Market Update
India Movers: Ganesh Housing, ICICI Lombard, SBI Life, Sterlite Technologies, Steel Strips, Tech Mahindra, Wipro
Arun Goswami
20 Jan, 2025
Mumbai
India's benchmark indexes advanced in cautious trading ahead of the Union Budget.
Investors reacted favorably to the latest quarterly results from Kotak Mahindra and Wipro.
Tech Mahindra and Jio Financial Services reported weaker-than-expected results in the fiscal third quarter.
The Sensex index increased by 0.5% to 76,970.50, and the Nifty index rose by 0.4% to 23,303.40.
On the Mumbai stock exchange, 94 stocks traded at their 52-week highs, and 64 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.80%, and the Indian rupee traded around a record edge of 86.48 against the U.S. dollar.
Wipro Ltd. advanced 5.1% to ₹299.45 after the company said profit soared 25% in the fiscal third quarter.
Consolidated revenue in the fiscal third quarter increased to ₹23,322.9 crore from ₹22,803 crore, net income rose to ₹3,366.7 crore from ₹2,700.6 crore, and diluted earnings per share increased to ₹3.20 from ₹2.58 a year ago.
SBI Life Insurance Company Ltd. increased 1.8% to ₹1,540.50 after the company reported a 55% decline in revenue in December quarter results.
Consolidated revenue in the December quarter decreased to ₹18,542.16 crore from ₹38,803.36 crore; after-tax profit expanded to ₹550.82 crore from ₹321.75 crore, and diluted losses per share rose to ₹5.50 from ₹3.21 a year ago.
Sterlite Technologies Ltd. jumped 1.8% to ₹111.55 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter decreased to ₹1,266 crore from ₹1,341 crore, after-tax losses declined to ₹24 crore from ₹59 crore, and diluted losses per share fell to 47 paisa from ₹1.24 a year ago.
ICICI Lombard General Insurance Company Ltd. increased 2% to ₹1947.15 after the company reported a rise in net income in the December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹5,882.8 crore from ₹5,004.2 crore, net income rose to ₹724.4 crore from ₹431.5 crore, and diluted earnings per share advanced to ₹14.48 from ₹8.73 a year ago.
Supreme Petrochem Ltd. increased 0.9% to ₹653.70 after the company reported a rise in revenue and net income in the December quarter results.
Consolidated revenue in the fiscal third quarter increased to ₹1,422.7 crore from ₹1,187.7 crore, net income rose to ₹713.5 crore from ₹676.7 crore, and diluted earnings per share increased to ₹3.79 from ₹3.60 a year ago.
Steel Strips Wheels Ltd. decreased 3.2% to ₹197.60 after the company reported December quarter results.
Consolidated revenue in the December quarter decreased to ₹1,075 crore from ₹1,112 crore, after-tax profit fell to ₹47.7 crore from ₹59.4 crore, and diluted earnings per share dropped to ₹3.04 from ₹3.79 a year ago.
Tech Mahindra Ltd. decreased 1.8% to ₹1,658.85 after the company said profit soared 89% from a year ago but fell 21% from the previous quarter in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹13,302.1 crore from ₹13,188.8 crore, net income jumped to ₹988.8 crore from ₹523.7 crore, and diluted earnings per share rose to ₹11.08 from ₹5.76 a year ago.
Ganesh Housing Corporation Ltd. increased 6.1% to ₹1,392.30 after the company said profit soared 60% in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹264.1 crore from ₹183.3 crore, net income jumped to ₹160.8 crore from ₹100.5 crore, and diluted earnings per share rose to ₹19.29 from ₹12.06 a year ago.
India Movers: Ganesh Housing, ICICI Lombard, SBI Life, Sterlite Technologies, Steel Strips, Tech Mahindra, Wipro
Arun Goswami
20 Jan, 2025
Mumbai
India's benchmark indexes advanced in cautious trading ahead of the Union Budget.
Investors reacted favorably to the latest quarterly results from Kotak Mahindra and Wipro.
Tech Mahindra and Jio Financial Services reported weaker-than-expected results in the fiscal third quarter.
The Sensex index increased by 0.5% to 76,970.50, and the Nifty index rose by 0.4% to 23,303.40.
