Market Update
Stock Markets Brace for Earnings Reports, Tariff Turmoil Keeps Recession Worry Alive
Barry Adams
15 Apr, 2025
New York City
U.S. stocks struggled to advance as investors shifted their attention to corporate earnings amid ongoing tariff turmoil.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.3% as investors reviewed the latest quarterly results from banks and pharma companies.
Bank of America, Citigroup, Goldman Sachs, Johnson & Johnson, and Netflix were in focus after they released earnings.
Market sentiment has seesawed amid constantly changing U.S. trade policy as the Trump administration attempts to pass on its elevated tariff rates as a part of negotiating tactics while claiming to create jobs in the sector in the long run.
Over the last three weeks, Donald Trump announced a high import tax covering all imports worth about $3.5 trillion, an effort to revive the domestic manufacturing industry and stem job losses.
The manufacturing industry's share of jobs has steadily declined to 8% in 2025 from as high as 35% in the early sixties.
About two-thirds of jobs lost in the manufacturing sector over the last four decades have resulted from companies improving their operations and automation.
About 12.7 million people are employed in the manufacturing sector, according to U.S. Bureau of Labor Statistics data.
Moreover, the Trump administration is planning to raise $700 billion in new annual revenue through the imposition of tariffs or import taxes, but none of that revenue will be used to expand the manufacturing sector or pay down the federal government debt of $36 trillion.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.6% to 5,441.14, the Nasdaq Composite edged up 0.7% to 16,948.92, and the Russell 2000 index was up 0.1% to 1,883.12.
The yield on 2-year Treasury notes edged higher to 3.84%, 10-year Treasury notes increased to 4.38%, and 30-year Treasury bonds advanced to 4.83%.
WTI crude oil decreased $0.18 to $61.35 a barrel, and natural gas prices edged lower by $0.03 to $3.30 a thermal unit.
Gold increased by $11.47 to 3,223.65 an ounce, and silver edged down by $0.01 to $32.29.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.19 to 99.83, and it traded at the lowest level since April 2022.
U.S. Movers
Bank of America edged up 2% to $37.78 after the financial services company reported better-than-expected quarterly earnings.
The company's revenue rose to $27.51 billion, and earnings per share advanced to 90 cents, driven by strong net interest income and trading revenue.
ON Semiconductor Corp. advanced 1% to $35.70 after the company withdrew its all-cash offer to acquire Allegro MicroSystems for $35.10 per share.
Allegro MicroSystems tumbled 8.5% to $20.05.
Johnson & Johnson declined 1% to $152.80, and the pharmaceutical company's quarterly results surpassed market expectations.
Netflix Inc. advanced 2% to $951.39, and the streaming services provider reported better-than-expected earnings.
American Airlines Group decreased 0.3% to $9.55, and the company plans to offer in-flight Wi-Fi for free in 2026 to members of its AAdvantage loyalty program.
Citigroup Inc. gained 0.6% to $63.58 after the financial service provider reported first quarter 2025 results.
Revenue increased 3% to $21.60 billion from $21.02 billion, net income jumped 21% to $4.06 billion from $3.37 billion, and diluted earnings per share rose to $1.96 from $1.58 a year ago.
The company’s operating expenses were down 5% to $13.4 billion compared to the prior year.
The financial services company returned a total of approximately $2.8 billion to common shareholders during the quarter in the form of dividends and share repurchases.
Stock Markets Brace for Earnings Reports, Tariff Turmoil Keeps Recession Worry Alive
Barry Adams
15 Apr, 2025
New York City
U.S. stocks struggled to advance as investors shifted their attention to corporate earnings amid ongoing tariff turmoil.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.3% as investors reviewed the latest quarterly results from banks and pharma companies.
Bank of America, Citigroup, Goldman Sachs, Johnson & Johnson, and Netflix were in focus after they released earnings.
Market sentiment has seesawed amid constantly changing U.S. trade policy as the Trump administration attempts to pass on its elevated tariff rates as a part of negotiating tactics while claiming to create jobs in the sector in the long run.
Over the last three weeks, Donald Trump announced a high import tax covering all imports worth about $3.5 trillion, an effort to revive the domestic manufacturing industry and stem job losses.
The manufacturing industry's share of jobs has steadily declined to 8% in 2025 from as high as 35% in the early sixties.
About two-thirds of jobs lost in the manufacturing sector over the last four decades have resulted from companies improving their operations and automation.
About 12.7 million people are employed in the manufacturing sector, according to U.S. Bureau of Labor Statistics data.
Moreover, the Trump administration is planning to raise $700 billion in new annual revenue through the imposition of tariffs or import taxes, but none of that revenue will be used to expand the manufacturing sector or pay down the federal government debt of $36 trillion.
U.S. Movers
Bank of America edged up 2% to $37.78 after the financial services company reported better-than-expected quarterly earnings.
The company's revenue rose to $27.51 billion, and earnings per share advanced to 90 cents, driven by strong net interest income and trading revenue.
