Market Update
China's Ambitious Growth Target Raises Hopes for Additional Stimulus as Debt Level Reaches New Record High
Li Chen
06 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong surged amid expectations of additional stimulus measures in support of the aggressive economic growth targets.
The Hang Seng index jumped nearly 3% and reached a 3-year high, and the benchmark index wiped out tariff-linked losses of the last two weeks.
The CSI 300 index gained more than 1%, driven by expectations that the People's Bank of China will provide additional liquidity to the financial system, lower the reference interest rate, and facilitate lending to consumers and businesses.
The National People's Congress' working papers suggested that the central government is targeting 5% annual economic growth in 2025.
The ambitious growth target will require higher spending by the government and raising the debt limit to a new record level.
Higher spending by the government will support the production of steel, cement, renewable energy products, and electric vehicle sales.
In the past, Chinese policymakers ridiculed the Japanese government for piling on the government debt despite the lack of economic growth.
However, China is pursuing the same debt-fueled, government spending-driven economic growth model of Japan, as the economy struggles to maintain elevated growth levels of the past.
Despite Beijing's economic growth target rate of 5%, China's economic growth is set to slow down to less than 3% in the next two years, driven by weaker export growth, demographic challenges, and the manufacturing industry shifting operations to other regions.
China Indexes and Markets
The Hang Seng index soared 2.6% to 24,211.62, and the broader index advanced 1.3% to 3,953.29.
Alibaba Group Holding soared 9% to HK $141.30 after the e-commerce company released a reasoning model for artificial intelligence applications.
India Movers: CMS Info Systems, Hindusthan Urban, Ramco Systems, Shree Rama Multi-Tech, Shreyans Industries, Spright Agro, Tega Industries
Arun Goswami
06 Mar, 2025
Mumbai
Tega Industries Ltd. increased 0.07% to ₹1,321.05 after the mineral processing products maker reported a 52% jump in its earnings in the December quarter.
Consolidated revenue increased to ₹420.6 crore from ₹346.7 crore, after-tax profit jumped to ₹54.2 crore from ₹35.6 crore, and diluted earnings per share rose to ₹8.15 from ₹5.34 a year ago.
Shree Rama Multi-Tech Ltd. rose 0.1% to ₹35.58 after the flexible packaging company reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹53.7 crore from ₹43.5 crore, net income advanced to ₹5.3 crore from ₹2.1 crore, and diluted earnings per share rose to 39 paisa from 16 paisa a year ago.
CMS Info Systems Ltd. fell 0.8% to ₹446.10 despite the cash management services provider reporting a 7% increase in net income in the December quarter.
Consolidated revenue increased to ₹593.2 crore from ₹590.1 crore, after-tax profit rose to ₹93.2 crore from ₹87.1 crore, and diluted earnings per share advanced to ₹5.56 from ₹5.37 a year ago.
The company's board declared a second interim dividend of ₹3.25 per share.
Shreyans Industries Limited advanced 0.2% to ₹184.64 despite the paper & forest products company reporting a 52% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹171.8 crore from ₹187.9 crore, net income dropped to ₹9.1 crore from ₹20.9 crore, and diluted earnings per share fell to ₹6.58 from ₹15.08 a year ago.
Matrimony.com Limited gained 1.1% to ₹536.60 despite the online matchmaking and marriage-related services provider reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹118.4 crore from ₹123.6 crore, after-tax profit fell to ₹10 crore from ₹11.1 crore, and diluted earnings per share declined to ₹4.54 from ₹4.99 a year ago.
Ramco Systems Ltd. declined 1.8% to ₹304.20 after the enterprise software company said net loss shrank in the December quarter
Consolidated revenue advanced to ₹157.5 crore from ₹128.8 crore, net loss shrank to ₹10 crore from ₹26.1 crore, and diluted losses per share dropped to ₹2.79 from ₹7.47 a year ago.
Hindusthan Urban Infrastructure Ltd. fell 0.3% to ₹2,370, and the company reported a marginal increase in revenue and a 60% increase in net loss in the December quarter.
Consolidated revenue increased to ₹136.6 crore from ₹130.6 crore, after-tax profit expanded to ₹13.6 crore from ₹8.5 crore, and diluted losses per share advanced to ₹50.70 from ₹38.18 a year ago.
Spright Agro Ltd. dropped 5% to ₹6.02 despite the agricultural company reporting a two-and-a-half-fold increase in revenue in the December quarter.