On the Mumbai stock exchange, 94 stocks traded at their 52-week highs, and 64 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.80%, and the Indian rupee traded around a record edge of 86.48 against the U.S. dollar.
Wipro Ltd. advanced 5.1% to ₹299.45 after the company said profit soared 25% in the fiscal third quarter.
Consolidated revenue in the fiscal third quarter increased to ₹23,322.9 crore from ₹22,803 crore, net income rose to ₹3,366.7 crore from ₹2,700.6 crore, and diluted earnings per share increased to ₹3.20 from ₹2.58 a year ago.
SBI Life Insurance Company Ltd. increased 1.8% to ₹1,540.50 after the company reported a 55% decline in revenue in December quarter results.
Consolidated revenue in the December quarter decreased to ₹18,542.16 crore from ₹38,803.36 crore; after-tax profit expanded to ₹550.82 crore from ₹321.75 crore, and diluted losses per share rose to ₹5.50 from ₹3.21 a year ago.
Sterlite Technologies Ltd. jumped 1.8% to ₹111.55 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter decreased to ₹1,266 crore from ₹1,341 crore, after-tax losses declined to ₹24 crore from ₹59 crore, and diluted losses per share fell to 47 paisa from ₹1.24 a year ago.
ICICI Lombard General Insurance Company Ltd. increased 2% to ₹1947.15 after the company reported a rise in net income in the December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹5,882.8 crore from ₹5,004.2 crore, net income rose to ₹724.4 crore from ₹431.5 crore, and diluted earnings per share advanced to ₹14.48 from ₹8.73 a year ago.
Supreme Petrochem Ltd. increased 0.9% to ₹653.70 after the company reported a rise in revenue and net income in the December quarter results.
Consolidated revenue in the fiscal third quarter increased to ₹1,422.7 crore from ₹1,187.7 crore, net income rose to ₹713.5 crore from ₹676.7 crore, and diluted earnings per share increased to ₹3.79 from ₹3.60 a year ago.
Steel Strips Wheels Ltd. decreased 3.2% to ₹197.60 after the company reported December quarter results.
Consolidated revenue in the December quarter decreased to ₹1,075 crore from ₹1,112 crore, after-tax profit fell to ₹47.7 crore from ₹59.4 crore, and diluted earnings per share dropped to ₹3.04 from ₹3.79 a year ago.
Tech Mahindra Ltd. decreased 1.8% to ₹1,658.85 after the company said profit soared 89% from a year ago but fell 21% from the previous quarter in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹13,302.1 crore from ₹13,188.8 crore, net income jumped to ₹988.8 crore from ₹523.7 crore, and diluted earnings per share rose to ₹11.08 from ₹5.76 a year ago.
Ganesh Housing Corporation Ltd. increased 6.1% to ₹1,392.30 after the company said profit soared 60% in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹264.1 crore from ₹183.3 crore, net income jumped to ₹160.8 crore from ₹100.5 crore, and diluted earnings per share rose to ₹19.29 from ₹12.06 a year ago.
Wall Street Indexes Trim Weekly Gains Following Volatile Tech Stocks
Barry Adams
17 Jan, 2025
New York City
Wall Street indexes struggled to rebound in Friday's trading after halting a three-day rally in the previous session.
The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.4% ahead of earnings from regional banks.
Regions Financial, Truist Financial, and Citizens Financial are expected to report higher earnings and revenue, driven by an increase in net interest income and corporate loans.
Stock market indexes fell in Thursday's trading following reports that Apple Inc. is struggling to retain its leadership position in China amid rising competition from Huawei.
Apple's market share eased to 15% in 2024 from 19% in 2023, after Huawei and Vivo released cheaper phones with AI features.
Apple dropped 4% in Thursday's trading but rebounded a fraction in early trading on Friday as investors awaited the release of the company's quarterly results next month.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 5,949.06, the Nasdaq Composite rose 0.4% to 19,384.08, and the Russell 2000 index inched up by 0.1% to 2,267.36.
The yield on 2-year Treasury notes edged down to 4.24%, 10-year Treasury notes inched down to 4.59%, and 30-year Treasury bonds declined to 4.83%.
WTI crude oil increased $0.41 to $79.09 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.
Gold decreased by $8.32 to $2,706.10 an ounce, and silver fell by $0.17 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high.
