Market Update
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Akira Ito
27 May, 2025
Buenos Aires
Global Economic Data Update
Week - May 26, 2025
U.S.
EU
EU Passenger Car Registrations
April - 925,359 Unis Up 1.3%
https://www.acea.auto/
China
Industrial Profits - April - 3.0%
Japan
Stock Movers: India Pesticides, Blue Dart Express, Bayer Crop, Sumitomo Chemical, Gillette India, IDFC FIRST, Paul Merchants, Umang Dairies
Arun Goswami
27 May, 2025
Mumbai
India Pesticides Ltd. advanced 10.2% to ₹188.95 after the chemical manufacturer reported more than a twenty-fold jump in earnings in the March quarter.
Consolidated revenue in the March quarter decreased to ₹210.5 crore from ₹129.9 crore, and after-tax profit jumped to ₹21.8 crore from ₹1.1 crore, and diluted earnings per share soared to ₹1.89 from ₹0.09 a year ago.
For the fiscal year 2025, revenue increased to ₹843.4 crore from ₹695.6 crore, after-tax profit rose to ₹82.2 crore from ₹60.2 crore, and diluted earnings per share advanced to ₹7.14 from ₹5.24 a year ago.
The company's board recommended a final dividend of 75 paise per share.
Blue Dart Express Ltd. decreased 4.8% to ₹6,431.65 after the company reported a slight increase in revenue and a 13% decline in profit in the March quarter.
Consolidated revenue in the March quarter inched higher to ₹1,429.6 crore from ₹1,333.9 crore, and after-tax profit dropped to ₹55.2 crore from ₹77.8 crore, and diluted earnings per share declined to ₹23.24 from ₹32.78 a year ago.
For the fiscal year 2025, revenue edged higher to ₹5,762.2 crore from ₹5,318.7 crore, after-tax profit decreased to ₹252.4 crore from ₹301 crore, and diluted earnings per share fell to ₹106.4 from ₹126.86 a year ago.
The company's board recommended a final dividend of ₹25 per share.
Bayer Crop Science Limited jumped 11.8% to ₹5,728.30, and the agriculture solutions provider reported a 49% rise in its earnings in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹1,083.5 crore from ₹821.1 crore, and after-tax profit jumped to ₹143.3 crore from ₹96 crore, and diluted earnings per share rose to ₹31.88 from ₹21.36 a year ago.
For the fiscal year 2025, revenue edged higher to ₹5,593.1 crore from ₹5,184.2 crore, after-tax profit declined to ₹568 crore from ₹740.1 crore, and diluted earnings per share decreased to ₹126.38 from ₹164.77 a year ago.
Sumitomo Chemical India Ltd. plunged 5.2% to ₹507 after the crop protection services provider reported a 9% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter advanced to ₹711 crore from ₹700.9 crore, and after-tax profit declined to ₹99.7 crore from ₹109.8 crore, and diluted earnings per share fell to ₹2 from ₹2.20 a year ago.
For the fiscal year 2025, revenue edged higher to ₹326.9 crore from ₹294 crore, after-tax profit increased to ₹505.4 crore from ₹369.3 crore, and diluted earnings per share soared to ₹10.13 from ₹7.40 a year ago.
The company's board recommended a dividend of ₹10 per share.
Gillette India Ltd. increased 0.2% to ₹9,424.60 after the fast-moving consumer goods company reported a 41% increase in profit in the fiscal fourth quarter.
Consolidated revenue increased to ₹779.2 crore from ₹686.4 crore, net income rose to ₹158.7 crore from ₹99.1 crore, and diluted earnings per share advanced to ₹48.70 from ₹30.41 a year ago.
For the fiscal year 2025, revenue edged higher to ₹2,262.8 crore from ₹2,009.3 crore, after-tax profit jumped to ₹417.7 crore from ₹295.7 crore, and diluted earnings per share soared to ₹128.17 from ₹90.17 a year ago.
The company's board recommended a dividend of ₹47 per share.
