Market Update
India Movers: United Spirits, Hindalco, Emami Paper, GSFC, Gland Pharma, NHPC, Khadim, Solar Industries
Arun Goswami
21 May, 2025
Mumbai
United Spirits Ltd. decreased 0.5% to ₹1,550.40 despite the alcoholic beverage maker reporting nearly a two-fold increase in quarterly earnings.
Consolidated revenue in the March quarter increased to ₹6,809 crore from ₹6,622 crore, and after-tax profit jumped to ₹421 crore from ₹241 crore, and diluted earnings per share rose to ₹5.93 from ₹3.40 a year ago.
For the fiscal year 2025, revenue increased to ₹27,612 crore from ₹26,243 crore, after-tax profit soared to ₹1,582 crore from ₹1,408 crore, and diluted earnings per share advanced to ₹22.28 from ₹19.83 a year ago.
Hindalco Industries Ltd. advanced 0.5% to ₹665.8 after the copper producer reported a 66% jump in its earnings.
Consolidated revenue in the March quarter inched higher to ₹65,590 crore from ₹56,356 crore, and after-tax profit advanced to ₹5,284 crore from ₹3,174 crore, and diluted earnings per share rose to ₹23.76 from ₹14.27 a year ago.
For the fiscal year 2025, revenue edged higher to ₹241,204 crore from ₹217,458 crore, after-tax profit increased to ₹16,002 crore from ₹10,155 crore, and diluted earnings per share soared to ₹71.91 from ₹45.65 a year ago.
The company's board recommended a dividend of ₹5 per share.
Emami Paper Mills Ltd. dropped 2.8% to ₹94.32 after the paper and paperboard reported an 86% decline in net income in the latest quarter.
Consolidated revenue in the March quarter declined to ₹476.7 crore from ₹486.3 crore, and after-tax profit dropped to ₹3.9 crore from ₹27.2 crore, and diluted earnings per share fell to 45 paise from ₹3.42 a year ago.
For the fiscal year 2025, revenue edged down to ₹1,932.5 crore from ₹1,997.2 crore, after-tax profit decreased to ₹26.01 crore from ₹84.30 crore, and diluted earnings per share dropped to ₹3.32 from ₹10.61 a year ago.
The company's board recommended a dividend of ₹8 per share.
Gland Pharma Ltd. jumped 4.5% to ₹1,563.20 after the generic pharmaceutical maker approved a final dividend despite the decline in revenue and earnings in the fiscal fourth quarter.
Consolidated revenue in the March quarter edged down to ₹1,468.9 crore from ₹1,579.5 crore, and after-tax profit fell to ₹186.5 crore from ₹192.4 crore, and diluted earnings per share declined to ₹11.32 from ₹11.68 a year ago.
For the fiscal year 2025, revenue edged down to ₹5,830.1 crore from ₹5,834.9 crore, after-tax profit decreased to ₹698.5 crore from ₹772.4 crore, and diluted earnings per share dropped to ₹42.40 from ₹46.89 a year ago.
The company's board recommended a dividend of ₹18 per share.
Gujarat State Fertilizers & Chemicals Ltd. decreased 2.5% to ₹200.35 despite the fertilizers and industrial chemicals producer reporting a three-fold increase in earnings.
Consolidated revenue decreased to ₹1,978.9 crore from ₹2,017.5 crore, net income rose to ₹71.8 crore from ₹24.4 crore, and diluted earnings per share increased to ₹1.80 from 62 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹9,848.6 crore from ₹9,531.5 crore, after-tax profit advanced to ₹591.2 crore from ₹563.8 crore, and diluted earnings per share soared to ₹14.83 from ₹14.16 a year ago.
The company's board recommended a dividend of ₹5 per share.
NHPC Ltd. edged up 0.4% to ₹86.98 after the hydropower company reported profit increase of 52% in the fiscal fourth quarter.
Consolidated revenue in the March quarter advanced to ₹2,672.4 crore from ₹2,320.2 crore, and after-tax profit inched higher to ₹919.6 crore from ₹605 crore, and diluted earnings per share expanded to 80 paise from 36 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹11,729.3 crore from ₹10,993.9 crore, after-tax profit declined to ₹3,411.8 crore from ₹3,999.5 crore, and diluted earnings per share dropped to ₹2.72 from ₹3.19 a year ago.
The company's board recommended a final dividend of ₹5.1 per share.