U.S. Stock Movers
Regions Financial decreased 2% to $24.01 after the company released fourth quarter results.
Revenue in the quarter increased to $1.82 billion from $1.76 billion, net income advanced to $534 million from $491 million, and diluted earnings per share rose to 56 cents from 39 cents a year ago.
Net interest margin eased to 3.55% from 3.60%, and the tier-1 capital ratio rose to 12.2% from 11.6% a year ago, respectively.
Wall Street Indexes Trim Weekly Gains Following Volatile Tech Stocks
Barry Adams
17 Jan, 2025
New York City
Wall Street indexes struggled to rebound in Friday's trading after halting a three-day rally in the previous session.
The S&P 500 index edged up 0.3%, and the Nasdaq Composite advanced 0.4% ahead of earnings from regional banks.
Regions Financial, Truist Financial, and Citizens Financial are expected to report higher earnings and revenue, driven by an increase in net interest income and corporate loans.
Stock market indexes fell in Thursday's trading following reports that Apple Inc. is struggling to retain its leadership position in China amid rising competition from Huawei.
Apple's market share eased to 15% in 2024 from 19% in 2023, after Huawei and Vivo released cheaper phones with AI features.
Apple dropped 4% in Thursday's trading but rebounded a fraction in early trading on Friday as investors awaited the release of the company's quarterly results next month.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 5,949.06, the Nasdaq Composite rose 0.4% to 19,384.08, and the Russell 2000 index inched up by 0.1% to 2,267.36.
The yield on 2-year Treasury notes edged down to 4.24%, 10-year Treasury notes inched down to 4.59%, and 30-year Treasury bonds declined to 4.83%.
WTI crude oil increased $0.41 to $79.09 a barrel, and natural gas prices edged up 4 cents to $4.13 a thermal unit.
Gold decreased by $8.32 to $2,706.10 an ounce, and silver fell by $0.17 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high.
U.S. Stock Movers
Regions Financial decreased 2% to $24.01 after the company released fourth quarter results.
Revenue in the quarter increased to $1.82 billion from $1.76 billion, net income advanced to $534 million from $491 million, and diluted earnings per share rose to 56 cents from 39 cents a year ago.
Net interest margin eased to 3.55% from 3.60%, and the tier-1 capital ratio rose to 12.2% from 11.6% a year ago, respectively.
Europe Movers: Glencore, Kering, Rio Tinto, Teleperformance
Inga Muller
17 Jan, 2025
Frankfurt
Benchmark indexes in Frankfurt and London advanced to new record highs amid rate cut optimism and extended weekly gains to over 3%.
The DAX index increased by 0.7% to 20,796.25; the CAC-40 index rose by 0.83% to 7,698.06; and the FTSE 100 index edged higher by 1.05% to 8,479.19.
For the week, the DAX and the CAC-40 are set to advance about 4%, and the FTSE 100 index edged up more than 3%.
Glencore Plc is up 2.7% after reports suggested that the resource company held talks with the rival Rio Tinto to merge all or parts of their businesses.
The combined business would rival the longstanding industry leader BHP Group.
Rio Tinto is currently valued at about $103 billion and Glencore at about $55 billion, while BHP is worth about $126 billion.
Teleperformance increased 2.3% to €85.94, and a court approved a $5.5 million settlement in relation to a 2022 controversy over the company's content moderation practices.
In addition, the digital business services provider successfully completed a €500 million bond issue, maturing in 2030, with an annual coupon of 4.25%.
Kering SA gained 5.6% after the owner of the Gucci fashion label agreed to sell a majority stake in three luxury Paris properties to a French private equity firm, Ardian SAS.
Net proceeds for Kering will amount to €837 million, or about $861 million.
Private equity investment company Ardian will hold a 60% stake in the prime real estate portfolio, while Kering will retain the remaining 40%.
The deal is expected to close in the first quarter of 2025.
Europe Movers: Glencore, Kering, Rio Tinto, Teleperformance
Inga Muller
17 Jan, 2025
Frankfurt
Benchmark indexes in Frankfurt and London advanced to new record highs amid rate cut optimism and extended weekly gains to over 3%.
The DAX index increased by 0.7% to 20,796.25; the CAC-40 index rose by 0.83% to 7,698.06; and the FTSE 100 index edged higher by 1.05% to 8,479.19.
