Market Update
German Lawmakers Approve Constitutional Reform to Increase Defense Spending, 10-Y Yield Held Near 14-Year High
Bridgette Randall
18 Mar, 2025
Frankfurt
Stock market indexes in Europe advanced as investors welcomed the historic debt reform vote in Germany and awaited possible developments in the Ukraine conflict.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced after the lower house of the German parliament approved the constitutional change, paving the way for additional government spending.
A total of 513 members of the Bundestag voted in favor of increasing the debt brake, higher than the 489 needed for the two-thirds majority, and 207 voted against.
The bill now goes to the upper house of the parliament, the Bundesrat, where members are expected to pass the bill on Friday.
With the higher federal and state debt limit, Germany plans to set up an additional €500 billion fund, or about 11% of GDP, to invest in its faltering infrastructure and pay for the arms production.
With the latest revision, only 1% of defense spending will be financed under the structural deficit spending limit of 0.35% of GDP, and any additional spending with no limits could be financed with additional borrowings.
Europe Indexes and Yields
The DAX index increased by 0.9% to 23,367.06, the CAC-40 index edged higher 0.5% to 8,111.97; and the FTSE 100 index advanced by 0.3% to 8,709.17.
The yield on 10-year German bonds inched higher to 2.84%, French bonds increased to 3.51%, the UK gilts moved up to 4.69%, and Italian bonds edged higher to 3.88%.
The euro increased to $1.09; the British pound was higher at $1.30; and the U.S. dollar was lower and traded at 87.96 Swiss cents.
Brent crude increased $0.78 to $71.85 a barrel, and the Dutch TTF natural gas was higher by €0.12 to €41.34 per MWh.
Europe Stock Movers
Trustpilot Group PLC soared 9.8% to 303.50 pence, and the Danish review management website operator expanded its stock buyback plan by £20 million.
Fresnillo plc jumped 1.8% to 954.50 pence, and the gold miner advanced after the gold price rose 1% and touched a new record high of $3,031.50 per ounce.
Deliveroo plc decreased 1.1% to 120.98 pence, and the food delivery company extended its stock repurchase program.
Volkswagen AG increased 1% to €109.35, and the company's luxury division Audi announced it would eliminate 7,500 jobs, or about 8% of its global workforce, by the end of 2029.
U.S. Movers: Duolingo, Eastman Kodak, Getty Images
Scott Peters
18 Mar, 2025
New York City
Getty Images eased 0.9% to $2.13 after the visual content creator reported revenue growth in the fourth quarter of 2024.
Revenue increased to $247.32 million from $225.94 million, net income declined to $24.43 million from $39.11 million, and diluted earnings per share dropped to 6 cents from 9 cents a year ago.
“Our healthy and growing subscription business, strong cash flow generation, and improved balance sheet—with our net leverage falling below 4x for the first time in over a decade—position us well for 2025,” said Jenn Leyden, Chief Financial Officer of Getty Images, in a release to investors.
Eastman Kodak Co. surged 2.6% to $7.16 after the print and advanced materials and chemicals company reported fourth quarter of 2024 results.
Revenue declined 3% to $266 million from $275 million, and gross profit edged up 9% to $51 million from $47 million a year ago.
Operational EBITDA increased to $9 million from $2 million a year earlier.
Revenue in the full year decreased 7% to $1.04 billion from $1.12 billion, and gross profit dropped 3% to $203 million from $210 million in 2023.
Operational EBITDA edged down 42% to $26 million from $45 million a year earlier.
"Kodak ended the year with a cash balance of $201 million, compared to $255 million on December 31, 2023, which reflects ongoing investments in growth initiatives and optimizing processes in areas such as finance and manufacturing,” the company’s CFO David Bullwinkle said in a release to investors.
Duolingo Inc. surged 1.7% to $299.18 after the language learning platform operator reported higher revenue in the fourth quarter of 2024.
Revenue jumped 39% to $209.6 million from $151.0 million, and net income edged up 15% to $13.9 million from $12.1 million a year ago.
During the quarter, subscription bookings surged 50% to $236.5 from $157.8 million, and total bookings rose 42% to $271.6 million from $191.0 million a year earlier.
Adjusted EBITDA increased 49% to $52.3 million from $35.2 million, and free cash flow surged 84% to $87.8 million from $47.7 million in the same quarter in 2023.
The number of daily active users in the quarter surged 51% to 40.5 million from 26.9 million, and the monthly active users edged up 32% to 116.7 million from 88.4 million a year ago.
The company guided for the first quarter of 2025 revenue to be between $220.5 million and $223.5 million, up from $167.6 million a year ago, and bookings between $252 million and $255 million, compared to $197.5 million in the same period in 2024.
For the full year, Duolingo estimated revenue to be between $962.5 million and $978.5 million, up from $748.0 million in 2024, and bookings between $1.08 billion and $1.10 billion, compared to $870.6 million last year.
U.S. Movers: Duolingo, Eastman Kodak, Getty Images
Scott Peters
18 Mar, 2025
New York City
Getty Images eased 0.9% to $2.13 after the visual content creator reported revenue growth in the fourth quarter of 2024.
Revenue increased to $247.32 million from $225.94 million, net income declined to $24.43 million from $39.11 million, and diluted earnings per share dropped to 6 cents from 9 cents a year ago.
