China and Hog Kong Indexes Plunge Amid Tariff and Ra

Li Chen
28 Feb, 2025
Hong Kong

Stock market indexes in China and Hong Kong dropped sharply amid escalating trade tensions with the U.S. 

The Hang Seng index dropped more than 3%, and the mainland-focused CSI 300 declined 2%, as investors worried that continual increases in the U.S. tariffs will dampen China's export growth.

For the week, the Hang Seng index and the CSI 300 index declined more than 2%, and they trimmed this year's gains. 

The decline in Hong Kong indexes was driven by a sharp fall in tech and broader stock indexes on Wall Street as traders rotated out of stocks and chased rising bond yields.

The yield on the 10-year Treasury notes rose and approached 4.8%, and the additional U.S. tariffs are likely to fuel inflation, slow down economic growth, and encourage the Federal Reserve to keep higher interest rates for longer. 

The latest market sell-off was sparked by comments from the U.S. president that goods from Mexico and Canada will face 25% tariffs as of next week. 

Moreover, Chinese exports will face an additional tariff of 10% on top of the previously announced 10% tariffs a month ago.

Overall, many consumer and electronic goods shipped from mainland China now attract as much as 60% in tariffs, compared to no import tax in 2014.

Despite the Trump rhetoric and new tariffs, exports of goods made by Chinese companies to the U.S. will continue to rise over the next four years, as manufacturers shift production to Mexico, Vietnam, and the ASEAN region. 

China Indexes and Stocks

The Hang Seng index declined 3.4% to 22,918.05, and the CSI 300 index dropped 2% to 3,890.05.

Internet platform operators and advanced technology companies extended weekly losses in Friday's trading, as new U.S. tariffs could spark a slowdown in sales. 

Moreover, the DeepSeek-driven rally faced a wall of stretched valuation and growing skepticism that the emergence of affordable artificial intelligence may fall short in delivering earnings growth as widely anticipated. 

Alibaba Group Holding decreased 5.8% to HK $127.90, Tencent Holdings dropped 3.3% to HK $478.80, and JD.com fell 4.4% to HK $160.0.

India Movers: Abbott India, Cummins India, Exicom Tele-Systems, GE Vernova, Gujarat Gas, Info Edge, Symphony, Welspun

Arun Goswami
28 Feb, 2025
Mumbai

Cummins India Ltd. dropped 2.5% to ₹2,744.40 despite diesel and natural gas engine makers reporting a slight increase in net income and a 22% jump in revenue in the December quarter.

Consolidated revenue increased to ₹3,207.5 crore from ₹2,640.8 crore, after-tax profit rose to ₹558.5 crore from ₹498.9 crore, and diluted earnings per share jumped to ₹20.15 from ₹18 a year ago.

The company's board declared a third interim dividend for the financial year 2025 of ₹18 per share.

Exicom Tele-Systems Ltd. decreased 3.4% to ₹154.90 after the electric vehicle charging solution provider swung to a loss in the December quarter.

Consolidated revenue declined to ₹202.9 crore from ₹265.3 crore, after-tax losses swung to ₹49 crore from a profit of ₹9 crore, and diluted losses per share swung to ₹4.05 from a profit of 98 paisa a year ago.

Welspun Corp Ltd. fell 2.7% to ₹736.10 despite the steel and plastic pipes maker reporting a two-fold increase in net income in the December quarter.

Consolidated revenue decreased to ₹3,656.6 crore from ₹4,758.2 crore, after-tax profit rose to ₹672.2 crore from ₹293.7 crore, and diluted earnings per share jumped to ₹26.60 from ₹11.13 a year ago.

The company's board declared a third interim dividend for the financial year 2025 of ₹5 per share.

Gujarat Gas Ltd. plunged 0.9% to ₹376.75 despite the gas distribution company reporting a slight increase in revenue and net income in the December quarter.

Consolidated revenue advanced to ₹4,391 crore from ₹4,107.3 crore, net income increased to ₹221.6 crore from ₹220.3 crore, and diluted earnings per share rose to ₹3.22 from ₹3.20 a year ago.