For the week, the DAX and the CAC-40 are set to advance about 4%, and the FTSE 100 index edged up more than 3%.
Glencore Plc is up 2.7% after reports suggested that the resource company held talks with the rival Rio Tinto to merge all or parts of their businesses.
The combined business would rival the longstanding industry leader BHP Group.
Rio Tinto is currently valued at about $103 billion and Glencore at about $55 billion, while BHP is worth about $126 billion.
Teleperformance increased 2.3% to €85.94, and a court approved a $5.5 million settlement in relation to a 2022 controversy over the company's content moderation practices.
In addition, the digital business services provider successfully completed a €500 million bond issue, maturing in 2030, with an annual coupon of 4.25%.
Kering SA gained 5.6% after the owner of the Gucci fashion label agreed to sell a majority stake in three luxury Paris properties to a French private equity firm, Ardian SAS.
Net proceeds for Kering will amount to €837 million, or about $861 million.
Private equity investment company Ardian will hold a 60% stake in the prime real estate portfolio, while Kering will retain the remaining 40%.
The deal is expected to close in the first quarter of 2025.
Indexes In London and Frankfurt Jump to New Record Highs Amid Rate Cut Optimism
Bridgette Randall
17 Jan, 2025
London
Stock market indexes in the eurozone advanced for the third consecutive session in a row amid growing expectations of weakening inflation.
Benchmark indexes in Frankfurt and London traded at new record highs, and in Paris, they edged to a new high in 2025 after the UK's inflation unexpectedly cooled.
The UK's overall consumer price inflation in December cooled to 2.5% from 2.6% in November, according to a report released by the Office for National Statistics on Thursday.
Market sentiment was further bolstered after Richemont reported strong sales in the fourth quarter, and investors doubled down on multiple rate cuts this year following comments from the ECB's policy committee member.
On Thursday, the European Central Bank's Governing Council member Yannis Stournaras said that "policy should continue with a series of rate cuts at the next meetings."
UK Retail Sales Declined In Fourth Quarter
Fourth-quarter retail sales in the UK fell 0.8% from a year ago but were up on an annual basis by 3.6%.
Fourth-quarter volumes were slower than the third quarter but rose 1.9% compared to the same period a year ago.
Monthly December sales unexpectedly declined 0.3% despite a strong Christmas season. Supermarket monthly sales dropped 1.9%, but clothing sales rebounded from falls in recent months.
For the full 2024, retail sales volumes rose by 0.7%, following a 2.9% fall in 2023 and lower 4.1% in 2022.
Europe Indexes and Yields
The DAX index increased by 0.7% to 20,796.25; the CAC-40 index rose by 0.83% to 7,698.06; and the FTSE 100 index edged higher by 1.05% to 8,479.19.
For the week, the DAX and the CAC-40 are set to advance about 4%, and the FTSE 100 index edged up more than 3%.
The yield on 10-year German bonds edged lower to 2.50%, French bonds fell to 3.31%, the UK gilts decreased to 4.64%, and Italian bonds edged lower to 3.70%.
The euro inched higher to $1.03; the British pound edged lower to $1.22; and the U.S. dollar eased to 91.00 Swiss cents.
Brent crude increased $0.44 to $81.73 a barrel, and the Dutch TTF natural gas fell by €0.90 to €46.23 per MWh.
Europe Stock Movers
Glencore Plc is up 2.7% after reports suggested that the resource company held talks with the rival Rio Tinto to merge all or parts of their businesses.
The combined business would rival the longstanding industry leader BHP Group.
Rio Tinto is currently valued at about $103 billion and Glencore at about $55 billion, while BHP is worth about $126 billion.
Teleperformance increased 2.3% to €85.94, and a court approved a $5.5 million settlement in relation to a 2022 controversy over the company's content moderation practices.
In addition, the digital business services provider successfully completed a €500 million bond issue, maturing in 2030, with an annual coupon of 4.25%.
Kering SA gained 5.6% after the owner of the Gucci fashion label agreed to sell a majority stake in three luxury Paris properties to French private equity firm Ardian SAS.
Net proceeds for Kering will amount to €837 million, or about $861 million.
Private equity investment company Ardian will hold a 60% stake in the prime real estate portfolio, while Kering will retain the remaining 40%.