IDFC FIRST Bank soared 1.7% to ₹67.77 despite the financial services provider reporting a 33% plunge in quarterly profit from a year ago.
Consolidated revenue in the March quarter advanced to ₹11,308.4 crore from ₹9,861.2 crore, and after-tax profit declined to ₹304.1 crore from ₹724.4 crore, and diluted earnings per share fell to 41 paise from ₹1.01 a year ago.
For the fiscal year 2025, revenue edged higher to ₹43,523.2 crore from ₹36,324.5 crore, after-tax profit dropped to ₹1,524.9 crore from ₹2,956.5 crore, and diluted earnings per share decreased to ₹2.08 from ₹4.25 a year ago.
The company's board proposed a dividend of 25 paise per share.
Paul Merchants Ltd. declined 0.7% to ₹784.90 despite the large financial services conglomerate reporting an 80% jump in its earnings in the March quarter.
Consolidated revenue in the March quarter inched higher to ₹583.1 crore from ₹854.7 crore, after-tax profit jumped to ₹16.7 crore from ₹9.3 crore, and diluted earnings per share rose to ₹54.13 from ₹30.27 a year ago.
For the fiscal year 2025, revenue decreased to ₹3,337.9 crore from ₹6,508.6 crore, after-tax profit advanced to ₹63.8 crore from ₹54.6 crore, and diluted earnings per share edged higher to ₹206.99 from ₹177.13 a year ago.
Umang Dairies Ltd. advanced 3.1% to ₹81.33 after the dairy product manufacturer reported a sharp fall in profit in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched down to ₹64.9 crore from ₹71.8 crore, and after-tax profit dropped to ₹0.8 crore from ₹6.3 crore, and diluted earnings per share fell to 36 paise from ₹2.88 a year ago.
For the fiscal year 2025, revenue edged down to ₹230.5 crore from ₹288.6 crore, after-tax profit decreased to ₹0.6 crore from ₹1.3 crore, and diluted earnings per share declined to 28 paise from 61 paise a year ago.
Stock Movers: India Pesticides, Blue Dart Express, Bayer Crop, Sumitomo Chemical, Gillette India, IDFC FIRST, Paul Merchants, Umang Dairies
Arun Goswami
27 May, 2025
Mumbai
India Pesticides Ltd. advanced 10.2% to ₹188.95 after the chemical manufacturer reported more than a twenty-fold jump in earnings in the March quarter.
Consolidated revenue in the March quarter decreased to ₹210.5 crore from ₹129.9 crore, and after-tax profit jumped to ₹21.8 crore from ₹1.1 crore, and diluted earnings per share soared to ₹1.89 from ₹0.09 a year ago.
For the fiscal year 2025, revenue increased to ₹843.4 crore from ₹695.6 crore, after-tax profit rose to ₹82.2 crore from ₹60.2 crore, and diluted earnings per share advanced to ₹7.14 from ₹5.24 a year ago.
The company's board recommended a final dividend of 75 paise per share.
Blue Dart Express Ltd. decreased 4.8% to ₹6,431.65 after the company reported a slight increase in revenue and a 13% decline in profit in the March quarter.
Consolidated revenue in the March quarter inched higher to ₹1,429.6 crore from ₹1,333.9 crore, and after-tax profit dropped to ₹55.2 crore from ₹77.8 crore, and diluted earnings per share declined to ₹23.24 from ₹32.78 a year ago.
For the fiscal year 2025, revenue edged higher to ₹5,762.2 crore from ₹5,318.7 crore, after-tax profit decreased to ₹252.4 crore from ₹301 crore, and diluted earnings per share fell to ₹106.4 from ₹126.86 a year ago.
The company's board recommended a final dividend of ₹25 per share.
Bayer Crop Science Limited jumped 11.8% to ₹5,728.30, and the agriculture solutions provider reported a 49% rise in its earnings in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹1,083.5 crore from ₹821.1 crore, and after-tax profit jumped to ₹143.3 crore from ₹96 crore, and diluted earnings per share rose to ₹31.88 from ₹21.36 a year ago.
