Market Update
Europe Movers: Air France- KLM, Azimut Holding, Dassault Aviation, Entain PLC, Just Group, Vivendi
Inga Muller
07 Mar, 2025
Frankfurt
Dassault Aviation SA surged 3.3% to €296.60 after the French manufacturer of military aircraft and business jets reported increased revenue in fiscal 2024.
Net sales jumped to €6.23 billion from €4.80 billion, net income climbed to €1.06 billion from €886 million, and earnings per share rose to €13.46 from €10.95 a year ago.
The company paid dividends of €4.72 per share for a total of €370 million in 2024, compared to €3.37 per share or €266 million in 2023.
Azimut Holding SpA surged 3% to €26.74 after the Italy-based asset management company reported increased revenue in the fourth quarter of 2024.
Revenue jumped to €415.59 million from €347.03 million, and net profit climbed to €143.07 million from €99.81 million a year ago.
A dividend of €1.75 per share will be paid in May.
In 2025, the company plans to expand in two new markets, one in Africa and one in Asia.
Air France-KLM dropped 4% to €11.67 despite the French airline company reporting higher revenue in the fiscal fourth quarter of 2024.
Revenue increased 6% to €7.88 billion from €7.41 billion, and net loss shrank by 75% to €63 million from a loss of €256 million.
Passengers carried in the quarter increased by 5.1% to 23.486 million from 22.347 million a year ago.
The company guided for the period 2026-2028 an operating margin above 8% and adjusted operating free cash flow significantly positive, in line with its 2023 forecast.
Vivendi SA surged 3.5% to €2.94 after the French content, media, and entertainment company reported results for fiscal 2024.
Revenue declined 4.9% to €297 million from €312 million, earnings swung to a loss of €6.00 billion from a profit of €405 million, and loss per diluted share was €5.96 compared to a profit of 39 cents a year ago.
The company proposed an ordinary dividend of 4 cents per share for 2024 for a total of €40 million, payable from May 2 with the ex-dividend date April 29.
In addition, Vivendi will ask shareholders to repurchase shares at a maximum price of €4 per share, up to a limit of 10% of the share capital (2025-2026 program), with the option of canceling the shares acquired up to a limit of 10% of the capital.
In 2024, share buybacks totaled €342.2 million, or 35 million shares, including 25 million shares as part of the current program (2024-2025) for €243 million.
As of March 6, Vivendi directly holds 38.1 million shares, or 3.70% of its share capital.
In 2024, dividends received from unconsolidated companies and equity affiliates were €167 million, including dividends from Universal Music Group (€93 million), Banijay Group (€28 million), MediaForEurope (€28 million), and Telefonica (€18 million).
Just Group Plc. plunged 13.6% to 141.0 pence after the UK-based financial services company reported results for the fiscal year 2024.
Insurance revenue increased to £1.81 billion from £1.55 billion, profit slumped to £80 million from £129 million, and earnings per diluted share dropped to 6.5 pence from 11.2 pence a year ago.
Retirement income sales jumped 36% to £5.3 billion from £3.9 billion in 2023, while new business margins were slightly lower at 8.7%, compared to 9.1% in the previous year, principally driven by business mix.
These combined reflected a 30% increase in new business profits to £460 million, up from £355 million in 2023.
Just Group proposed a dividend of 2.5 pence per share, or 20% higher than the previous year.
Entain Plc. dropped 1.7% to 717.60 pence after the sports betting and gaming group reported increased revenue in fiscal 2024.
Net gaming revenue jumped to £5.16 billion from £4.83 billion, net loss shrank to £452.7 million from a loss of £928.6 million, and loss per diluted share was 70.8 pence compared to a loss of 141.4 pence a year ago.
The company guided for fiscal 2025 annual adjusted cash flow of over £0.5 billion in the medium term.
Europe Movers: Air France- KLM, Azimut Holding, Dassault Aviation, Entain PLC, Just Group, Vivendi
Inga Muller
07 Mar, 2025
Frankfurt
Dassault Aviation SA surged 3.3% to €296.60 after the French manufacturer of military aircraft and business jets reported increased revenue in fiscal 2024.