“Our healthy and growing subscription business, strong cash flow generation, and improved balance sheet—with our net leverage falling below 4x for the first time in over a decade—position us well for 2025,” said Jenn Leyden, Chief Financial Officer of Getty Images, in a release to investors.
Eastman Kodak Co. surged 2.6% to $7.16 after the print and advanced materials and chemicals company reported fourth quarter of 2024 results.
Revenue declined 3% to $266 million from $275 million, and gross profit edged up 9% to $51 million from $47 million a year ago.
Operational EBITDA increased to $9 million from $2 million a year earlier.
Revenue in the full year decreased 7% to $1.04 billion from $1.12 billion, and gross profit dropped 3% to $203 million from $210 million in 2023.
Operational EBITDA edged down 42% to $26 million from $45 million a year earlier.
"Kodak ended the year with a cash balance of $201 million, compared to $255 million on December 31, 2023, which reflects ongoing investments in growth initiatives and optimizing processes in areas such as finance and manufacturing,” the company’s CFO David Bullwinkle said in a release to investors.
Duolingo Inc. surged 1.7% to $299.18 after the language learning platform operator reported higher revenue in the fourth quarter of 2024.
Revenue jumped 39% to $209.6 million from $151.0 million, and net income edged up 15% to $13.9 million from $12.1 million a year ago.
During the quarter, subscription bookings surged 50% to $236.5 from $157.8 million, and total bookings rose 42% to $271.6 million from $191.0 million a year earlier.
Adjusted EBITDA increased 49% to $52.3 million from $35.2 million, and free cash flow surged 84% to $87.8 million from $47.7 million in the same quarter in 2023.
The number of daily active users in the quarter surged 51% to 40.5 million from 26.9 million, and the monthly active users edged up 32% to 116.7 million from 88.4 million a year ago.
The company guided for the first quarter of 2025 revenue to be between $220.5 million and $223.5 million, up from $167.6 million a year ago, and bookings between $252 million and $255 million, compared to $197.5 million in the same period in 2024.
For the full year, Duolingo estimated revenue to be between $962.5 million and $978.5 million, up from $748.0 million in 2024, and bookings between $1.08 billion and $1.10 billion, compared to $870.6 million last year.
Selling Resumes On Wall Street Ahead of Fed's Rate Decisions On Wednesday
Barry Adams
18 Mar, 2025
New York City
Stock market indexes on Wall Street resumed selling after two days of gains, and investors shifted their focus to the monetary policy meeting.
The S&P 500 index decreased 1%, and the Nasdaq Composite dropped 2% ahead of the Federal Reserve's policy decision on Wednesday.
The Fed is widely anticipated to leave its fed funds rate range unrevised between 4.25% and 4.50%, and investors are awaiting accompanying projections on jobless rate, economic growth, and interest rate levels for the year.
The S&P 500 flirted with correction territory, which is considered a decline of 10% from the recent high, and the Nasdaq Composite traded down about 11.5% from the mid-February high.
Both benchmark indexes recovered some of the lost ground over the last four weeks, but they are in losses for 2025, following the chaotic trade policy approach chosen by the Trump administration.
Investors are worried that the Fed will delay its future rate cuts amid expectations of higher inflation and slower economic growth after the Trump administration ramped up its tariff war with Canada, Mexico, and China.
Moreover, the Trump administration has announced additional tariffs starting April 4 on goods shipped by Japan, South Korea, the European Union, and India.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.1% to 5,615.69, the Nasdaq Composite edged down 1.8% to 17,491.06, and the Russell 2000 index was down 1% to 2,047.22.
The yield on 2-year Treasury notes edged lower to 4.04%, 10-year Treasury notes decreased to 4.30%, and 30-year Treasury bonds advanced to 4.61%.
WTI crude oil increased $0.38 to $71.45 a barrel, and natural gas prices edged higher by $0.07 to $4.09 a thermal unit.
Gold increased by $29.87 to $3,029.25 an ounce, and silver edged up by $0.28 to $33.03.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.14 to 103.51 and traded at a two-year high.
U.S. Stock Movers
Alphabet Inc. decreased 3.8% to $157.91, and the parent company of Google Search announced it would acquire cloud security company Wiz for $32 billion.
The latest acquisition is the largest purchase made by the company in its history.
Selling Resumes On Wall Street Ahead of Fed's Rate Decisions On Wednesday
Barry Adams
18 Mar, 2025
New York City
Stock market indexes on Wall Street resumed selling after two days of gains, and investors shifted their focus to the monetary policy meeting.
The S&P 500 index decreased 1%, and the Nasdaq Composite dropped 2% ahead of the Federal Reserve's policy decision on Wednesday.
The Fed is widely anticipated to leave its fed funds rate range unrevised between 4.25% and 4.50%, and investors are awaiting accompanying projections on jobless rate, economic growth, and interest rate levels for the year.
The S&P 500 flirted with correction territory, which is considered a decline of 10% from the recent high, and the Nasdaq Composite traded down about 11.5% from the mid-February high.
Both benchmark indexes recovered some of the lost ground over the last four weeks, but they are in losses for 2025, following the chaotic trade policy approach chosen by the Trump administration.
Investors are worried that the Fed will delay its future rate cuts amid expectations of higher inflation and slower economic growth after the Trump administration ramped up its tariff war with Canada, Mexico, and China.
