Market Update
Escalating Tit-for-Tat Tariffs Weigh On Stocks in China and Hong Kong
Li Chen
04 Mar, 2025
Hong Kong
Tariff jitters kept market sentiment on the defensive in China and Hong Kong, as China retaliated with its set of tariffs on American products.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index declined 0.1% after the U.S. added a new set of tariffs on Chinese shipments totaling 20%, effective March 4.
China announced its set of tariffs on American goods and farm products totaling between 10% and 15%, and the Ministry of Commerce said it will put trade restrictions on American companies operating in China.
The ministry said it will expand its list of companies by 15 that will require special licenses before receiving "dual use" items, products that are used both in military and civilian applications.
China imposed 10% tariffs on soybeans, pork, fruits, vegetables, and dairy products, and placed a 15% import tax on corn, cotton, and wheat.
The ministry also announced special restrictions on genetic sequencing company Illumina, effectively banning the company from doing business with China.
China also plans to file a lawsuit with the World Trade Organization seeking reversal of the U.S. tariffs.
China Indexes and Stocks
The Hang Seng index declined 0.3% to 22,951.18, and the broader CSI 300 index fell 0.1% to 3,885.22.
Technology companies and real estate developers led the decliners in China and Hong Kong trading, ahead of the start of the National People's Congress on Wednesday.
Two new companies started trading in Shanghai and Shenzhen following the listing of Mixue Group, the most popular initial public offering ever in Hong Kong.
Two industrial companies completed their initial public offering and began trading in China today.
Hefei Conver Holding, the automobile parts maker, soared over 130% to 57.05 yuan on the first day of trading in Shanghai.
Jiangsu Changyou Environmental Protection Technology, a maker of advanced materials, jumped 240% to 98.61 yuan in Shenzhen.
Mixue Group decreased 0.1% to HK 289.60 after the beverage chain operator's public offering received record interest from retail investors.
Escalating Tit-for-Tat Tariffs Weigh On Stocks in China and Hong Kong
Li Chen
04 Mar, 2025
Hong Kong
Tariff jitters kept market sentiment on the defensive in China and Hong Kong, as China retaliated with its set of tariffs on American products.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index declined 0.1% after the U.S. added a new set of tariffs on Chinese shipments totaling 20%, effective March 4.
China announced its set of tariffs on American goods and farm products totaling between 10% and 15%, and the Ministry of Commerce said it will put trade restrictions on American companies operating in China.
The ministry said it will expand its list of companies by 15 that will require special licenses before receiving "dual use" items, products that are used both in military and civilian applications.
China imposed 10% tariffs on soybeans, pork, fruits, vegetables, and dairy products, and placed a 15% import tax on corn, cotton, and wheat.
The ministry also announced special restrictions on genetic sequencing company Illumina, effectively banning the company from doing business with China.
China also plans to file a lawsuit with the World Trade Organization seeking reversal of the U.S. tariffs.
China Indexes and Stocks
The Hang Seng index declined 0.3% to 22,951.18, and the broader CSI 300 index fell 0.1% to 3,885.22.
Technology companies and real estate developers led the decliners in China and Hong Kong trading, ahead of the start of the National People's Congress on Wednesday.
Two new companies started trading in Shanghai and Shenzhen following the listing of Mixue Group, the most popular initial public offering ever in Hong Kong.
Two industrial companies completed their initial public offering and began trading in China today.
Hefei Conver Holding, the automobile parts maker, soared over 130% to 57.05 yuan on the first day of trading in Shanghai.
Jiangsu Changyou Environmental Protection Technology, a maker of advanced materials, jumped 240% to 98.61 yuan in Shenzhen.
Mixue Group decreased 0.1% to HK 289.60 after the beverage chain operator's public offering received record interest from retail investors.
India Movers: Bharat Wire, Bhagyanagar India, HFCL, Hindustan Media, NLC India, Power Grid, Sky Gold, Shalby
Arun Goswami
04 Mar, 2025
Mumbai
Sky Gold Limited gained 4.4% to ₹347.60 after the gold jewelry maker reported a four-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹1,005.1 crore from ₹460.9 crore, after-tax profit advanced to ₹36.5 crore from ₹8.9 crore, and diluted earnings per share jumped to ₹2.50 from 81 paise a year ago.
