Market Update
Wall Street Indexes Rebound as Global Investors Worry About U.S. Safe-haven Status
Barry Adams
14 Apr, 2025
New York City
Stock market indexes extended gains from the previous session and previous week after the Trump administration sent mixed signals on the scope of tariffs on electronic products.
The S&P 500 index and the Nasdaq Composite jumped more than 1% after the Trump administration paused country-specific tariffs on smartphones, computers, and semiconductors.
At the same time, Commerce Secretary Howard Lutnick said the exemptions are not permanent, and Donald Trump said in a social media post that these electronic products will still attract 20% fentanyl tariffs.
After a week of tumultuous trading, world markets closed higher, reacting to several twists in U.S. trade policy.
Last week, market indexes were the most volatile on record, amid confusion and market turmoil caused by the Trump administration's flip-flops.
The Trump administration paused its country-specific tariffs for 90 days and kept the base tariffs of 10% on all imports except from China.
The announcement sparked a historic one-day market rally of 9% in New York, but those gains were trimmed on Thursday after China retaliated and vowed to “fight until the end.”
Global investors continued to pull out of U.S. assets, sparking a rare simultaneous decline in stocks, bonds, crude oil, and the dollar.
The sustained selling of U.S. Treasuries by foreign investors forced Donald Trump to halt his tariff war for now.
Last week's bond market sell-off rattled Treasury officials so much that they worried that the U.S. bond auction may fail, as foreign governments use their Treasury holdings.
Markets are calm for now, but investor confidence in U.S. assets is shaken for now, and the sell-off in the bond market can resume at any moment if relations with China, Japan, and the European Union deteriorate.
China holds $760 billion, and Japan holds $1.0 trillion of U.S. Treasuries, according to data available from the U.S. Department of the Treasury.
Moreover, the silence of three bond rating agencies on U.S. trade policy also confirms the long-held view among bond investors that these so-called independent agencies are not as independent as they claim to be.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 1.1% to 5,423.89, the Nasdaq Composite edged up 1.3% to 16,946.13, and the Russell 2000 index was up 1.3% to 1,885.13.
The yield on 2-year Treasury notes edged lower to 3.93%, 10-year Treasury notes decreased to 4.44%, and 30-year Treasury bonds declined to 4.84%.
WTI crude oil increased $0.59 to $62.09 a barrel, and natural gas prices edged higher by $0.05 to $3.58 a thermal unit.
Gold decreased by $32.05 to 3,203.10 an ounce, and silver edged down by $0.33 to $31.95.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.23 to 99.87, and it traded at the lowest level since April 2022.
Week Ahead
In the week ahead, investors in the U.S. are looking ahead to the release of export and import price reports, retail sales, housing construction activities, and the industrial production report.
Earnings This Week
On the earnings front, investors anticipate results from Goldman Sachs, Citigroup, Bank of America, United Airlines, Abbott Labs, UnitedHealth Group, American Express, Netflix, and Charles Schwab.
U.S. Movers
Apple Inc. jumped 6% to $210.92 after the White House paused country-specific tariffs on smartphones, computers, and chips.
Nvidia rose 3.4% to $114.71, Broadcom advanced 1.2% to $185.98, and AMD increased 4.4% to $97.50.
Pfizer Inc. decreased 0.3% to $21.90 after the drugmaker said it would halt development of a weight loss pill.
The company decided to take this step after a trial patient experienced liver injury possibly caused by the drug.
U.S. Movers: Bank of New York Mellon, BlackRock, Children’s Place, Fastenal, JPMorgan, Morgan Stanley, Wells Fargo
Scott Peters
14 Apr, 2025
New York City
JPMorgan Chase & Co. jumped 4.2% to $236.29 after the banking company reported first quarter of 2025 results.
Net revenue edged up to $45.31 billion from $41.93 billion, net income jumped to $14.64 billion from $13.42 billion, and diluted earnings per share rose to $5.07 from $4.44 a year ago.
The company proposed a dividend of $1.40 per share or a total of $3.9 billion and announced $7.1 billion of common stock net repurchases.
Wells Fargo & Co. gained 0.1% to $62.59 after the banking company reported fiscal first quarter of 2025 results ending in March.
Revenue declined to $20.15 billion from $20.86 billion, net income jumped to $4.89 billion from $4.62 billion, and diluted earnings per share rose to $1.39 from $1.20 a year ago.
The company repurchased 44.5 million shares for $3.5 billion in the quarter.
BlackRock Inc. eased 0.1% to $878.00 after the investment management company reported results for the fiscal first quarter of 2025 ending in March.
Revenue edged up to $5.28 billion from $4.73 billion, net income dropped to $1.51 billion from $1.57 billion, and diluted earnings per share declined to $9.64 from $10.48 a year ago.
Assets under management rose 11% in the quarter to $11.58 trillion from $10.5 trillion a year earlier.
The company repurchased $375 million shares during the quarter and raised its quarterly cash dividend by 2% to $5.21 per share.
Morgan Stanley gained 0.05% to $108.18 after the banking company reported fiscal first quarter 2025 results ending in March.