Moreover, the Trump administration has announced additional tariffs starting April 4 on goods shipped by Japan, South Korea, the European Union, and India.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.1% to 5,615.69, the Nasdaq Composite edged down 1.8% to 17,491.06, and the Russell 2000 index was down 1% to 2,047.22.
The yield on 2-year Treasury notes edged lower to 4.04%, 10-year Treasury notes decreased to 4.30%, and 30-year Treasury bonds advanced to 4.61%.
WTI crude oil increased $0.38 to $71.45 a barrel, and natural gas prices edged higher by $0.07 to $4.09 a thermal unit.
Gold increased by $29.87 to $3,029.25 an ounce, and silver edged up by $0.28 to $33.03.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.14 to 103.51 and traded at a two-year high.
U.S. Stock Movers
Alphabet Inc. decreased 3.8% to $157.91, and the parent company of Google Search announced it would acquire cloud security company Wiz for $32 billion.
The latest acquisition is the largest purchase made by the company in its history.
Europe Movers: Bollore, Fraport, Marshalls, Trust Pilot, Vinci
Inga Muller
18 Mar, 2025
Frankfurt
VINCI SA gained 0.8% to €118.25 after the provider of concessions, energy, and construction reported fourth quarter of 2024 results.
Revenue increased to €71.62 billion from €68.84 billion, net income jumped to €4.86 billion from €4.70 billion, and diluted earnings per share rose to €8.43 from €8.18 a year ago.
The company proposed a final dividend of €4.75 per share for 2024, following an interim dividend of €1.05 per share paid in October 2024.
As of December 31, 2024, 74% of VINCI’s share capital was held by nearly 1,000 investment funds, located mainly in North America, the U.K., and France, and also continental Europe, the Middle East, Asia, and Oceania.
Trustpilot Group PLC dropped 1.5% to 276.25 pence after the Danish business services provider announced 2024 results and completed its share repurchase program.
Revenue increased 19% to $210.7 million from $176.4 million, income before tax swung to a profit of $5.2 million from a loss of $1.9 million, and diluted earnings per share fell 13% to $1.4 from $1.6 a year ago.
Bookings surged 23% to $239.0 million from $194.6 million a year earlier.
The company purchased 81,397 ordinary shares in accordance with the authorization announced on September 11, 2024, and the company intends to cancel all of the purchased shares.
These purchases complete the buyback program of up to £20 million, and since September the company has purchased 7,473,819 shares for cancellation, at an average price of 267.60 pence per share.
Marshalls Plc. slumped 2.7% to 237.00 pence after the building and roofing products provider reported lower revenue in 2024.
Revenue declined 8% to £619.2 million from £671.2 million, profit jumped to £31.0 million from £18.4 million, and diluted earnings per share rose to 12.2 pence from 7.3 pence a year ago.
The company proposed a final dividend of 5.4 pence per share, payable on July 1 to shareholders on record as of June 6, and shares will be marked ex-dividend on June 5.
Taken together with the interim dividend of 2.6 pence per share, the payout for 2024 would be 8.0 pence per share, compared to 8.3 pence in 2023.
Bollore SE gained 1.5% to €5.81 after the French transportation and logistics company reported a sharp increase in net income, but revenue declined.
Revenue in 2024 declined to €3.13 billion from €3.17 billion, and net income jumped to €1.82 billion from €268 million a year ago.
EBITDA dropped to €48 million from €104 million in 2023.
The company proposed a 14% increase of dividend to 8 cents per share, including an interim dividend of 2 cents per share already paid in September 2024.
Fraport AG dropped 3.12% to €54.35 after the operator of the Frankfurt airport reported a revenue increase in 2024.
Revenue jumped to €4.43 billion from €4.00 billion, net income edged up to €501.9 million from €430.5 million, and diluted earnings per share rose to €4.88 from €4.26 a year ago.
Retail and real estate revenue edged up 7.6% to €536.7 million from a year ago, mainly supported by higher retail and car parking revenue.
Net retail revenue per passenger reached €3.35, a slight improvement on €3.30 in the previous year.
The company said that passenger traffic in Germany is lagging other markets where Fraport is present, with most markets now exceeding pre-pandemic 2019 levels.
Fraport Group said that the planned new Frankfurt Airport Terminal 3 would deliver 12,000 sq.m. of additional retail space, taking the airport total to 42,000 sq.m. by 2026.
The number of passengers in Frankfurt is estimated to reach up to 64 million in 2025, compared to 61.6 million in 2024.
In connection with consulting services at Sydney Airport, Fraport AG founded the subsidiary Fraport Australia Pty Ltd. in December 2024.
Also in December, the joint venture BFA Antalya Havalimani Yiyecek ve İçecek Hizmetleri A.S. was founded with the purpose of the company to operate the food and beverage areas at Antalya Airport in cooperation with BTA Havalimanları Yiyecek ve İçecek Hizmetleri A.S.
In February 2024, the joint venture allivate GmbH was founded, as Fraport acquired 50% of the shares in the company, while Dakosy Datenkommunikationssystem AG holds the remaining 50%.
Dakosy’s activities are in business development, marketing, and distribution of air cargo community systems, and in services connected to the digital transformation of air freight logistics.