NLC India Limited inched higher 2% to ₹208.50 after the power generator and renewable energy company reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹4,897.9 crore from ₹3,249.4 crore, net income jumped to ₹696.1 crore from ₹254.1 crore, and diluted earnings per share increased to ₹5.02 from ₹1.83 a year ago.
Power Grid Corporation of India Limited advanced 1.6% to ₹256.60 despite the power transmission company reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹11,743.1 crore from ₹11,819.7 crore, after-tax profit fell to ₹3,861.6 crore from ₹4,028.3 crore, and diluted earnings per share declined to ₹4.11 from ₹4.21 a year ago.
The company's board declared a second interim dividend of ₹3.25 per share.
HFCL Ltd. increased 1.5% to ₹80.80 after the technology company reported an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹446 crore from ₹356.2 crore, net income increased to ₹0.10 crore from ₹0.09 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.
Hindustan Media Ventures Limited edged higher 1.7% to ₹79.87 after the print and publishing company's net income swung to a profit in the December quarter.
Consolidated revenue increased to ₹221.4 crore from ₹206.5 crore; net income swung to a profit of ₹18 crore from a loss of ₹0.8 crore; diluted earnings per share rose to an income of ₹2.4 from a loss of 11 paisa a year ago.
Bhagyanagar India Limited rose 2.1% to ₹74.37 after the copper and solar products maker company reported a 43% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹395.4 crore from ₹335.1 crore, net income jumped to ₹4 crore from ₹2.8 crore, and diluted earnings per share rose to ₹1.25 from 86 paise a year ago.
Bharat Wire Ropes Ltd. rose 1.4% to ₹130.50 after the wire rope maker reported a slight increase in revenue and a 44% decline in profit in the December quarter.
Consolidated revenue increased to ₹162 crore from ₹157.4 crore, after-tax profit declined to ₹14.9 crore from ₹26.4 crore, and diluted earnings per share fell to ₹2.18 from ₹3.88 a year ago.
Shalby Ltd. jumped % to ₹190.90 despite the healthcare company swinging to a loss in the December quarter.
Consolidated revenue advanced to ₹281. crore from ₹220.5 crore, after-tax losses swung to ₹3 crore from a profit of ₹19 crore, and diluted losses per share swung to 28 paisa from a profit of ₹1.78 a year ago.
India Movers: Bharat Wire, Bhagyanagar India, HFCL, Hindustan Media, NLC India, Power Grid, Sky Gold, Shalby
Arun Goswami
04 Mar, 2025
Mumbai
Sky Gold Limited gained 4.4% to ₹347.60 after the gold jewelry maker reported a four-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹1,005.1 crore from ₹460.9 crore, after-tax profit advanced to ₹36.5 crore from ₹8.9 crore, and diluted earnings per share jumped to ₹2.50 from 81 paise a year ago.
NLC India Limited inched higher 2% to ₹208.50 after the power generator and renewable energy company reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹4,897.9 crore from ₹3,249.4 crore, net income jumped to ₹696.1 crore from ₹254.1 crore, and diluted earnings per share increased to ₹5.02 from ₹1.83 a year ago.
Power Grid Corporation of India Limited advanced 1.6% to ₹256.60 despite the power transmission company reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹11,743.1 crore from ₹11,819.7 crore, after-tax profit fell to ₹3,861.6 crore from ₹4,028.3 crore, and diluted earnings per share declined to ₹4.11 from ₹4.21 a year ago.
The company's board declared a second interim dividend of ₹3.25 per share.
HFCL Ltd. increased 1.5% to ₹80.80 after the technology company reported an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹446 crore from ₹356.2 crore, net income increased to ₹0.10 crore from ₹0.09 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.
Hindustan Media Ventures Limited edged higher 1.7% to ₹79.87 after the print and publishing company's net income swung to a profit in the December quarter.
Consolidated revenue increased to ₹221.4 crore from ₹206.5 crore; net income swung to a profit of ₹18 crore from a loss of ₹0.8 crore; diluted earnings per share rose to an income of ₹2.4 from a loss of 11 paisa a year ago.
Bhagyanagar India Limited rose 2.1% to ₹74.37 after the copper and solar products maker company reported a 43% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹395.4 crore from ₹335.1 crore, net income jumped to ₹4 crore from ₹2.8 crore, and diluted earnings per share rose to ₹1.25 from 86 paise a year ago.