Revenue surged to $17.74 billion from $15.14 billion, net income jumped to $4.31 billion from $3.41 billion, and diluted earnings per share rose to $2.60 from $2.02 a year ago.
Total client assets increased to $7.7 trillion across the wealth and investment management divisions, supported by $94 billion in net new assets, the company said in a release to investors.
The company repurchased $1.0 billion in shares during the quarter and proposed a quarterly dividend of 92.5 cents per share, payable on May 15 to shareholders on record as of April 30.
Bank of New York Mellon Corp. traded flat at $77.67 after the bank reported results for the fiscal first quarter ending in March.
Revenue surged to $4.79 billion from $4.53 billion, net income edged up to $1.15 billion from $953 million, and diluted earnings per share rose to $1.58 from $1.25 a year ago.
The company returned $343 million of dividends and made $746 million in share repurchases during the quarter.
Fastenal Co. dropped 0.1% to $80.53 after the distributor of industrial and construction supplies reported results for the fiscal first quarter of 2025 ending in March.
Net sales increased 3.4% to $1.96 billion from $1.89 billion, net income inched up 0.3% to $298.7 million from $297.7 million, and diluted earnings per share remained flat at 52 cents per share compared to a year ago.
The company returned $246.7 million to shareholders in the form of dividends during the quarter, compared to $223.2 million a year earlier.
The Children’s Place Inc. plunged 6.3% to $6.35 after the struggling children’s specialty retailer reported results for the fiscal fourth quarter of 2024 ending in February.
Net sales declined to $408.56 million from $455.03 million, net loss shrank to $7.99 million from a loss of $128.84 million, and diluted loss per share narrowed to 62 cents from a loss of $10.24 a year ago.
For the full year, revenue edged down to $1.39 billion from $1.60 billion, net loss narrowed to $57.82 million from a loss of $154.54 million, and diluted loss per share shrank to $4.53 from a loss of $12.34 a year earlier.
The company reported “the lowest level of selling, general, and administrative spending in more than 15 years during the fourth quarter and full year.”
“Looking ahead for fiscal 2025, we remain determined to deliver profitable top-line sales as we continue to refine our omni-channel strategy and rebalance our product mix by offering relevant products that resonate with parents,” Muhammad Umair, the company’s president and interim CEO, said in a release to investors.
U.S. Movers: Bank of New York Mellon, BlackRock, Children’s Place, Fastenal, JPMorgan, Morgan Stanley, Wells Fargo
Scott Peters
14 Apr, 2025
New York City
JPMorgan Chase & Co. jumped 4.2% to $236.29 after the banking company reported first quarter of 2025 results.
Net revenue edged up to $45.31 billion from $41.93 billion, net income jumped to $14.64 billion from $13.42 billion, and diluted earnings per share rose to $5.07 from $4.44 a year ago.
The company proposed a dividend of $1.40 per share or a total of $3.9 billion and announced $7.1 billion of common stock net repurchases.
Wells Fargo & Co. gained 0.1% to $62.59 after the banking company reported fiscal first quarter of 2025 results ending in March.
Revenue declined to $20.15 billion from $20.86 billion, net income jumped to $4.89 billion from $4.62 billion, and diluted earnings per share rose to $1.39 from $1.20 a year ago.
The company repurchased 44.5 million shares for $3.5 billion in the quarter.
BlackRock Inc. eased 0.1% to $878.00 after the investment management company reported results for the fiscal first quarter of 2025 ending in March.
Revenue edged up to $5.28 billion from $4.73 billion, net income dropped to $1.51 billion from $1.57 billion, and diluted earnings per share declined to $9.64 from $10.48 a year ago.
Assets under management rose 11% in the quarter to 11,583,928 from 10,472,500 a year earlier.
The company repurchased $375 million shares during the quarter and raised its quarterly cash dividend by 2% to $5.21 per share.
Morgan Stanley gained 0.05% to $108.18 after the banking company reported fiscal first quarter 2025 results ending in March.
Revenue surged to $17.74 billion from $15.14 billion, net income jumped to $4.31 billion from $3.41 billion, and diluted earnings per share rose to $2.60 from $2.02 a year ago.
Total client assets increased to $7.7 trillion across the wealth and investment management divisions, supported by $94 billion in net new assets, the company said in a release to investors.
The company repurchased $1.0 billion in shares during the quarter and proposed a quarterly dividend of 92.5 cents per share, payable on May 15 to shareholders on record as of April 30.
Bank of New York Mellon Corp. traded flat at $77.67 after the bank reported results for the fiscal first quarter ending in March.
Revenue surged to $4.79 billion from $4.53 billion, net income edged up to $1.15 billion from $953 million, and diluted earnings per share rose to $1.58 from $1.25 a year ago.
The company returned $343 million of dividends and made $746 million in share repurchases during the quarter.
Fastenal Co. dropped 0.1% to $80.53 after the distributor of industrial and construction supplies reported results for the fiscal first quarter of 2025 ending in March.
Net sales increased 3.4% to $1.96 billion from $1.89 billion, net income inched up 0.3% to $298.7 million from $297.7 million, and diluted earnings per share remained flat at 52 cents per share compared to a year ago.