Europe Movers: Bollore, Fraport, Marshalls, Trust Pilot, Vinci
Inga Muller
18 Mar, 2025
Frankfurt
VINCI SA gained 0.8% to €118.25 after the provider of concessions, energy, and construction reported fourth quarter of 2024 results.
Revenue increased to €71.62 billion from €68.84 billion, net income jumped to €4.86 billion from €4.70 billion, and diluted earnings per share rose to €8.43 from €8.18 a year ago.
The company proposed a final dividend of €4.75 per share for 2024, following an interim dividend of €1.05 per share paid in October 2024.
As of December 31, 2024, 74% of VINCI’s share capital was held by nearly 1,000 investment funds, located mainly in North America, the U.K., and France, and also continental Europe, the Middle East, Asia, and Oceania.
Trustpilot Group Plc dropped 1.5% to 276.25 pence after the Danish business services provider announced the completion of its share repurchase program.
The company purchased 81,397 ordinary shares for £0.01 each in accordance with the authorization announced on September 11, 2024.
Trustpilot intends to cancel all of the purchased shares.
These purchases complete the buyback program of up to £20 million, and since September the company has purchased 7,473,819 shares for cancellation, at an average price of 267.60 pence per share.
Marshalls Plc. slumped 2.7% to 237.00 pence after the building and roofing products provider reported lower revenue in 2024.
Revenue declined 8% to £619.2 million from £671.2 million, profit jumped to £31.0 million from £18.4 million, and diluted earnings per share rose to 12.2 pence from 7.3 pence a year ago.
The company proposed a final dividend of 5.4 pence per share, payable on July 1 to shareholders on record as of June 6, and shares will be marked ex-dividend on June 5.
Taken together with the interim dividend of 2.6 pence per share, the payout for 2024 would be 8.0 pence per share, compared to 8.3 pence in 2023.
Bollore SE gained 1.5% to €5.81 after the French transportation and logistics company reported a sharp increase in net income, but revenue declined.
Revenue in 2024 declined to €3.13 billion from €3.17 billion, and net income jumped to €1.82 billion from €268 million a year ago.
EBITDA dropped to €48 million from €104 million in 2023.
The company proposed a 14% increase of dividend to 8 cents per share, including an interim dividend of 2 cents per share already paid in September 2024.
Fraport AG dropped 3.12% to €54.35 after the operator of the Frankfurt airport reported a revenue increase in 2024.
Revenue jumped to €4.43 billion from €4.00 billion, net income edged up to €501.9 million from €430.5 million, and diluted earnings per share rose to €4.88 from €4.26 a year ago.
In connection with consulting services at Sydney Airport, Fraport AG founded the subsidiary Fraport Australia Pty Ltd. in December 2024.
Also in December, the joint venture BFA Antalya Havalimani Yiyecek ve İçecek Hizmetleri A.S. was founded with the purpose of the company to operate the food and beverage areas at Antalya Airport in cooperation with BTA Havalimanları Yiyecek ve İçecek Hizmetleri A.S.
In February 2024, the joint venture allivate GmbH was founded, as Fraport acquired 50% of the shares in the company, while Dakosy Datenkommunikationssystem AG holds the remaining 50%.
Dakosy’s activities are in business development, marketing, and distribution of air cargo community systems, and in services connected to the digital transformation of air freight logistics.
Hang Seng Index Jumps to 3-Year High Amid Policy Support Promises and Positive Economic Data
Li Chen
18 Mar, 2025
Hong Kong
Stocks in China and Hong Kong extended gains for the second session in a row this week, following the possible summit between the leaders of the world's two largest economies.
The Hang Seng index advanced more than 2% but the market enthusiasm was more subdued on mainland markets.
Benchmark indexes in Hong Kong closed at a three-year high on the hopes that a potential meeting between leaders of China and the U.S. could ease trade tensions.
Earlier this weekend, China's leading policy makers reiterated their commitment to support consumer spending, stock market, and property market.
The central committee, the State Council, and the national cabinet reiterated their commitment in increasing income by boosting employment and raising minimum wage.
Premier Li Qiang said that China will raise its fiscal deficit target to a record high of 4% of gross domestic product for the current year from 3% in the previous year.
On the economic front, positive data also supported market mood in Monday's trading.
For the two-month period, retail sales increase accelerated to 4% annual rate from 3.7% in December, the National Bureau of Statistics reported earlier in the week.
China's industrial output was 5.9% from a year ago for the period, compared to 6.2% in December, and fixed-asset investment expanded to an annual pace of 4.1%.
In overnight trading in New York, listed Chinese companies soared as investors speculated about easing of tensions.
China Indexes and Stocks
The Hang Seng index advanced 2.5% to 24,740.57, and the CSI 300 index gained 0.3% to 4,007.72.
Baidu Inc. jumped 12% to $103.30, Alibaba Group Holding advanced 5.8% to HK $143.40, and Tencent Holdings gained 3.3% to HK $541.0.
BYD increased 4% to HK $401.40, Li Auto gained 6.8% to HK $112.20, and Xpeng Inc added 1.4% to HK $95.10.
Hang Seng Index Jumps to 3-Year High Amid Policy Support Promises and Positive Economic Data
Li Chen
18 Mar, 2025
Hong Kong
Stocks in China and Hong Kong extended gains for the second session in a row this week, following the possible summit between the leaders of the world's two largest economies.
