Market Update
China Tuesday
Li Chen
09 Sep, 2025
Hong Kong
Benchmark indexes in China and Hong Kong advanced in cautious trading as investors looked forward to upcoming inflation data and rate actions in the U.S.
The Hang Seng Index advanced nearly 1%, and the mainland-focused CSI 300 index decreased 0.5% amid worries that policymakers may struggle to break the entrenched deflationary trend.
On Wednesday, the National Bureau of Statistics is set to release two separate inflation reports: producer prices and consumer prices.
In August, producer price inflation, a measure of wholesale price, is likely to show an annual decline of 2.9%, and consumer price inflation is likely to indicate easing of 0.2%.
China has set an annual economic growth target of 5% in 2025; however, the broader economy is facing multiple headwinds amid a sharp escalation in U.S. tariffs, persistent weakness in the residential property and labor markets, and faltering consumer confidence.
However, the central government is struggling to provide additional fiscal stimulus measures because policymakers are tackling rising government debt levels.
In a positive sign for the economy, China's goods exports are expected to register a growth of at least 4% in 2025, despite falling exports to the U.S.
But intense competition in the renewable energy, electric vehicle, and electric battery production has forced most companies to slash prices and forego profitability.
China Indexes and Stocks
The Hang Seng Index inched up 0.9% to 25,863.73, and the CSI 300 index fell 0.5% to 4,446.66.
Zijin Mining Group advanced 2.2% to HK$28.36, and the gold price reached a new high of $3,650 an ounce in New York trading.
Alibaba Group Holding advanced 2.6% to HK$141.0, Meituan dropped 1% to HK$99.90, and Tencent Holdings increased 0.7% to HK$623.50.
Dahon Tech (Shenzhen) Co. Ltd. soared 21% on the first day of trading on the Hong Kong Stock Exchange.
The bicycle maker priced its initial offering at HK$49.50 per share and sold 7.9 million shares in a global offering and raised HK$392 million.
Stock Movers: DocuSign, Ciena, Asana, Verint Systems, Macy's
Scott Peters
08 Sep, 2025
New York City
DocuSign Inc. gained 4.8% to $79.86 despite the e-signature software provider reporting a 93% drop in the second quarter ending on July 31.
Consolidated revenue increased to $800 million from $736 million, net income dropped to $63 million from $888 million, and diluted earnings per share declined to 30 cents from $4.26 a year ago.
During the second quarter, DocuSign returned a total of $201.5 million to shareholders through share repurchases.
DocuSign guided third-quarter revenue to be between $804 million and $808 million, adjusted operating margin between 28% and 29%, and adjusted diluted weighted-average shares outstanding between 207 million and 212 million.
DocuSign guided full-year revenue to be between $3.189 billion and $3.201 billion, adjusted operating margin between 28.6% and 29.6%, and adjusted diluted weighted-average shares outstanding between 207 million and 212 million.
Ciena Corp. increased 20% to $116.69 after the provider of networking systems reported more than a three-and-a-half-fold jump in earnings in the fiscal third quarter ending on August 2.
Consolidated revenue edged higher to $1.22 billion from $942 million, net income advanced to $50.3 million from $14.2 million, and diluted earnings per share rose to 35 cents from 10 cents a year ago.
During the quarter, Ciena repurchased 1.0 million shares of common stock for an aggregate price of $81.8 million.
Ciena guided fourth-quarter revenue to be between $1.24 billion and $1.32 billion, adjusted gross margin to be between 42% and 43%, and adjusted operating expense to be between $390 million and $400 million.
"With visibility well into fiscal year 2026, we are confident in the continued momentum of our business and remain focused on further expanding our operating leverage as we continue to grow," said Gary Smith, president and CEO, Ciena.
Asana Inc. declined 8% to $13.46 despite the team collaboration and work management software company saying net loss shrank and revenue increased in the second quarter ending on July 31.
Consolidated revenue inched higher to $196.9 million from $179.2 million, net loss shrank to $48 million from $72 million, and diluted losses per share fell to 20 cents from 31 cents a year ago.
Asana guided third-quarter revenue to be between $197.5 million and $199.5 million, non-GAAP operating income to be between $12 million and $14 million, and non-GAAP earnings per share between 6 cents and 7 cents.
Asana guided full-year revenue to be between $780 million and $790 million, non-GAAP operating income to be between $46 million and $50 million, and non-GAAP earnings per share to be between 23 cents and 25 cents.
In the fiscal second quarter of 2026, Asana saw strong customer growth, with core customers (spending $5,000+) increasing 9% to 25,006 and high-value customers (spending $100,000+) rising 19% to 770, driving revenue growth from core accounts by 12% from a year ago, respectively.
The company maintained a solid dollar-based net retention rate of 96%.
Verint Systems Inc. was unchanged at $20.36 after the customer experience automation platform’s net income swung to a loss in the latest quarter ending on July 31.
Consolidated revenue in the quarter inched down to $208 million from $210 million, net income swung to a loss of $1.69 million from a profit of $5.53 million, and diluted income per share swung to a loss of 9 cents from a profit of 2 cents a year ago.