Consolidated revenue advanced to ₹55 crore from ₹22.4 crore, net income rose to ₹7.1 crore from ₹5.5 crore, and diluted earnings per share dropped to 7 paisa from ₹2.19 a year ago.
India Movers: CMS Info Systems, Hindusthan Urban, Ramco Systems, Shree Rama Multi-Tech, Shreyans Industries, Spright Agro, Tega Industries
Arun Goswami
06 Mar, 2025
Mumbai
Tega Industries Ltd. increased 0.07% to ₹1,321.05 after the mineral processing products maker reported a 52% jump in its earnings in the December quarter.
Consolidated revenue increased to ₹420.6 crore from ₹346.7 crore, after-tax profit jumped to ₹54.2 crore from ₹35.6 crore, and diluted earnings per share rose to ₹8.15 from ₹5.34 a year ago.
Shree Rama Multi-Tech Ltd. rose 0.1% to ₹35.58 after the flexible packaging company reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹53.7 crore from ₹43.5 crore, net income advanced to ₹5.3 crore from ₹2.1 crore, and diluted earnings per share rose to 39 paisa from 16 paisa a year ago.
CMS Info Systems Ltd. fell 0.8% to ₹446.10 despite the cash management services provider reporting a 7% increase in net income in the December quarter.
Consolidated revenue increased to ₹593.2 crore from ₹590.1 crore, after-tax profit rose to ₹93.2 crore from ₹87.1 crore, and diluted earnings per share advanced to ₹5.56 from ₹5.37 a year ago.
The company's board declared a second interim dividend of ₹3.25 per share.
Shreyans Industries Limited advanced 0.2% to ₹184.64 despite the paper & forest products company reporting a 52% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹171.8 crore from ₹187.9 crore, net income dropped to ₹9.1 crore from ₹20.9 crore, and diluted earnings per share fell to ₹6.58 from ₹15.08 a year ago.
Matrimony.com Limited gained 1.1% to ₹536.60 despite the online matchmaking and marriage-related services provider reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue decreased to ₹118.4 crore from ₹123.6 crore, after-tax profit fell to ₹10 crore from ₹11.1 crore, and diluted earnings per share declined to ₹4.54 from ₹4.99 a year ago.
Ramco Systems Ltd. declined 1.8% to ₹304.20 after the enterprise software company said net loss shrank in the December quarter
Consolidated revenue advanced to ₹157.5 crore from ₹128.8 crore, net loss shrank to ₹10 crore from ₹26.1 crore, and diluted losses per share dropped to ₹2.79 from ₹7.47 a year ago.
Hindusthan Urban Infrastructure Ltd. fell 0.3% to ₹2,370, and the company reported a marginal increase in revenue and a 60% increase in net loss in the December quarter.
Consolidated revenue increased to ₹136.6 crore from ₹130.6 crore, after-tax profit expanded to ₹13.6 crore from ₹8.5 crore, and diluted losses per share advanced to ₹50.70 from ₹38.18 a year ago.
Spright Agro Ltd. dropped 5% to ₹6.02 despite the agricultural company reporting a two-and-a-half-fold increase in revenue in the December quarter.
Consolidated revenue advanced to ₹55 crore from ₹22.4 crore, net income rose to ₹7.1 crore from ₹5.5 crore, and diluted earnings per share dropped to 7 paisa from ₹2.19 a year ago.
Wall Street Sentiment Sours After Trump's Assurances On Management of Economy Ring Hollow
Barry Adams
05 Mar, 2025
New York City
Market sentiment on Wall Street reflected the White House-induced chaos and ongoing federal government policy uncertainty.
The S&P 500 index gained 0.1%, and the Nasdaq Composite decreased 0.1%, as investors held out for a possible compromise in lowering tariffs on goods shipped from Canada and Mexico.
The U.S. tariff uncertainty has already pushed investors to lower earnings expectations in 2025, and the Federal Reserve may delay its expected rate cuts later in the year or may never happen.
Target, Best Buy, and other leading companies are planning price hikes as early as this week, reflecting higher tariffs on goods arriving from China and Mexico.
Prices of tomatoes, avocados, and fruits are also expected to jump higher after Mexican goods face a 25% tariff starting March 4.
Automobile companies are looking to pass on higher tariffs to consumers, and many carmakers are looking to raise prices by as much as 25%.