Bharat Wire Ropes Ltd. rose 1.4% to ₹130.50 after the wire rope maker reported a slight increase in revenue and a 44% decline in profit in the December quarter.
Consolidated revenue increased to ₹162 crore from ₹157.4 crore, after-tax profit declined to ₹14.9 crore from ₹26.4 crore, and diluted earnings per share fell to ₹2.18 from ₹3.88 a year ago.
Shalby Ltd. jumped % to ₹190.90 despite the healthcare company swinging to a loss in the December quarter.
Consolidated revenue advanced to ₹281. crore from ₹220.5 crore, after-tax losses swung to ₹3 crore from a profit of ₹19 crore, and diluted losses per share swung to 28 paisa from a profit of ₹1.78 a year ago.
European Markets Advanced After Defense Stocks Rallied, Eurozone Inflation Slowed In February
Bridgette Randall
03 Mar, 2025
London
European markets soared in early trading and extended gains of the previous week and month ahead of the rate decisions on Wednesday.
Benchmark indexes in Frankfurt, Paris, and London soared between 1% and 2%, driven by a surge in defense stocks after political leaders reiterated their support for Ukraine.
Rheinmetall, BAE Systems, Thales SA, Dassault Aviation, MTU Aero Engines, and Safran SA jumped between 4% and 20%.
The European Central Bank is widely anticipated to cut its benchmark rates on Wednesday after a 2-day policy meeting, and this would be the second rate cut in 2025 and the fifth consecutive cut since September.
On the economic front, inflation in the eurozone eased in February, reflecting a slowdown in services, Eurostat reported on Monday.
Consumer price inflation in the eurozone eased to 2.4% in February from 2.5% in the previous month, after services inflation eased to 3.7% from 3.9% in January.
Manufacturing activities in the eurozone remained in contraction, but the downturn eased to the slowest pace in two years.
The HCOB Manufacturing Purchasing Managers' Index advanced to a two-year high of 47.6 from 46.6 in January, according to S&P Global.
Europe Indexes and Yields
The DAX index increased by 2.6% to 23,150.43, the CAC-40 index edged higher 1.4% to 8,225.58, and the FTSE 100 index advanced by 0.9% to 8,888.37.
The yield on 10-year German bonds inched higher to 2.42%, French bonds increased to 3.16%, the UK gilts moved up to 4.49%, and Italian bonds edged higher to 3.49%.
The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.16 Swiss cents.
Brent crude decreased $0.18 to $72.62 a barrel, and the Dutch TTF natural gas was higher by €2.73 to €47.05 per MWh.
Europe Stock Movers
Defense industry-related stocks advanced for the fifth session in a row, as European governments rushed to release more military aid to Ukraine.
Thales SA advanced 2.2% to €219.10, BAE Systems jumped 14% to 1,604.50 pence, Rheinmetall AG gained 13.5% to €1,143.50, and Dassault Aviation SA soared 16.5% to €287.20.
Leonardo SpA rose 13% to €43.56, and avionics component maker Hensoldt AG surged 29% to €67.40.
ING Groep jumped 3.5% to €17.76 after the Dutch bank agreed to acquire a minority stake in the Dutch private bank Van Lanschot Kempen N.V.
European Markets Advanced After Defense Stocks Rallied, Eurozone Inflation Slowed In February
Bridgette Randall
03 Mar, 2025
London
European markets soared in early trading and extended gains of the previous week and month ahead of the rate decisions on Wednesday.
Benchmark indexes in Frankfurt, Paris, and London soared between 1% and 2%, driven by a surge in defense stocks after political leaders reiterated their support for Ukraine.
Rheinmetall, BAE Systems, Thales SA, Dassault Aviation, MTU Aero Engines, and Safran SA jumped between 4% and 20%.
The European Central Bank is widely anticipated to cut its benchmark rates on Wednesday after a 2-day policy meeting, and this would be the second rate cut in 2025 and the fifth consecutive cut since September.
On the economic front, inflation in the eurozone eased in February, reflecting a slowdown in services, Eurostat reported on Monday.
Consumer price inflation in the eurozone eased to 2.4% in February from 2.5% in the previous month, after services inflation eased to 3.7% from 3.9% in January.
Manufacturing activities in the eurozone remained in contraction, but the downturn eased to the slowest pace in two years.