The deal is expected to close in the first quarter of 2025.
Indexes In London and Frankfurt Jump to New Record Highs Amid Rate Cut Optimism
Bridgette Randall
17 Jan, 2025
London
Stock market indexes in the eurozone advanced for the third consecutive session in a row amid growing expectations of weakening inflation.
Benchmark indexes in Frankfurt and London traded at new record highs, and in Paris, they edged to a new high in 2025 after the UK's inflation unexpectedly cooled.
The UK's overall consumer price inflation in December cooled to 2.5% from 2.6% in November, according to a report released by the Office for National Statistics on Thursday.
Market sentiment was further bolstered after Richemont reported strong sales in the fourth quarter, and investors doubled down on multiple rate cuts this year following comments from the ECB's policy committee member.
On Thursday, the European Central Bank's Governing Council member Yannis Stournaras said that "policy should continue with a series of rate cuts at the next meetings."
UK Retail Sales Declined In Fourth Quarter
Fourth-quarter retail sales in the UK fell 0.8% from a year ago but were up on an annual basis by 3.6%.
Fourth-quarter volumes were slower than the third quarter but rose 1.9% compared to the same period a year ago.
Monthly December sales unexpectedly declined 0.3% despite a strong Christmas season. Supermarket monthly sales dropped 1.9%, but clothing sales rebounded from falls in recent months.
For the full 2024, retail sales volumes rose by 0.7%, following a 2.9% fall in 2023 and lower 4.1% in 2022.
Europe Indexes and Yields
The DAX index increased by 0.7% to 20,796.25; the CAC-40 index rose by 0.83% to 7,698.06; and the FTSE 100 index edged higher by 1.05% to 8,479.19.
For the week, the DAX and the CAC-40 are set to advance about 4% and the FTSE 100 index edged up more than 3%.
The yield on 10-year German bonds edged lower to 2.50%, French bonds fell to 3.31%, the UK gilts decreased to 4.64%, and Italian bonds edged lower to 3.70%.
The euro inched higher to $1.03; the British pound edged lower to $1.22; and the U.S. dollar eased to 91.00 Swiss cents.
Brent crude increased $0.44 to $81.73 a barrel, and the Dutch TTF natural gas fell by €0.90 to €46.23 per MWh.
Europe Stock Movers
Glencore Plc is up 2.7% after reports suggested that the resource company held talks with the rival Rio Tinto to merge all or parts of their businesses.
The combined business would rival the longstanding industry leader BHP Group.
Rio Tinto is currently valued at about $103 billion and Glencore at about $55 billion, while BHP is worth about $126 billion.
Teleperformance increased 2.3% to €85.94, and a court approved a $5.5 million settlement in relation to a 2022 controversy over the company's content moderation practices.
In addition, the digital business services provider successfully completed a €500 million bond issue, maturing in 2030, with an annual coupon of 4.25%.
Kering SA gained 5.6% after the owner of the Gucci fashion label agreed to sell a majority stake in three luxury Paris properties to French private equity firm Ardian SAS.
Net proceeds for Kering will amount to €837 million, or about $861 million.
Private equity investment company Ardian will hold a 60% stake in the prime real estate portfolio, while Kering will retain the remaining 40%.
The deal is expected to close in the first quarter of 2025.
Japan Indexes Extended Weekly Losses to Third Week, Nikkei Down 2.3%
Akira Ito
17 Jan, 2025
Tokyo
Stock market indexes in Tokyo closed down and extended weekly losses mirroring market weakness in overnight trading in New York.
The Nikkei 225 stock average decreased 0.4%, and the TOPIX dropped 0.3% after investors debated future rate paths and inflation outlook.
The Japanese yen turned volatile after the Bank of Japan Governor Kazuo Ueda said on Wednesday that the central bank is prepared to talk about possible future rate hikes at the next meeting ending on January 24.
Investors were also cautious ahead of the pick-up in earnings announcements next week amid a shift in geopolitical outlook and a rise in trade tensions with the U.S.
Japanese corporations are bracing for higher U.S. trade barriers, slower economic growth in China, and the rise of China-made electric vehicles in the global markets.
Moreover, corporate earnings growth is expected to remain muted amid persistent weakness in domestic consumption growth and a tepid growth in domestic wages.