The Hang Seng index advanced more than 2% but the market enthusiasm was more subdued on mainland markets.
Benchmark indexes in Hong Kong closed at a three-year high on the hopes that a potential meeting between leaders of China and the U.S. could ease trade tensions.
Earlier this weekend, China's leading policy makers reiterated their commitment to support consumer spending, stock market, and property market.
The central committee, the State Council, and the national cabinet reiterated their commitment in increasing income by boosting employment and raising minimum wage.
Premier Li Qiang said that China will raise its fiscal deficit target to a record high of 4% of gross domestic product for the current year from 3% in the previous year.
On the economic front, positive data also supported market mood in Monday's trading.
For the two-month period, retail sales increase accelerated to 4% annual rate from 3.7% in December, the National Bureau of Statistics reported earlier in the week.
China's industrial output was 5.9% from a year ago for the period, compared to 6.2% in December, and fixed-asset investment expanded to an annual pace of 4.1%.
In overnight trading in New York, listed Chinese companies soared as investors speculated about easing of tensions.
China Indexes and Stocks
The Hang Seng index advanced 2.5% to 24,740.57, and the CSI 300 index gained 0.3% to 4,007.72.
Baidu Inc. jumped 12% to $103.30, Alibaba Group Holding advanced 5.8% to HK $143.40, and Tencent Holdings gained 3.3% to HK $541.0.
BYD increased 4% to HK $401.40, Li Auto gained 6.8% to HK $112.20, and Xpeng Inc added 1.4% to HK $95.10.
India Movers: BCL Industries, Cubex Tubings, Emami Paper Mills, Gujarat Pipavav, Lasa Supergenerics, Sanghvi Movers
Arun Goswami
18 Mar, 2025
Mumbai
Cubex Tubings Ltd. rose 1.6% to ₹86.88 after the copper alloy products maker reported a two-fold increase in revenue and earnings in the December quarter.
Consolidated revenue advanced to ₹73.3 crore from ₹38.4 crore, net income jumped to ₹2.2 crore from ₹1 crore, and diluted earnings per share rose to ₹1.5 from 71 paise a year ago.
BCL Industries Ltd. increased 1.8% to ₹36.70 after the agro-processing manufacturing company reported a slight increase in revenue and a 36% decline in profit in the December quarter.
Consolidated revenue advanced to ₹763.4 crore from ₹646.2 crore, net income decreased to ₹21 crore from ₹32.8 crore, and diluted earnings per share declined to 65 paisa from ₹1.20 a year ago.
Lasa Supergenerics Limited fell 2% to ₹21.38 despite the chemicals, APIs, pharmaceuticals, and drugs maker's net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹33.2 crore from ₹26.6 crore, net income swung to a profit of ₹5.5 crore from a loss of ₹1.5 crore, and diluted earnings per share rose to an income of ₹1.10 from a loss of 29 paisa a year ago.
Gujarat Pipavav Port Ltd. advanced 3.8% to ₹134.75 despite the developer and operator of Pipavav port reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue declined to ₹281.6 crore from ₹288.6 crore, net income decreased to ₹99.3 crore from ₹116 crore, and diluted earnings per share fell to ₹2.06 from ₹2.40 a year ago.
The company's board declared an interim dividend of ₹4 per share.
Emami Paper Mills Ltd. gained 1.7% to ₹89.50 despite the paper and paperboard maker reporting a 96% plunge in quarterly profit from a year ago.
Consolidated revenue decreased to ₹455.8 crore from ₹516.1 crore, net income declined to ₹1.7 crore from ₹39.4 crore, and diluted earnings per share dropped to 8 paisa from ₹4.96 a year ago.
Sanghvi Movers Ltd. edged higher 2.2% to ₹235.10 after the crane rental company reported a slight increase in revenue and a 46% decline in profit in the December quarter.
Consolidated revenue advanced to ₹214.2 crore from ₹173 crore, net income declined to ₹33.1 crore from ₹61.3 crore, and diluted earnings per share fell to ₹3.82 from ₹7.08 a year ago.
Rubfila International Ltd. inched higher 0.7% to ₹70.10 after the rubber thread maker swung to a loss in the December quarter.
Consolidated revenue advanced to ₹118.5 crore from ₹82.9 crore, after-tax losses swung to ₹6.6 crore from a profit of ₹4.6 crore, and diluted earnings per share swung to a loss of ₹1.2 from a profit of 21 paisa a year ago.
Zenith Steel Pipes & Industries Limited jumped 2.4% to ₹6.50 after the electric resistance welded maker said net loss shrank in the December quarter.
Consolidated revenue decreased to ₹36.6 crore from ₹46 crore, net loss declined to ₹20 crore from ₹73 crore, and diluted losses per share remained unchanged from a year ago at breakeven.
India Movers: BCL Industries, Cubex Tubings, Emami Paper Mills, Gujarat Pipavav, Lasa Supergenerics, Sanghvi Movers
Arun Goswami
18 Mar, 2025
Mumbai
Cubex Tubings Ltd. rose 1.6% to ₹86.88 after the copper alloy products maker reported a two-fold increase in revenue and earnings in the December quarter.