Info Edge Ltd. declined 5% to ₹7,016.65 despite the company reporting a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue decreased to ₹9,094.8 crore from ₹9,194.5 crore, after-tax profit rose to ₹2,884.2 crore from ₹1,194.5 crore, and diluted earnings per share jumped to ₹22.18 from ₹11.26 a year ago.

The company's board declared a third interim dividend for the financial year 2025 of ₹12 per share.

Abbott India Ltd. dropped 2% to ₹2,935 after the company reported a 13% increase in revenue in the December quarter.

Consolidated revenue advanced to ₹1,686 crore from ₹1,492.8 crore, net income increased to ₹360.8 crore from ₹311 crore, and diluted earnings per share rose to ₹169.78 from ₹146.89 a year ago.

GE Vernova Ltd. fell 2.9% to ₹1,336.30 despite the energy company reporting a three-fold increase in earnings in the December quarter. 

Consolidated revenue increased to ₹1,099.4 crore from ₹834.7 crore, after-tax profit jumped to ₹142.6 crore from ₹49.3 crore, and diluted earnings per share rose to ₹5.57 from ₹1.93 a year ago.

Symphony Ltd. decreased 2% to ₹1,085.35 after the home appliances company swung to a loss in the December quarter.

Consolidated revenue advanced to ₹249 crore from ₹262 crore, after-tax losses swung to ₹10 crore from a profit of ₹41 crore, and diluted losses per share swung to ₹1.37 from a profit of ₹8.11 a year ago.

India Movers: Abbott India, Cummins India, Exicom Tele-Systems, GE Vernova, Gujarat Gas, Info Edge, Symphony, Welspun

Arun Goswami
28 Feb, 2025
Mumbai

Cummins India Ltd. dropped 2.5% to ₹2,744.40 despite diesel and natural gas engine makers reporting a slight increase in net income and a 22% jump in revenue in the December quarter.

Consolidated revenue increased to ₹3,207.5 crore from ₹2,640.8 crore, after-tax profit rose to ₹558.5 crore from ₹498.9 crore, and diluted earnings per share jumped to ₹20.15 from ₹18 a year ago.

The company's board declared a third interim dividend for the financial year 2025 of ₹18 per share.

Exicom Tele-Systems Ltd. decreased 3.4% to ₹154.90 after the electric vehicle charging solution provider swung to a loss in the December quarter.

Consolidated revenue declined to ₹202.9 crore from ₹265.3 crore, after-tax losses swung to ₹49 crore from a profit of ₹9 crore, and diluted losses per share swung to ₹4.05 from a profit of 98 paisa a year ago.

Welspun Corp Ltd. fell 2.7% to ₹736.10 despite the steel and plastic pipes maker reporting a two-fold increase in net income in the December quarter.

Consolidated revenue decreased to ₹3,656.6 crore from ₹4,758.2 crore, after-tax profit rose to ₹672.2 crore from ₹293.7 crore, and diluted earnings per share jumped to ₹26.60 from ₹11.13 a year ago.

The company's board declared a third interim dividend for the financial year 2025 of ₹5 per share.

Gujarat Gas Ltd. plunged 0.9% to ₹376.75 despite the gas distribution company reporting a slight increase in revenue and net income in the December quarter.

Consolidated revenue advanced to ₹4,391 crore from ₹4,107.3 crore, net income increased to ₹221.6 crore from ₹220.3 crore, and diluted earnings per share rose to ₹3.22 from ₹3.20 a year ago.

Info Edge Ltd. declined 5% to ₹7,016.65 despite the company reporting a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue decreased to ₹9,094.8 crore from ₹9,194.5 crore, after-tax profit rose to ₹2,884.2 crore from ₹1,194.5 crore, and diluted earnings per share jumped to ₹22.18 from ₹11.26 a year ago.

The company's board declared a third interim dividend for the financial year 2025 of ₹12 per share.

Abbott India Ltd. dropped 2% to ₹2,935 after the company reported a 13% increase in revenue in the December quarter.