Japan Stock Movers
The Nikkei 225 Stock Average declined 0.4% to 38,451.46, and the broader TOPIX fell 0.3% to 2,679.42.
For the week, benchmark indexes declined 2.3% and 1.8% respectively, and they extended losses to the third consecutive week.
Nintendo Co. Ltd. declined 4.2% to ¥9,181.0 after the online game company announced the release of the Switch 2 console later in the year.
Tech stocks led the decliners in Tokyo, and automakers were in focus ahead of corporate results over the next two weeks.
Advantest Corp. declined 0.4% to ¥9,158.0, Tokyo Electron edged up 0.01% to ¥26,655.0, and Disco Corp. decreased 0.3% to ¥44,030.0.
Toyota Motor Corp. fell 1.7% to ¥2,788.0, Honda Motor Corp advanced 0.3% to ¥1,460.0, Subaru Corp declined 0.4% to ¥2,570.50.
Seven &I Holdings rose 0.7% to ¥2,463.0, Takashimaya Corp. decreased 1.9% to ¥1,214.50, Fast Retailing eased 0.4% to ¥48,060.0, and Isetan Mitsukoshi Holdings increased 1.1% to ¥2,431.0.
Japan Indexes Extended Weekly Losses to Third Week, Nikkei Down 2.3%
Akira Ito
17 Jan, 2025
Tokyo
Stock market indexes in Tokyo closed down and extended weekly losses mirroring market weakness in overnight trading in New York.
The Nikkei 225 stock average decreased 0.4%, and the TOPIX dropped 0.3% after investors debated future rate paths and inflation outlook.
The Japanese yen turned volatile after the Bank of Japan Governor Kazuo Ueda said on Wednesday that the central bank is prepared to talk about possible future rate hikes at the next meeting ending on January 24.
Investors were also cautious ahead of the pick-up in earnings announcements next week amid a shift in geopolitical outlook and a rise in trade tensions with the U.S.
Japanese corporations are bracing for higher U.S. trade barriers, slower economic growth in China, and the rise of China-made electric vehicles in the global markets.
Moreover, corporate earnings growth is expected to remain muted amid persistent weakness in domestic consumption growth and a tepid growth in domestic wages.
Japan Stock Movers
The Nikkei 225 Stock Average declined 0.4% to 38,451.46, and the broader TOPIX fell 0.3% to 2,679.42.
For the week, benchmark indexes declined 2.3% and 1.8% respectively, and they extended losses to the third consecutive week.
Nintendo Co. Ltd. declined 4.2% to ¥9,181.0 after the online game company announced the release of the Switch 2 console later in the year.
Tech stocks led the decliners in Tokyo, and automakers were in focus ahead of corporate results over the next two weeks.
Advantest Corp. declined 0.4% to ¥9,158.0, Tokyo Electron edged up 0.01% to ¥26,655.0, and Disco Corp. decreased 0.3% to ¥44,030.0.
Toyota Motor Corp. fell 1.7% to ¥2,788.0, Honda Motor Corp advanced 0.3% to ¥1,460.0, Subaru Corp declined 0.4% to ¥2,570.50.
Seven &I Holdings rose 0.7% to ¥2,463.0, Takashimaya Corp. decreased 1.9% to ¥1,214.50, Fast Retailing eased 0.4% to ¥48,060.0, and Isetan Mitsukoshi Holdings increased 1.1% to ¥2,431.0.
China's Fourth Quarter GDP Growth and Retail Sales Accelerated, New Home Prices Extended Decline to December
Li Chen
17 Jan, 2025
Hong Kong
Stock market indexes in China and Hong Kong retained a mild upswing after the release of key economic data.
The Hang Seng index advanced 0.3%, and the mainland-focused CSI 300 index gained 0.6%, and investors welcomed the acceleration in economic growth in the fourth quarter.
China's GDP expanded at an annual pace of 5.4% in the fourth quarter, faster than 4.6% in the third quarter, the National Bureau of Statistics reported Friday.
The economic growth was the strongest in six quarters, boosted by a surge in exports and aggressive stimulus, but market sentiment was tempered by the lack of clarity in implementing additional stimulus measures.
For the full year 2024, China's economy expanded at an annual pace of 5%, matching the estimate set by the central government but slower than 5.2% in 2023.