Consolidated revenue advanced to ₹73.3 crore from ₹38.4 crore, net income jumped to ₹2.2 crore from ₹1 crore, and diluted earnings per share rose to ₹1.5 from 71 paise a year ago.
BCL Industries Ltd. increased 1.8% to ₹36.70 after the agro-processing manufacturing company reported a slight increase in revenue and a 36% decline in profit in the December quarter.
Consolidated revenue advanced to ₹763.4 crore from ₹646.2 crore, net income decreased to ₹21 crore from ₹32.8 crore, and diluted earnings per share declined to 65 paisa from ₹1.20 a year ago.
Lasa Supergenerics Limited fell 2% to ₹21.38 despite the chemicals, APIs, pharmaceuticals, and drugs maker's net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹33.2 crore from ₹26.6 crore, net income swung to a profit of ₹5.5 crore from a loss of ₹1.5 crore, and diluted earnings per share rose to an income of ₹1.10 from a loss of 29 paisa a year ago.
Gujarat Pipavav Port Ltd. advanced 3.8% to ₹134.75 despite the developer and operator of Pipavav port reporting a marginal decline in net income and revenue in the December quarter.
Consolidated revenue declined to ₹281.6 crore from ₹288.6 crore, net income decreased to ₹99.3 crore from ₹116 crore, and diluted earnings per share fell to ₹2.06 from ₹2.40 a year ago.
The company's board declared an interim dividend of ₹4 per share.
Emami Paper Mills Ltd. gained 1.7% to ₹89.50 despite the paper and paperboard maker reporting a 96% plunge in quarterly profit from a year ago.
Consolidated revenue decreased to ₹455.8 crore from ₹516.1 crore, net income declined to ₹1.7 crore from ₹39.4 crore, and diluted earnings per share dropped to 8 paisa from ₹4.96 a year ago.
Sanghvi Movers Ltd. edged higher 2.2% to ₹235.10 after the crane rental company reported a slight increase in revenue and a 46% decline in profit in the December quarter.
Consolidated revenue advanced to ₹214.2 crore from ₹173 crore, net income declined to ₹33.1 crore from ₹61.3 crore, and diluted earnings per share fell to ₹3.82 from ₹7.08 a year ago.
Rubfila International Ltd. inched higher 0.7% to ₹70.10 after the rubber thread maker swung to a loss in the December quarter.
Consolidated revenue advanced to ₹118.5 crore from ₹82.9 crore, after-tax losses swung to ₹6.6 crore from a profit of ₹4.6 crore, and diluted earnings per share swung to a loss of ₹1.2 from a profit of 21 paisa a year ago.
Zenith Steel Pipes & Industries Limited jumped 2.4% to ₹6.50 after the electric resistance welded maker said net loss shrank in the December quarter.
Consolidated revenue decreased to ₹36.6 crore from ₹46 crore, net loss declined to ₹20 crore from ₹73 crore, and diluted losses per share remained unchanged from a year ago at breakeven.
Wall Street Indexes Attempt to Rebound, Retail Sales In February Advance
Barry Adams
17 Mar, 2025
New York City
Wall Street attempted to rebound in Monday's trading following a four-week rout that knocked off key indexes in correction territory last Thursday.
The S&P 500 index edged higher after flirting with correction at the close of Thursday, but the benchmark index rebounded 2% in Friday's trading as investors returned to search for bargains in tech stocks.
The tech-heavy Nasdaq Composite advanced for the second session in a row amid demand for artificial intelligence-linked stocks and cloud computing service providers.
As of Friday's close, the Nasdaq is still down about 11%, and the S&P 500 is down about 9% from its high in mid-February, respectively.
Market sentiment recovered in Monday's trading after retail and food services sales rose in February.
Retail and food services sales, adjusted for seasonal variations but not for inflation, increased 0.2% from the previous month and rose 3.1% from a year ago to $722.7 billion, according to a report released by the U.S. Census Bureau.
Retail trade sales were up 0.5% from the previous month and up 3.4% from last year; food and beverage stores were up 3.9% from last year, while nonstore retailers were up 6.5% from February 2024.
In the week ahead, the Federal Reserve is expected to hold steady the federal funds rate range between 4.25% and 4.50%, extending the pause in its rate cycle that began in January.
The Federal Reserve will also release its estimates of GDP growth, jobless rate, inflation, and interest rates.
Investors are also looking forward to the release of industrial production, existing home sales, and housing starts and completions.
On the earnings front, investors are awaiting updates from Signet Jewelers, Five Below, Progressive Corp., Getty Images, FedEx, Nike, Accenture, Lennar, Carnival Corp., Micron Technology, and General Mills.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.4% to 5,659.71, the Nasdaq Composite edged up 0.2% to 17,770.43, and the Russell 2000 index was up 0.3% to 2,049.49.
The yield on 2-year Treasury notes edged higher to 4.05%, 10-year Treasury notes decreased to 4.31%, and 30-year Treasury bonds declined to 4.59%.
WTI crude oil increased $0.58 to $67.76 a barrel, and natural gas prices edged lower by $0.05 to $4.05 a thermal unit.
Gold increased by $4.53 to $2,987.36 an ounce, and silver edged down by $0.33 to $33.44.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.17 to 103.55 and traded at a two-year high.
U.S. Stock Movers
Charles Schwab Corp. surged 4.9% to $77.11 after the financial services company released its monthly activity report for February.