On the campaign trail, Donald Trump promised to lower prices, kill inflation, and simplify the regulatory regime for businesses; instead, consumers are paying higher prices at the gas stations and grocery stores, and businesses are lost in the new uncertainty of the tariff regime.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.1% to 5,785.68, the Nasdaq Composite edged down 0.01% to 18,23.34, and the Russell 2000 index was down 0.1% to 2,077.02.
The yield on 2-year Treasury notes edged lower to 3.92%, 10-year Treasury notes decreased to 4.21%, and 30-year Treasury bonds declined to 4.52%.
WTI crude oil decreased $1.72 to $66.53 a barrel, and natural gas prices edged lower by $0.04 to $4.31 a thermal unit.
Gold increased by $10.93 to 2,903.41 an ounce, and silver edged up by $0.14 to $32.06.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.98 to 104.76 and traded at a two-year high.
U.S. Stock Movers
AeroVironment Inc. plunged 22% to $110.0 after the advanced robotics company reported weak 2024 results, and the company guided weak sales outlook.
Revenue declined to $139.75 million from $155.92 million, net income swung to a loss of $1.75 million from a profit of $13.88 million, and net loss per diluted share was 6 cents compared to a profit of 50 cents a year ago.
The company guided for fiscal 2025 revenue between $780 million and $795 million, compared to $716.7 million a year ago, and non-GAAP earnings per diluted share between $2.92 and $3.13, compared to 43 cents in 2024.
Ross Stores increased 1.1% to $135.40, and the off-price clothes retailer reported better-than-expected earnings in the holiday-driven fourth quarter.
Abercrombie & Fitch decreased 10.2% to $85.83, and the specialty apparel retailer's fourth quarter results surpassed market expectations, but current quarter estimates fell short of market expectations.
The company guided revenue in the fiscal first quarter to increase between 4% and 6% and earnings per share between $1.25 and $1.45.
Full-year 2024 revenue increased 16% to $4.95 billion, driven by a 17% rise in comparable store sales.
The company also announced a new stock repurchase plan of $1.3 billion and plans to purchase $400 million of shares in 2025.
Wall Street Sentiment Sours After Trump's Assurances On Management of Economy Ring Hollow
Barry Adams
05 Mar, 2025
New York City
Market sentiment on Wall Street reflected the White House-induced chaos and ongoing federal government policy uncertainty.
The S&P 500 index gained 0.1%, and the Nasdaq Composite decreased 0.1%, as investors held out for a possible compromise in lowering tariffs on goods shipped from Canada and Mexico.
The U.S. tariff uncertainty has already pushed investors to lower earnings expectations in 2025, and the Federal Reserve may delay its expected rate cuts later in the year or may never happen.
Target, Best Buy, and other leading companies are planning price hikes as early as this week, reflecting higher tariffs on goods arriving from China and Mexico.
Prices of tomatoes, avocados, and fruits are also expected to jump higher after Mexican goods face a 25% tariff starting March 4.
Automobile companies are looking to pass on higher tariffs to consumers, and many carmakers are looking to raise prices by as much as 25%.
On the campaign trail, Donald Trump promised to lower prices, kill inflation, and simplify the regulatory regime for businesses; instead, consumers are paying higher prices at the gas stations and grocery stores, and businesses are lost in the new uncertainty of the tariff regime.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.1% to 5,785.68, the Nasdaq Composite edged down 0.01% to 18,23.34, and the Russell 2000 index was down 0.1% to 2,077.02.
The yield on 2-year Treasury notes edged lower to 3.92%, 10-year Treasury notes decreased to 4.21%, and 30-year Treasury bonds declined to 4.52%.
WTI crude oil decreased $1.72 to $66.53 a barrel, and natural gas prices edged lower by $0.04 to $4.31 a thermal unit.
Gold increased by $10.93 to 2,903.41 an ounce, and silver edged up by $0.14 to $32.06.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.98 to 104.76 and traded at a two-year high.
U.S. Stock Movers
AeroVironment Inc. plunged 22% to $110.0 after the advanced robotics company reported weak 2024 results, and the company guided weak sales outlook.
Revenue declined to $139.75 million from $155.92 million, net income swung to a loss of $1.75 million from a profit of $13.88 million, and net loss per diluted share was 6 cents compared to a profit of 50 cents a year ago.
The company guided for fiscal 2025 revenue between $780 million and $795 million, compared to $716.7 million a year ago, and non-GAAP earnings per diluted share between $2.92 and $3.13, compared to 43 cents in 2024.