The company returned $246.7 million to shareholders in the form of dividends during the quarter, compared to $223.2 million a year earlier.
The Children’s Place Inc. plunged 6.3% to $6.35 after the struggling children’s specialty retailer reported results for the fiscal fourth quarter of 2024 ending in February.
Net sales declined to $408.56 million from $455.03 million, net loss shrank to $7.99 million from a loss of $128.84 million, and diluted loss per share narrowed to 62 cents from a loss of $10.24 a year ago.
For the full year, revenue edged down to $1.39 billion from $1.60 billion, net loss narrowed to $57.82 million from a loss of $154.54 million, and diluted loss per share shrank to $4.53 from a loss of $12.34 a year earlier.
The company reported “the lowest level of selling, general, and administrative spending in more than 15 years during the fourth quarter and full year.”
“Looking ahead for fiscal 2025, we remain determined to deliver profitable top-line sales as we continue to refine our omni-channel strategy and rebalance our product mix by offering relevant products that resonate with parents,” Muhammad Umair, the company’s president and interim CEO, said in a release to investors.
Europe Movers: Fraport, Gerresheimer
Inga Muller
14 Apr, 2025
Frankfurt
Fraport AG gained 1.3% to €56.65 after the operator of the Frankfurt airport released passenger traffic results for March and the first quarter.
The total number of passengers at all airports actively managed by the Fraport Group slipped by 0.4% year-on-year to around 9.8 million in March 2025.
During the first quarter of 2025, passenger traffic in Frankfurt remained nearly unchanged compared with the same period last year.
In the first three months of 2025, a total of roughly 12.4 million passengers traveled via Frankfurt airport, representing a slight 0.9% decrease from a year ago.
“For the upcoming summer season, seat capacity at Germany’s largest aviation gateway in Frankfurt is expected to increase by 5%,” the company said in a release to investors.
The new government in Germany is taking measures to reduce the air traffic tax and eliminate the national blending quota for synthetic aviation fuels that are not yet available on the market, which can help to unlock growth in aviation again over the medium term, the company added in the statement.
Fraport’s cargo throughput, comprising airfreight and airmail, rose by 3.2% to 184,679 metric tons in March compared to a year ago.
Aircraft movements climbed by 3.9% to 35,280 takeoffs and landings, and accumulated maximum takeoff weights increased by 4.2% to around 2.2 million metric tons from a year earlier.
Gerresheimer AG dropped 1.5% to €53.05 after the Germany-based medicine packaging company reported results for the fiscal first quarter of 2025 ending in February.
Revenue edged up to €520.05 million from €466.14 million, net income swung to a loss of €17.49 million from a profit of €13.43 million, and diluted loss per share was 52 cents compared to a profit of 38 cents a year ago.
The company guided for 2025 revenue growth between 3% and 5% to €2.4 billion, compared to €2.03 billion in 2024, an adjusted EBITDA margin of 22%, compared to 20.6%, and adjusted earnings per share of €4.85, compared to €4.67 a year earlier.
Europe Movers: Fraport, Gerresheimer
Inga Muller
14 Apr, 2025
Frankfurt
Fraport AG gained 1.3% to €56.65 after the operator of the Frankfurt airport released passenger traffic results for March and the first quarter.
The total number of passengers at all airports actively managed by the Fraport Group slipped by 0.4% year-on-year to around 9.8 million in March 2025.
During the first quarter of 2025, passenger traffic in Frankfurt remained nearly unchanged compared with the same period last year.
In the first three months of 2025, a total of roughly 12.4 million passengers traveled via Frankfurt airport, representing a slight 0.9% decrease from a year ago.
“For the upcoming summer season, seat capacity at Germany’s largest aviation gateway in Frankfurt is expected to increase by 5%,” the company said in a release to investors.
The new government in Germany is taking measures to reduce the air traffic tax and eliminate the national blending quota for synthetic aviation fuels that are not yet available on the market, which can help to unlock growth in aviation again over the medium term, the company added in the statement.
Fraport’s cargo throughput, comprising airfreight and airmail, rose by 3.2% to 184,679 metric tons in March compared to a year ago.
Aircraft movements climbed by 3.9% to 35,280 takeoffs and landings, and accumulated maximum takeoff weights increased by 4.2% to around 2.2 million metric tons from a year earlier.
Gerresheimer AG dropped 1.5% to €53.05 after the Germany-based medicine packaging company reported results for the fiscal first quarter of 2025 ending in February.
Revenue edged up to €520.05 million from €466.14 million, net income swung to a loss of €17.49 million from a profit of €13.43 million, and diluted loss per share was 52 cents compared to a profit of 38 cents a year ago.
The company guided for 2025 revenue growth between 3% and 5% to €2.4 billion, compared to €2.03 billion in 2024, an adjusted EBITDA margin of 22%, compared to 20.6%, and adjusted earnings per share of €4.85, compared to €4.67 a year earlier.