ON Semiconductor Corp. advanced 1% to $35.70 after the company withdrew its all-cash offer to acquire Allegro MicroSystems for $35.10 per share.
Allegro MicroSystems tumbled 8.5% to $20.05.
Johnson & Johnson declined 1% to $152.80, and the pharmaceutical company's quarterly results surpassed market expectations.
Netflix Inc. advanced 2% to $951.39, and the streaming services provider reported better-than-expected earnings.
American Airlines Group decreased 0.3% to $9.55, and the company plans to offer in-flight Wi-Fi for free in 2026 to members of its AAdvantage loyalty program.
Citigroup Inc. gained 0.6% to $63.58 after the financial service provider reported first quarter 2025 results.
Revenue increased 3% to $21.60 billion from $21.02 billion, net income jumped 21% to $4.06 billion from $3.37 billion, and diluted earnings per share rose to $1.96 from $1.58 a year ago.
The company’s operating expenses were down 5% to $13.4 billion compared to the prior year.
The financial services company returned a total of approximately $2.8 billion to common shareholders during the quarter in the form of dividends and share repurchases.
European Markets Retain Upward Bias as Earnings Season Gains Momentum
Bridgette Randall
15 Apr, 2025
London
European markets advanced as earnings season gained momentum and optimism rose about the possible pause on U.S. tariffs on auto imports.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced between 1% and 2%, and investors shifted their focus to the latest earnings results.
Luxury stocks declined after LVMH reported a larger-than-expected decrease in first-quarter sales.
Automobile stocks advanced after the U.S. president signaled a possible pause on tariffs to give manufacturers time to expand their U.S. operations.
On the economic front, Germany's wholesale price inflation slowed in March, but prices rose for the fourth consecutive month, according to the Federal Statistical Office.
Wholesale price inflation slowed to 1.3% in March from a two-year high of 1.6% in the previous month, largely driven by a 44% surge in prices for tea, coffee, cocoa, and spices.
Europe Indexes and Yields
The DAX index increased by 0.8% to 21,117.30, the CAC-40 index edged lower by 0.2% to 7,258.36, and the FTSE 100 index advanced by 0.6% to 8,187.36.
The yield on 10-year German bonds inched lower to 2.50%, French bonds decreased to 3.26%, UK gilts moved down to 4.65%, and Italian bonds edged lower to 3.68%.
The euro decreased to $1.13; the British pound was higher at $1.32; and the U.S. dollar was higher and traded at 81.77 Swiss cents.
Brent crude increased $0.43 to $65.31 a barrel, and the Dutch TTF natural gas was lower by €0.24 to €34.39 per MWh.
Europe Movers
LVMH declined 6.6% to €494.90, and the luxury retailer reported a larger-than-expected 3% decline in sales in the first quarter, largely because of the weakness in sales in the U.S.
Luxury stocks declined after the weaker-than-expected results from LVMH dampened sentiment in the sector.
Salvatore Ferragamo dropped 7.2% to €5.01, Hermes International SCA decreased 0.9% to €2,334.0, and Kering SA fell 1.6% to €168.50.
Automobile stocks advanced after the U.S. president said he may pause tariffs on automobile products to give automakers more time to expand U.S. production.
Mercedes-Benz Group increased 3.2% to €50.83, BMW AG gained 3.4% to €71.0, and VW Group advanced 3.7% to €90.62.
Publicis Groupe SA jumped 2.2% to €85.80 after the French public relations company reported a 9.4% rise in revenue in the first quarter and reaffirmed its 2025 outlook.
European Markets Retain Upward Bias as Earnings Season Gains Momentum
Bridgette Randall
15 Apr, 2025
London
European markets advanced as earnings season gained momentum and optimism rose about the possible pause on U.S. tariffs on auto imports.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced between 1% and 2%, and investors shifted their focus to the latest earnings results.
Luxury stocks declined after LVMH reported a larger-than-expected decrease in first-quarter sales.
Automobile stocks advanced after the U.S. president signaled a possible pause on tariffs to give manufacturers time to expand their U.S. operations.
On the economic front, Germany's wholesale price inflation slowed in March, but prices rose for the fourth consecutive month, according to the Federal Statistical Office.
Wholesale price inflation slowed to 1.3% in March from a two-year high of 1.6% in the previous month, largely driven by a 44% surge in prices for tea, coffee, cocoa, and spices.
Europe Indexes and Yields
The DAX index increased by 0.8% to 21,117.30, the CAC-40 index edged lower by 0.2% to 7,258.36, and the FTSE 100 index advanced by 0.6% to 8,187.36.
The yield on 10-year German bonds inched lower to 2.50%, French bonds decreased to 3.26%, UK gilts moved down to 4.65%, and Italian bonds edged lower to 3.68%.
The euro decreased to $1.13; the British pound was higher at $1.32; and the U.S. dollar was higher and traded at 81.77 Swiss cents.
Brent crude increased $0.43 to $65.31 a barrel, and the Dutch TTF natural gas was lower by €0.24 to €34.39 per MWh.