Khadim India Ltd. declined 1% to ₹295.15 after the footwear maker reported a 10% plunge in quarterly profit.
Consolidated revenue in the March quarter inched higher to ₹96.8 crore from ₹96.5 crore, after-tax profit declined to ₹0.9 crore from ₹1 crore, and diluted earnings per share dropped to ₹2.96 from ₹4.42 a year ago.
For the fiscal year 2025, revenue edged down to ₹428.4 crore from ₹434.6 crore, after-tax profit decreased to ₹5 crore from ₹6.2 crore, and diluted earnings per share fell to ₹10.51 from ₹12.96 a year ago.
Solar Industries India Ltd. inched higher 1.3% to ₹13,667.95 after the explosive devices and ammunition maker reported a 43% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹2,173.1 crore from ₹1,628.4 crore, and after-tax profit advanced to ₹346.1 crore from ₹ 242.7 crore, and diluted earnings per share rose to ₹35.61 from ₹25.98 a year ago.
For the fiscal year 2025, revenue edged higher to ₹7,611.1 crore from ₹6,114 crore, after-tax profit increased to ₹1,287.9 crore from ₹876.2 crore, and diluted earnings per share soared to ₹133.7 from ₹92.38 a year ago.
The company's board recommended a final dividend of ₹10 per share.
Stock Movers: United Spirits, Hindalco, Emami Paper, GSFC, Gland Pharma, NHPC, Khadim, Solar Industries
Arun Goswami
21 May, 2025
Mumbai
United Spirits Ltd. decreased 0.5% to ₹1,550.40 despite the alcoholic beverage maker reporting nearly a two-fold increase in quarterly earnings.
Consolidated revenue in the March quarter increased to ₹6,809 crore from ₹6,622 crore, and after-tax profit jumped to ₹421 crore from ₹241 crore, and diluted earnings per share rose to ₹5.93 from ₹3.40 a year ago.
For the fiscal year 2025, revenue increased to ₹27,612 crore from ₹26,243 crore, after-tax profit soared to ₹1,582 crore from ₹1,408 crore, and diluted earnings per share advanced to ₹22.28 from ₹19.83 a year ago.
Hindalco Industries Ltd. advanced 0.5% to ₹665.8 after the copper producer reported a 66% jump in its earnings.
Consolidated revenue in the March quarter inched higher to ₹65,590 crore from ₹56,356 crore, and after-tax profit advanced to ₹5,284 crore from ₹3,174 crore, and diluted earnings per share rose to ₹23.76 from ₹14.27 a year ago.
For the fiscal year 2025, revenue edged higher to ₹241,204 crore from ₹217,458 crore, after-tax profit increased to ₹16,002 crore from ₹10,155 crore, and diluted earnings per share soared to ₹71.91 from ₹45.65 a year ago.
The company's board recommended a dividend of ₹5 per share.
Emami Paper Mills Ltd. dropped 2.8% to ₹94.32 after the paper and paperboard reported an 86% decline in net income in the latest quarter.
Consolidated revenue in the March quarter declined to ₹476.7 crore from ₹486.3 crore, and after-tax profit dropped to ₹3.9 crore from ₹27.2 crore, and diluted earnings per share fell to 45 paise from ₹3.42 a year ago.
For the fiscal year 2025, revenue edged down to ₹1,932.5 crore from ₹1,997.2 crore, after-tax profit decreased to ₹26.01 crore from ₹84.30 crore, and diluted earnings per share dropped to ₹3.32 from ₹10.61 a year ago.
The company's board recommended a dividend of ₹8 per share.
Gland Pharma Ltd. jumped 4.5% to ₹1,563.20 after the generic pharmaceutical maker approved a final dividend despite the decline in revenue and earnings in the fiscal fourth quarter.
Consolidated revenue in the March quarter edged down to ₹1,468.9 crore from ₹1,579.5 crore, and after-tax profit fell to ₹186.5 crore from ₹192.4 crore, and diluted earnings per share declined to ₹11.32 from ₹11.68 a year ago.
For the fiscal year 2025, revenue edged down to ₹5,830.1 crore from ₹5,834.9 crore, after-tax profit decreased to ₹698.5 crore from ₹772.4 crore, and diluted earnings per share dropped to ₹42.40 from ₹46.89 a year ago.
The company's board recommended a dividend of ₹18 per share.
Gujarat State Fertilizers & Chemicals Ltd. decreased 2.5% to ₹200.35 despite the fertilizers and industrial chemicals producer reporting a three-fold increase in earnings.