European Markets Advance as Investors Shift Attention to Earnings Releases
Bridgette Randall
14 Apr, 2025
London
European markets opened sharply higher after the U.S. announced a pause in country-specific tariffs on smartphones, computers, and semiconductors.
Benchmark indexes in Frankfurt, Paris, Milan, and London gained between 1% and 2%, as investors focused on the latest iteration of U.S. tariffs.
Over the last two weeks, market sentiment has been cautious, and U.S. trade policy uncertainty remained in focus amid the constantly changing stance of the Trump administration.
The U.S. Commerce Secretary Howard Lutnick said these advanced semiconductor products could face additional levies over the next two months.
Investors are increasingly realizing that the U.S. tariff turmoil and confusion, rooted in Donald Trump's flip-flops, is part of the plan to keep allies and exporting companies on edge and gain a negotiating leverage, rather than a byproduct of well-thought-out long-term trade policy.
Investors shifted their attention to upcoming earnings and a raft of economic announcements scheduled later in the week.
Europe Indexes and Yields
The DAX index increased by 1.9% to 20,759.61, the CAC-40 index edged higher 1.8% to 7,236.96, and the FTSE 100 index advanced by 1.9% to 8,116.01.
The yield on 10-year German bonds inched higher to 2.55%, French bonds decreased to 3.32%, the UK gilts moved down to 4.70%, and Italian bonds edged lower to 3.75%.
The euro increased to $1.14; the British pound was higher at $1.32; and the U.S. dollar was higher and traded at 81.57 Swiss cents.
Brent crude increased $0.06 to $64.82 a barrel, and the Dutch TTF natural gas was lower by €0.01 to €33.61 per MWh.
Week Ahead
Investors are looking ahead to the release of the UK’s retail sales and unemployment rate, France’s inflation rate, and the Eurozone industrial production report.
Germany’s economic sentiment index and producer price inflation are on schedule as well.
The U.K., Italy, and the European Union will release the inflation rate reports and the U.K.’s retail prices as well.
The European Central Bank is set to announce its rate decision, and investors are divided about the possible rate cut.
Italy will release its balance of trade and annual construction output reports, and Spain will comment on consumer confidence.
Earnings Calendar
On the earnings front, investors await the results from Ashmore Group, LVMH, Christian Dior, Vinci, Ericsson, Publicis Groupe, Wise Plc, ASML Holding, Rio Tinto, Heineken, Hermes International, L’Oreal, Antofagasta, Sandvik, and ABB Ltd.
European Markets Advance as Investors Shift Attention to Earnings Releases
Bridgette Randall
14 Apr, 2025
London
European markets opened sharply higher after the U.S. announced a pause in country-specific tariffs on smartphones, computers, and semiconductors.
Benchmark indexes in Frankfurt, Paris, Milan, and London gained between 1% and 2%, as investors focused on the latest iteration of U.S. tariffs.
Over the last two weeks, market sentiment has been cautious, and U.S. trade policy uncertainty remained in focus amid the constantly changing stance of the Trump administration.
The U.S. Commerce Secretary Howard Lutnick said these advanced semiconductor products could face additional levies over the next two months.
Investors are increasingly realizing that the U.S. tariff turmoil and confusion, rooted in Donald Trump's flip-flops, is part of the plan to keep allies and exporting companies on edge and gain a negotiating leverage, rather than a byproduct of well-thought-out long-term trade policy.
Investors shifted their attention to upcoming earnings and a raft of economic announcements scheduled later in the week.
Week Ahead
Investors are looking ahead to the release of the UK’s retail sales and unemployment rate, France’s inflation rate, and the Eurozone industrial production report.
Germany’s economic sentiment index and producer price inflation are on schedule as well.
The U.K., Italy, and the European Union will release the inflation rate reports and the U.K.’s retail prices as well.
The European Central Bank is set to announce its rate decision, and investors are divided about the possible rate cut.
Italy will release its balance of trade and annual construction output reports, and Spain will comment on consumer confidence.
Earnings Calendar
On the earnings front, investors await the results from Ashmore Group, LVMH, Christian Dior, Vinci, Ericsson, Publicis Groupe, Wise Plc, ASML Holding, Rio Tinto, Heineken, Hermes International, L’Oreal, Antofagasta, Sandvik, and ABB Ltd.
Yen Holds Firm and Japan's Nikkei Rebounds Ahead of Japan-U.S. Trade Negotiations
Akira Ito
14 Apr, 2025
Tokyo
Market sentiment in Tokyo improved after the U.S. paused tariffs on advanced electronics, and investors looked ahead to the outcome of trade negotiations between Japan and the U.S.
The Nikkei 225 stock average rose as much as 2%, and the broader TOPIX advanced more than 1%, and they erased Friday's losses following a rebound in New York.
The yen edged higher to 142.75 against the U.S. dollar, and the yield on 10-year Japanese bonds held firm around 1.32%.
Investors breathed a sigh of relief after the Trump administration paused country-specific tariffs on imports of smartphones, computers, and semiconductors.
Later in the week, Japan's top trade negotiator, Akazawa Ryosei, is scheduled to meet U.S. Treasury Secretary Scot Bessent and U.S. Trade Representative Jamieson Greer.