Europe Movers
LVMH declined 6.6% to €494.90, and the luxury retailer reported a larger-than-expected 3% decline in sales in the first quarter, largely because of the weakness in sales in the U.S.
Luxury stocks declined after the weaker-than-expected results from LVMH dampened sentiment in the sector.
Salvatore Ferragamo dropped 7.2% to €5.01, Hermes International SCA decreased 0.9% to €2,334.0, and Kering SA fell 1.6% to €168.50.
Automobile stocks advanced after the U.S. president said he may pause tariffs on automobile products to give automakers more time to expand U.S. production.
Mercedes-Benz Group increased 3.2% to €50.83, BMW AG gained 3.4% to €71.0, and VW Group advanced 3.7% to €90.62.
Publicis Groupe SA jumped 2.2% to €85.80 after the French public relations company reported a 9.4% rise in revenue in the first quarter and reaffirmed its 2025 outlook.
U.S. Movers: Citigroup, Goldman Sachs
Scott Peters
15 Apr, 2025
New York City
The Goldman Sachs Group Inc. eased 0.4% to $502.06 after the financial service reported first-quarter 2025 results.
Revenue climbed to $15.06 billion from $14.21 billion, net earnings edged up to $4.58 billion from $3.93 billion, and diluted earnings per share rose to $14.12 from $11.58 a year ago.
Operating expenses were $9.13 billion in the quarter, 5% higher than the same period a year earlier and 10% higher than the fourth quarter of 2024.
Equities revenue increased to $4.19 billion from $3.31 billion, and investment banking fees edged down to $1.92 billion from $2.08 billion a year earlier.
Commissions and fees in the quarter jumped to $1.23 billion from $1.08 billion a year ago.
Total assets under supervision climbed to $3.17 trillion from $2.85 trillion, with equity increasing to $771 billion from $713 billion and fixed income rising to $1.22 trillion from $1.14 trillion a year ago.
The company proposed a dividend of $3.00 per share, payable on June 27 to shareholders on record as of May 30.
In addition, Goldman Sachs approved a share repurchase program for up to $40 billion of common stock.
During the first quarter, the bank repurchased $4.36 billion of its common stock, 7.1 million shares at an average cost of $610.57, and paid $976 million in dividends.
Citigroup Inc. gained 0.6% to $63.58 after the banking company reported results for the first quarter of 2025.
Revenue increased 3% to $21.60 billion from $21.02 billion, net income jumped 21% to $4.06 billion from $3.37 billion, and diluted earnings per share rose to $1.96 from $1.58 a year ago.
The company’s operating expenses were down 5% to $13.4 billion compared to the prior year.
The financial services company returned a total of approximately $2.8 billion to common shareholders during the quarter in the form of dividends and share repurchases.
U.S. Movers: Citigroup, Goldman Sachs
Scott Peters
15 Apr, 2025
New York City
The Goldman Sachs Group Inc. eased 0.4% to $502.06 after the financial service reported first-quarter 2025 results.
Revenue climbed to $15.06 billion from $14.21 billion, net earnings edged up to $4.58 billion from $3.93 billion, and diluted earnings per share rose to $14.12 from $11.58 a year ago.
Operating expenses were $9.13 billion in the quarter, 5% higher than the same period a year earlier and 10% higher than the fourth quarter of 2024.
The company proposed a dividend of $3.00 per share, payable on June 27 to shareholders on record as of May 30.
In addition, Goldman Sachs approved a share repurchase program for up to $40 billion of common stock.
During the first quarter, the bank returned $4.36 billion of common share repurchases, 7.1 million shares at an average cost of $610.57, and $976 million of common in dividends.
Europe Movers: Ashmore, Ericsson, LVMH, Publicis Groupe, Sika
Inga Muller
15 Apr, 2025
Frankfurt
LVMH gained 1.1% to €530.10 after the French luxury products retailer reported muted results in the first quarter of 2025.
Total revenue declined to €20.31 billion from €20.69 billion a year ago, as the wine and spirits segment sales dropped 8% and fashion and leather goods sales fell 4%.
“Europe once again achieved growth on a constant consolidation scope and currency basis, while the United States saw a slight decline,” the company said in a release to investors.
Japan sales declined from a year ago, which had been boosted by strong growth in Chinese consumer spending in the country, LVMH added in the statement.
Ericsson surged 4.2% to 73.60 krona after the Swedish telecom company said net income jumped in the first quarter of 2025.
Net sales climbed 3% to SEK 55.02 billion from SEK 53.32 billion, net income jumped to SEK 4.15 billion from SEK 2.56 billion, and diluted earnings per share rose to SEK 1.24 from 77 cents a year ago.
The company expanded its presence in the U.S. market to 45% of sales, compared to 37% of sales in the first quarter of 2024.
Sika AG gained 2.4% to CHF 197.70 after the specialty chemicals company reported revenue results for the first quarter of 2025.
Sales increased to CHF 2.68 billion from CHF 2.65 billion a year ago, with an acquisition effect of 1%.