The HCOB Manufacturing Purchasing Managers' Index advanced to a two-year high of 47.6 from 46.6 in January, according to S&P Global.
Europe Indexes and Yields
The DAX index increased by 2.6% to 23,150.43, the CAC-40 index edged higher 1.4% to 8,225.58, and the FTSE 100 index advanced by 0.9% to 8,888.37.
The yield on 10-year German bonds inched higher to 2.42%, French bonds increased to 3.16%, the UK gilts moved up to 4.49%, and Italian bonds edged higher to 3.49%.
The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.16 Swiss cents.
Brent crude decreased $0.18 to $72.62 a barrel, and the Dutch TTF natural gas was higher by €2.73 to €47.05 per MWh.
Europe Stock Movers
Defense industry-related stocks advanced for the fifth session in a row, as European governments rushed to release more military aid to Ukraine.
Thales SA advanced 2.2% to €219.10, BAE Systems jumped 14% to 1,604.50 pence, Rheinmetall AG gained 13.5% to €1,143.50, and Dassault Aviation SA soared 16.5% to €287.20.
Leonardo SpA rose 13% to €43.56, and avionics component maker Hensoldt AG surged 29% to €67.40.
ING Groep jumped 3.5% to €17.76 after the Dutch bank agreed to acquire a minority stake in the Dutch private bank Van Lanschot Kempen N.V.
U.S. Movers: CubeSmart, Dell Technologies, Heico, Intuit, Redfin
Scott Peters
03 Mar, 2025
New York City
Intuit Inc. eased 0.1% to $613.0 after the financial software company reported strong results for the fiscal second quarter of 2025 ending in January.
Revenue increased to $3.96 billion from $3.39 billion, net income jumped to $471 million from $353 million, and earnings per diluted share rose to $1.67 from $1.25 a year ago.
The company guided for the third quarter of 2025 revenue between $7.55 billion and $7.60 billion, up 12% to 13% from $6.74 billion a year ago, and GAAP diluted earnings per share between $9.22 and $9.28, compared to $8.42 in the same quarter in fiscal 2024.
For the full fiscal 2025, Intuit estimated revenue between $18.16 billion and $18.35 billion, up 12% to 13% from $16.28 billion in the previous fiscal year, and GAAP diluted earnings per share between $12.34 and $12.54, up 18% to 20% from $16.94 a year ago.
Intuit repurchased 1,125,520 shares during the quarter, representing 0.4% for $717.83 million.
With this, the company completed the repurchase of 15,351,821 shares, representing 5.49% for approximately $7.72 billion under the buyback announced on August 23, 2018.
Intuit has $3.6 billion remaining on its share repurchase authorization.
Dell Technologies Inc. gained 0.4% to $103.18 after the computer products and services provider reported revenue growth in the fourth quarter of fiscal 2025 ending in January.
Revenue increased 7% to $23.93 billion from $22.32 billion, net income surged 27% to $1.53 billion from $1.21 billion, and earnings per diluted share rose 30% to $2.15 from $1.66 a year ago.
Dell said it sold about $10 billion of AI-optimized servers in its fiscal 2025 and expects to sell about $15 billion in AI system sales in the current year.
The company’s Infrastructure Solutions Group, its server division, saw sales rise 22% to $11.35 billion in the quarter, up from $9.33 billion a year ago.
Dell’s client solutions group, its biggest business, saw sales rise only 1% to $11.88 billion from $11.71 billion a year ago, due to a sluggish laptop market.
The company guided for the first quarter of fiscal 2026 revenue between $22.5 billion and $23.5 billion, up 3% from $22.2 billion a year ago, and GAAP diluted earnings per share at $1.29, compared to $1.32 in the same quarter in fiscal 2025.
For the full fiscal 2026, Dell Technologies estimated revenue between $101.0 billion and $105.0 billion, up 8% from $95.6 billion a year ago, and GAAP diluted earnings per share at $7.85, up 23% from $6.38 in fiscal 2025.
The company announced a cash dividend increase of 18% and a $10 billion increase in share repurchase authorization for fiscal 2025.
Redfin Corp. eased 0.14% to $6.67 after the real estate brokerage company and mortgage broker provider reported increased revenue in the fourth quarter of 2024 ending in December, and net loss widened.
