling yen, and inclement weather are driving prices of food and services higher and supporting the underlying inflation.
Investors in Tokyo reacted to monetary policy decisions released over the last two days.
The Federal Reserve, the Bank of England, and Sweden's Riksbank held rates steady, but the Swiss National Bank lowered its key lending rate by 25 basis points.
Moreover, China held its 3-year and 5-year loan prime rates unchanged, denting the expectations of a rate cut.
Fed Chair Jerome Powell suggested that the U.S. tariffs are likely to be "transitory" on overall inflation, but the central bank lowered its annual economic growth estimate to 1.7% from 2.1% released in December.
Japanese investors are hoping that the Bank of Japan is ready to hike rates after the policy meeting in June and may continue with additional hikes at a gradual pace over the next year till the rates are restrictive.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.2% to 37,677.06, and the broader TOPIX rose 0.3% to 2,804.16.
For the week, the Nikkei 225 stocks average gained 2.2%, and the TOPIX rose 3.7%.
Japan Airlines Co. Ltd. rose 1.1% to ¥2,678.0, and the company retained its full-year profit and dividend outlook but lowered its revenue forecast to 1.84 trillion yen.
Mercari Inc. advanced 7.5% to ¥2,633.50, and the operator of the e-commerce platform extended this year's gains to 53%.
Shipping companies traded down amid worries of slowing shipment growth ahead of the U.S. tariffs on goods from Asia and the European Union.
Kawasaki Kisen Kaisha declined 1% to ¥2,172.0, Nippon Yusen fell 1% to ¥5,230.0, and Mitsui OSK Lines fell 0.5% to ¥5,483.0.
Japan's Inflation Eases from 2-Year High but Stays Elevated, Nikkei 225 Extends Weekly Gains
Akira Ito
21 Mar, 2025
Tokyo
Benchmark indexes in Tokyo closed mixed as investors returned from a mid-week holiday and reacted to monetary policy decisions from major central banks.
The Nikkei 225 stock average closed down 0.2%, but the broader TOPIX advanced 0.3%, as investors reviewed the latest inflation data.
Consumer price inflation in February eased to 3.7% from a two-year high of 4% in the previous month, the Ministry of Internal Affairs and Communications reported Friday.
The pace of inflation slowed after the government resumed subsidies for electric prices.
Consumer price inflation excluding fresh food slowed to 3.0% from the 19-month high of 3.2% in January.
Despite the slight decline in inflation, prices rose faster than the BoJ's target rate of 2% for the 35th month in a row.
Moreover, the core rate of inflation, which excludes food and energy prices, rose 2.6%, the highest rate in a year.
The persistent shortage of skilled labor, falling yen, and inclement weather are driving prices of food and services higher and supporting the underlying inflation.
Investors in Tokyo reacted to monetary policy decisions released over the last two days.
The Federal Reserve, the Bank of England, and Sweden's Riksbank held rates steady, but the Swiss National Bank lowered its key lending rate by 25 basis points.
Moreover, China held its 3-year and 5-year loan prime rates unchanged, denting the expectations of a rate cut.
Fed Chair Jerome Powell suggested that the U.S. tariffs are likely to be "transitory" on overall inflation, but the central bank lowered its annual economic growth estimate to 1.7% from 2.1% released in December.
Japanese investors are hoping that the Bank of Japan is ready to hike rates after the policy meeting in June and may continue with additional hikes at a gradual pace over the next year till the rates are restrictive.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.2% to 37,677.06, and the broader TOPIX rose 0.3% to 2,804.16.
For the week, the Nikkei 225 stocks average gained 2.2%, and the TOPIX rose 3.7%
Japan Airlines Co. Ltd. rose 1.1% to ¥2,678.0, and the company retained its full-year profit and dividend outlook but lowered its revenue forecast to 1.84 trillion yen.
Mercari Inc. advanced 7.5% to ¥2,633.50, and the operator of the e-commerce platform extended this year's gains to 53%.
Shipping companies traded down amid worries of slowing shipment growth ahead of the U.S. tariffs on goods from Asia and the European Union.
Kawasaki Kisen Kaisha declined 1% to ¥2,172.0, Nippon Yusen fell 1% to ¥5,230.0, and Mitsui OSK Lines fell 0.5% to ¥5,483.0.
China and Hong Kong Indexes Trim Weekly Gains After Volatile and Down Week
Li Chen
21 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong took a breather and extended weekly losses amid growing caution about future gains.