Consolidated revenue decreased to ₹1,978.9 crore from ₹2,017.5 crore, net income rose to ₹71.8 crore from ₹24.4 crore, and diluted earnings per share increased to ₹1.80 from 62 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹9,848.6 crore from ₹9,531.5 crore, after-tax profit advanced to ₹591.2 crore from ₹563.8 crore, and diluted earnings per share soared to ₹14.83 from ₹14.16 a year ago.
The company's board recommended a dividend of ₹5 per share.
NHPC Ltd. edged up 0.4% to ₹86.98 after the hydropower company reported profit soaring 52% in the fiscal fourth quarter.
Consolidated revenue in the March quarter advanced to ₹2,672.4 crore from ₹2,320.2 crore, and after-tax profit inched higher to ₹919.6 crore from ₹605 crore, and diluted earnings per share expanded to 80 paise from 36 paise a year ago.
For the fiscal year 2025, revenue edged higher to ₹11,729.3 crore from ₹10,993.9 crore, after-tax profit declined to ₹3,411.8 crore from ₹3,999.5 crore, and diluted earnings per share dropped to ₹2.72 from ₹3.19 a year ago.
The company's board recommended a final dividend of ₹5.1 per share.
Khadim India Ltd. declined 1% to ₹295.15 after the footwear maker reported a 10% plunge in quarterly profit.
Consolidated revenue in the March quarter inched higher to ₹96.8 crore from ₹96.5 crore, after-tax profit declined to ₹0.9 crore from ₹1 crore, and diluted earnings per share dropped to ₹2.96 from ₹4.42 a year ago.
For the fiscal year 2025, revenue edged down to ₹428.4 crore from ₹434.6 crore, after-tax profit decreased to ₹5 crore from ₹6.2 crore, and diluted earnings per share fell to ₹10.51 from ₹12.96 a year ago.
Solar Industries India Ltd. inched higher 1.3% to ₹13,667.95 after the explosive devices and ammunition maker reported a 43% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹2,173.1 crore from ₹1,628.4 crore, and after-tax profit advanced to ₹346.1 crore from ₹ 242.7 crore, and diluted earnings per share rose to ₹35.61 from ₹25.98 a year ago.
For the fiscal year 2025, revenue edged higher to ₹7,611.1 crore from ₹6,114 crore, after-tax profit increased to ₹1,287.9 crore from ₹876.2 crore, and diluted earnings per share soared to ₹133.7 from ₹92.38 a year ago.
The company's board recommended a final dividend of ₹10 per share.
Yen Rally Extends to Seventh Session, Japan's Export Growth Slows to 7-Month Low
Akira Ito
21 May, 2025
Tokyo
Japan's benchmark indexes struggled to rise above the flatline, and investors awaited the outcome of the third round of trade negotiations with the U.S.
The Nikkei 225 Stock Average declined 0.3%, and the broader Topix index fell a fraction, and investors reviewed the latest international trade statistics released by the Ministry of Finance.
Japan Export Growth Slows In April and Annual Trade Deficit Shrank
Japan's exports in April rose 2% from a year ago to 9.16 trillion yen, and imports fell 2% to 9.27 trillion yen, resulting in a decrease in the trade deficit to 115.85 billion yen compared to 504.69 billion a year ago.
Exports advanced for the seventh month in a row, but the increase was the slowest amid U.S. tariff headwinds, and exports to the U.S. fell 1.8% amid a decline in demand for vehicles, steel, and ships.
Exports to the European Union declined 5.2%, fell to China 0.6%, and eased to Russia 3.0%. Meanwhile, shipments to the ASEAN region increased 1.9%.
Japan is among the hardest hit countries by the U.S. tariffs, with vehicles and aluminum and steel exports attracting 25% tariffs.
Vehicle exports account for 28.3% of total exports to the U.S., and Japan's top trade negotiator, Ryosei Akazawa, has called for the removal of U.S. tariffs.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.3% to 37,401.03, and the broader Topix index eased 0.01% to 2,738.49.
The yen gained for the seventh session in a row and traded at 143.67 against the U.S. dollar, as foreign investors sought safety in Japanese assets amid "Sell America" sentiment in Asia.
Toyota Motor advanced 0.2% to ¥2,677.50, Honda Motor gained 1.6% to ¥1,444.50, and Nissan Motor advanced 1.5% to ¥364.60.