Revenue increased to $244.28 million from $218.08 million, net loss deepened to $36.73 million from a loss of $23.11 million, and loss per diluted share widened to 29 cents from a loss of 20 cents a year ago.
The company guided for the first quarter of fiscal 2025 revenue between $214 million and $225 million, compared to $225.5 million a year ago, and a net loss between $94 million and $83 million, compared to a loss of $66.8 million in the same period in 2024.
Adjusted EBITDA loss is estimated between $39 million and $32 million, compared to an adjusted EBITDA loss of $27.6 million a year ago.
HEICO Corp. traded flat at $264.68 after the aerospace and electronics company reported strong results for the first quarter of fiscal 2025 ending in January.
Net sales jumped to $1.03 billion from $896.36 million, net income surged to $167.95 million from $114.70 million, and earnings per diluted share rose to $1.20 from 82 cents a year ago.
The company said that the continued increases in commercial aerospace product sales have resulted in eighteen consecutive quarters of sequential growth in the Flight Support Group segment.
CubeSmart L.P. dropped 2.9% to $41.28 after the storage facility-focused real estate company reported lower revenue in the fourth quarter of 2024.
Same-store sales declined 1.6% to $231.41 million from $235.16 million, same-store net income fell to $101.89 million from $113.14 million, and earnings per diluted share dropped to 45 cents from 50 cents a year ago.
The company guided for the first quarter of 2025 earnings per diluted share between 35 cents and 37 cents, compared to 42 cents per share in the same period in 2024.
CubeSmart proposed a quarterly dividend of 52 cents per share, payable on April 15 to shareholders on record as of April 1.
This is an increase of 2% to an annualized rate of $2.08 per share from the previous annualized rate of $2.04 per share.
U.S. Movers: CubeSmart, Dell Technologies, Heico, Intuit, Redfin
Scott Peters
03 Mar, 2025
New York City
Intuit Inc. eased 0.1% to $613.0 after the financial software company reported strong results for the fiscal second quarter of 2025 ending in January.
Revenue increased to $3.96 billion from $3.39 billion, net income jumped to $471 million from $353 million, and earnings per diluted share rose to $1.67 from $1.25 a year ago.
The company guided for the third quarter of 2025 revenue between $7.55 billion and $7.60 billion, up 12% to 13% from $6.74 billion a year ago, and GAAP diluted earnings per share between $9.22 and $9.28, compared to $8.42 in the same quarter in fiscal 2024.
For the full fiscal 2025, Intuit estimated revenue between $18.16 billion and $18.35 billion, up 12% to 13% from $16.28 billion in the previous fiscal year, and GAAP diluted earnings per share between $12.34 and $12.54, up 18% to 20% from $16.94 a year ago.
Intuit repurchased 1,125,520 shares during the quarter, representing 0.4% for $717.83 million.
With this, the company completed the repurchase of 15,351,821 shares, representing 5.49% for approximately $7.72 billion under the buyback announced on August 23, 2018.
Intuit has $3.6 billion remaining on its share repurchase authorization.
Dell Technologies Inc. gained 0.4% to $103.18 after the computer products and services provider reported revenue growth in the fourth quarter of fiscal 2025 ending in January.
Revenue increased 7% to $23.93 billion from $22.32 billion, net income surged 27% to $1.53 billion from $1.21 billion, and earnings per diluted share rose 30% to $2.15 from $1.66 a year ago.
Dell said it sold about $10 billion of AI-optimized servers in its fiscal 2025 and expects to sell about $15 billion in AI system sales in the current year.
The company’s Infrastructure Solutions Group, its server division, saw sales rise 22% to $11.35 billion in the quarter, up from $9.33 billion a year ago.
Dell’s client solutions group, its biggest business, saw sales rise only 1% to $11.88 billion from $11.71 billion a year ago, due to a sluggish laptop market.
The company guided for the first quarter of fiscal 2026 revenue between $22.5 billion and $23.5 billion, up 3% from $22.2 billion a year ago, and GAAP diluted earnings per share at $1.29, compared to $1.32 in the same quarter in fiscal 2025.
For the full fiscal 2026, Dell Technologies estimated revenue between $101.0 billion and $105.0 billion, up 8% from $95.6 billion a year ago, and GAAP diluted earnings per share at $7.85, up 23% from $6.38 in fiscal 2025.