Ross Stores increased 1.1% to $135.40, and the off-price clothes retailer reported better-than-expected earnings in the holiday-driven fourth quarter.
Abercrombie & Fitch decreased 10.2% to $85.83, and the specialty apparel retailer's fourth quarter results surpassed market expectations, but current quarter estimates fell short of market expectations.
The company guided revenue in the fiscal first quarter to increase between 4% and 6% and earnings per share between $1.25 and $1.45.
Full-year 2024 revenue increased 16% to $4.95 billion, driven by a 17% rise in comparable store sales.
The company also announced a new stock repurchase plan of $1.3 billion and plans to purchase $400 million of shares in 2025.
European Markets Soared 2% After Germany Plans to Raise Debt Limit and Accelerate Spending
Bridgette Randall
05 Mar, 2025
London
Stock market indexes in Europe soared, and bond yields advanced after German leaders agreed to raise the debt limit and step up infrastructure investment.
Benchmark indexes in Frankfurt jumped more than 3% and in Paris advanced 2% after political leaders worked out a framework to increase arms production and invest in faltering infrastructure and digitization.
Construction and defense stocks extended the rally after CDU party leader and presumed German chancellor Friedrich Merz announced a plan to invest €500 billion in building infrastructure and increasing defense production.
Heidelberg Materials soared 14.5% to €162.35, Hochtief AG jumped 12% to €170.70, and Rheinmetall AG advanced 3% to €1,154.0.
Bond yields in Frankfurt, Paris, and Milan rose sharply after the German political leaders agreed on a plan to increase borrowing to finance
The yield on 10-year German Bunds jumped 25 basis points to a 9-month high of 2.67%, and on the French government bonds advanced 21 basis points to 3.43%.
On the economic front, producer price inflation in the eurozone accelerated on a monthly and annual basis in January, according to data released by Eurostat.
Producer price inflation increased to 0.8% monthly in January, accelerating from 0.5% in December, driven by higher prices across all categories led by energy.
On an annual basis, inflation accelerated to 1.8% in January, higher than 0.1% in December, and advanced to the highest level since March 2023.
Europe Indexes and Yields
The DAX index increased by 3.4% to 23,080.66, the CAC-40 index edged higher 2.2% to 8,221.37, and the FTSE 100 index advanced by 0.8% to 8,830.48.
The yield on 10-year German bonds inched higher to 2.68%, French bonds increased to 3.35%, the UK gilts moved up to 4.60%, and Italian bonds edged higher to 3.69%.
The euro increased to $1.07; the British pound was higher at $1.28; and the U.S. dollar was lower and traded at 88.63 Swiss cents.
Brent crude decreased $0.43 to $70.60 a barrel, and the Dutch TTF natural gas was higher by €0.72 to €43.55 per MWh.
Europe Stock Movers
Beazley Plc rose 1.4% to 903.50 pence after the UK-based insurance company reported record pre-tax profit in 2024.
Bayer AG advanced 3.4% to €24.40, and the German chemical company signaled that the company may return to profit growth in the next year.
Adidas AG decreased 1.1% to €235.30, and the German sportswear company signaled a possible slowdown in sales growth in the current year following strong gains in 2024.
Schaeffler AG fell 1.3% to €4.55 after the German precision mobility parts and systems maker offered a gloomy sales outlook for 2025.
SCOR SE dropped 3.2% to €25.42, and the French insurance company said combined P&C ratio deteriorated to 83.1% in the fourth quarter, a rise of 7.5 percentage points compared to the previous year.
Flutter Entertainment PLC jumped 2.2% to 21,010.0 pence after the online gambling and sports betting company reported better-than-expected earnings in the fourth quarter.
European Markets Soared 2% After Germany Plans to Raise Debt Limit and Accelerate Spending
Bridgette Randall
05 Mar, 2025
London
Stock market indexes in Europe soared, and bond yields advanced after German leaders agreed to raise the debt limit and step up infrastructure investment.
Benchmark indexes in Frankfurt jumped more than 3% and in Paris advanced 2% after political leaders worked out a framework to increase arms production and invest in faltering infrastructure and digitization.
Construction and defense stocks extended the rally after CDU party leader and presumed German chancellor Friedrich Merz announced a plan to invest €500 billion in building infrastructure and increasing defense production.
Heidelberg Materials soared 14.5% to €162.35, Hochtief AG jumped 12% to €170.70, and Rheinmetall AG advanced 3% to €1,154.0.