The Hang Seng index dropped as much as 2.8%, and the mainland-focused CSI 300 index decreased nearly 2%, and benchmark indexes are set to close down after surging for two consecutive months.
The lack of concrete steps to implement previously announced fiscal measures weighed on the market this week. and investors worried that the recent run-up in tech stocks may have been overdone.
The Hang Seng index decreased 2% after a week of trading, and the index trimmed this year's gains to 21% from as high as 27%.
Investors have been on the defensive as the U.S. is set to announce its next round of tariffs on goods from China, Japan, India, the European Union, and South Korea.
Moreover, investors are worried that retail sales and property prices are likely to take another hit in the first half amid a lack of specific steps to revive consumer confidence and measures to increase property transactions.
China Indexes and Stocks
The mainland-focused CSI 300 index declined 1.5% to 3,913.39, and the Hang Seng index dropped 2.3% to 23,668.92.
CK Hutchison Holdings dropped 3.7% to HK $43.20, and the company reported a 27% decline in annual profit in 2024.
CK Asset Holdings declined 6.7% to HK $31.40, and the company reported a 21% decline in annual profit in 2024.
Henderson Land Development decreased 2.2% to HK $22.50.
China and Hong Kong Indexes Trim Weekly Gains After Volatile and Down Week
Li Chen
21 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong took a breather and extended weekly losses amid growing caution about future gains.
The Hang Seng index dropped as much as 2.8%, and the mainland-focused CSI 300 index decreased nearly 2%, and benchmark indexes are set to close down after surging for two consecutive months.
The lack of concrete steps to implement previously announced fiscal measures weighed on the market this week. and investors worried that the recent run-up in tech stocks may have been overdone.
The Hang Seng index decreased 2% after a week of trading, and the index trimmed this year's gains to 21% from as high as 27%.
Investors have been on the defensive as the U.S. is set to announce its next round of tariffs on goods from China, Japan, India, the European Union, and South Korea.
Moreover, investors are worried that retail sales and property prices are likely to take another hit in the first half amid a lack of specific steps to revive consumer confidence and measures to increase property transactions.
China Indexes and Stocks
The mainland-focused CSI 300 index declined 1.5% to 3,913.39, and the Hang Seng index dropped 2.3% to 23,668.92.
CK Hutchison Holdings dropped 3.7% to HK $43.20, and the company reported a 27% decline in annual profit in 2024.
CK Asset Holdings declined 6.7% to HK $31.40, and the company reported a 21% decline in annual profit in 2024.
Henderson Land Development decreased 2.2% to HK $22.50.
India Movers: Birla Precision, Smartlink, MSTC, Neuland Labs, Isgec, Elgi Equipments, Ducon, Bayer Crop Science
Arun Goswami
21 Mar, 2025
Mumbai
Birla Precision Technologies Limited rose 4.5% to ₹41.50 despite the engineering company reporting a 99% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹57.6 crore from ₹67.4 crore, net income dropped to ₹0.9 crore from ₹62.2 crore, and diluted earnings per share fell to 14 paisa from ₹1.06 a year ago.
Smartlink Holdings Limited increased 1.5% to ₹132.90 after the non-banking financial company's net income swung to a profit in the December quarter.
Consolidated revenue advanced to ₹56.4 crore from ₹40.4 crore, net income swung to a profit of ₹2.5 crore from a loss of ₹1.2 crore, and diluted earnings per share rose to an income of ₹2.55 from a loss of ₹1.22 a year ago.
MSTC Limited advanced 1.9% to ₹517.10 after the e-commerce services provider reported a six-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹96.2 crore from ₹94.9 crore, net income jumped to ₹250.9 crore from ₹37 crore, and diluted earnings per share rose to ₹35.63 from ₹5.89 a year ago.
The company's board declared a second interim dividend for the financial year 2025 of ₹37 per share, payable within 30 days from the date of its declaration.
Neuland Laboratories Ltd. edged higher 1.7% to ₹11,871.40, and the contract development company reported a 25% increase in net income in the December quarter.
Consolidated revenue advanced to ₹402 crore from ₹394.9 crore, net income increased to ₹101.6 crore from ₹81.4 crore, and diluted earnings per share rose to ₹79.18 from ₹63.44 a year ago.
ISGEC Heavy Engineering Ltd. jumped 3.5% to ₹1,018.45 despite the diversified heavy engineering company reporting a 65% decline in profit in the December quarter.