The company announced a cash dividend increase of 18% and a $10 billion increase in share repurchase authorization for fiscal 2025.
Redfin Corp. eased 0.14% to $6.67 after the real estate brokerage company and mortgage broker provider reported increased revenue in the fourth quarter of 2024 ending in December, and net loss widened.
Revenue increased to $244.28 million from $218.08 million, net loss deepened to $36.73 million from a loss of $23.11 million, and loss per diluted share widened to 29 cents from a loss of 20 cents a year ago.
The company guided for the first quarter of fiscal 2025 revenue between $214 million and $225 million, compared to $225.5 million a year ago, and a net loss between $94 million and $83 million, compared to a loss of $66.8 million in the same period in 2024.
Adjusted EBITDA loss is estimated between $39 million and $32 million, compared to an adjusted EBITDA loss of $27.6 million a year ago.
HEICO Corp. traded flat at $264.68 after the aerospace and electronics company reported strong results for the first quarter of fiscal 2025 ending in January.
Net sales jumped to $1.03 billion from $896.36 million, net income surged to $167.95 million from $114.70 million, and earnings per diluted share rose to $1.20 from 82 cents a year ago.
The company said that the continued increases in commercial aerospace product sales have resulted in eighteen consecutive quarters of sequential growth in the Flight Support Group segment.
CubeSmart L.P. dropped 2.9% to $41.28 after the storage facility-focused real estate company reported lower revenue in the fourth quarter of 2024.
Same-store sales declined 1.6% to $231.41 million from $235.16 million, same-store net income fell to $101.89 million from $113.14 million, and earnings per diluted share dropped to 45 cents from 50 cents a year ago.
The company guided for the first quarter of 2025 earnings per diluted share between 35 cents and 37 cents, compared to 42 cents per share in the same period in 2024.
CubeSmart proposed a quarterly dividend of 52 cents per share, payable on April 15 to shareholders on record as of April 1.
This is an increase of 2% to an annualized rate of $2.08 per share from the previous annualized rate of $2.04 per share.
Europe Movers: Hella, Nexi SpA, St James's Place
Inga Muller
03 Mar, 2025
Frankfurt
Nexi SpA surged 9% to €5.06 after the Italian bank focused on payment processing reported steady revenue growth in the fourth quarter of 2024.
Revenue jumped 3.7% to €942.4 million from €908.6 million a year ago.
Revenue for the full year 2024 increased 5.1% to €3.51 billion from €3.34 billion, profit climbed to €167.36 million from a loss of €1.0 billion, and normalized earnings per share rose 11% to 59 cents from 54 cents a year ago.
The company guided for fiscal 2025 revenue in the "low-to-mid-single-digit growth," affected by mergers and acquisitions and the banks’ contracts renegotiations.
The company proposed a dividend of 25 cents per share for a total of €300 million, up 20% from the previous year, as well as a share buyback program for €300 million.
HELLA GmbH & Co. KGaA dropped 2% to €89.00 after the German automotive parts supplier reported preliminary results for fiscal 2024 ending in December.
Sales remain at the previous year's level of €8.0 billion, operating income decreased to €446 million from €486 million a year ago, and the operating income margin declined to 5.6% from 6.1% in fiscal 2023.
The company guided for fiscal 2025 adjusted sales between €7.6 billion and €8.0 billion and an operating income margin between 5.3% and 6%, compared to 5.6% in 2024.
St James’s Place Plc. dropped 3.6% to 1,058 pence after the British financial advice and wealth management company reported increased fee and commission income for the fiscal year 2024 ending in December.
Fee and commission income climbed to £3.16 billion from £2.79 billion, profit increased to £398.4 million from a loss of £10.1 million, and earnings per diluted share rose to 72.6 pence from a loss of 1.8 pence a year ago.
The company paid total dividends of 14 pence per share, down from 53.02 pence per share in 2023, for a total of £76.6 million, down from £289.6 million in 2023.
St. James’s Place proposed a final dividend of 12 pence per share for a total of £65.3 million, payable on May 23 to shareholders on the register as of April 11.
In addition, the wealth management company committed to buy back shares for up to £92.6 million, starting on February 28.
Bunzl Plc. gained 0.9% to 3,368 pence after the British distribution and outsourcing company reported lower earnings results for fiscal 2024 ending in December.