Net sales jumped to €6.23 billion from €4.80 billion, net income climbed to €1.06 billion from €886 million, and earnings per share rose to €13.46 from €10.95 a year ago.
The company paid dividends of €4.72 per share for a total of €370 million in 2024, compared to €3.37 per share or €266 million in 2023.
Azimut Holding SpA surged 3% to €26.74 after the Italy-based asset management company reported increased revenue in the fourth quarter of 2024.
Revenue jumped to €415.59 million from €347.03 million, and net profit climbed to €143.07 million from €99.81 million a year ago.
A dividend of €1.75 per share will be paid in May.
In 2025, the company plans to expand in two new markets, one in Africa and one in Asia.
Air France-KLM dropped 4% to €11.67 despite the French airline company reporting higher revenue in the fiscal fourth quarter of 2024.
Revenue increased 6% to €7.88 billion from €7.41 billion, and net loss shrank by 75% to €63 million from a loss of €256 million.
Passengers carried in the quarter increased by 5.1% to 23.486 million from 22.347 million a year ago.
The company guided for the period 2026-2028 an operating margin above 8% and adjusted operating free cash flow significantly positive, in line with its 2023 forecast.
Vivendi SA surged 3.5% to €2.94 after the French content, media, and entertainment company reported results for fiscal 2024.
Revenue declined 4.9% to €297 million from €312 million, earnings swung to a loss of €6.00 billion from a profit of €405 million, and loss per diluted share was €5.96 compared to a profit of 39 cents a year ago.
The company proposed an ordinary dividend of 4 cents per share for 2024 for a total of €40 million, payable from May 2 with the ex-dividend date April 29.
In addition, Vivendi will ask shareholders to repurchase shares at a maximum price of €4 per share, up to a limit of 10% of the share capital (2025-2026 program), with the option of canceling the shares acquired up to a limit of 10% of the capital.
In 2024, share buybacks totaled €342.2 million, or 35 million shares, including 25 million shares as part of the current program (2024-2025) for €243 million.
As of March 6, Vivendi directly holds 38.1 million shares, or 3.70% of its share capital.
In 2024, dividends received from unconsolidated companies and equity affiliates were €167 million, including dividends from Universal Music Group (€93 million), Banijay Group (€28 million), MediaForEurope (€28 million), and Telefonica (€18 million).
Just Group Plc. plunged 13.6% to 141.0 pence after the UK-based financial services company reported results for the fiscal year 2024.
Insurance revenue increased to £1.81 billion from £1.55 billion, profit slumped to £80 million from £129 million, and earnings per diluted share dropped to 6.5 pence from 11.2 pence a year ago.
Retirement income sales jumped 36% to £5.3 billion from £3.9 billion in 2023, while new business margins were slightly lower at 8.7%, compared to 9.1% in the previous year, principally driven by business mix.
These combined reflected a 30% increase in new business profits to £460 million, up from £355 million in 2023.
Just Group proposed a dividend of 2.5 pence per share, or 20% higher than the previous year.
Entain Plc. dropped 1.7% to 717.60 pence after the sports betting and gaming group reported increased revenue in fiscal 2024.
Net gaming revenue jumped to £5.16 billion from £4.83 billion, net loss shrank to £452.7 million from a loss of £928.6 million, and loss per diluted share was 70.8 pence compared to a loss of 141.4 pence a year ago.
The company guided for fiscal 2025 annual adjusted cash flow of over £0.5 billion in the medium term.
European Leaders Pledge €800 Billion for Military Spending, Ferragamo Plunged 15%
Bridgette Randall
07 Mar, 2025
London
Market sentiment on European bourses was weak amid persistent geopolitical uncertainty, and the euro booked its best weekly gain in 16 years.
Benchmark indexes in Frankfurt and Paris fell more than 1%, and they in Milan and London declined 0.5%, as ongoing uncertainty surrounding U.S. trade policy weighed.