Consolidated revenue advanced to ₹1,686 crore from ₹1,492.8 crore, net income increased to ₹360.8 crore from ₹311 crore, and diluted earnings per share rose to ₹169.78 from ₹146.89 a year ago.

GE Vernova Ltd. fell 2.9% to ₹1,336.30 despite the energy company reporting a three-fold increase in earnings in the December quarter. 

Consolidated revenue increased to ₹1,099.4 crore from ₹834.7 crore, after-tax profit jumped to ₹142.6 crore from ₹49.3 crore, and diluted earnings per share rose to ₹5.57 from ₹1.93 a year ago.

Symphony Ltd. decreased 2% to ₹1,085.35 after the home appliances company swung to a loss in the December quarter.

Consolidated revenue advanced to ₹249 crore from ₹262 crore, after-tax losses swung to ₹10 crore from a profit of ₹41 crore, and diluted losses per share swung to ₹1.37 from a profit of ₹8.11 a year ago.

Nvidia Corp. gained 0.1% to $131.40 after the artificial intelligence chipmaker reported a 78% revenue increase in the fourth quarter of fiscal 2025 ending in January.

Revenue increased 78% to $39.33 billion from $22.10 billion, net income jumped 80% to $22.09 billion from $12.28 billion, and earnings per diluted share rose 82% to 89 cents from 49 cents a year ago.

The company guided for the first quarter of 2026 revenue of $43.0 billion, plus or minus 2%, compared to $26.04 billion for the same period in fiscal 2025.

For 2024, earnings jumped 145% to $72.9 billion, and net income soared ninefold from 2023.

27 Feb, 2025

Morningstar Inc. traded flat at $319.96 after the financial data services company reported increased revenue in the fourth quarter ending in December.

Revenue increased 9.7% to $591.0 million from $538.7 million, consolidated net income surged 59% to $116.9 million from $73.5 million, and earnings per diluted share rose 58.5% to $2.71 from $1.71 a year ago.

In 2024, the company paid $69.3 million in dividends and repurchased $11.6 million of its shares while reducing its debt by $273.8 million.

27 Feb, 2025

eBay Inc. plunged 8% to $63.60 after the e-commerce company reported only a slight revenue increase for the fourth quarter ending in December.

Revenue increased 1% to $2.58 billion from $2.56 billion, net income dropped 7% to $680 million from $728 million, and earnings per diluted share remained flat at $1.40 compared to the same quarter a year ago.

The company guided first quarter of fiscal 2025 revenue between $2.52 billion and $2.56 billion, compared to $2.56 billion a year ago, and GAAP earnings per diluted share between 98 cents and $1.02, compared to 85 cents in the same quarter in 2024.

eBay proposed a cash dividend of 29 cents per share, payable on March 28 to stockholders on record as of March 14.

27 Feb, 2025

Bath & Body Works Inc. dropped 3.4% to $39.68 after the specialty retailer reported lower profit for the fourth quarter of fiscal 2024 ending in December.

Net sales decreased to $2.79 billion from $2.91 billion, net income declined to $453 million from $579 million, and earnings per diluted share fell to $2.09 from $2.55 a year ago.

The company guided for the first quarter of 2025 sales growth between 1% and 3%, compared to sales of $1.38 billion a year ago, and earnings per diluted share between 36 cents and 43 cents, compared to 38 cents in the first quarter of 2024.

The guidance reflects the impact of recently enacted tariffs on goods imported from China and excludes potential impacts from other possible tariff changes.

Bath & Body Works gave authorization to repurchase up to $500 million of the company’s shares, which replaced the $120 million remaining authority under the January 2024 program.

27 Feb, 2025

Salesforce Inc. dropped 4.7% to $292.80 after the cloud-based software company missed analyst expectations during the fourth quarter of fiscal 2025 ending in January.

Revenue increased to $9.99 billion from $9.29 billion, net income jumped to $1.71 billion from $1.45 billion, and earnings per diluted share climbed to $1.75 from $1.47 a year ago.

The company guided fiscal 2026 revenue between $40.5 billion and $40.9 billion, up 7% to 8% compared to $37.9 billion in fiscal 2025.

Subscription and support revenue is expected to increase by approximately 8.5% from the previous financial year.