Tokio Marine declined 2.5% to ¥5,656.0, and the insurance company said it plans to repurchase up to 70 million shares for as much as 110 billion yen, representing about 3.64% of total outstanding shares.
The stock repurchase program is valid until the end of October 2025, and as of now, there are 1.92 billion outstanding shares and 9.11 million treasury shares.
Yen Rally Extends to Seventh Session, Japan's Export Growth Slows to 7-Month Low
Akira Ito
21 May, 2025
Tokyo
Japan's benchmark indexes struggled to rise above the flatline, and investors awaited the outcome of the third round of trade negotiations with the U.S.
The Nikkei 225 Stock Average declined 0.3%, and the broader Topix index fell a fraction, and investors reviewed the latest international trade statistics released by the Ministry of Finance.
Japan Export Growth Slows In April and Annual Trade Deficit Shrank
Japan's exports in April rose 2% from a year ago to 9.16 trillion yen, and imports fell 2% to 9.27 trillion yen, resulting in a decrease in the trade deficit to 115.85 billion yen compared to 504.69 billion a year ago.
Exports advanced for the seventh month in a row, but the increase was the slowest amid U.S. tariff headwinds, and exports to the U.S. fell 1.8% amid a decline in demand for vehicles, steel, and ships.
Exports to the European Union declined 5.2%, fell to China 0.6%, and eased to Russia 3.0%. Meanwhile, shipments to the ASEAN region increased 1.9%.
Japan is among the hardest hit countries by the U.S. tariffs, with vehicles and aluminum and steel exports attracting 25% tariffs.
Vehicle exports account for 28.3% of total exports to the U.S., and Japan's top trade negotiator, Ryosei Akazawa, has called for the removal of U.S. tariffs.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.3% to 37,401.03, and the broader Topix index eased 0.01% to 2,738.49.
The yen gained for the seventh session in a row and traded at 143.67 against the U.S. dollar, as foreign investors sought safety in Japanese assets amid "Sell America" sentiment in Asia.
Toyota Motor advanced 0.2% to ¥2,677.50, Honda Motor gained 1.6% to ¥1,444.50, and Nissan Motor advanced 1.5% to ¥364.60.
Tokio Marine declined 2.5% to ¥5,656.0, and the insurance company said it plans to repurchase up to 70 million shares for as much as 110 billion yen, representing about 3.64% of total outstanding shares.
The stock repurchase program is valid until the end of October 2025, and as of now, there are 1.92 billion outstanding shares and 9.11 million treasury shares.
China Monetary Stimulus Hopes Keep 5-Week Rally Alive
Li Chen
21 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced amid growing confidence about China's economy's ability to withstand the unilateral surge in U.S. tariffs.
The Hang Seng Index advanced 0.5%, and the mainland-focused CSI 300 index gained 0.7%; both indexes extended their gains after the People's Bank of China lowered rates for the first time in seven months.
The People's Bank of China is likely to carry out at least one more rate cut of 15 basis points and trim the reserve requirement ratio by 50 basis points.
Market participants are holding out for additional monetary stimulus measures to support consumer spending and the residential property market over the next six months.
So far, foreign investors have been net purchasers of Hong Kong stocks, supporting the market surge over the last five weeks.
April's mixed economic data also raised hopes that policymakers are willing to roll out additional measures if consumer demand remains weak in the months ahead.
China's retail sales and fixed-asset investment rose at a slower than expected pace, but exports and industrial production surpassed market expectations in April.
China Indexes and Stocks
The Hang Seng index added 0.5% to 23,800.38, and the mainland-focused CSI 300 index gained 0.7% to 3,924.65.
Trip.com Group declined 1.2% to HK $499.40, despite the online travel platform operator reporting a 16% rise in annual revenue.
Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income decreased to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share eased to 6.09 yuan from 6.38 yuan a year ago.
Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.
Electric vehicle makers led the broader market amid hopes of sustained domestic demand.
Li Auto added 3.4% to $114.80, BYD added 2.7% to HK $457.20, and Xpeng decreased 0.1% to HK $77.45.
China Monetary Stimulus Hopes Keep 5-Week Rally Alive
Li Chen
21 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced amid growing confidence about China's economy's ability to withstand the unilateral surge in U.S. tariffs.
The Hang Seng Index advanced 0.5%, and the mainland-focused CSI 300 index gained 0.7%; both indexes extended their gains after the People's Bank of China lowered rates for the first time in seven months.