The company plans to acquire Singapore-based Elmich, UK-based Cromar, and US-based HPS and is working to open new factories in Singapore, China, Ecuador, and Kazakhstan.
Sika has confirmed its outlook for fiscal 2025 but cited increased market uncertainties from potentially prolonged trade conflicts.
The company guided 2025 sales growth in local currencies between 3% and 6%, compared to CHF 11.76 billion in 2024, and an EBITDA margin between 19.5% and 19.8%, compared to 19.3% a year earlier.
Ashmore Group Plc plunged 6.4% to 125.10 pence after the UK-based emerging market investment manager released its assets under management report.
Total assets in the third quarter ending in March declined 5% to $46.2 billion, compared to $48.8 billion in the quarter ending in December.
“Emerging markets performed well over the quarter on the back of economic resilience together with the benefit of a weaker US dollar and strength in the euro as a consequence of planned fiscal expansion in Europe,” the company said in a release to investors.
However, individual institutional asset allocation decisions resulted in a net outflow for the quarter, the company added in the statement.
Publicis Groupe S.A. traded flat at €84.02 after the French public relations company reported higher sales in the first quarter of 2025.
Revenue surged 9.4% to €3.53 billion from €3.23 billion a year ago, helped by key acquisitions in Australia, Latin America, and Canada.
The company guided fiscal 2025 sales to increase between 4% and 5% and estimated a slight increase in operating margin rate, compared to its industry-high level of 18% in 2024, along with a free cash flow projection between €1.9 billion and €2 billion.
Europe Movers: Ashmore, Ericsson, LVMH, Publicis Groupe, Sika
Inga Muller
15 Apr, 2025
Frankfurt
LVMH gained 1.1% to €530.10 after the French luxury products retailer reported muted results in the first quarter of 2025.
Total revenue declined to €20.31 billion from €20.69 billion a year ago, as the wine and spirits segment sales dropped 8% and fashion and leather goods sales fell 4%.
“Europe once again achieved growth on a constant consolidation scope and currency basis, while the United States saw a slight decline,” the company said in a release to investors.
Japan sales declined from a year ago, which had been boosted by strong growth in Chinese consumer spending in the country, LVMH added in the statement.
Ericsson surged 4.2% to 73.60 krona after the Swedish telecom company said net income jumped in the first quarter of 2025.
Net sales climbed 3% to SEK 55.02 billion from SEK 53.32 billion, net income jumped to SEK 4.15 billion from SEK 2.56 billion, and diluted earnings per share rose to SEK 1.24 from 77 cents a year ago.
The company expanded its presence in the U.S. market to 45% of sales, compared to 37% of sales in the first quarter of 2024.
Sika AG gained 2.4% to CHF 197.70 after the specialty chemicals company reported revenue results for the first quarter of 2025.
Sales increased to CHF 2.68 billion from CHF 2.65 billion a year ago, with an acquisition effect of 1%.
The company plans to acquire Singapore-based Elmich, UK-based Cromar, and US-based HPS and is working to open new factories in Singapore, China, Ecuador, and Kazakhstan.
Sika has confirmed its outlook for fiscal 2025 but cited increased market uncertainties from potentially prolonged trade conflicts.
The company guided 2025 sales growth in local currencies between 3% and 6%, compared to CHF 11.76 billion in 2024, and an EBITDA margin between 19.5% and 19.8%, compared to 19.3% a year earlier.
Ashmore Group Plc plunged 6.4% to 125.10 pence after the UK-based emerging market investment manager released its assets under management report.
Total assets in the third quarter ending in March declined 5% to $46.2 billion, compared to $48.8 billion in the quarter ending in December.
“Emerging markets performed well over the quarter on the back of economic resilience together with the benefit of a weaker US dollar and strength in the euro as a consequence of planned fiscal expansion in Europe,” the company said in a release to investors.
However, individual institutional asset allocation decisions resulted in a net outflow for the quarter, the company added in the statement.
Publicis Groupe S.A. traded flat at €84.02 after the French public relations company reported higher sales in the first quarter of 2025.
Revenue surged 9.4% to €3.53 billion from €3.23 billion a year ago, helped by key acquisitions in Australia, Latin America, and Canada.
The company guided fiscal 2025 sales to increase between 4% and 5% and estimated a slight increase in operating margin rate, compared to its industry-high level of 18% in 2024, along with a free cash flow projection between €1.9 billion and €2 billion.
India Movers: BF Utilities, OK Play, Anand Rathi, United Spirits, Sona BLW, 20 Microns, Capri Global
Arun Goswami
15 Apr, 2025
Mumbai
BF Utilities Ltd. increased 1.4% to ₹759.10 after the wind power generator and infrastructure activities operator reported a rise in net income in the latest quarter.
Consolidated revenue eased to ₹216.3 crore from ₹250.7 crore, net income jumped to ₹83.9 crore from ₹76 crore, and diluted earnings per share rose to ₹9.21 from ₹9.91 a year ago.
OK Play India Ltd. rose 1.4% to ₹11.75 despite the plastic products maker reporting a four-fold increase in net loss in the fiscal fourth quarter.