Core net new assets brought to the company by new and existing clients totaled $48.0 billion, an increase of 44% from $33.4 billion a year ago.
Total client assets equaled $10.28 trillion as of month-end, up 16% from $8.88 trillion in February 2024 and down 1% from $10.33 trillion in January 2025.
New brokerage accounts opened during the month totaled 362,000, representing the fifteenth consecutive month of at least 300,000 new account openings.
February daily average trades rose 1% month-over-month to 7.45 million, driven by a continued interest in equity securities.
Transactional sweep cash increased by $4.7 billion to end February at $404.3 billion, compared to $399.6 billion in January 2025 and compared to $403.2 billion in February 2024.
Buckle Inc. gained 2.8% to $36.13 despite the fashion retailer reporting declining sales in the fourth quarter of 2024.
Sales edged down to $379.20 million from $382.38 million, net income fell to $77.20 million from $79.58 million, and diluted earnings per share dropped to $1.53 from $1.59 a year ago.
Sales in the full year decreased to $1.22 billion from $1.26 billion, net income fell to $195.47 million from $219.92 million, and diluted earnings per share edged down to $3.89 from $4.40 a year ago.
Wall Street Indexes Attempt to Rebound, Retail Sales In February Advance
Barry Adams
17 Mar, 2025
New York City
Wall Street attempted to rebound in Monday's trading following a four-week rout that knocked off key indexes in correction territory last Thursday.
The S&P 500 index edged higher after flirting with correction at the close of Thursday, but the benchmark index rebounded 2% in Friday's trading as investors returned to search for bargains in tech stocks.
The tech-heavy Nasdaq Composite advanced for the second session in a row amid demand for artificial intelligence-linked stocks and cloud computing service providers.
As of Friday's close, the Nasdaq is still down about 11%, and the S&P 500 is down about 9% from its high in mid-February, respectively.
Market sentiment recovered in Monday's trading after retail and food services sales rose in February.
Retail and food services sales, adjusted for seasonal variations but not for inflation, increased 0.2% from the previous month and rose 3.1% from a year ago to $722.7 billion, according to a report released by the U.S. Census Bureau.
Retail trade sales were up 0.5% from the previous month and up 3.4% from last year; food and beverage stores were up 3.9% from last year, while nonstore retailers were up 6.5% from February 2024.
In the week ahead, the Federal Reserve is expected to hold steady the federal funds rate range between 4.25% and 4.50%, extending the pause in its rate cycle that began in January.
The Federal Reserve will also release its estimates of GDP growth, jobless rate, inflation, and interest rates.
Investors are also looking forward to the release of industrial production, existing home sales, and housing starts and completions.
On the earnings front, investors are awaiting updates from Signet Jewelers, Five Below, Progressive Corp., Getty Images, FedEx, Nike, Accenture, Lennar, Carnival Corp., Micron Technology, and General Mills.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.4% to 5,659.71, the Nasdaq Composite edged up 0.2% to 17,770.43, and the Russell 2000 index was up 0.3% to 2,049.49.
The yield on 2-year Treasury notes edged higher to 4.05%, 10-year Treasury notes decreased to 4.31%, and 30-year Treasury bonds declined to 4.59%.
WTI crude oil increased $0.58 to $67.76 a barrel, and natural gas prices edged lower by $0.05 to $4.05 a thermal unit.
Gold increased by $4.53 to $2,987.36 an ounce, and silver edged down by $0.33 to $33.44.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.17 to 103.55 and traded at a two-year high.
U.S. Stock Movers
Charles Schwab Corp. surged 4.9% to $77.11 after the financial services company released its monthly activity report for February.
Core net new assets brought to the company by new and existing clients totaled $48.0 billion, an increase of 44% from $33.4 billion a year ago.
Total client assets equaled $10.28 trillion as of month-end, up 16% from $8.88 trillion in February 2024 and down 1% from $10.33 trillion in January 2025.
New brokerage accounts opened during the month totaled 362,000, representing the fifteenth consecutive month of at least 300,000 new account openings.
February daily average trades rose 1% month-over-month to 7.45 million, driven by a continued interest in equity securities.
Transactional sweep cash increased by $4.7 billion to end February at $404.3 billion, compared to $399.6 billion in January 2025 and compared to $403.2 billion in February 2024.
Buckle Inc. gained 2.8% to $36.13 despite the fashion retailer reporting declining sales in the fourth quarter of 2024.
Sales edged down to $379.20 million from $382.38 million, net income fell to $77.20 million from $79.58 million, and diluted earnings per share dropped to $1.53 from $1.59 a year ago.
Sales in the full year decreased to $1.22 billion from $1.26 billion, net income fell to $195.47 million from $219.92 million, and diluted earnings per share edged down to $3.89 from $4.40 a year ago.
European Markets Edged Higher Ahead of Monetary Policy Decisions from Central Banks This Week
Bridgette Randall
17 Mar, 2025
London
European markets lacked direction in Monday's trading, but the key indexes stayed above the flatline.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced ahead of monetary policy decisions from the U.S., the UK, and Japan.
The central banks in the U.S. and Japan are likely to hold rates steady, but the elevated tariff tensions are likely to convince policymakers to reevaluate their views on inflation in the near future.