Bond yields in Frankfurt, Paris, and Milan rose sharply after the German political leaders agreed on a plan to increase borrowing to finance
The yield on 10-year German Bunds jumped 25 basis points to a 9-month high of 2.67%, and on the French government bonds advanced 21 basis points to 3.43%.
On the economic front, producer price inflation in the eurozone accelerated on a monthly and annual basis in January, according to data released by Eurostat.
Producer price inflation increased to 0.8% monthly in January, accelerating from 0.5% in December, driven by higher prices across all categories led by energy.
On an annual basis, inflation accelerated to 1.8% in January, higher than 0.1% in December, and advanced to the highest level since March 2023.
Europe Indexes and Yields
The DAX index increased by 3.4% to 23,080.66, the CAC-40 index edged higher 2.2% to 8,221.37, and the FTSE 100 index advanced by 0.8% to 8,830.48.
The yield on 10-year German bonds inched higher to 2.68%, French bonds increased to 3.35%, the UK gilts moved up to 4.60%, and Italian bonds edged higher to 3.69%.
The euro increased to $1.07; the British pound was higher at $1.28; and the U.S. dollar was lower and traded at 88.63 Swiss cents.
Brent crude decreased $0.43 to $70.60 a barrel, and the Dutch TTF natural gas was higher by €0.72 to €43.55 per MWh.
Europe Stock Movers
Beazley Plc rose 1.4% to 903.50 pence after the UK-based insurance company reported record pre-tax profit in 2024.
Bayer AG advanced 3.4% to €24.40, and the German chemical company signaled that the company may return to profit growth in the next year.
Adidas AG decreased 1.1% to €235.30, and the German sportswear company signaled a possible slowdown in sales growth in the current year following strong gains in 2024.
Schaeffler AG fell 1.3% to €4.55 after the German precision mobility parts and systems maker offered a gloomy sales outlook for 2025.
SCOR SE dropped 3.2% to €25.42, and the French insurance company said combined P&C ratio deteriorated to 83.1% in the fourth quarter, a rise of 7.5 percentage points compared to the previous year.
Flutter Entertainment PLC jumped 2.2% to 21,010.0 pence after the online gambling and sports betting company reported better-than-expected earnings in the fourth quarter.
U.S. Movers: AeroVironment, CrowdStrike, Nordstrom, Target
Scott Peters
05 Mar, 2025
New York City
Nordstrom Inc. gained 0.6% to $24.39 after the full-line merchandise retailer surpassed analyst expectations in the fiscal fourth quarter ending on February 1 of 2025.
Net sales declined to $4.20 billion from $4.29 billion, net earnings increased to $165 million from $134 million, and earnings per diluted share jumped to 97 cents from 82 cents a year ago.
The company opened 23 stores during the year.
During the fourth quarter, Nordstrom closed one store and three Rack stores, and subsequent to the quarter-end, the company closed one local service hub, which will reopen as a storefront dedicated to personal styling.
Fourth-quarter total comparable sales increased 4.7%, banner comparable sales increased 5.3%, and rack comparable sales increased 3.5% versus fiscal 2023.
The company proposed a quarterly cash dividend of 19 cents per share, payable on March 26 to shareholders on record as of March 11.
AeroVironment Inc. plunged 20% to $113.50 after the provider of robotic systems to defense and commercial customers reported results for the fiscal third quarter of 2025.
Revenue declined to $139.75 million from $155.92 million, net income swung to a loss of $1.75 million from a profit of $13.88 million, and net loss per diluted share was 6 cents compared to a profit of 50 cents a year ago.
The company guided for fiscal 2025 revenue between $780 million and $795 million, compared to $716.7 million a year ago, and non-GAAP earnings per diluted share between $2.92 and $3.13, compared to 43 cents in 2024.
Non-GAAP adjusted EBITDA is estimated between $135 million and $142 million, compared to $22.2 million in 2024.
Target Corp. gained 0.4% to $117.61 after the large-format store chain operator reported fourth-quarter comparable sales growth of 1.5%, reflecting steady traffic and digital performance.
Net sales in the fourth quarter ending on February 1 dropped 3.1% to $30.91 billion from $31.92 billion, net earnings declined to $1.10 billion from $1.38 billion, and earnings per diluted share fell to $2.41 from $2.98 a year ago.
Fourth-quarter comparable sales advanced 1.5%, as digital comparable sales grew 8.7% from a year ago.