Revenue decreased to £11.78 billion from £11.80 billion, profit declined to £501.0 million from £526.2 million, and earnings per share fell to 149.6 pence from 157.1 pence a year ago.
The company guided for fiscal 2025 revenue growth, driven by announced acquisitions and a slight increase in underlying revenue growth.
The group operating margin is expected to be maintained in line with 2024 and to remain substantially higher compared to pre-pandemic levels.
The total dividend in the year rose 8.2% to 73.9 pence per share from 68.3 per share in 2023.
Europe Movers: Hella, Nexi, St Jame's Place
Inga Muller
03 Mar, 2025
London
Nexi SpA surged 9% to €5.06 after the Italian bank focused on payment processing reported steady revenue growth in the fourth quarter of 2024.
Revenue jumped 3.7% to €942.4 million from €908.6 million a year ago.
Revenue for the full year 2024 increased 5.1% to €3.51 billion from €3.34 billion, profit climbed to €167.36 million from a loss of €1.0 billion, and normalized earnings per share rose 11% to 59 cents from 54 cents a year ago.
The company guided for fiscal 2025 revenue in the "low-to-mid-single-digit growth," affected by mergers and acquisitions and the banks’ contracts renegotiations.
The company proposed a dividend of 25 cents per share for a total of €300 million, up 20% from the previous year, as well as a share buyback program for €300 million.
HELLA GmbH & Co. KGaA dropped 2% to €89.00 after the German automotive parts supplier reported preliminary results for fiscal 2024 ending in December.
Sales remain at the previous year's level of €8.0 billion, operating income decreased to €446 million from €486 million a year ago, and the operating income margin declined to 5.6% from 6.1% in fiscal 2023.
The company guided for fiscal 2025 adjusted sales between €7.6 billion and €8.0 billion and an operating income margin between 5.3% and 6%, compared to 5.6% in 2024.
St James’s Place Plc. dropped 3.6% to 1,058 pence after the British financial advice and wealth management company reported increased fee and commission income for the fiscal year 2024 ending in December.
Fee and commission income climbed to £3.16 billion from £2.79 billion, profit increased to £398.4 million from a loss of £10.1 million, and earnings per diluted share rose to 72.6 pence from a loss of 1.8 pence a year ago.
The company paid total dividends of 14 pence per share, down from 53.02 pence per share in 2023, for a total of £76.6 million, down from £289.6 million in 2023.
St. James’s Place proposed a final dividend of 12 pence per share for a total of £65.3 million, payable on May 23 to shareholders on the register as of April 11.
In addition, the wealth management company committed to buy back shares for up to £92.6 million, starting on February 28.
Bunzl Plc. gained 0.9% to 3,368 pence after the British distribution and outsourcing company reported lower earnings results for fiscal 2024 ending in December.
Revenue decreased to £11.78 billion from £11.80 billion, profit declined to £501.0 million from £526.2 million, and earnings per share fell to 149.6 pence from 157.1 pence a year ago.
The company guided for fiscal 2025 revenue growth, driven by announced acquisitions and a slight increase in underlying revenue growth.
The group operating margin is expected to be maintained in line with 2024 and to remain substantially higher compared to pre-pandemic levels.
The total dividend in the year rose 8.2% to 73.9 pence per share from 68.3 per share in 2023.
Yen Edged Higher Amid Narrower Rate Differential Expectations, Nikkei 225 Stock Average Rebounded Nearly 2%
Akira Ito
03 Mar, 2025
Tokyo
Stock market indexes in Tokyo surged in Monday's trading following the rebound in tech stocks on Wall Street on Friday.
The Nikkei 225 stock average soared 1.7%, and the broader TOPIX advanced 1.8%, driven by the rise in tech and defense stocks.
The yen traded at 150.12 against the U.S. dollar amid rising expectations that the Bank of Japan will continue its rate-hike campaign at the end of its policy meeting later in the month.
However, mood in Tokyo was cautious amid threats of looming U.S. tariffs on imports from Mexico and Canada from March 4 and additional tariffs on China shipments.
The yen retained an upward bias as the resurgent inflation and the possible delay in the Federal Reserve are likely to shrink the rate differential between Japan and the U.S.
The expectations of higher-for-longer interest rates in the U.S. are likely to ease the burden on the Bank of Japan in increasing rates rapidly in 2025, providing more headroom for stock market indexes in Japan.