For the fiscal year 2025, revenue edged higher to ₹5,593.1 crore from ₹5,184.2 crore, after-tax profit declined to ₹568 crore from ₹740.1 crore, and diluted earnings per share decreased to ₹126.38 from ₹164.77 a year ago.
Sumitomo Chemical India Ltd. plunged 5.2% to ₹507 after the crop protection services provider reported a 9% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter advanced to ₹711 crore from ₹700.9 crore, and after-tax profit declined to ₹99.7 crore from ₹109.8 crore, and diluted earnings per share fell to ₹2 from ₹2.20 a year ago.
For the fiscal year 2025, revenue edged higher to ₹326.9 crore from ₹294 crore, after-tax profit increased to ₹505.4 crore from ₹369.3 crore, and diluted earnings per share soared to ₹10.13 from ₹7.40 a year ago.
The company's board recommended a dividend of ₹10 per share.
Gillette India Ltd. increased 0.2% to ₹9,424.60 after the fast-moving consumer goods company reported a 41% increase in profit in the fiscal fourth quarter.
Consolidated revenue increased to ₹779.2 crore from ₹686.4 crore, net income rose to ₹158.7 crore from ₹99.1 crore, and diluted earnings per share advanced to ₹48.70 from ₹30.41 a year ago.
For the fiscal year 2025, revenue edged higher to ₹2,262.8 crore from ₹2,009.3 crore, after-tax profit jumped to ₹417.7 crore from ₹295.7 crore, and diluted earnings per share soared to ₹128.17 from ₹90.17 a year ago.
The company's board recommended a dividend of ₹47 per share.
IDFC FIRST Bank soared 1.7% to ₹67.77 despite the financial services provider reporting a 33% plunge in quarterly profit from a year ago.
Consolidated revenue in the March quarter advanced to ₹11,308.4 crore from ₹9,861.2 crore, and after-tax profit declined to ₹304.1 crore from ₹724.4 crore, and diluted earnings per share fell to 41 paise from ₹1.01 a year ago.
For the fiscal year 2025, revenue edged higher to ₹43,523.2 crore from ₹36,324.5 crore, after-tax profit dropped to ₹1,524.9 crore from ₹2,956.5 crore, and diluted earnings per share decreased to ₹2.08 from ₹4.25 a year ago.
The company's board proposed a dividend of 25 paise per share.
Paul Merchants Ltd. declined 0.7% to ₹784.90 despite the large financial services conglomerate reporting an 80% jump in its earnings in the March quarter.
Consolidated revenue in the March quarter inched higher to ₹583.1 crore from ₹854.7 crore, after-tax profit jumped to ₹16.7 crore from ₹9.3 crore, and diluted earnings per share rose to ₹54.13 from ₹30.27 a year ago.
For the fiscal year 2025, revenue decreased to ₹3,337.9 crore from ₹6,508.6 crore, after-tax profit advanced to ₹63.8 crore from ₹54.6 crore, and diluted earnings per share edged higher to ₹206.99 from ₹177.13 a year ago.
Umang Dairies Ltd. advanced 3.1% to ₹81.33 after the dairy product manufacturer reported a sharp fall in profit in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched down to ₹64.9 crore from ₹71.8 crore, and after-tax profit dropped to ₹0.8 crore from ₹6.3 crore, and diluted earnings per share fell to 36 paise from ₹2.88 a year ago.
For the fiscal year 2025, revenue edged down to ₹230.5 crore from ₹288.6 crore, after-tax profit decreased to ₹0.6 crore from ₹1.3 crore, and diluted earnings per share declined to 28 paise from 61 paise a year ago.
Japan Stocks Struggled Amid Higher Interest Rate Narrative
Akira Ito
27 May, 2025
Tokyo
Stock market indexes in Japan lacked direction as trade uncertainties loomed.
The Nikkei 225 Stock Average declined 0.2%, and the Topix index bounded around the flatline as investors awaited a flood of corporate results this week.