European leaders reaffirmed their military and financial support for Ukraine in an emergency meeting on Thursday.
A coalition of 27 nations, led by France and the UK, announced their commitment to provide multi-billion euros in military assistance over the coming months.
A summit of the European Council approved the ReArm Europe plan with an expected investment of €800 billion.
Earlier in the week, Friedrich Merz, leader of the CDU party and the likely Chancellor of the new coalition government, proposed to set up a 500 billion fund.
The German fund will provide capital for domestic infrastructure projects and spend for arms, which could be provided to Ukraine's military.
Defense stocks continued to stay near record highs amid expectations that Germany, France, and the UK will accelerate military spending after the U.S. announced its unwillingness to provide assistance to Ukraine.
For the week, the DAX index rose 1.5%, the CAC 40 index edged up 0.1%, and the FTSE 100 index dropped 2%.
Europe Indexes and Yields
The DAX index decreased by 1.5% to 23,061.27, the CAC-40 index edged lower 1% to 8,116.89; and the FTSE 100 index declined by 0.5% to 8,642.73.
The yield on 10-year German bonds inched lower to 2.83%, French bonds decreased to 3.54%, the UK gilts moved up to 4.66%, and Italian bonds edged lower to 3.88%.
The euro increased to $1.08; the British pound was higher at $1.29; and the U.S. dollar was lower and traded at 87.93 Swiss cents.
Brent crude increased $1.09 to $70.55 a barrel, and the Dutch TTF natural gas was higher by €1.62 to €39.41 per MWh.
Europe Stock Movers
Luxury goods stocks fell sharply after Salvatore Ferragamo SpA unexpectedly announced losses in 2024.
Ferragamo SA dropped 15% to €6.33 after the Italian luxury apparel, footwear, and accessories company's sales declined 10.5% to €1.03 billion.
Zalando SE decreased 1.8% to €32.52 after the German online apparel retailer confirmed it secured 90% of the share capital of About You in its public takeover offer.
Vivendi SE rose 2.4% to €2.91, and the diversified French conglomerate reported a €6 billion loss in 2024 after a four-way spinoff late last year.
Flughafen Zurich AG declined 3% to CHF 210.80 after the parent company of Zurich airport's 2025 outlook fell short of investors' expectations.
Air France KLM SA declined 6.7% to €11.33 and reversed gains in the previous session, after the airline group reported narrower-than-expected losses in 2024.
European Leaders Pledge €800 Billion for Military Spending, Ferragamo Plunged 15%
Bridgette Randall
07 Mar, 2025
London
Market sentiment on European bourses was weak amid persistent geopolitical uncertainty, and the euro booked its best weekly gain in 16 years.
Benchmark indexes in Frankfurt and Paris fell more than 1%, and they in Milan and London declined 0.5%, as ongoing uncertainty surrounding U.S. trade policy weighed.
European leaders reaffirmed their military and financial support for Ukraine in an emergency meeting on Thursday.
A coalition of 27 nations, led by France and the UK, announced their commitment to provide multi-billion euros in military assistance over the coming months.
A summit of the European Council approved the ReArm Europe plan with an expected investment of €800 billion.
Earlier in the week, Friedrich Merz, leader of the CDU party and the likely Chancellor of the new coalition government, proposed to set up a 500 billion fund.
The German fund will provide capital for domestic infrastructure projects and spend for arms, which could be provided to Ukraine's military.
Defense stocks continued to stay near record highs amid expectations that Germany, France, and the UK will accelerate military spending after the U.S. announced its unwillingness to provide assistance to Ukraine.
Europe Stock Movers
Luxury goods stocks fell sharply after Salvatore Ferragamo SpA unexpectedly announced losses in 2024.
Ferragamo SA dropped 15% to €6.33 after the Italian luxury apparel, footwear, and accessories company's sales declined 10.5% to €1.03 billion.