The People's Bank of China is likely to carry out at least one more rate cut of 15 basis points and trim the reserve requirement ratio by 50 basis points.
Market participants are holding out for additional monetary stimulus measures to support consumer spending and the residential property market over the next six months.
So far, foreign investors have been net purchasers of Hong Kong stocks, supporting the market surge over the last five weeks.
April's mixed economic data also raised hopes that policymakers are willing to roll out additional measures if consumer demand remains weak in the months ahead.
China's retail sales and fixed-asset investment rose at a slower than expected pace, but exports and industrial production surpassed market expectations in April.
China Indexes and Stocks
The Hang Seng index added 0.5% to 23,800.38, and the mainland-focused CSI 300 index gained 0.7% to 3,924.65.
Trip.com Group declined 1.2% to HK $499.40, despite the online travel platform operator reporting a 16% rise in annual revenue.
Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income decreased to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share eased to 6.09 yuan from 6.38 yuan a year ago.
Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.
Electric vehicle makers led the broader market amid hopes of sustained domestic demand.
Li Auto added 3.4% to $114.80, BYD added 2.7% to HK $457.20, and Xpeng decreased 0.1% to HK $77.45.
Five-Week Rally On Wall Street Falters, Retailers In Focus Ahead of Earnings
Barry Adams
20 May, 2025
New York City
Wall Street indexes struggled to build on the six-day rally, and widely followed indexes registered fractional gains in Monday's trading.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2% in Tuesday's trading, as investors assessed the impact of tariffs on the broader economy.
The S&P 500 index gained about 20% over the last 27 trading sessions after the Trump administration and China paused the implementation of newly announced tariffs.
Despite the easing of tensions for now, retailers and importers are bracing for uncertainties and disruptions at ports as Asian manufacturers race to meet the rebound in U.S. orders ahead of the August deadline.
Leading retailers are scheduled to report their quarterly reports this week, including updates from Lowe’s Companies, Dollar Tree, Ross Stores, Burlington Stores, and Deckers Outdoor.
Benchmark indexes reversed morning losses to close fractionally higher as investors overlooked the latest downgrade of the U.S. debt as the federal government is poised to balloon by at least $3 trillion over the next four years of the Trump administration.
Donald Trump, during the presidential campaign in 2024, repeatedly reminded voters that his administration's economic policies would wipe out the entire federal government debt at the end of his second term.
The U.S. federal government debt stands at $36 trillion, and the latest budget proposal discussed by the U.S. House of Representatives is likely to add at least $3 trillion.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.4% to 5,938.38, the Nasdaq Composite edged down 0.6% to 19,097.68, and the Russell 2000 index declined 0.6% to 2,100.11.
The yield on 2-year Treasury notes edged higher to 3.99%, 10-year Treasury notes increased to 4.50%, and 30-year Treasury bonds advanced to 4.96%.
WTI crude oil increased $0.10 to $62.24 a barrel, and natural gas prices edged higher by $0.13 to $3.24 a thermal unit.
Gold increased by $14.68 to 3,236.63 an ounce, and silver edged up by $0.12 to $32.48.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.03 to 100.46 and traded at a two-year high.
U.S. Stock Movers
Home Depot Inc. increased 2.2% to $388.0 after the home improvement retailer reiterated its full-year guidance.
The specialty retailer estimated full-year sales to increase 2.8%, driven by a 1% increase in comparable same-store sales.
8x8 Inc. fell 1.7% to $1.80, and the voice over IP services provider reported a 2% decline in revenue and sharply higher losses in its latest fiscal year.
Toll Brothers edged up 0.2% to $106.30 ahead of the home builders' quarterly results later in the day.
Five-Week Rally On Wall Street Falters, Retailers In Focus Ahead of Earnings
Barry Adams
20 May, 2025
New York City
Wall Street indexes struggled to build on the six-day rally, and widely followed indexes registered fractional gains in Monday's trading.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2% in Tuesday's trading, as investors assessed the impact of tariffs on the broader economy.
The S&P 500 index gained about 20% over the last 27 trading sessions after the Trump administration and China paused the implementation of newly announced tariffs.
Despite the easing of tensions for now, retailers and importers are bracing for uncertainties and disruptions at ports as Asian manufacturers race to meet the rebound in U.S. orders ahead of the August deadline.