Same-day delivery powered by Target Circle 360™ grew more than 25% compared to last year.
Comparable sales in apparel and hardlines accelerated by nearly 4% as compared to the third quarter.
The company guided for fiscal 2025 net sales growth of around 1%, based on flat comparable sales growth.
Target expects a “modest increase” in its operating margin rate compared to full-year 2024, an effective tax rate between 23% and 24%, and GAAP and adjusted earnings per share between $8.80 and $9.80, compared to $8.86 in 2024.
Target paid dividends of $513 million in the fourth quarter, up 1.8% from $508 million last year.
In addition, the company repurchased $506 million of its shares, retiring 3.7 million shares at an average price of $136.89, and as of the end of the fourth quarter, Target had $8.7 billion in remaining repurchase authorization since the program’s approval in August 2021.
CrowdStrike Holdings Inc. dropped 9.3% to $353.80 after the cybersecurity solutions provider reported results for the fiscal fourth quarter of 2025 ending in January.
Revenue increased to $1.06 billion from $845.33 million, net income swung to a loss of $92.73 million from a profit of $54.94 million, and loss per diluted share was 37 cents compared to a profit of 22 cents a year ago.
The company guided for the first quarter of 2026 revenue between $1.10 billion and $1.11 billion, compared to $921 million a year ago, and non-GAAP earnings per diluted share between 64 cents and 66 cents, compared to 93 cents in the same period in 2025.
Non-GAAP net income is expected to be between $173.1 million and $180 million, compared to $231.7 million in the first quarter of 2025.
The company agreed to bring AI-powered cloud security to Oracle Cloud Infrastructure.
Europe Movers: Beazley, Dassault Systemes, Schaeffler
Inga Muller
05 Mar, 2025
Frankfurt
Dassault Systèmes SE dropped 1.8% to €38.47 after the 3DExperience platform provider reported a 9% increase in software revenue in the fiscal fourth quarter of 2024.
Total revenue jumped to €1.75 billion from €1.64 billion, net income increased to €412.0 million from €330.0 million, and earnings per diluted share rose to 30 cents from 25 cents a year ago.
The company guided for the first quarter of 2025 revenue between €1.53 billion and €1.60 billion, up 2% to 7% from €1.50 billion a year ago, and earnings per diluted share between 30 cents and 32 cents, compared to 21 cents in the same period in 2024.
Beazley Plc. dropped 1.4% to 880.50 pence despite the insurance company reporting increased earnings in fiscal 2024.
Insurance revenue increased to $5.68 billion from $5.44 billion, profit before tax jumped to $1.42 billion from $1.25 billion, and earnings per diluted share rose to 170.4 cents from 151.4 cents a year ago.
The company proposed an interim dividend of 25.0 pence per share, up from 14.2 pence per share in 2023, payable on May 2 to shareholders on record as of March 21.
The total dividend to be paid for 2024 amounts to £157.5 million, up from £94.2 million in 2023.
In addition, Beazley announced a $500 million share buyback program.
Schaeffler AG dropped 4.3% to €4.61 after the precision mobility parts maker reported full-year 2024 earnings results.
Revenue increased 11.5% to €18.19 billion from €16.31 billion, net income swung to a loss of €632 million from a profit of €309 million, and net loss per diluted share was 86 cents compared to a profit of 46 cents a year ago.
The company guided for fiscal 2025 “considerable revenue growth” driven by acquisitions, an EBIT margin before special items between 3% and 5%, compared to 4.5% in 2024, and free cash flow between zero and €200 million, compared to €363 million a year ago.
Japan Indexes Lacked Direction After US Launched Trade War with Major Partners
Akira Ito
05 Mar, 2025
Tokyo
Benchmark indexes in Japan lacked direction on Wednesday amid rising trade tensions with the U.S.
The Nikkei 225 stock average increased 0.3%, the broader TOPIX gained 0.25%, and the yen hovered at 149.69 against the U.S. dollar.
Market sentiment in Tokyo was cautious amid worries of additional U.S. tariffs on Japanese exports.
The U.S. launched a trade war by placing a 25% tariff on shipments from Mexico and Canada and 20% on goods from China.
The U.S. placed tariffs on three leading trade partners, and the White House threatened to place tariffs on shipments from Japan and the European Union.
The elevated trade tension kept market sentiment in check, and stocks of automobile makers, semiconductor equipment makers, and industrial companies led the decliners for the third day in a row.