Zalando SE decreased 1.8% to €32.52 after the German online apparel retailer confirmed it secured 90% of the share capital of About You in its public takeover offer.
Vivendi SE rose 2.4% to €2.91, and the diversified French conglomerate reported a €6 billion loss in 2024 after a four-way spinoff late last year.
Flughafen Zurich AG declined 3% to CHF 210.80 after the parent company of Zurich airport's 2025 outlook fell short of investors' expectations.
Air France KLM SA declined 6.7% to €11.33 and reversed gains in the previous session, after the airline group reported narrower-than-expected losses in 2024.
Rising Yen and Tech Weakness Dragged Down Nikkei 225 Index
Akira Ito
07 Mar, 2025
Tokyo
Stock market indexes in Tokyo plunged more than 2% following steep losses in tech stocks in overnight trading on Wall Street.
The Nikkei 225 stock average dropped 2.2%, and the broader TOPIX declined 1.6% after semiconductor-linked stocks plunged amid weakness in New York.
Market indexes were also under pressure in the growing belief that the Bank of Japan is more likely to raise interest rates at the next meeting later in the month.
Economy Minister Ryosei Azakawa said that Japan is set to officially declare the end of long-term deflation, shifting the government's stance on the economy.
The yen closed at 147.47 against the U.S. dollar in choppy trading and extended this year's gain to 5%.
Japan has been struggling with long-term deflation for nearly three decades, forcing the central bank to keep negative interest rates for eight years between March 2016 and March 2024.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.2% to 36,887.17, and the broader TOPIX dropped 1.6% to 2,708.59.
Stocks in Tokyo fell sharply across the board, and export-sensitive stocks led the decliners.
Sony Group Corp. fell 4.4% to ¥3,569.0, IHI Corp. fell 5% to ¥10,835.0, and Nintendo dropped 9% to ¥10,335.0.
Rising Yen and Tech Weakness Dragged Down Nikkei 225 Index
Akira Ito
07 Mar, 2025
Tokyo
Stock market indexes in Tokyo plunged more than 2% following steep losses in tech stocks in overnight trading on Wall Street.
The Nikkei 225 stock average dropped 2.2%, and the broader TOPIX declined 1.6% after semiconductor-linked stocks plunged amid weakness in New York.
Market indexes were also under pressure in the growing belief that the Bank of Japan is more likely to raise interest rates at the next meeting later in the month.
Economy Minister Ryosei Azakawa said that Japan is set to officially declare the end of long-term deflation, shifting the government's stance on the economy.
The yen closed at 147.47 against the U.S. dollar in choppy trading and extended this year's gain to 5%.
Japan has been struggling with long-term deflation for nearly three decades, forcing the central bank to keep negative interest rates for eight years between March 2016 and March 2024.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.2% to 36,887.17, and the broader TOPIX dropped 1.6% to 2,708.59.
Stocks in Tokyo fell sharply across the board, and export-sensitive stocks led the decliners.
Sony Group Corp. fell 4.4% to ¥3,569.0, IHI Corp. fell 5% to ¥10,835.0, and Nintendo dropped 9% to ¥10,335.0.
Hang Seng Index Trimmed Weekly Advance to 4%, Sharp Slowdown In China's Exports In Jan-Feb Period
Li Chen
07 Mar, 2025
Hong Kong
Hang Seng Index Trimmed Weekly Gains to 4% After China Set Ambitious Economic Growth Target
Li Chen
07 Mar, 2025
Hong Kong
Hang Seng Index Jumped Weekly 4% After China Set Amb
Li Chen
07 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong halted a two-day rally, which was driven by hopes of additional stimulus measures after the government set an ambitious economic growth target.
The Hang Seng index decreased 0.7%, and the mainland-focused CSI 300 index fell 0.5%, but investors held out for additional stimulus measures to boost the stock market, economy, property market, and consumer confidence.
For the week, the CSI 300 index increased 1% and the Hang Seng index soared 4.7%.
China's exports increased at 2.3% in the two-month period to February, slower than a 10.7% surge in December when U.S. importers front-loaded orders to avoid sharply higher tariffs.