Consolidated revenue decreased to ₹1,501 crore from ₹1,667 crore, net income declined to ₹23 crore from ₹66.6 crore, and diluted earnings per share fell to ₹2.73 from ₹8.42 a year ago.
Elgi Equipments Limited gained 0.7% to ₹493.90 after the air compressor manufacturer reported a slight increase in revenue and a marginal decline in net in the December quarter.
Consolidated revenue advanced to ₹861 crore from ₹833 crore, net income decreased to ₹80.5 crore from ₹83.8 crore, and diluted earnings per share fell to ₹2.55 from ₹2.65 a year ago.
Ducon Infratechnologies Ltd. inched higher 3% to ₹5.48 after the plant engineering and management company reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹112.6 crore from ₹112.3 crore, net income rose to ₹3.4 crore from ₹3.1 crore, and diluted earnings per share fell to 10 paisa from 12 paisa a year ago.
Bayer Crop Science Limited decreased 0.5% to ₹4,952.50, and the agriculture solutions provider reported a slight increase in revenue and a 63% decline in profit in the December quarter.
Consolidated revenue advanced to ₹1,089.6 crore from ₹969.5 crore, net income decreased to ₹34.2 crore from ₹93.1 crore, and diluted earnings per share dropped to ₹7.61 from ₹20.72 a year ago.
India Movers: Birla Precision, Smartlink, MSTC, Neuland Labs, Isgec, Elgi Equipments, Ducon, Bayer Crop Science
Arun Goswami
21 Mar, 2025
Mumbai
Birla Precision Technologies Limited rose 4.5% to ₹41.50 despite the engineering company reporting a 99% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹57.6 crore from ₹67.4 crore, net income dropped to ₹0.9 crore from ₹62.2 crore, and diluted earnings per share fell to 14 paisa from ₹1.06 a year ago.
Smartlink Holdings Limited increased 1.5% to ₹132.90 after the non-banking financial company's net income swung to a profit in the December quarter.
Consolidated revenue advanced to ₹56.4 crore from ₹40.4 crore, net income swung to a profit of ₹2.5 crore from a loss of ₹1.2 crore, and diluted earnings per share rose to an income of ₹2.55 from a loss of ₹1.22 a year ago.
MSTC Limited advanced 1.9% to ₹517.10 after the e-commerce services provider reported a six-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹96.2 crore from ₹94.9 crore, net income jumped to ₹250.9 crore from ₹37 crore, and diluted earnings per share rose to ₹35.63 from ₹5.89 a year ago.
The company's board declared a second interim dividend for the financial year 2025 of ₹37 per share, payable within 30 days from the date of its declaration.
Neuland Laboratories Ltd. edged higher 1.7% to ₹11,871.40, and the contract development company reported a 25% increase in net income in the December quarter.
Consolidated revenue advanced to ₹402 crore from ₹394.9 crore, net income increased to ₹101.6 crore from ₹81.4 crore, and diluted earnings per share rose to ₹79.18 from ₹63.44 a year ago.
ISGEC Heavy Engineering Ltd. jumped 3.5% to ₹1,018.45 despite the diversified heavy engineering company reporting a 65% decline in profit in the December quarter.
Consolidated revenue decreased to ₹1,501 crore from ₹1,667 crore, net income declined to ₹23 crore from ₹66.6 crore, and diluted earnings per share fell to ₹2.73 from ₹8.42 a year ago.
Elgi Equipments Limited gained 0.7% to ₹493.90 after the air compressor manufacturer reported a slight increase in revenue and a marginal decline in net in the December quarter.
Consolidated revenue advanced to ₹861 crore from ₹833 crore, net income decreased to ₹80.5 crore from ₹83.8 crore, and diluted earnings per share fell to ₹2.55 from ₹2.65 a year ago.
Ducon Infratechnologies Ltd. inched higher 3% to ₹5.48 after the plant engineering and management company reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹112.6 crore from ₹112.3 crore, net income rose to ₹3.4 crore from ₹3.1 crore, and diluted earnings per share fell to 10 paisa from 12 paisa a year ago.
Bayer Crop Science Limited decreased 0.5% to ₹4,952.50, and the agriculture solutions provider reported a slight increase in revenue and a 63% decline in profit in the December quarter.
Consolidated revenue advanced to ₹1,089.6 crore from ₹969.5 crore, net income decreased to ₹34.2 crore from ₹93.1 crore, and diluted earnings per share dropped to ₹7.61 from ₹20.72 a year ago.