The yen edged higher against the U.S. dollar amid rising speculation that the Bank of Japan will continue its rate-hike campaign and raise rates by at least 15 basis points at the end of the policy meeting later in the month.
The Au Jibun Bank Japan Services PMI was revised higher to 53.7 in February, up from a flash estimate of 53.1 and 53.0 in January, according to data released by S&P Global on Wednesday.
The service sector activities expanded for the fourth month in a row and rose to the highest level since August, driven by a surge in export orders.
Business sentiment remained positive amid expansion plans, but the degree of optimism eased to a four-month low.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.3% to 37,444.11, and the broader TOPIX advanced 0.3% to 2,720.09.
Yokogawa Electric rose 6.5% to ¥3,005.0, Furukawa Electric jumped 4.4% to ¥5,930.0, and Fujikura Ltd. soared 7.4% to ¥6,239.0.
Japan Indexes Lacked Direction After US Launched Trade War with Major Partners
Akira Ito
05 Mar, 2025
Tokyo
Benchmark indexes in Japan lacked direction on Wednesday amid rising trade tensions with the U.S.
The Nikkei 225 stock average increased 0.3%, the broader TOPIX gained 0.25%, and the yen hovered at 149.69 against the U.S. dollar.
Market sentiment in Tokyo was cautious amid worries of additional U.S. tariffs on Japanese exports.
The U.S. launched a trade war by placing a 25% tariff on shipments from Mexico and Canada and 20% on goods from China.
The U.S. placed tariffs on three leading trade partners, and the White House threatened to place tariffs on shipments from Japan and the European Union.
The elevated trade tension kept market sentiment in check, and stocks of automobile makers, semiconductor equipment makers, and industrial companies led the decliners for the third day in a row.
The yen edged higher against the U.S. dollar amid rising speculation that the Bank of Japan will continue its rate-hike campaign and raise rates by at least 15 basis points at the end of the policy meeting later in the month.
The Au Jibun Bank Japan Services PMI was revised higher to 53.7 in February, up from a flash estimate of 53.1 and 53.0 in January, according to data released by S&P Global on Wednesday.
The service sector activities expanded for the fourth month in a row and rose to the highest level since August, driven by a surge in export orders.
Business sentiment remained positive amid expansion plans, but the degree of optimism eased to a four-month low.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.3% to 37,444.11, and the broader TOPIX advanced 0.3% to 2,720.09.
Yokogawa Electric rose 6.5% to ¥3,005.0, Furukawa Electric jumped 4.4% to ¥5,930.0, and Fujikura Ltd. soared 7.4% to ¥6,239.0.
India Movers: BASF, Birla Corp, Everest Industries, GTL Ltd., Max Financial, Thermax, V-Mart Retail
Arun Goswami
05 Mar, 2025
Mumbai
Thermax Ltd. increased 0.6% to ₹3,230.15, and the engineering company reported a slight increase in revenue and a 45% decline in profit in the December quarter.
Consolidated revenue increased to ₹2,539.3 crore from ₹2,382.7 crore, after-tax profit fell to ₹113.7 crore from ₹242.9 crore, and diluted earnings per share dropped to ₹10.29 from ₹21.17 a year ago.
V-Mart Retail Ltd. advanced 0.1% to ₹2,888.75 after the retailer reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹1,030.1 crore from ₹902.1 crore, net income jumped to ₹71.6 crore from ₹28.2 crore, and diluted earnings per share rose to ₹35.82 from ₹14.20 a year ago.
Everest Industries Ltd. rose 1.5% to ₹504 despite the building materials manufacturer swinging to a loss in the December quarter.
Consolidated revenue increased to ₹370.8 crore from ₹359.9 crore, after-tax losses swung to ₹11.85 crore from a profit of ₹1.5 crore, and diluted losses per share swung to ₹7.49 from a profit of 98 paisa a year ago.
Max Financial Services gained 0.2% to ₹1005.50 despite the financial management service provider reporting a 60% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹8,927.4 crore from ₹12,359.2 crore, net income dropped to ₹69.8 crore from ₹171.2 crore, and diluted earnings per share fell to ₹1.62 from ₹4.30 a year ago.
BASF India Ltd. edged higher 2.3% to ₹4526.05 after the chemical maker reported a slight increase in revenue and a 26% decline in profit in the December quarter.