China's annual GDP growth is expected to slow to closer to 4% in 2025 and decline further to 3% over the subsequent two years.
In other economic news, industrial output soared 6.2% in December, surpassing the 5.4% in November, the statistical bureau reported in a separate report.
For the full year 2024, industrial output increased to 5.8%, largely because of the strength in the manufacturing sector.
China's retail sales growth accelerated to 3.7% in December from 3.0% in November, but sales growth slowed to 3.5% in the whole of 2024 from 7.2% in 2023.
Online sales and rising demand for basic items supported the advance in retail sales in the year.
The unemployment rate advanced to 5.1% in December, ahead of the 5% target set by the government, despite the strength in the manufacturing sector.
New home prices in 70 large cities declined 5.3% from a year ago in December, the National Bureau of Statistics reported Friday.
New home prices have been on the slide outside of the four largest urban areas, despite several incentives announced by local governments over the last three months.
New home prices decreased for the 18th month in a row despite the People's Bank of China lowering mortgage rates and facilitating purchases by first-time home buyers.
Prices in Beijing fell 5.4% compared to 5.3%, Shenzhen declined 6.1% from 7.1%, and in Guangzhou dropped 9.1% and matched the rate in the previous month, respectively.
However, new home prices in Shanghai increased 5.3% compared to 5.0% in November.
China Stock Movers
The Hang Seng index increased 0.3% to 19,581.15, and the CSI index advanced 0.6% to 3,824.41.
Property stocks declined in Hong Kong and China after the release of new home price data.
China Vanke decreased 6.2% to HK $4.56 after a local newspaper reported that the company's chief executive, Zhu Jiusheng, was taken away by local police.
The property developer is struggling to repay its domestic and foreign currency-denominated debt of $4.9 billion on time.
China's Fourth Quarter GDP Growth and Retail Sales Accelerated, New Home Prices Extended Decline to December
Li Chen
17 Jan, 2025
Hong Kong
Stock market indexes in China and Hong Kong retained a mild upswing after the release of key economic data.
The Hang Seng index advanced 0.3%, and the mainland-focused CSI 300 index gained 0.6%, and investors welcomed the acceleration in economic growth in the fourth quarter.
China's GDP expanded at an annual pace of 5.4% in the fourth quarter, faster than 4.6% in the third quarter, the National Bureau of Statistics reported Friday.
The economic growth was the strongest in six quarters, boosted by a surge in exports and aggressive stimulus, but market sentiment was tempered by the lack of clarity in implementing additional stimulus measures.
For the full year 2024, China's economy expanded at an annual pace of 5%, matching the estimate set by the central government but slower than 5.2% in 2023.
China's annual GDP growth is expected to slow to closer to 4% in 2025 and decline further to 3% over the subsequent two years.
In other economic news, industrial output soared 6.2% in December, surpassing the 5.4% in November, the statistical bureau reported in a separate report.
For the full year 2024, industrial output increased to 5.8%, largely because of the strength in the manufacturing sector.
China's retail sales growth accelerated to 3.7% in December from 3.0% in November, but sales growth slowed to 3.5% in the whole of 2024 from 7.2% in 2023.
Online sales and rising demand for basic items supported the advance in retail sales in the year.
The unemployment rate advanced to 5.1% in December, ahead of the 5% target set by the government, despite the strength in the manufacturing sector.
New home prices in 70 large cities declined 5.3% from a year ago in December, the National Bureau of Statistics reported Friday.
New home prices have been on the slide outside of the four largest urban areas, despite several incentives announced by local governments over the last three months.
New home prices decreased for the 18th month in a row despite the People's Bank of China lowering mortgage rates and facilitating purchases by first-time home buyers.
Prices in Beijing fell 5.4% compared to 5.3%, Shenzhen declined 6.1% from 7.1%, and in Guangzhou dropped 9.1% and matched the rate in the previous month, respectively.
However, new home prices in Shanghai increased 5.3% compared to 5.0% in November.
China Stock Movers
The Hang Seng index increased 0.3% to 19,581.15, and the CSI index advanced 0.6% to 3,824.41.
Property stocks declined in Hong Kong and China after the release of new home price data.
China Vanke decreased 6.2% to HK $4.56 after a local newspaper reported that the company's chief executive, Zhu Jiusheng, was taken away by local police.