The yen strengthened to a four-week high of 142.85 as the U.S. dollar continued to drift lower amid the rising "Sell U.S." narrative among investors in Asia.
Moreover, expectations rose that the Bank of Japan is likely to continue with its rate increase campaign after core inflation in April unexpectedly accelerated to 3.5%.
Gold retained an upward bias as central banks in Asia continued to allocate more reserves to the precious metal as the U.S. dollar's safe haven status dims.
Japan's trade negotiators are still holding out for a reprieve from a punitive 25% U.S. tariff on Japanese vehicles, but so far an agreement has been elusive.
Moreover, the U.S. delayed the start of the 50% tariffs on imports from the European Union to July 9, as both sides struggled to find common ground.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 37,459.22, and the Topix index edged up 0.01% to 2,753.27.
Tech stocks traded down as investors sold high-flying artificial intelligence-linked stocks.
Tokyo Electron decreased 1.2% to ¥23,060.0, Advantest Corp. dropped 0.4% to ¥7,071.0, and Disco Corp. fell 1.9% to ¥33,630.0.
Seven & I Holdings decreased 0.7% to ¥2,148.50, Fast Retailing dropped 0.1% to ¥47,100.0, Takashimaya Co. Ltd. rose 1.5% to ¥1,158.0, and Isetan Mitsukoshi Ltd. gained 1.5% to ¥2,155.0.
Japan Stocks Struggled Amid Higher Interest Rate Narrative
Akira Ito
27 May, 2025
Tokyo
Stock market indexes in Japan lacked direction as trade uncertainties loomed.
The Nikkei 225 Stock Average declined 0.2%, and the Topix index bounded around the flatline as investors awaited a flood of corporate results this week.
The yen strengthened to a four-week high of 142.85 as the U.S. dollar continued to drift lower amid the rising "Sell U.S." narrative among investors in Asia.
Moreover, expectations rose that the Bank of Japan is likely to continue with its rate increase campaign after core inflation in April unexpectedly accelerated to 3.5%.
Gold retained an upward bias as central banks in Asia continued to allocate more reserves to the precious metal as the U.S. dollar's safe haven status dims.
Japan's trade negotiators are still holding out for a reprieve from a punitive 25% U.S. tariff on Japanese vehicles, but so far an agreement has been elusive.
Moreover, the U.S. delayed the start of the 50% tariffs on imports from the European Union to July 9, as both sides struggled to find common ground.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 37,459.22, and the Topix index edged up 0.01% to 2,753.27.
Tech stocks traded down as investors sold high-flying artificial intelligence-linked stocks.
Tokyo Electron decreased 1.2% to ¥23,060.0, Advantest Corp. dropped 0.4% to ¥7,071.0, and Disco Corp. fell 1.9% to ¥33,630.0.
Seven & I Holdings decreased 0.7% to ¥2,148.50, Fast Retailing dropped 0.1% to ¥47,100.0, Takashimaya Co. Ltd. rose 1.5% to ¥1,158.0, and Isetan Mitsukoshi Ltd. gained 1.5% to ¥2,155.0.
China Industrial Profit Growth Accelerated In April, Meituan Earnings Mask Rising Competitive Pressures
Li Chen
27 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong struggled to stay above the flatline, and persistent worries about the domestic economic growth slowdown were compounded by U.S. trade policy uncertainties.
The Hang Seng index decreased 0.4%, and the mainland-focused CSI 300 index decreased 0.6%, and industrial profits at leading Chinese companies rose at a faster pace in April.
Profits at industrial companies accelerated to 3.0% in April from 2.6% in March, supported by Beijing's continued efforts to support economic expansion and ward off mounting trade risks.
For the first four months, to April, profit growth accelerated to 1.4% from 0.8% in the same period a year ago.
E-commerce companies were in focus after Meituan's earnings surpassed market expectations.
Foreign investors have remained skeptical of Chinese stocks despite the growing valuation discount to U.S. stocks amid worries of sluggish economic growth and lack of earnings visibility.