Leading retailers are scheduled to report their quarterly reports this week, including updates from Lowe’s Companies, Dollar Tree, Ross Stores, Burlington Stores, and Deckers Outdoor.
Benchmark indexes reversed morning losses to close fractionally higher as investors overlooked the latest downgrade of the U.S. debt as the federal government is poised to balloon by at least $3 trillion over the next four years of the Trump administration.
Donald Trump, during the presidential campaign in 2024, repeatedly reminded voters that his administration's economic policies would wipe out the entire federal government debt at the end of his second term.
The U.S. federal government debt stands at $36 trillion, and the latest budget proposal discussed by the U.S. House of Representatives is likely to add at least $3 trillion to $4 trillion.
U.S. Stock Movers
Home Depot Inc. increased 2.2% to $388.0 after the home improvement retailer reiterated its full-year guidance.
The specialty retailer estimated full-year sales to increase 2.8%, driven by a 1% increase in comparable same-store sales.
8x8 Inc. fell 1.7% to $1.80, and the voice over IP services provider reported a 2% decline in revenue and sharply higher losses in its latest fiscal year.
Toll Brothers edged up 0.2% to $106.30 ahead of the home builders' quarterly results later in the day.
European Markets Attempt to Rebound Amid Trade and Geopolitical Uncertainties
Bridgette Randall
20 May, 2025
London
European markets traded higher following lackluster trading in the previous session, and bond yields edged higher for the second consecutive day.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged up amid ongoing geopolitical uncertainties and constantly shifting U.S. trade policy.
Investors reacted to the latest batch of earnings, including results from Vodafone, Greggs, Smiths, Diploma, and Swiss Life.
So far in this earnings season, corporate results have surpassed market expectations, but several leading companies have withdrawn their outlook because of the uncertainties surrounding the U.S. trade policy.
Europe Indexes and Yields
The DAX index increased by 0.1% to 23,956.59, the CAC-40 index edged higher by 0.1% to 7,895.11, and the FTSE 100 index advanced 0.3% to 8,722.40.
The yield on 10-year German bonds inched lower to 2.56%, French bonds decreased to 3.23%, UK gilts moved down to 4.64%, and Italian bonds edged lower to 3.58%.
The euro increased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 83.26 Swiss cents.
Brent crude decreased $0.19 to $65.35 a barrel, and the Dutch TTF natural gas was higher by €0.40 to €35.50 per MWh.
Europe Movers
Vodafone Group plc rose 2% to 73.91 pence after the UK-based wireless telecom operator swung to a full-year operating loss of €411 million, driven by impairment charges of €4.5 billion for Germany and Romania.
Swiss Life Holding AG decreased 0.9% to CHF 808.0, despite the company reporting higher premium and fee income.
Diploma PLC soared 16.3% to 4.930 pence after the UK solutions provider to industrial and life sciences end markets revised higher its annual outlook.
Greggs PLC rose 7% to 2,150.0 pence after the bakery chain reiterated its full-year outlook. Sales in the 20-week period increased 7.4% to £784 million.
European Markets Attempt to Rebound Amid Trade and Geopolitical Uncertainties
Bridgette Randall
20 May, 2025
London
European markets traded higher following lackluster trading in the previous session, and bond yields edged higher for the second consecutive day.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged up amid ongoing geopolitical uncertainties and constantly shifting U.S. trade policy.
Investors reacted to the latest batch of earnings, including results from Vodafone, Greggs, Smiths, Diploma, and Swiss Life.
So far in this earnings season, corporate results have surpassed market expectations, but several leading companies have withdrawn their outlook because of the uncertainties surrounding the U.S. trade policy.
Europe Indexes and Yields
The DAX index increased by 0.1% to 23,956.59, the CAC-40 index edged higher by 0.1% to 7,895.11, and the FTSE 100 index advanced 0.3% to 8,722.40.
The yield on 10-year German bonds inched lower to 2.56%, French bonds decreased to 3.23%, UK gilts moved down to 4.64%, and Italian bonds edged lower to 3.58%.
The euro increased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 83.26 Swiss cents.
Brent crude decreased $0.19 to $65.35 a barrel, and the Dutch TTF natural gas was higher by €0.40 to €35.50 per MWh.
Europe Movers
Vodafone Group plc rose 2% to 73.91 pence after the UK-based wireless telecom operator swung to a full-year operating loss of €411 million, driven by impairment charges of €4.5 billion for Germany and Romania.