Investors are hoping that the U.S. will lower additional tariffs on Japan's exports of manufactured goods and vehicles to closer to 10% from the current 24% and 25%, respectively.
Japan Indexes and Stocks
The Nikkei 225 Stock Average advanced 1.8% to 34,192.36, and the broader TOPIX index edged up 1.4% to 2,502.32.
Electronics exporters and semiconductor equipment makers led gainers in Tokyo trading.
Tokyo Electron advanced 2.4% to ¥20,110.0, Advantest Corp. jumped 5.4% to ¥5,937.0, and Disco Corp. increased 4.2% to ¥28,620.0.
Canon Inc. gained 1.2% to ¥4,263.0, Sony Group Corp. increased 1.5% to ¥3,316.0, and Panasonic Holding Corp. inched higher 1.2% to ¥1,506.50.
J. Front Retailing Company advanced 1.7% to ¥1,786.50, Fast Retailing Co. Ltd. gained 0.3%, and Seven & I Holdings Ltd. decreased 0.5% to ¥1,964.0.
Yen Holds Firm and Japan's Nikkei Rebounds Ahead of Japan-U.S. Trade
Akira Ito
14 Apr, 2025
Tokyo
Market sentiment in Tokyo improved after the U.S. paused tariffs on advanced electronics, and investors looked ahead to the outcome of trade negotiations between Japan and the U.S.
The Nikkei 225 stock average rose as much as 2%, and the broader TOPIX advanced more than 1%, and they erased Friday's losses following a rebound in New York.
The yen edged higher to 142.75 against the U.S. dollar, and the yield on 10-year Japanese bonds held firm around 1.32%.
Investors breathed a sigh of relief after the Trump administration paused country-specific tariffs on imports of smartphones, computers, and semiconductors.
Later in the week, Japan's top trade negotiator, Akazawa Ryosei, is scheduled to meet U.S. Treasury Secretary Scot Bessent and U.S. Trade Representative Jamieson Greer.
Investors are hoping that the U.S. will lower additional tariffs on Japan's exports of manufactured goods and vehicles to closer to 10% from the current 24% and 25%, respectively.
Japan Indexes and Stocks
The Nikkei 225 Stock Average advanced 1.8% to 34,192.36, and the broader TOPIX index edged up 1.4% to 2,502.32.
Electronics exporters and semiconductor equipment makers led gainers in Tokyo trading.
Tokyo Electron advanced 2.4% to ¥20,110.0, Advantest Corp. jumped 5.4% to ¥5,937.0, and Disco Corp. increased 4.2% to ¥28,620.0.
Canon Inc. gained 1.2% to ¥4,263.0, Sony Group Corp. increased 1.5% to ¥3,316.0, and Panasonic Holding Corp. inched higher 1.2% to ¥1,506.50.
J. Front Retailing Company advanced 1.7% to ¥1,786.50, Fast Retailing Co. Ltd. gained 0.3%, and Seven & I Holdings Ltd. decreased 0.5% to ¥1,964.0.
China's Exports and Trade Surplus Soared In March, Stock Indexes Extended Recent Gains
Li Chen
14 Apr, 2025
Hong Kong
Stocks advanced in Monday's trading in China and Hong Kong as investors reviewed the latest iteration of U.S. tariffs and domestic economic data.
The Hang Seng index soared more than 2%, and the mainland-focused CSI 300 index edged up 0.4% after the U.S. removed certain electronic items from its list of country-specific tariffs.
The Hang Seng index advanced for the fifth consecutive session in the hopes that the world's two largest economies may avoid deepening a trade war, which could plunge the U.S. economy into a recession and create widespread job losses in China.
China's Exports and Trade Surplus Soared in March.
China's exports soared in March as importers and retailers loaded up goods ahead of additional tariffs, but imports declined.
China's exports soared 12.4% to $313.9 billion, and imports sank by 4.3% in March to $211.3 billion, the General Administration of Customs reported on Monday.
Trade surplus in March soared to $102.6 billion from $58.7 billion in the same month a year ago, as factories rushed to ship ahead of the looming U.S. tariffs.
The trade landscape remains uncertain, driven by the U.S. tariff confusion, and exports to the U.S. advanced 9.1% compared to a 2.3% increase in the first two months to February.
China's indirect exports to the U.S. through the ASEAN bloc surged 11.5%, to Vietnam advanced by 18.9%, and to Thailand soared by 27.8%.
Export of electric vehicles increased 15.9% to 598,000 units, and advanced 1.7% from a year ago to $9.6 billion.
China Indexes and Stocks
The Hang Seng Index jumped 2.3% to 21,406.55, and the mainland-focused CSI 300 index increased 0.4% to 21,406.55.
Alibaba Group Holding increased 5.5% to HK $108.70, Tencent Holdings Ltd. advanced 3.5% to HK $456.80, and Baidu Inc. rose 5.4% to HK $83.15.
Smartphone and electric vehicle makers were in focus after the Trump administration paused tariffs on smartphones, laptops, and memory chips.