China Indexes and Stocks
The Hang Seng index decreased 0.4% to 23,181.95, and the CSI 300 index declined 0.6% to 3,836.88.
Meituan edged down 0.3% to HK $128.90 despite the e-commerce delivery platform operator reporting better-than-expected results in the March quarter.
Revenue in the quarter increased 18.1% to 86.6 billion yuan, and net income soared 87.3% to 10.1 billion yuan from a year ago, respectively.
The company's core local businesses, covering food and grocery delivery, merchant services, and travel and hotel bookings, rose 39.1% from a year ago to 13.5 billion yuan.
Amid rising competition and falling margins, the company has stepped up its operations in the Middle East and announced its plans to invest $1 billion in Brazil.
The IPO parade continued, and two new companies began trading in Hong Kong.
Xiamen Jihong soared 50% to HK $11.61, and the e-commerce advertising and marketing service sold about 70% of its initial public offering to foreign investors.
The advertising service provider sold 67.91 million shares at a price of HK $7.68 in an initial public offering and raised gross proceeds of HK $521.5 million.
PegBio declined 20% to HK $12.56 after the company priced its public offering at HK $15.60 per share.
The biotech company, which focuses on treating metabolic disorders related to chronic diseases, sold 19.7 million shares and raised gross proceeds of HK$300.8 million.
China Industrial Profit Growth Accelerated In April, Meituan Earnings Mask Rising Competitive Pressures
Li Chen
27 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong struggled to stay above the flatline, and persistent worries about the domestic economic growth slowdown were compounded by U.S. trade policy uncertainties.
The Hang Seng index decreased 0.4%, and the mainland-focused CSI 300 index decreased 0.6%, and industrial profits at leading Chinese companies rose at a faster pace in April.
Profits at industrial companies accelerated to 3.0% in April from 2.6% in March, supported by Beijing's continued efforts to support economic expansion and ward off mounting trade risks.
For the first four months, to April, profit growth accelerated to 1.4% from 0.8% in the same period a year ago.
E-commerce companies were in focus after Meituan's earnings surpassed market expectations.
Foreign investors have remained skeptical of Chinese stocks despite the growing valuation discount to U.S. stocks amid worries of sluggish economic growth and lack of earnings visibility.
China Indexes and Stocks
The Hang Seng index decreased 0.4% to 23,181.95, and the CSI 300 index declined 0.6% to 3,836.88.
Meituan edged down 0.3% to HK $128.90 despite the e-commerce delivery platform operator reporting better-than-expected results in the March quarter.
Revenue in the quarter increased 18.1% to 86.6 billion yuan, and net income soared 87.3% to 10.1 billion yuan from a year ago, respectively.
The company's core local businesses, covering food and grocery delivery, merchant services, and travel and hotel bookings, rose 39.1% from a year ago to 13.5 billion yuan.
Amid rising competition and falling margins, the company has stepped up its operations in the Middle East and announced its plans to invest $1 billion in Brazil.
The IPO parade continued, and two new companies began trading in Hong Kong.
Xiamen Jihong soared 50% to HK $11.61, and the e-commerce advertising and marketing service sold about 70% of its initial public offering to foreign investors.
The advertising service provider sold 67.91 million shares at a price of HK $7.68 in an initial public offering and raised gross proceeds of HK $521.5 million.
PegBio declined 20% to HK $12.56 after the company priced its public offering at HK $15.60 per share.
The biotech company, which focuses on treating metabolic disorders related to chronic diseases, sold 19.7 million shares and raised gross proceeds of HK$300.8 million.
U.S. Stocks Slide and Gold Shines After Trump Threatens EU and Apple
Barry Adams
23 May, 2025
New York City
Bond yields advanced, stocks plunged, and gold raced to record highs amid renewed fears of international trade uncertainty.
The S&P 500 index declined 1.1%, and the Nasdaq Composite fell 1.4% after the yield on 30-year U.S. Treasury bonds inched higher to 5.1%.
The U.S. president's threat to impose 50% tariffs on goods arriving from the European Union sent shockwaves from Frankfurt to Milan, as trade talks stalled.