Swiss Life Holding AG decreased 0.9% to CHF 808.0, despite the company reporting higher premium and fee income.
Diploma PLC soared 16.3% to 4.930 pence after the UK solutions provider to industrial and life sciences end markets revised higher its annual outlook.
Greggs PLC rose 7% to 2,150.0 pence after the bakery chain reiterated its full-year outlook. Sales in the 20-week period increased 7.4% to £784 million.
Europe Movers: Diploma, Smiths, Vodafone
Inga Muller
20 May, 2025
Frankfurt
Vodafone Group traded up 0.8% to 73.06 pence after the UK-based wireless telecom operator reported fiscal year 2025 results.
Revenue edged up to €37.45 billion from €36.72 billion, net income swung to a loss of €4.17 billion from a profit of €1.14 billion, and earnings per share swung to a loss of 15.94 cents from a profit of 4.21 cents a year ago.
The company proposed a dividend of 4.5 cents per share for fiscal year 2025, down from 9.0 cents per share in the previous year.
In addition, the telecom company completed a share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Spain and authorized a new share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Italy.
The total capital returns to shareholders in fiscal year 2025 were €3.7 billion.
Vodafone declared a final dividend of 2.25 cents per share payable on August 1 to shareholders on record on June 6.
Diploma PLC soared 14.6% to 4.840 pence after the UK solutions provider to industrial and life sciences end markets reported half-year 2025 results.
Revenue surged to £728.5 million from £638.3 million, profit jumped to £95.8 million from £57.7 million, and diluted earnings per share rose to 71.2 pence from 43.0 pence a year ago.
The company estimated full-year revenue to grow 8%, revised higher from its previous forecast of 6% increase, compared to £1.36 billion a year earlier.
Smiths Group plc advanced 1.5% to 2,084 pence after the UK engineering company released a third-quarter trading update.
“Revenue accelerated to 10.6%, leading to organic revenue growth for the nine-month period of 9.6%,” the company said in a release to investors.
The engineering company estimated full-year revenue to increase towards the top end of its 6% to 8% guidance range and continues to expect margin expansion of 40 to 60 basis points.
To date, the company has completed £260 million of its £500 million share buyback and remains on track to complete the program by the end of the calendar year.
Europe Movers: Diploma, Smiths, Vodafone
Inga Muller
20 May, 2025
Frankfurt
Vodafone Group traded up 0.8% to 73.06 pence after the UK-based wireless telecom operator reported fiscal year 2025 results.
Revenue edged up to €37.45 billion from €36.72 billion, net income swung to a loss of €4.17 billion from a profit of €1.14 billion, and earnings per share swung to a loss of 15.94 cents from a profit of 4.21 cents a year ago.
The company proposed a dividend of 4.5 cents per share for fiscal year 2025, down from 9.0 cents per share in the previous year.
In addition, the telecom company completed a share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Spain and authorized a new share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Italy.
The total capital returns to shareholders in fiscal year 2025 were €3.7 billion.
Vodafone declared a final dividend of 2.25 cents per share payable on August 1 to shareholders on record on June 6.
Diploma PLC soared 14.6% to 4.840 pence after the UK solutions provider to industrial and life sciences end markets reported half-year 2025 results.
Revenue surged to £728.5 million from £638.3 million, profit jumped to £95.8 million from £57.7 million, and diluted earnings per share rose to 71.2 pence from 43.0 pence a year ago.
The company estimated full-year revenue to grow 8%, revised higher from its previous forecast of 6% increase, compared to £1.36 billion a year earlier.
Smiths Group plc advanced 1.5% to 2,084 pence after the UK engineering company released a third-quarter trading update.
“Revenue accelerated to 10.6%, leading to organic revenue growth for the nine-month period of 9.6%,” the company said in a release to investors.
The engineering company estimated full-year revenue to increase towards the top end of its 6% to 8% guidance range and continues to expect margin expansion of 40 to 60 basis points.
To date, the company has completed £260 million of its £500 million share buyback and remains on track to complete the program by the end of the calendar year.
Japan Signals Challenges In Lowering U.S. Tariffs On Vehicle Imports
Akira Ito
20 May, 2025
Tokyo
Stock market indexes in Tokyo lacked direction amid a lack of domestic news, and the yen edged higher.
The Nikkei 225 Stock Average and the broader Topix index closed nearly unchanged after a volatile session, and investors awaited earnings results later in the week.