In Europe, the Bank of England is widely expected to hold rates steady at 4.5%, the Swiss National Bank is expected to cut its rate by 25 basis points, but the Swede’s Riksbank is likely to hold rates steady, possibly ending its current easing cycle.
Investors are also looking ahead to the release of inflation for the Euro Area, Germany, and France.
On the earnings front, investors are looking forward to the results from Audi, Hapag-Lloyd, Fraport, Aeroports de Paris, Bollore, RWE, Salzgitter, RTL Group, TOD’s S.p.A., Trustpilot Group, and JD Wetherspoon plc.
In addition, German lawmakers are likely to approve a constitutional amendment, which will allow the new coalition government to ramp up debt-driven infrastructure spending and exclude additional military spending needed to build up arm production.
European leaders agreed to increase spending for arms after the U.S. signaled its lack of willingness to provide continued military support and pushed Ukraine to meet a 30-day ceasefire with Russia.
Russia's president, Vladimir Putin, rejected the U.S.-backed proposal for the ceasefire but showed his willingness to continue diplomatic talks, signaling that the country may be willing to strike a deal in the near future.
Europe Indexes and Yields
The DAX index increased by 0.3% to 23,055.10, the CAC-40 index edged higher 0.4% to 8,058.16, and the FTSE 100 index advanced by 0.1% to 8,643.63.
The yield on 10-year German bonds inched lower to 2.81%, French bonds decreased to 3.49%, the UK gilts moved down to 4.66%, and Italian bonds edged lower to 3.87%.
The euro increased to $1.09; the British pound was higher at $1.29; and the U.S. dollar was lower and traded at 88.29 Swiss cents.
Brent crude increased $0.69 to $71.27 a barrel, and the Dutch TTF natural gas was lower by €0.50 to €41.74 per MWh.
Europe Stock Movers
Nordex SE jumped 3.9% to €16.87 after the wind turbine company received an order for 16 turbines from a wind energy project developer.
Marshalls plc dropped 3.9% to 234.0 pence, and the UK-based roofing and landscaping product company reported an 8% decline in revenue from a year ago in 2024.
Phoenix Group Holdings PLC jumped 9.9% to 574.25 pence, and the UK-based insurance company's adjusted earnings in 2024 surpassed market expectations.
AstraZeneca plc decreased 0.6% to 11,926.0 pence, and the UK-based pharmaceutical company agreed to acquire Belgian biotech firm EsoBiotec for up to $1 billion.
European Markets Edged Higher Ahead of Monetary Policy Decisions from Central Banks This Week
Bridgette Randall
17 Mar, 2025
London
European markets lacked direction in Monday's trading, but the key indexes stayed above the flatline.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced ahead of monetary policy decisions from the U.S., the UK, and Japan.
The central banks in the U.S. and Japan are likely to hold rates steady, but the elevated tariff tensions are likely to convince policymakers to reevaluate their views on inflation in the near future.
In Europe, the Bank of England is widely expected to hold rates steady at 4.5%, the Swiss National Bank is expected to cut its rate by 25 basis points, but the Swede’s Riksbank is likely to hold rates steady, possibly ending its current easing cycle.
Investors are also looking ahead to the release of inflation for the Euro Area, Germany, and France.
On the earnings front, investors are looking forward to the results from Audi, Hapag-Lloyd, Fraport, Aeroports de Paris, Bollore, RWE, Salzgitter, RTL Group, TOD’s S.p.A., Trustpilot Group, and JD Wetherspoon plc.
In addition, German lawmakers are likely to approve a constitutional amendment, which will allow the new coalition government to ramp up debt-driven infrastructure spending and exclude additional military spending needed to build up arm production.
European leaders agreed to increase spending for arms after the U.S. signaled its lack of willingness to provide continued military support and pushed Ukraine to meet a 30-day ceasefire with Russia.
Russia's president, Vladimir Putin, rejected the U.S.-backed proposal for the ceasefire but showed his willingness to continue diplomatic talks, signaling that the country may be willing to strike a deal in the near future.
Europe Indexes and Yields
The DAX index increased by 0.3% to 23,055.10, the CAC-40 index edged higher 0.4% to 8,058.16, and the FTSE 100 index advanced by 0.1% to 8,643.63.
The yield on 10-year German bonds inched lower to 2.81%, French bonds decreased to 3.49%, the UK gilts moved down to 4.66%, and Italian bonds edged lower to 3.87%.
The euro increased to $1.09; the British pound was higher at $1.29; and the U.S. dollar was lower and traded at 88.29 Swiss cents.
Brent crude increased $0.69 to $71.27 a barrel, and the Dutch TTF natural gas was lower by €0.50 to €41.74 per MWh.
Europe Stock Movers
Nordex SE jumped 3.9% to €16.87 after the wind turbine company received an order for 16 turbines from a wind energy project developer.
Marshalls plc dropped 3.9% to 234.0 pence, and the UK-based roofing and landscaping product company reported an 8% decline in revenue from a year ago in 2024.
Phoenix Group Holdings PLC jumped 9.9% to 574.25 pence, and the UK-based insurance company's adjusted earnings in 2024 surpassed market expectations.
AstraZeneca plc decreased 0.6% to 11,926.0 pence, and the UK-based pharmaceutical company agreed to acquire Belgian biotech firm EsoBiotec for up to $1 billion.