Consolidated revenue in the March quarter decreased to ₹58.8 crore from ₹60.32 crore, and net loss expanded to ₹2.7 crore from ₹0.7 crore, and diluted losses per share expanded to 7 paise from a loss of 1 paisa a year ago.
For the fiscal year 2025, revenue declined to ₹175.1 crore from ₹185 crore, and net loss declined to ₹0.8 crore from ₹1.1 crore. Diluted losses per share dropped to ₹2 paise from ₹4 paise a year ago.
Anand Rathi Wealth Ltd. fell 1.1% to ₹1,785 despite the wealth management company reporting a 30% increase in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹241.4 crore from ₹197.2 crore, and profit after tax advanced to ₹73.7 crore from ₹56.8 crore, and diluted earnings per share rose to ₹8.87 from ₹6.80 a year ago.
For the fiscal year 2025, revenue advanced to ₹980.7 crore from ₹752 crore, profit after tax increased to ₹300.8 crore from ₹225.8 crore, and diluted earnings per share soared to ₹36.17 from ₹27.02 a year ago.
The company's board declared a final dividend of ₹5 per share.
Tata Consultancy Services rose 0.7% to ₹3,254.90 after the IT services, consulting, infrastructure, and business solutions provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹65,507 crore from ₹62,394 crore, profit after tax declined to ₹12,293 crore from ₹12,502 crore, and diluted earnings per share fell to ₹33.79 crore from ₹34.37 a year ago.
For the fiscal year 2025, revenue advanced to ₹2,59,286 crore from ₹2,45,315 crore, profit after tax rose to ₹48,797 crore from ₹46,099 crore, and diluted earnings per share soared to ₹134.19 from ₹125.88 a year ago.
The company's board recommended a final dividend of ₹26 per share.
United Spirits Ltd. rose 0.7% to ₹1,486 after the alcoholic beverage manufacturer reported an 11% increase in revenue and a marginal decline in net income in the December quarter.
Consolidated revenue advanced to ₹7,804 crore from ₹7,014 crore, net income declined to ₹335 crore from ₹350 crore, and diluted earnings per share fell to ₹4.72 from ₹4.93 a year ago.
Sona BLW Precision Forgings Ltd. jumped 7% to ₹460.20 after the automotive component company reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹914.7 crore from ₹781.5 crore, net income jumped to ₹150.7 crore from ₹133.5 crore, and diluted earnings per share rose to ₹2.43 from ₹2.26 a year ago.
The company's board declared an interim dividend of ₹1.60 per share.
20 Microns Ltd. inched higher 4.3% to ₹203.50 after the mineral and chemical manufacturers reported a 30% advance in net income in the December quarter.
Consolidated revenue advanced to ₹216.1 crore from ₹175.3 crore, after-tax profit increased to ₹12.9 crore from ₹11.5 crore, and diluted earnings per share rose to ₹3.65 from ₹3.25 a year ago.
Capri Global Capital Limited gained 1.2% to ₹158.90 after the non-banking financial company reported an 89% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹821.8 crore from ₹605.9 crore, after-tax profit increased to ₹128 crore from ₹67.9 crore, and diluted earnings per share rose to ₹1.54 from 85 paise a year ago.
India Movers: BF Utilities, OK Play, Anand Rathi, United Spirits, Sona BLW, 20 Microns, Capri Global
Arun Goswami
15 Apr, 2025
Mumbai
BF Utilities Ltd. increased 1.4% to ₹759.10 after the wind power generator and infrastructure activities operator reported a rise in net income in the latest quarter.
Consolidated revenue eased to ₹216.3 crore from ₹250.7 crore, net income jumped to ₹83.9 crore from ₹76 crore, and diluted earnings per share rose to ₹9.21 from ₹9.91 a year ago.
OK Play India Ltd. rose 1.4% to ₹11.75 despite the plastic products maker reporting a four-fold increase in net loss in the fiscal fourth quarter.
Consolidated revenue in the March quarter decreased to ₹58.8 crore from ₹60.32 crore, and net loss expanded to ₹2.7 crore from ₹0.7 crore, and diluted losses per share expanded to 7 paise from a loss of 1 paisa a year ago.
For the fiscal year 2025, revenue declined to ₹175.1 crore from ₹185 crore, and net loss declined to ₹0.8 crore from ₹1.1 crore. Diluted losses per share dropped to ₹2 paise from ₹4 paise a year ago.
Anand Rathi Wealth Ltd. fell 1.1% to ₹1,785 despite the wealth management company reporting a 30% increase in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹241.4 crore from ₹197.2 crore, and profit after tax advanced to ₹73.7 crore from ₹56.8 crore, and diluted earnings per share rose to ₹8.87 from ₹6.80 a year ago.
For the fiscal year 2025, revenue advanced to ₹980.7 crore from ₹752 crore, profit after tax increased to ₹300.8 crore from ₹225.8 crore, and diluted earnings per share soared to ₹36.17 from ₹27.02 a year ago.
The company's board declared a final dividend of ₹5 per share.