Ongoing negotiations between Japan and the U.S. are not likely to yield a sharp decrease in the U.S. tariff rates, especially on the vehicle imports.
Japan's top negotiator, Ryosei Akazawa, is likely to meet the U.S. Trade Representative, Jamieson Greer, on Friday for the third round of high-level talks; however, the plans are tentative.
The U.S. has slapped additional 25% tariffs on vehicles imported from Japan, but it is not clear if there are any additional duties on parts and assemblies.
Moreover, Japanese companies are looking to accelerate their plans to produce more vehicles at their factories in the U.S. and Mexico, but the lack of clarity on the final trade agreement is delaying the plan of action.
For now, Toyota Motor, Honda Motor, and Nissan Motor are likely to face at least $500 of increased costs per vehicle sold in the United States, according to a preliminary study conducted by Ticker.com.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.04% to 37,483.36, and the broader Topix index declined 0.1% to 2,735.52.
The yen edged higher to 144.42 against the U.S. dollar as global investors continue to purchase Japanese assets after Moody's Rating, the last of the three major rating agencies, stripped U.S. debt of its top rating.
Toyota Industries Corp. increased 8.6% to ¥17,940.0 amid local reports speculating that the company is set to be acquired by Akio Toyoda, Chairman of Toyota Motor, for $41.5 billion.
Japan Signals Challenges In Lowering U.S. Tariffs On Vehicle Imports
Akira Ito
20 May, 2025
Tokyo
Stock market indexes in Tokyo lacked direction amid a lack of domestic news, and the yen edged higher.
The Nikkei 225 Stock Average and the broader Topix index closed nearly unchanged after a volatile session, and investors awaited earnings results later in the week.
Ongoing negotiations between Japan and the U.S. are not likely to yield a sharp decrease in the U.S. tariff rates, especially on the vehicle imports.
Japan's top negotiator, Ryosei Akazawa, is likely to meet the U.S. Trade Representative, Jamieson Greer, on Friday for the third round of high-level talks; however, the plans are tentative.
The U.S. has slapped additional 25% tariffs on vehicles imported from Japan, but it is not clear if there are any additional duties on parts and assemblies.
Moreover, Japanese companies are looking to accelerate their plans to produce more vehicles at their factories in the U.S. and Mexico, but the lack of clarity on the final trade agreement is delaying the plan of action.
For now, Toyota Motor, Honda Motor, and Nissan Motor are likely to face at least $500 of increased costs per vehicle sold in the United States, according to a preliminary study conducted by Ticker.com.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.04% to 37,483.36, and the broader Topix index declined 0.1% to 2,735.52.
The yen edged higher to 144.42 against the U.S. dollar as global investors continue to purchase Japanese assets after Moody's Rating, the last of the three major rating agencies, stripped U.S. debt of its top rating.
Toyota Industries Corp. increased 8.6% to ¥17,940.0 amid local reports speculating that the company is set to be acquired by Akio Toyoda, Chairman of Toyota Motor, for $41.5 billion.
U.S. Movers: 8x8, Trip.com
Scott Peters
20 May, 2025
New York City
Trip.com Group Ltd. eased 0.4% to $66.81 after the Chinese travel service provider reported first-quarter 2025 results.
Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income decreased to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share eased to 6.09 yuan from 6.38 yuan a year ago.
Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.
Overall reservations on the company’s international reservation platform increased by over 60%, with inbound travel bookings surging by around 100% year-over-year.
Outbound hotel and air ticket bookings have grown to more than 120% of the pre-pandemic level for the same period in 2019.
The company had repurchased 1.6 million ADSs for a total of $84 million as of May 16.
8x8 Inc. surged 2.8% to $1.85 after the provider of an integrated platform for customer communication reported fourth-quarter 2025 results.
Revenue declined to $177.04 million from $179.41 million, net loss shrank to $5.40 million from a loss of $23.59 million, and diluted loss per share narrowed to 4 cents from a loss of 19 cents a year ago.
Service revenue in the quarter edged down to $171.6 million from $172.5 million a year earlier.
The company guided first-quarter revenue to be between $175 million and $182 million, compared to $178.1 million, and non-GAAP diluted earnings per share between 7 cents and 9 cents, compared to 8 cents a year ago, respectively.
For the full fiscal year 2026, the company estimated revenue between $702 million and $724 million, compared to $715.07 million, and non-GAAP diluted earnings per share between 34 cents and 37 cents, compared to 36 cents a year ago, respectively.