27 Feb, 2025

Synopsys Inc. gained 2.05% to $480.09 after the electronic design automation company reported results for the first quarter of fiscal 2025 ending in January.

Revenue declined to $1.45 billion from $1.51 billion, net income dropped to $295.68 million from $449.11 million, and earnings per diluted share fell to $1.89 from $2.89 a year ago.

The company guided for the second quarter of fiscal 2025 GAAP earnings per diluted share between $2.21 and $2.33, compared to $2.89 a year ago.

Non-GAAP earnings per diluted share are estimated between $3.37 and $3.42, compared to $3.56 in the second quarter of 2024.

27 Feb, 2025

Snowflake Inc. surged 9.1% to $181.25 after the cloud-based data storage company reported a revenue increase in the fourth quarter of fiscal 2025 ending in January.

Revenue jumped to $986.77 million from $774.70 million, net loss expanded to $327.47 million from a loss of $169.35 million, and loss per diluted share increased to 99 cents from a loss of 51 cents a year ago.

The company guided for the first quarter of fiscal 2026 product revenue between $955 million and $960 million, an increase of 21% to 22% from the same period a year ago.

27 Feb, 2025

TJX Companies Inc. gained 1.8% to $124.89 after the off-price department store chain reported higher comparable sales in the fourth quarter of fiscal 2025 ending in February.

Net sales dropped to $16.35 billion from $16.41 billion, net income declined to $1.39 billion from $1.40 billion, and earnings per diluted share rose to $1.23 from $1.22 a year ago.

Consolidated comparable store sales in the quarter increased 5%, well above the company’s plan, and they were driven by an increase in customer transactions.

The company returned $4.1 billion to shareholders in fiscal 2025 through share repurchases and dividends.

27 Feb, 2025

Lowe’s Companies Inc. gained 1.9% to $247.07 after the home improvement retailer reported higher earnings in the fourth quarter ending in January.

Net sales decreased to $18.55 billion from $18.60 billion, net earnings jumped to $1.12 billion from $1.02 billion, and earnings per diluted share rose to $1.99 from $1.77 a year ago.

Comparable sales for the quarter increased 0.2%, driven by online comparable sales, strong holiday performance, and rebuilding efforts in the wake of recent hurricanes.

The company guided fiscal 2025 sales between $83.5 billion and $84.5 billion, compared to $83.67 billion in 2024, comparable sales to be flat to up 1%, and earnings per diluted share between $12.15 and $12.40, compared to $12.23 in 2024.

27 Feb, 2025

Planet Fitness Inc. eased 1.2% to $89.00 after the fitness center operator said system-wide same-club sales increased 5.5% in the fourth quarter ending in December.

Revenue increased to $340.45 million from $285.09 million, net income surged to $47.08 million from $35.34 million, and earnings per diluted share rose to 56 cents from 41 cents a year ago.

For fiscal 2025, the company estimated same-club sales growth between 5% and 6%, revenue growth of approximately 10%, and adjusted net income growth between 8% and 9%.

Planet Fitness also expects new equipment placements between 130 and 140 in franchise-owned locations and new club openings between 160 and 170 locations in 2025.

26 Feb, 2025

Dillard’s Inc. traded flat at $455.54 after the department store chain reported a slight decrease in revenue for the fourth quarter ending in February.

Net sales dropped 1% to $2.02 billion from $2.12 billion, net income declined 10.6% to $214.4 million from $250.5 million, and earnings per diluted share fell to $13.48 from $15.44 a year ago.

26 Feb, 2025

Instacart plunged 9.8% to $48.78 despite the grocery delivery company reporting revenue growth in the fourth quarter ending in December.

Revenue increased to $883 million from $803 million, net income jumped to $148 million from $135 million, and earnings per diluted share rose to 53 cents from 44 cents a year ago.

For the first quarter of 2025, the company estimated gross transaction value between $9.0 billion and $9.15 billion, compared to $8.32 billion in the same quarter in 2024, and adjusted EBITDA between $220 million and $230 million, compared to $198 million a year ago.

26 Feb, 2025