Market sentiment has been cautious after softer-than-expected retail sales, industrial production, new home starts, and Tokyo-area inflation released last Friday divided investors about the future rate path.
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 1.7% to 37,785.47, and the TOPIX advanced 1.8% to 2,729.56.
Tokyo Electron Ltd. increased 1.6% to ¥22,380.0, Advantest Corp. added 0.2% to ¥8,128.0, and Lasertec decreased 0.7% to ¥13,275.0.
Toyota Motor increased 3.9% to ¥2,795.0, Honda Motor inched higher 1.4% to ¥1,412.50, and Nissan Motor inched up 0.4% to ¥430.80.
Yen Edged Higher Amid Narrower Rate Differential Expectations, Nikkei 225 Stock Average Rebounded Nearly 2%
Akira Ito
03 Mar, 2025
Tokyo
Stock market indexes in Tokyo surged in Monday's trading following the rebound in tech stocks on Wall Street on Friday.
The Nikkei 225 stock average soared 1.7%, and the broader TOPIX advanced 1.8%, driven by the rise in tech and defense stocks.
The yen traded at 150.12 against the U.S. dollar amid rising expectations that the Bank of Japan will continue its rate-hike campaign at the end of its policy meeting later in the month.
However, mood in Tokyo was cautious amid threats of looming U.S. tariffs on imports from Mexico and Canada from March 4 and additional tariffs on China shipments.
The yen retained an upward bias as the resurgent inflation and the possible delay in the Federal Reserve are likely to shrink the rate differential between Japan and the U.S.
The expectations of higher-for-longer interest rates in the U.S. are likely to ease the burden on the Bank of Japan in increasing rates rapidly in 2025, providing more headroom for stock market indexes in Japan.
Market sentiment has been cautious after softer-than-expected retail sales, industrial production, new home starts, and Tokyo-area inflation released last Friday divided investors about the future rate path.
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 1.7% to 37,785.47, and the TOPIX advanced 1.8% to 2,729.56.
Tokyo Electron Ltd. increased 1.6% to ¥22,380.0, Advantest Corp. added 0.2% to ¥8,128.0, and Lasertec decreased 0.7% to ¥13,275.0.
Toyota Motor increased 3.9% to ¥2,795.0, Honda Motor inched higher 1.4% to ¥1,412.50, and Nissan Motor inched up 0.4% to ¥430.80.
China's Manufacturing Activities Rebounded In February, Mixue Group Soared 40% In HK Debut
Li Chen
03 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong extended losses in the third consecutive week amid elevated international trade uncertainty.
The Hang Seng index decreased 0.2%, and the CSI 300 dropped 0.18% as investors reviewed the latest surveys on manufacturing activities.
The Purchasing Managers' Index for the manufacturing industry increased to 50.2 in February from 49.1 in January, according to an update released over the weekend by the National Bureau of Statistics.
A private survey of the manufacturing activities index expanded to 50.8 from 50.1 in January, confirming the rising activities in the sector, Caixin said in its monthly report on Monday.
Both surveys confirmed a rebound in activities, but the bounce has been milder than anticipated amid elevated trade tensions with the U.S.
Investors also looked ahead to the start of the National People's Congress on Wednesday, and lawmakers are expected to finalize the government target of fiscal spending, debt level, and economic growth in the current year.
Investors are anticipating greater clarity on the previously announced fiscal measures and an annual economic growth target of between 4% and 5%.
China Indexes and Stocks
The Hang Seng index decreased 0.2% to 22,894.14, and the CSI 300 index declined 0.2% to 3,884.60.
Tech stocks extended losses in Monday's trading as investors worried that the recent run-up in the sector may not be supported by business fundamentals.
Alibaba Group advanced 1.6% to HK $129.50, Tencent Holdings added 0.8% to HK $482.40, Baidu Inc. fell 0.5% to HK $83.05, and Meituan decreased 0.1% to HK $161.30.
Mixue Group soared more than 40% in its first day of trading to HK$285.80 after the company completed its public offering.
The bubble tea beverage chain operator priced its initial public offering at HK $202.50 per share, and the retail investor tranche of the offering was oversubscribed by 5,258 times, making it the most popular public offering ever in Hong Kong.
The company makes the bulk of its revenue by selling milk, coffee, and syrup to 45,000 stores in its global network.