Tata Consultancy Services rose 0.7% to ₹3,254.90 after the IT services, consulting, infrastructure, and business solutions provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹65,507 crore from ₹62,394 crore, profit after tax declined to ₹12,293 crore from ₹12,502 crore, and diluted earnings per share fell to ₹33.79 crore from ₹34.37 a year ago.
For the fiscal year 2025, revenue advanced to ₹2,59,286 crore from ₹2,45,315 crore, profit after tax rose to ₹48,797 crore from ₹46,099 crore, and diluted earnings per share soared to ₹134.19 from ₹125.88 a year ago.
The company's board recommended a final dividend of ₹26 per share.
United Spirits Ltd. rose 0.7% to ₹1,486 after the alcoholic beverage manufacturer reported an 11% increase in revenue and a marginal decline in net income in the December quarter.
Consolidated revenue advanced to ₹7,804 crore from ₹7,014 crore, net income declined to ₹335 crore from ₹350 crore, and diluted earnings per share fell to ₹4.72 from ₹4.93 a year ago.
Sona BLW Precision Forgings Ltd. jumped 7% to ₹460.20 after the automotive component company reported a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹914.7 crore from ₹781.5 crore, net income jumped to ₹150.7 crore from ₹133.5 crore, and diluted earnings per share rose to ₹2.43 from ₹2.26 a year ago.
The company's board declared an interim dividend of ₹1.60 per share.
20 Microns Ltd. inched higher 4.3% to ₹203.50 after the mineral and chemical manufacturers reported a 30% advance in net income in the December quarter.
Consolidated revenue advanced to ₹216.1 crore from ₹175.3 crore, after-tax profit increased to ₹12.9 crore from ₹11.5 crore, and diluted earnings per share rose to ₹3.65 from ₹3.25 a year ago.
Capri Global Capital Limited gained 1.2% to ₹158.90 after the non-banking financial company reported an 89% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹821.8 crore from ₹605.9 crore, after-tax profit increased to ₹128 crore from ₹67.9 crore, and diluted earnings per share rose to ₹1.54 from 85 paise a year ago.
Japan Indexes Advance Ahead of US-Japan Trade Negotiations Later This Week
Akira Ito
15 Apr, 2025
Tokyo
Japan's market indexes advanced in Tokyo, tracking gains in overnight trading in New York amid ongoing U.S. tariff turmoil.
The Nikkei 225 Stock Average advanced 1%, and the broader TOPIX index gained 1.2% after the Trump administration announced yet another change in its trade policy.
Stocks advanced in Monday's trading after the U.S. paused country-specific tariffs on smartphones, computers, and chips but also cautioned that additional tariffs may be imposed at a later date.
In addition, White House administration officials signaled that the U.S. may announce the pause of 25% tariffs on automobile imports as early as this week.
The Trump administration's credibility is very low while the officials promote the benefits of tariffs in reviving the manufacturing sector but at the same time negotiate with its trading partners to lower tariffs in exchange for other concessions.
With the Trump administration's plan to keep the trade policy uncertainty high, few businesses will take a plunge in shifting their manufacturing operations to the U.S.
Investors hoped that the US-Japan trade negotiations later this week will succeed in finalizing tariffs and rules of engagement and provide certainty for the next two years.
Japan Indexes and Stocks
The Nikkei 225 Stock Average gained 1% to 34,313.19, and the broader TOPIX index advanced 1.2% to 2,517.80.
Automobile manufacturing-related companies traded higher on speculation that the U.S. is likely to pause 25% tariffs on imports for the next 90 days.
Toyota Motor gained 4.8% to ¥2,525.0, Honda Motor advanced 4% to ¥1,371.50, and Nissan Motor increased 2.2% to ¥322.40.
Banks traded higher tracking gains in the yen, and the Japanese currency traded at 143.08 against the U.S. dollar, and the yield on 10-year Japanese government bonds hovered at 1.35%.
Sumitomo Mitsui Financial Group gained 3.4% to ¥3,226.0, Mitsubishi UFJ Financial Group gained 2.7% to ¥1,691.50, and Mizuho Financial Group inched higher by 3.3% to ¥3,403.0.
Marubeni Corp. gained 1.4% to ¥2,244.0, Itochu Corp. added 0.1% to ¥6,555.0, Mitsui & Company advanced 0.8% to ¥2,651.0, and Sumitomo Corp. inched higher 0.4% to ¥3,230.0.
Japan Indexes Advance Ahead of US-Japan Trade Negotiations Later This Week
Akira Ito
15 Apr, 2025
Tokyo
Japan's market indexes advanced in Tokyo, tracking gains in overnight trading in New York amid ongoing U.S. tariff turmoil.
The Nikkei 225 Stock Average advanced 1%, and the broader TOPIX index gained 1.2% after the Trump administration announced yet another change in its trade policy.
Stocks advanced in Monday's trading after the U.S. paused country-specific tariffs on smartphones, computers, and chips but also cautioned that additional tariffs may be imposed at a later date.