BYD rose 4% to HK 377.80, Li Auto advanced 3.3% to HK 93.10, and Xpeng Inc jumped 6.6% to $81.0.
China's Exports and Trade Surplus Soared In March, Stock Indexes Extended Recent Gains
Li Chen
14 Apr, 2025
Hong Kong
Stocks advanced in Monday's trading in China and Hong Kong as investors reviewed the latest iteration of U.S. tariffs and domestic economic data.
The Hang Seng index soared more than 2%, and the mainland-focused CSI 300 index edged up 0.4% after the U.S. removed certain electronic items from its list of country-specific tariffs.
The Hang Seng index advanced for the fifth consecutive session in the hopes that the world's two largest economies may avoid deepening a trade war, which could plunge the U.S. economy into a recession and create widespread job losses in China.
China's Exports and Trade Surplus Soared in March.
China's exports soared in March as importers and retailers loaded up goods ahead of additional tariffs, but imports declined.
China's exports soared 12.4% to $313.9 billion, and imports sank by 4.3% in March to $211.3 billion, the General Administration of Customs reported on Monday.
Trade surplus in March soared to $102.6 billion from $58.7 billion in the same month a year ago, as factories rushed to ship ahead of the looming U.S. tariffs.
The trade landscape remains uncertain, driven by the U.S. tariff confusion, and exports to the U.S. advanced 9.1% compared to a 2.3% increase in the first two months to February.
China's indirect exports to the U.S. through the ASEAN bloc surged 11.5%, to Vietnam advanced by 18.9%, and to Thailand soared by 27.8%.
Export of electric vehicles increased 15.9% to 598,000 units, and advanced 1.7% from a year ago to $9.6 billion.
China Indexes and Stocks
The Hang Seng Index jumped 2.3% to 21,406.55, and the mainland-focused CSI 300 index increased 0.4% to 21,406.55.
Alibaba Group Holding increased 5.5% to HK $108.70, Tencent Holdings Ltd. advanced 3.5% to HK $456.80, and Baidu Inc. rose 5.4% to HK $83.15.
Smartphone and electric vehicle makers were in focus after the Trump administration paused tariffs on smartphones, laptops, and memory chips.
BYD rose 4% to HK 377.80, Li Auto advanced 3.3% to HK 93.10, and Xpeng Inc jumped 6.6% to $81.0.
India Movers: Newgen Software, Manorama, Indoco, Onward, Pidilite, Housing & Urban, Coforge
Arun Goswami
14 Apr, 2025
Mumbai
Newgen Software Technologies Ltd. inched higher 3% to ₹878.70 after the software solutions provider reported a 30% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹389.5 crore from ₹334.8 crore, after-tax profit increased to ₹89 crore from ₹68.3 crore, and diluted earnings per share rose to ₹6.16 from ₹4.73 a year ago.
Manorama Industries Limited jumped 3.3% to ₹980.20 after the tree-borne oils and forest products maker reported a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹211.1 crore from ₹102.5 crore, net income jumped to ₹29.5 crore from ₹7.4 crore, and diluted earnings per share rose to ₹4.95 from ₹1.25 a year ago.
Indoco Remedies Ltd. rose 4% to ₹234.20 after the pharmaceutical company swung to a loss in the December quarter.
Consolidated revenue declined to ₹411.4 crore from ₹461.8 crore, after-tax net income swung to a loss of ₹28.4 crore from a profit of ₹15.6 crore, and diluted earnings per share swung to a loss of ₹3.08 from a profit of ₹1.69 a year ago.
Vardhman Textiles Ltd. increased 5.4% to ₹460 after the textile manufacturer reported a 26% rise in its earnings in the latest quarter.
Consolidated revenue increased to ₹2,476.6 crore from ₹2,375.1 crore, after-tax profit jumped to ₹203.6 crore from ₹161.1 crore, and diluted earnings per share rose to ₹7.04 from ₹5.57 a year ago.
Onward Technologies Ltd. advanced 6.4% to ₹231.10 after the software outsourcing company reported a slight increase in revenue and a 12% decline in profit in the December quarter.
Consolidated revenue advanced to ₹124.5 crore from ₹116.9 crore, net income declined to ₹6 crore from ₹6.8 crore, and diluted earnings per share fell to ₹2.63 from ₹2.96 a year ago.
Pidilite Industries Ltd. increased 0.4% to ₹2,949.70 after the chemicals manufacturing reported an increase in revenue and net income in the December quarter.
Consolidated revenue increased to ₹3,424 crore from ₹3,166 crore, after-tax profit rose to ₹557.1 crore from ₹510.9 crore, and diluted earnings per share advanced to ₹10.64 from ₹10.04 a year ago.
Housing & Urban Development Corporation Ltd. increased 1.5% to ₹215.85 after the financial service provider reported a 42% rise in its earnings in the latest quarter.
Consolidated revenue increased to ₹2,770.1 crore from ₹2,022.9 crore, after-tax profit advanced to ₹735 crore from ₹519 crore, and diluted earnings per share rose to ₹3.67 from ₹2.59 a year ago.