Exports for the January-February period rose 2.3% to $540 billion, and imports unexpectedly declined 8.4% to $369.3 billion, according to data released by the General Administration of Customs.
China's exports to the U.S. are likely to face headwinds in the months ahead amid higher tariffs and a weakening macroeconomic backdrop.
China's exports to the ASEAN region, its largest trading partner, rose 5.7% in the two-month period amid sustained demand for mechanical electric goods, fertilizers, and integrated circuits.
After a week of trading in Hong Kong, benchmark indexes advanced at the fastest pace in two months following the release of an ambitious annual economic growth target of 5% by the Chinese leadership.
Beijing leaders announced their plans to support elevated economic growth by increasing the government deficit to 4% of gross domestic product and raising its debt limits.
China Indexes and Stocks
The Hang Seng index decreased 0.7% to 24,211.39, and the mainland-focused CSI 300 index declined 0.5% to 3,935.60.
Technology-focused, online platform operators and property developers led the most actively traded stocks in Friday's trading in Hong Kong.
Alibaba Group Holding decreased 0.6% to HK $139.90, Meituan jumped 1.7% to HK $183.30, and JD.com fell 4.4% to HK $171.50.
Wall Street Indexes Resume Selling as Global Trade War Fears Shake Investor Sentiment
Barry Adams
06 Mar, 2025
New York City
On Wall Street, stock market indexes resumed selling amid ongoing Trump tariff confusion and flip-flops and growing worries about the state of the U.S. economy.
The S&P 500 index decreased 1.5% and the Nasdaq Composite declined 1.7%, amid worries that the Donald Trump's economic policies are fueling inflation and pushing the economy closer to a recession.
The White House confirmed that the U.S. would offer exemptions to the automobiles shipped from Canada and Mexico, but investors worried that the one-month delay in tariffs to a select group of companies is not going to help the overall weakening macroeconomic outlook.
On Wall Street, the Trump bump after the presidential election last November has now turned into a Trump dump, and investors are increasingly worried that the reckless tariffs with no economic rationale are pushing the economy closer to a recession.
Moreover, the Federal Reserve is more likely to postpone its rate cut towards the end of the year or may completely avoid it in 2025, amid rising prices at pump stations, grocery stores, and for services.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.5% to 5,753.84, the Nasdaq Composite edged down 1.7% to 18,234.24, and the Russell 2000 index was down 1.6% to 2,066.80.
The yield on 2-year Treasury notes edged lower to 3.98%, 10-year Treasury notes increased to 4.30%, and 30-year Treasury bonds advanced to 4.58%.
WTI crude oil increased $0.25 to $66.54 a barrel, and natural gas prices edged lower by $0.08 to $4.37 a therm. unit.
Gold decreased by $9.04 to $2,909.10 an ounce, and silver edged down by $0.23 to $32.40.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 1.74 to 104.01 and traded at a two-year high.
U.S. Movers
Marvell Technology plunged 17.5% to $74.41 after the advanced chipmaker reported fiscal fourth quarter results and the company's first quarter estimates fell short of expectations.
MongoDB Inc. dropped 22% to $206.71 after the company's weak outlook overshadowed strong quarterly results.
Zscaler Inc. rose 6% to $208.17 after the cloud security company reported strong quarterly results.
Victoria's Secret & Company dropped 9% to $20.23 after the lingerie retailer's revenue outlook in the current quarter fell short of market expectations.
Veeva Systems soared 5.9% to $233.06 after the cloud computing company reported strong quarterly results and offered a positive outlook for the current quarter.
Macy's Inc. decreased 9% to $13.02 after the struggling department store chain reported mixed quarterly results and offered a downbeat sales outlook, blaming "external uncertainties."
Across Macy's business units, including flagship stores, Bloomingdale's, and Blue Mercury, comparable store sales decreased 1.1%.
While the company's turnaround is taking shape, the company's fiscal 2025 earnings outlook disappointed investors.