Consolidated revenue increased to ₹3,777.7 crore from ₹3,352.7 crore, after-tax profit declined to ₹103.5 crore from ₹140 crore, and diluted earnings per share fell to ₹23.9 from ₹32.3 a year ago.
Birla Corporation Limited inched higher 1.6% to ₹965.50 after the cement and jute goods maker reported 71% drops in profit in the December quarter.
Consolidated revenue decreased to ₹2,272.1 crore from ₹2,326.8 crore, net income dropped to ₹31.2 crore from ₹109.1 crore, and diluted earnings per share fell to ₹4.06 from ₹14.17 a year ago.
Sharda Motor Industries Ltd. rose 2.5% to ₹1610.05 after the company reported a slight increase in revenue and a marginal decline in net in the December quarter.
Consolidated revenue increased to ₹710.9 crore from ₹710.8 crore, after-tax profit fell to ₹75.4 crore from ₹76 crore, and diluted earnings per share advanced to ₹25.63 from ₹25.55 a year ago.
GTL Ltd. jumped 4.1% to ₹8.71 after the network services company swung to a loss in the December quarter.
Consolidated revenue advanced to ₹51.23 crore from ₹46.1 crore, after-tax losses swung to ₹41.8 crore from a profit of ₹3.8 crore, and diluted losses per share swung to ₹2.66 from a profit of 24 paisa a year ago.
India Movers: BASF, Birla Corp, Everest Industries, GTL Ltd., Max Financial, Thermax, V-Mart Retail
Arun Goswami
05 Mar, 2025
Mumbai
Thermax Ltd. increased 0.6% to ₹3,230.15, and the engineering company reported a slight increase in revenue and a 45% decline in profit in the December quarter.
Consolidated revenue increased to ₹2,539.3 crore from ₹2,382.7 crore, after-tax profit fell to ₹113.7 crore from ₹242.9 crore, and diluted earnings per share dropped to ₹10.29 from ₹21.17 a year ago.
V-Mart Retail Ltd. advanced 0.1% to ₹2,888.75 after the retailer reported a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹1,030.1 crore from ₹902.1 crore, net income jumped to ₹71.6 crore from ₹28.2 crore, and diluted earnings per share rose to ₹35.82 from ₹14.20 a year ago.
Everest Industries Ltd. rose 1.5% to ₹504 despite the building materials manufacturer swinging to a loss in the December quarter.
Consolidated revenue increased to ₹370.8 crore from ₹359.9 crore, after-tax losses swung to ₹11.85 crore from a profit of ₹1.5 crore, and diluted losses per share swung to ₹7.49 from a profit of 98 paisa a year ago.
Max Financial Services gained 0.2% to ₹1005.50 despite the financial management service provider reporting a 60% plunge from a year ago in quarterly profit.
Consolidated revenue declined to ₹8,927.4 crore from ₹12,359.2 crore, net income dropped to ₹69.8 crore from ₹171.2 crore, and diluted earnings per share fell to ₹1.62 from ₹4.30 a year ago.
BASF India Ltd. edged higher 2.3% to ₹4526.05 after the chemical maker reported a slight increase in revenue and a 26% decline in profit in the December quarter.
Consolidated revenue increased to ₹3,777.7 crore from ₹3,352.7 crore, after-tax profit declined to ₹103.5 crore from ₹140 crore, and diluted earnings per share fell to ₹23.9 from ₹32.3 a year ago.
Birla Corporation Limited inched higher 1.6% to ₹965.50 after the cement and jute goods maker reported 71% drops in profit in the December quarter.
Consolidated revenue decreased to ₹2,272.1 crore from ₹2,326.8 crore, net income dropped to ₹31.2 crore from ₹109.1 crore, and diluted earnings per share fell to ₹4.06 from ₹14.17 a year ago.
Sharda Motor Industries Ltd. rose 2.5% to ₹1610.05 after the company reported a slight increase in revenue and a marginal decline in net in the December quarter.
Consolidated revenue increased to ₹710.9 crore from ₹710.8 crore, after-tax profit fell to ₹75.4 crore from ₹76 crore, and diluted earnings per share advanced to ₹25.63 from ₹25.55 a year ago.
GTL Ltd. jumped 4.1% to ₹8.71 after the network services company swung to a loss in the December quarter.
Consolidated revenue advanced to ₹51.23 crore from ₹46.1 crore, after-tax losses swung to ₹41.8 crore from a profit of ₹3.8 crore, and diluted losses per share swung to ₹2.66 from a profit of 24 paisa a year ago.