Coforge Ltd. rose 0.4% to ₹6,314.05 after the digital services and solutions provider reported a 44% increase in revenue and a marginal decline in net income in the December quarter.
Consolidated revenue advanced to ₹3,377.8 crore from ₹2,338.3 crore, net income fell to ₹249.3 crore from ₹261.2 crore, and diluted earnings per share decreased to ₹31.94 from ₹38.06 a year ago.
Tata Consultancy Services rose 0.4% to ₹3,232.30 after the IT services, consulting, infrastructure, and business solutions provider reported a slight increase in revenue and a marginal decline in net in the March quarter.
Consolidated revenue in the March quarter increased to ₹65,507 crore from ₹62,394 crore, ne income declined to ₹12,293 crore from ₹12,502 crore, and diluted earnings per share fell to ₹33.79 crore from ₹34.37 a year ago.
For the fiscal year 2025, revenue advanced to ₹2,59,286 crore from ₹2,45,315 crore, profit after tax rose to ₹48,797 crore from ₹46,099 crore, and diluted earnings per share soared to ₹134.19 from ₹125.88 a year ago.
The company's board recommended a final dividend of ₹26 per share.
India Movers: Newgen Software, Manorama, Indoco, Onward, Pidilite, Housing & Urban, Nuvoco Vistas, Coforge
Arun Goswami
14 Apr, 2025
Mumbai
Newgen Software Technologies Ltd. inched higher 3% to ₹878.70 after the software solutions provider reported a 30% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹389.5 crore from ₹334.8 crore, after-tax profit increased to ₹89 crore from ₹68.3 crore, and diluted earnings per share rose to ₹6.16 from ₹4.73 a year ago.
Manorama Industries Limited jumped 3.3% to ₹980.20 after the tree-borne oils and forest products maker reported a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹211.1 crore from ₹102.5 crore, net income jumped to ₹29.5 crore from ₹7.4 crore, and diluted earnings per share rose to ₹4.95 from ₹1.25 a year ago.
Indoco Remedies Ltd. rose 4% to ₹234.20 after the pharmaceutical company swung to a loss in the December quarter.
Consolidated revenue declined to ₹411.4 crore from ₹461.8 crore, after-tax net income swung to a loss of ₹28.4 crore from a profit of ₹15.6 crore, and diluted earnings per share swung to a loss of ₹3.08 from a profit of ₹1.69 a year ago.
Vardhman Textiles Ltd. increased 5.4% to ₹460 after the textile manufacturer reported a 26% rise in its earnings in the latest quarter.
Consolidated revenue increased to ₹2,476.6 crore from ₹2,375.1 crore, after-tax profit jumped to ₹203.6 crore from ₹161.1 crore, and diluted earnings per share rose to ₹7.04 from ₹5.57 a year ago.
Onward Technologies Ltd. advanced 6.4% to ₹231.10 after the software outsourcing company reported a slight increase in revenue and a 12% decline in profit in the December quarter.
Consolidated revenue advanced to ₹124.5 crore from ₹116.9 crore, net income declined to ₹6 crore from ₹6.8 crore, and diluted earnings per share fell to ₹2.63 from ₹2.96 a year ago.
Pidilite Industries Ltd. increased 0.4% to ₹2,949.70 after the chemicals manufacturing reported an increase in revenue and net income in the December quarter.
Consolidated revenue increased to ₹3,424 crore from ₹3,166 crore, after-tax profit rose to ₹557.1 crore from ₹510.9 crore, and diluted earnings per share advanced to ₹10.64 from ₹10.04 a year ago.
Housing & Urban Development Corporation Ltd. increased 1.5% to ₹215.85 after the financial service provider reported a 42% rise in its earnings in the latest quarter.
Consolidated revenue increased to ₹2,770.1 crore from ₹2,022.9 crore, after-tax profit advanced to ₹735 crore from ₹519 crore, and diluted earnings per share rose to ₹3.67 from ₹2.59 a year ago.
Coforge Ltd. rose 0.4% to ₹6,314.05 after the digital services and solutions provider reported a 44% increase in revenue and a marginal decline in net income in the December quarter.
Consolidated revenue advanced to ₹3,377.8 crore from ₹2,338.3 crore, net income fell to ₹249.3 crore from ₹261.2 crore, and diluted earnings per share decreased to ₹31.94 from ₹38.06 a year ago.
Wall Street Indexes Register Gains After Wild Swings and Elevated Tariff Fears
Barry Adams
11 Apr, 2025
New York City
Stocks advanced in Friday's trading as investors reviewed the latest developments on the rapidly evolving tariff landscape, and activities in the bond trading and the U.S. dollar garnered attention.
The S&P 500 index edged up 0.2%, and the Nasdaq Composite advanced 0.3% as investors hoped for calmer markets and a lower level of volatility.
As of Thursday's close, the S&P 500 index is up 3.8%, and the tech-heavy Nasdaq Composite advanced 5.1% after a historic market rally on Wednesday pushed indexes higher.
Despite wild swings in markets after the Trump administration announced the halting of country-specific tariffs for 90 days, it kept the base tariff of 10% on all countries, except China.