Thoma Bravo announced a $2 billion all-cash acquisition of Verint on August 24, 2025. Shareholders will receive $20.50 per share, representing an 18% premium to the stock’s 10-day average price before reports of a potential sale.
The deal, unanimously approved by Verint’s board, is expected to close by the end of the current fiscal year, subject to shareholder and regulatory approvals.
After completion, Verint will become privately held, and its stock will be delisted.
Macy's Inc. plunged 0.03% to $17.30 after the department store chain operator reported a 48% decline in profit in the fiscal second quarter ending on August 2.
Consolidated revenue edged lower to $5 billion from $5.1 billion, net income declined to $87 million from $150 million, and diluted earnings per share fell to 31 cents from 53 cents a year ago.
The company returned $100 million to shareholders, including $50 million in quarterly dividends and $50 million in share repurchases.
The company's board declared a regular quarterly dividend of 18.24 cents per share, payable on October 1 to shareholders on record on September 15.
Macy's revised its annual revenue guidance to between $21.15 billion and $21.45 billion and adjusted diluted earnings per share to between $1.70 and $2.05.
Stock Movers: DocuSign, Ciena, Asana, Verint Systems, Macy's
Scott Peters
08 Sep, 2025
New York City
DocuSign Inc. gained 4.8% to $79.86 despite the e-signature software provider reporting a 93% drop in the second quarter ending on July 31.
Consolidated revenue increased to $800 million from $736 million, net income dropped to $63 billion from $888 billion, and diluted earnings per share declined to 30 cents from $4.26 a year ago.
During the second quarter, DocuSign returned a total of $201.5 million to shareholders through share repurchases.
DocuSign guided third-quarter revenue to be between $804 million and $808 million, adjusted operating margin between 28% and 29%, and adjusted diluted weighted-average shares outstanding between 207 million and 212 million.
DocuSign guided full-year revenue to be between $3.189 billion and $3.201 billion, adjusted operating margin between 28.6% and 29.6%, and adjusted diluted weighted-average shares outstanding between 207 million and 212 million.
Ciena Corp. increased 20% to $116.69 after the provider of networking systems reported more than a three-and-a-half-fold jump in earnings in the fiscal third quarter ending on August 2.
Consolidated revenue edged higher to $1.22 billion from $942 million, net income advanced to $50.3 million from $14.2 million, and diluted earnings per share rose to 35 cents from 10 cents a year ago.
During the quarter, Ciena repurchased 1.0 million shares of common stock for an aggregate price of $81.8 million.
Ciena guided fourth-quarter revenue to be between $1.24 billion and $1.32 billion, adjusted gross margin to be between 42% and 43%, and adjusted operating expense to be between $390 million and $400 million.
"With visibility well into fiscal year 2026, we are confident in the continued momentum of our business and remain focused on further expanding our operating leverage as we continue to grow," said Gary Smith, president and CEO, Ciena.
Asana Inc. declined 8% to $13.46 despite the team collaboration and work management software company saying net loss shrank and revenue increased in the second quarter ending on July 31.
Consolidated revenue inched higher to $196.9 million from $179.2 million, net loss shrank to $48 million from $72 million, and diluted losses per share fell to 20 cents from 31 cents a year ago.
Asana guided third-quarter revenue to be between $197.5 million and $199.5 million, non-GAAP operating income to be between $12 million and $14 million, and non-GAAP earnings per share between 6 cents and 7 cents.
Asana guided full-year revenue to be between $780 million and $790 million, non-GAAP operating income to be between $46 million and $50 million, and non-GAAP earnings per share to be between 23 cents and 25 cents.
In the fiscal second quarter of 2026, Asana saw strong customer growth, with core customers (spending $5,000+) increasing 9% to 25,006 and high-value customers (spending $100,000+) rising 19% to 770, driving revenue growth from core accounts by 12% from a year ago, respectively.
The company maintained a solid dollar-based net retention rate of 96%.
Verint Systems Inc. was unchanged at $20.36 after the customer experience automation platform’s net income swung to a loss in the latest quarter ending on July 31.
Consolidated revenue in the quarter inched down to $208 million from $210 million, net income swung to a loss of $1.69 million from a profit of $5.53 million, and diluted income per share swung to a loss of 9 cents from a profit of 2 cents a year ago.
Thoma Bravo announced a $2 billion all-cash acquisition of Verint on August 24, 2025. Shareholders will receive $20.50 per share, representing an 18% premium to the stock’s 10-day average price before reports of a potential sale.
The deal, unanimously approved by Verint’s board, is expected to close by the end of the current fiscal year, subject to shareholder and regulatory approvals.
After completion, Verint will become privately held, and its stock will be delisted.
Macy's Inc. plunged 0.03% to $17.30 after the department store chain operator reported a 48% decline in profit in the fiscal second quarter ending on August 2.
Consolidated revenue edged lower to $5 billion from $5.1 billion, net income declined to $87 million from $150 million, and diluted earnings per share fell to 31 cents from 53 cents a year ago.
The company returned $100 million to shareholders, including $50 million in quarterly dividends and $50 million in share repurchases.