In addition, White House administration officials signaled that the U.S. may announce the pause of 25% tariffs on automobile imports as early as this week.
The Trump administration's credibility is very low while the officials promote the benefits of tariffs in reviving the manufacturing sector but at the same time negotiate with its trading partners to lower tariffs in exchange for other concessions.
With the Trump administration's plan to keep the trade policy uncertainty high, few businesses will take a plunge in shifting their manufacturing operations to the U.S.
Investors hoped that the US-Japan trade negotiations later this week will succeed in finalizing tariffs and rules of engagement and provide certainty for the next two years.
Japan Indexes and Stocks
The Nikkei 225 Stock Average gained 1% to 34,313.19, and the broader TOPIX index advanced 1.2% to 2,517.80.
Automobile manufacturing-related companies traded higher on speculation that the U.S. is likely to pause 25% tariffs on imports for the next 90 days.
Toyota Motor gained 4.8% to ¥2,525.0, Honda Motor advanced 4% to ¥1,371.50, and Nissan Motor increased 2.2% to ¥322.40.
Banks traded higher tracking gains in the yen, and the Japanese currency traded at 143.08 against the U.S. dollar, and the yield on 10-year Japanese government bonds hovered at 1.35%.
Sumitomo Mitsui Financial Group gained 3.4% to ¥3,226.0, Mitsubishi UFJ Financial Group gained 2.7% to ¥1,691.50, and Mizuho Financial Group inched higher by 3.3% to ¥3,403.0.
Marubeni Corp. gained 1.4% to ¥2,244.0, Itochu Corp. added 0.1% to ¥6,555.0, Mitsui & Company advanced 0.8% to ¥2,651.0, and Sumitomo Corp. inched higher 0.4% to ¥3,230.0.
China Markets Lacked Direction and Yuan Faced Selling Pressure, CATL In Focus After Earnings
Li Chen
15 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong lacked direction amid U.S. trade policy turmoil as China looked to strengthen partnerships with neighboring countries.
The Hang Seng index edged down 0.001%, and the mainland-focused CSI 300 index decreased 0.3%.
The Chinese yuan in the offshore market traded at 7.31 against the U.S. dollar, near the top end of the range set by the People's Bank of China, as capital flight picks up.
Investor anxieties were high amid the ongoing U.S. trade policy uncertainty, as the on-again, off-again tariff announcements kept investors on the sidelines.
The Trump administration is hoping that the policy uncertainty, by design, will help the U.S. negotiators to gain leverage in negotiations with its key trading partners.
The Trump administration is promoting the rationale for 154% tariffs on Chinese goods and encouraging foreign businesses to shift manufacturing to the U.S., but at the same time signaling its willingness to lower tariffs.
The two-faced policy of the Trump administration has kept investors selling U.S. dollar-denominated stocks and bonds, weakened the dollar, and shaken investors' confidence in the safe-haven status of the U.S.
On the earnings front, investors are looking ahead to the release of first-quarter GDP growth data on Wednesday.
The National Bureau of Statistics' report is expected to show an increase of 5.2% annual pace in the first quarter; however, investors are worried that the economy may face headwinds in the second half.
China Indexes and Stocks
The Hang Seng index was nearly unchanged at 21,435.14, and the mainland-focused CSI 300 index edged lower 0.1% to 3,756.92.
Contemporary Amperex Technology Co. Ltd. increased 2% to 228.68 yuan, and the company reported a rise in earnings and sales in the first quarter.
Revenue increased 6.2% to 84.7 billion yuan, and net income surged 32.9% to 13.96 billion yuan from a year ago, respectively.
CATL is the world's largest power battery maker with a market share of 38.2%, according to a report released by the South Korea-based SNE Research.
The company is in the process of listing its stock on the Hong Kong Stock Exchange as early as August.
Duality Biotherapeutics surged more than 110% to HK $202.14, and the biotech company sold 17.33 million shares at a price of HK $94.60 per share.
The cancer and autoimmune disease treatment drug developer raised about HK $1.56 billion, or about $200 million.
Trust Chem soared 322% to 56.91 yuan in Shenzhen, and the pigment and acid dye maker sold 23.4 million shares at a price of 12.80 yuan per share and raised about 300 million yuan.
China Markets Lacked Direction and Yuan Faced Selling Pressure, CATL In Focus After Earnings
Li Chen
15 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong lacked direction amid U.S. trade policy turmoil as China looked to strengthen partnerships with neighboring countries.
The Hang Seng index edged down 0.001%, and the mainland-focused CSI 300 index decreased 0.3%.
The Chinese yuan in the offshore market traded at 7.31 against the U.S. dollar, near the top end of the range set by the People's Bank of China, as capital flight picks up.
Investor anxieties were high amid the ongoing U.S. trade policy uncertainty, as the on-again, off-again tariff announcements kept investors on the sidelines.
The Trump administration is hoping that the policy uncertainty, by design, will help the U.S. negotiators to gain leverage in negotiations with its key trading partners.