Moreover, the U.S. slapped additional tariffs on Chinese goods, increasing the total to 145%, prompting Beijing to increase its retaliatory tariff to 125% from 84%.
The rapidly deteriorating trade relations between the two largest economies in the world are fueling market uncertainty and investor anxieties and sharply raising the risk of a global recession and widespread job losses.
Moreover, U.S. consumers are facing resurgent inflation as automobile dealers rush to raise prices between $3,000 and $7,000, food retailers increase prices between 15% and 30%, and electronics and appliance retailers revise prices higher by as much as 70%.
Amazon.com's chief executive, Andy Jess, in a nod to a changing landscape, said that the online retailer will allow sellers to increase their prices.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.3% to 5,285.49, the Nasdaq Composite edged up 0.5% to 16,474.20, and the Russell 2000 index was down 0.5% to 1,822.66.
The yield on 2-year Treasury notes edged lower to 3.86%, 10-year Treasury notes increased to 4.44%, and 30-year Treasury bonds advanced to 4.88%.
WTI crude oil decreased $0.29 to $59.79 a barrel, and natural gas prices edged lower by $0.11 to $3.44 a thermal unit.
Gold increased by $43.97 to 3,232.20 an ounce, and silver edged up by $0.42 to $31.60.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 1.39 to 99.48, putting the dollar on track for its worst day since 2022, and it is the lowest level since September.
U.S. Movers
JPMorgan Chase advanced 1.3% to $230.08, and the financial service company topped earnings expectations.
The company warned that the U.S. economy is facing "considerable turbulence" amid trade policy uncertainty, resurgent inflation, and a slowdown in economic activities.
Wells Fargo & Company advanced 0.6% to $63.49, and the financial service company reported first quarter results that met investor expectations.
Revenues in the first quarter were $20.12 billion, driven by a decrease of 6% in net interest income of $11.50 billion, and non-interest income increased 1% to $8.65 billion.
In the first quarter, Wells Fargo repurchased 44.5 million of its own shares for $3.5 billion.
Morgan Stanley advanced 0.9% to 107.49, and the investment bank and asset management company's quarterly results surpassed market expectations after equity trading soared 45%.
First quarter revenue jumped 17% to $17.74 billion, and earnings advanced 26% to $4.32 billion, and earnings per share rose to $2.60 per share.
Equity trading revenue jumped 45% to $4.13 billion, fixed-income trading revenue advanced 5% to $2.6 billion, and investment banking fees increased 8% to $1.56 billion.
Wall Street Indexes Register Gains After Wild Swings and Elevated Tariff Fears
Barry Adams
11 Apr, 2025
New York City
Stocks advanced in Friday's trading as investors reviewed the latest developments on the rapidly evolving tariff landscape, and activities in the bond trading and the U.S. dollar garnered attention.
The S&P 500 index edged up 0.2%, and the Nasdaq Composite advanced 0.3% as investors hoped for calmer markets and a lower level of volatility.
As of Thursday's close, the S&P 500 index is up 3.8%, and the tech-heavy Nasdaq Composite advanced 5.1% after a historic market rally on Wednesday pushed indexes higher.
Despite wild swings in markets after the Trump administration announced the halting of country-specific tariffs for 90 days, it kept the base tariff of 10% on all countries, except China.
Moreover, the U.S. slapped additional tariffs on Chinese goods, increasing the total to 145%, prompting Beijing to increase its retaliatory tariff to 125% from 84%.
The rapidly deteriorating trade relations between the two largest economies in the world are fueling market uncertainty and investor anxieties and sharply raising the risk of a global recession and widespread job losses.
Moreover, U.S. consumers are facing resurgent inflation as automobile dealers rush to raise prices between $3,000 and $7,000, food retailers increase prices between 15% and 30%, and electronics and appliance retailers revise prices higher by as much as 70%.
Amazon.com's chief executive, Andy Jess, in a nod to a changing landscape, said that the online retailer will allow sellers to increase their prices.
U.S. Movers
JPMorgan Chase advanced 1.3% to $230.08, and the financial service company topped earnings expectations.
The company warned that the U.S. economy is facing "considerable turbulence" amid trade policy uncertainty, resurgent inflation, and a slowdown in economic activities.
Wells Fargo & Company advanced 0.6% to $63.49, and the financial service company reported first quarter results that met investor expectations.
Revenues in the first quarter were $20.12 billion, driven by a decrease of 6% in net interest income of $11.50 billion, and non-interest income increased 1% to $8.65 billion.
In the first quarter, Wells Fargo repurchased 44.5 million of its own shares for $3.5 billion.
Morgan Stanley advanced 0.9% to 107.49, and the investment bank and asset management company's quarterly results surpassed market expectations after equity trading soared 45%.
First quarter revenue jumped 17% to $17.74 billion, and earnings advanced 26% to $4.32 billion, and earnings per share rose to $2.60 per share.
Equity trading revenue jumped 45% to $4.13 billion, fixed-income trading revenue advanced 5% to $2.6 billion, and investment banking fees increased 8% to $1.56 billion.