In addition, Donald Trump threatened to slap 25% tariffs on all iPhones sold but not made in the U.S.
Apple, Qualcomm, and Micron fell about 3% after the U.S. president issued the first threat targeting a company and its products.
The constantly changing U.S. trade policy and random threats to key trading partners and leading global technology companies highlighted the mercurial nature of the U.S. leadership, driving away more foreign investments.
For the week, the S&P 500 is down 1.7%, and the Nasdaq Composite has fallen 2.2% after one hour of trading on Friday.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.1% to 5,775.55, the Nasdaq Composite edged down 1.5% to 18,646.84, and the Russell 2000 index declined 1.5% to 2,013.83.
The yield on 2-year Treasury notes edged lower to 3.92%, 10-year Treasury notes decreased to 4.47%, and 30-year Treasury bonds declined to 5.01%.
WTI crude oil decreased $0.63 to $60.56 a barrel, and natural gas prices edged higher by $0.04 to $3.30 a thermal unit.
Gold increased by $54.32 to $3,353.52 an ounce, and silver edged up by $0.09 to $33.14.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.52 to 99.44 and traded at the lowest level since April 2022.
U.S. Stock Movers
Ross Stores plunged 13% to $132.30 after the off-price retailer withdrew its annual outlook and issued a weaker-than-expected earnings estimate for the current quarter.
Moreover, the retailer added that the current level of tariffs is likely to exert a downward pressure on its profitability.
Autodesk Inc. increased 1.4% to $299.0 after the specialty software company's second-quarter earnings outlook surpassed market expectations.
Intuit Inc. soared 7.2% to $714.0 after the tax preparation software company reported strong fiscal third-quarter results, and the company's full-year results surpassed market expectations.
U.S. Stocks Slide and Gold Shines After Trump Threatens EU and Apple
Barry Adams
23 May, 2025
New York City
Bond yields advanced, stocks plunged, and gold raced to record highs amid renewed fears of international trade uncertainty.
The S&P 500 index declined 1.1%, and the Nasdaq Composite fell 1.4% after the yield on 30-year U.S. Treasury bonds inched higher to 5.1%.
The U.S. president's threat to impose 50% tariffs on goods arriving from the European Union sent shockwaves from Frankfurt to Milan, as trade talks stalled.
In addition, Donald Trump threatened to slap 25% tariffs on all iPhones sold but not made in the U.S.
Apple, Qualcomm, and Micron fell about 3% after the U.S. president issued the first threat targeting a company and its products.
The constantly changing U.S. trade policy and random threats to key trading partners and leading global technology companies highlighted the mercurial nature of the U.S. leadership, driving away more foreign investments.
For the week, the S&P 500 is down 1.7%, and the Nasdaq Composite has fallen 2.2% after one hour of trading on Friday.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1.1% to 5,775.55, the Nasdaq Composite edged down 1.5% to 18,646.84, and the Russell 2000 index declined 1.5% to 2,013.83.
The yield on 2-year Treasury notes edged lower to 3.92%, 10-year Treasury notes decreased to 4.47%, and 30-year Treasury bonds declined to 5.01%.
WTI crude oil decreased $0.63 to $60.56 a barrel, and natural gas prices edged higher by $0.04 to $3.30 a thermal unit.
Gold increased by $54.32 to $3,353.52 an ounce, and silver edged up by $0.09 to $33.14.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.52 to 99.44 and traded at the lowest level since April 2022.
U.S. Stock Movers
Ross Stores plunged 13% to $132.30 after the off-price retailer withdrew its annual outlook and issued a weaker-than-expected earnings estimate for the current quarter.
Moreover, the retailer added that the current level of tariffs is likely to exert a downward pressure on its profitability.
Autodesk Inc. increased 1.4% to $299.0 after the specialty software company's second-quarter earnings outlook surpassed market expectations.
Intuit Inc. soared 7.2% to $714.0 after the tax preparation software company reported strong fiscal third-quarter results, and the company's full-year results surpassed market expectations.