The company's board declared a regular quarterly dividend of 18.24 cents per share, payable on October 1 to shareholders on record on September 15.
Macy's revised its annual revenue guidance to between $21.15 billion and $21.45 billion and adjusted diluted earnings per share to between $1.70 and $2.05.
Wall Street Indexes Hug Record Highs Ahead of Inflation Reports
Barry Adams
08 Sep, 2025
Mumbai
Wall Street indexes advanced on Monday as investors prepared to review two inflation reports this week.
The S&P 500 index edged up 0.2%, and the tech-heavy Nasdaq Composite advanced 0.3%, and they hovered near record highs.
Last week, benchmark indexes trimmed weekly gains on Friday after August's payroll report confirmed a rapidly cooling labor market.
The latest dismal U.S. jobs report confirmed that the weakening trend in place since May is likely to persist for the rest of 2025 amid erratic U.S. trade policy and fast-changing labor market conditions.
August's nonfarm payroll data confirmed that the labor market is rapidly cooling amid an environment of sustained uncertainty created by constantly changing U.S. trade policy.
Increasingly, businesses of all sizes are feeling the negative effects of the sharp escalation in import taxes imposed by the Trump administration.
Agriculture, restaurants, and construction industries are feeling the brunt of the Trump administration's economic agenda, with 1.2 million fewer immigrant workers on payrolls since January.
The erratic trade policy and aggressive immigration enforcement are driving up economic uncertainty and forcing businesses and consumers to delay key financial decisions.
The Trump administration's stated main objective in escalating tariff rates was to expand the manufacturing sector and create new jobs.
Instead, higher tariffs are forcing manufacturing businesses to slow down activities, fire employees, and pass on higher prices to their customers.
The August month's payroll data confirmed that the employee base in the manufacturing sector shrank for the fourth consecutive month, with no end in sight.
Week Ahead
In the week ahead, U.S. investors are awaiting the release of two key inflation reports.
The overall consumer inflation in August is expected to inch higher to 2.9%, and the core inflation rate is likely to stay at 3%.
Moreover, August's producer price inflation is expected to advance 0.3% from the previous month.
The two inflation reports could provide additional supporting evidence for the Federal Reserve to begin its rate cut campaign as early as September 18 following the policy meeting.
On the earnings front, investors are looking forward to results from Oracle, Adobe, Chewy, Casey's General, Daktronics, Value Line, Dakronics, and Designer Brands.
U.S. Stock Movers
EchoStar Corp. jumped 24% to $83.40 after the company said it has agreed to sell its wireless spectrum licenses to SpaceX for $17 billion.
In addition, the wireless communication company entered into a long-term agreement with SpaceX, which allows the company to sell SpaceX's Starlink Direct services to its Boost Mobile subscribers.
According to the preliminary agreement, SpaceX agreed to pay up to $8.5 billion in cash and up to $8.5 billion in stock.
Wall Street Indexes Hug Record Highs Ahead of Inflation Reports
Barry Adams
08 Sep, 2025
Mumbai
Wall Street indexes advanced on Monday as investors prepared to review two inflation reports this week.
The S&P 500 index edged up 0.2%, and the tech-heavy Nasdaq Composite advanced 0.3%, and they hovered near record highs.
Last week, benchmark indexes trimmed weekly gains on Friday after August's payroll report confirmed a rapidly cooling labor market.
The latest dismal U.S. jobs report confirmed that the weakening trend in place since May is likely to persist for the rest of 2025 amid erratic U.S. trade policy and fast-changing labor market conditions.
August's nonfarm payroll data confirmed that the labor market is rapidly cooling amid an environment of sustained uncertainty created by constantly changing U.S. trade policy.
Increasingly, businesses of all sizes are feeling the negative effects of the sharp escalation in import taxes imposed by the Trump administration.
The Trump administration's stated main objective in escalating tariff rates was to expand the manufacturing sector and create new jobs.
Instead, higher tariffs are forcing manufacturing businesses to slow down activities, fire employees, and pass on higher prices to their customers.
The August month's payroll data confirmed that the employee base in the manufacturing sector shrank for the fourth consecutive month, with no end in sight.
Week Ahead
In the week ahead, U.S. investors are awaiting the release of two key inflation reports.
The overall consumer inflation in August is expected to inch higher to 2.9%, and the core inflation rate is likely to stay at 3%.
Moreover, August's producer price inflation is expected to advance 0.3% from the previous month.
The two inflation reports could provide additional supporting evidence for the Federal Reserve to begin its rate cut campaign as early as September 18 following the policy meeting.
On the earnings front, investors are looking forward to results from Oracle, Adobe, Chewy, Casey's General, Daktronics, Value Line, Dakronics, and Designer Brands.
U.S. Stock Movers
EchoStar Corp. jumped 24% to $83.40 after the company said it has agreed to sell its wireless spectrum licenses to SpaceX for $17 billion.
In addition, the wireless communication company entered into a long-term agreement with SpaceX, which allows the company to sell SpaceX's Starlink Direct services to its Boost Mobile subscribers.
According to the preliminary agreement, SpaceX agreed to pay up to $8.5 billion in cash and up to $8.5 billion in stock.