The Trump administration is promoting the rationale for 154% tariffs on Chinese goods and encouraging foreign businesses to shift manufacturing to the U.S., but at the same time signaling its willingness to lower tariffs.
The two-faced policy of the Trump administration has kept investors selling U.S. dollar-denominated stocks and bonds, weakened the dollar, and shaken investors' confidence in the safe-haven status of the U.S.
On the earnings front, investors are looking ahead to the release of first-quarter GDP growth data on Wednesday.
The National Bureau of Statistics' report is expected to show an increase of 5.2% annual pace in the first quarter; however, investors are worried that the economy may face headwinds in the second half.
China Indexes and Stocks
The Hang Seng index was nearly unchanged at 21,435.14, and the mainland-focused CSI 300 index edged lower 0.1% to 3,756.92.
Contemporary Amperex Technology Co. Ltd. increased 2% to 228.68 yuan, and the company reported a rise in earnings and sales in the first quarter.
Revenue increased 6.2% to 84.7 billion yuan, and net income surged 32.9% to 13.96 billion yuan from a year ago, respectively.
CATL is the world's largest power battery maker with a market share of 38.2%, according to a report released by the South Korea-based SNE Research.
The company is in the process of listing its stock on the Hong Kong Stock Exchange as early as August.
Duality Biotherapeutics surged more than 110% to HK $202.14, and the biotech company sold 17.33 million shares at a price of HK $94.60 per share.
The cancer and autoimmune disease treatment drug developer raised about HK $1.56 billion, or about $200 million.
Trust Chem soared 322% to 56.91 yuan in Shenzhen, and the pigment and acid dye maker sold 23.4 million shares at a price of 12.80 yuan per share and raised about 300 million yuan.
Wall Street Indexes Rebound as Global Investors Worry About U.S. Safe-haven Status
Barry Adams
14 Apr, 2025
New York City
Stock market indexes extended gains from the previous session and previous week after the Trump administration sent mixed signals on the scope of tariffs on electronic products.
The S&P 500 index and the Nasdaq Composite jumped more than 1% after the Trump administration paused country-specific tariffs on smartphones, computers, and semiconductors.
At the same time, Commerce Secretary Howard Lutnick said the exemptions are not permanent, and Donald Trump said in a social media post that these electronic products will still attract 20% fentanyl tariffs.
After a week of tumultuous trading, world markets closed higher, reacting to several twists in U.S. trade policy.
Last week, market indexes were the most volatile on record, amid confusion and market turmoil caused by the Trump administration's flip-flops.
The Trump administration paused its country-specific tariffs for 90 days and kept the base tariffs of 10% on all imports except from China.
The announcement sparked a historic one-day market rally of 9% in New York, but those gains were trimmed on Thursday after China retaliated and vowed to “fight until the end.”
Global investors continued to pull out of U.S. assets, sparking a rare simultaneous decline in stocks, bonds, crude oil, and the dollar.
The sustained selling of U.S. Treasuries by foreign investors forced Donald Trump to halt his tariff war for now.
Last week's bond market sell-off rattled Treasury officials so much that they worried that the U.S. bond auction may fail, as foreign governments use their Treasury holdings.
Markets are calm for now, but investor confidence in U.S. assets is shaken for now, and the sell-off in the bond market can resume at any moment if relations with China, Japan, and the European Union deteriorate.
China holds $760 billion, and Japan holds $1.0 trillion of U.S. Treasuries, according to data available from the U.S. Department of the Treasury.
Moreover, the silence of three bond rating agencies on U.S. trade policy also confirms the long-held view among bond investors that these so-called independent agencies are not as independent as they claim to be.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 1.1% to 5,423.89, the Nasdaq Composite edged up 1.3% to 16,946.13, and the Russell 2000 index was up 1.3% to 1,885.13.
The yield on 2-year Treasury notes edged lower to 3.93%, 10-year Treasury notes decreased to 4.44%, and 30-year Treasury bonds declined to 4.84%.
WTI crude oil increased $0.59 to $62.09 a barrel, and natural gas prices edged higher by $0.05 to $3.58 a thermal unit.
Gold decreased by $32.05 to 3,203.10 an ounce, and silver edged down by $0.33 to $31.95.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.23 to 99.87, and it traded at the lowest level since April 2022.
Week Ahead
In the week ahead, investors in the U.S. are looking ahead to the release of export and import price reports, retail sales, housing construction activities, and the industrial production report.
Earnings This Week
On the earnings front, investors anticipate results from Goldman Sachs, Citigroup, Bank of America, United Airlines, Abbott Labs, UnitedHealth Group, American Express, Netflix, and Charles Schwab.
U.S. Movers
Apple Inc. jumped 6% to $210.92 after the White House paused country-specific tariffs on smartphones, computers, and chips.
Nvidia rose 3.4% to $114.71, Broadcom advanced 1.2% to $185.98, and AMD increased 4.4% to $97.50.
Pfizer Inc. decreased 0.3% to $21.90 after the drugmaker said it would halt development of a weight loss pill.
The company decided to take this step after a trial patient experienced liver injury possibly caused by the drug.