The property developer is struggling to repay its domestic and foreign currency-denominated debt of $4.9 billion on time.
India Movers: Axis Bank, Hasun Agro, Infosys, Mastek, Metro Brands, Reliance Industries, Shemaroo Entertainment, Spencer's Retail
Arun Goswami
17 Jan, 2025
Mumbai
Benchmark indexes struggled to advance after three consecutive days of gains, and investors reviewed the latest batch of mixed earnings.
The rupee hovered near record lows amid a resurgent dollar, and bond yields eased as investors lowered economic growth outlook.
The Sensex index decreased by 0.4% to 77,042.82, and the Nifty index fell by 0.4% to 23,222.50.
On the Mumbai stock exchange, 33 stocks traded at their 52-week highs, and 33 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.80%, and the Indian rupee traded around a record edge of 86.58 against the U.S. dollar.
Mastek Ltd. jumped 1.4% to ₹ 2,741.15 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹879 crore from ₹787.64 crore, after-tax profit rose to ₹94.71 crore from ₹77.74 crore, and diluted earnings per share jumped to ₹30.35 from ₹24.29 a year ago
Reliance Industries Ltd. increased 1.3% to ₹1,268.70 after the company reported December quarter results.
Consolidated revenue in the December quarter increased to ₹2,48,079 crore from ₹2,31,839 crore, after-tax profit rose to ₹21,804 crore from ₹19,488 crore, and diluted earnings per share advanced to ₹13.70 from ₹12.76 a year ago.
Spencer's Retail Ltd. declined 0.5% to ₹85.43 and the retailer said quarterly loss narrowed.
Consolidated revenue in the fiscal third quarter decreased to ₹520 crore from ₹660.3 crore, after-tax losses declined to ₹47.3 crore from ₹51.2 crore, and diluted loss per share shrank to ₹5.26 from ₹5.69 a year ago.
Axis Bank Ltd. decreased 5.4% to ₹984.55 after the company reported December quarter results.
Consolidated revenue in the fiscal third quarter advanced to ₹38,959.2 crore from ₹35,136.8 crore, net income rose to ₹6,763.1 crore from ₹6,493.4 crore, and diluted earnings per share increased to ₹21.65 from ₹20.93 a year ago.
Shemaroo Entertainment Limited increased 1.1% to ₹154.15 after the company reported December quarter results.
Consolidated revenue in the December quarter increased to ₹167.33 crore from ₹158.13 crore, after-tax losses expanded to ₹36.52 crore from ₹30.43 crore, and diluted losses per share expanded to ₹13.30 from ₹11.02 a year ago.
Havells India Ltd. decreased 0.2% to ₹ 1,560.75 after the company reported December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹4,953.31 crore from ₹4,469.75 crore, after-tax losses declined to ₹277.96 crore from ₹287.91 crore, and diluted earnings per share decreased to ₹4.43 from ₹4.59 a year ago.
Metro Brands Limited. decreased 1.3% to ₹1204.05 after the company reported a decline in earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹726.29 crore from ₹651.45 crore, after-tax profit fell to ₹94.39 crore from ₹98.06 crore, and diluted earnings per share dropped to ₹3.46 from ₹3.58 a year ago.
Kesoram Industries Ltd. declined 0.1% to ₹204.55 after the company reported higher losses in the December quarter.
Consolidated revenue in the fiscal third quarter decreased to ₹66.43 crore from ₹74.75 crore, after-tax losses expanded to ₹69.17 crore from ₹49.18 crore, and diluted earnings per share increased to 59 paisa from 44 paisa a year ago
Hatsun Agro Product Ltd. decreased 4% to ₹1,000 after the company reported a decline in net income in the December quarter.
Consolidated revenue in the fiscal third quarter increased to ₹2,012 crore from ₹1,891.56 crore, net income dropped to ₹40.94 crore from ₹57.40 crore, and diluted earnings per share declined to ₹1.84 from ₹2.58 a year ago.
Bhansali Engineering Polymers Ltd. declined 1.2% to ₹123.75 after the company reported flat earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹352.57 crore from ₹301.34 crore, net income rose to ₹40.83 crore from ₹40.22 crore, and diluted earnings per share edged higher to ₹1.64 from ₹1.62 a year ago.