Market Update
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 climbed to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share rose 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 OTA 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.
Stock Movers: HDFC Bank, ICICI Bank, Gujarat Gas, HEG, BEL, Power Grid, PI Industries, Zydus Wellness
Arun Goswami
20 May, 2025
Mumbai
HDFC Bank Ltd. increased 0.3% to ₹1,944 after the financial services provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter decreased to ₹1,20,268.8 crore from ₹ 1,24,391.4 crore, and after-tax profit increased to ₹18,834.9 crore from ₹ 17,622.4 crore, and diluted earnings per share rose to ₹24.52 from ₹23.12 a year ago.
For the fiscal year 2025, revenue inched higher to ₹ 4,70,915.9 crore from ₹4,07,994.8 crore, after-tax profit soared to ₹70,792.2 crore from ₹64,062 crore, and diluted earnings per share advanced to ₹92.39 from ₹90.01 a year ago.
The company's board recommended a dividend of ₹22 per share.
ICICI Bank Limited advanced 0.1% to ₹1,450.85 after the financial services provider reported profit soaring 16% in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched higher to ₹79,747.8 crore from ₹67,181.7 crore, and after-tax profit advanced to ₹13,502.2 crore from ₹11,675.2 crore, and diluted earnings per share rose to ₹18.84 from ₹16.32 a year ago.
For the fiscal year 2025, revenue edged higher to ₹294,586.9 crore from ₹236,037.7 crore, after-tax profit increased to ₹51,029.2 crore from ₹44,256.4 crore, and diluted earnings per share soared to ₹71.14 from ₹61.96 a year ago.
The company's board recommended a dividend of ₹11 per share.
Gujarat Gas Ltd. gained 3.1% to ₹481.35 despite the gas distribution company reporting a 30% plunge in quarterly profit from a year ago.
Consolidated revenue in the March quarter advanced to ₹4,363.3 crore from ₹4,324.9 crore, and after-tax profit inched down to ₹287.9 crore from ₹410.5 crore, and diluted earnings per share declined to ₹4.18 from ₹5.96 a year ago.
For the fiscal year 2025, revenue edged higher to ₹17,393 crore from ₹16,399.1 crore, after-tax profit soared to ₹1,148.3 crore from ₹1,143.7 crore, and diluted earnings per share decreased to ₹16.68 from ₹16.61 a year ago.
The company's board recommended a final dividend of ₹5.82 per share.
HEG Ltd. dropped 5% to ₹502.65 after the graphite electrode manufacturer swung to a loss in the latest quarter.
Consolidated revenue in the March quarter edged down to ₹580.2 crore from ₹611.2 crore, and after-tax income swung to a loss of ₹61.7 crore from a profit of ₹35.2 crore, and diluted income per share swung to a loss of ₹3.20 from a profit of ₹1.82 a year ago.
For the fiscal year 2025, it declined to ₹2,279.4 crore from ₹2,536.6 crore, after-tax profit decreased to ₹101.3 crore from ₹231.5 crore, and diluted earnings per share fell to ₹5.25 from ₹12 a year ago.
The company's board recommended a dividend of ₹1.8 per share.
Bharat Electronics Ltd. edged higher 0.1% to ₹364 after the electronic products and systems manufacturer reported an 18% rise in its earnings in the latest quarter.
Consolidated revenue increased to ₹9,344.2 crore from ₹8,789.5 crore, net income rose to ₹2,127.1 crore from ₹1,796.7 crore, and diluted earnings per share advanced to ₹2.91 from ₹2.46 a year ago.
For the fiscal year 2025, revenue edged higher to ₹24,511.1 crore from ₹20,938.38 crore, after-tax profit soared to ₹5,322.7 crore from ₹3,985.2 crore, and diluted earnings per share jumped to ₹7.28 from ₹5.45 a year ago.
The company's board recommended a final dividend of 90 paise per share.
Power Grid Corporation of India Limited declined 0.03% to ₹304 after the power transmission company approved a final dividend despite the decline in earnings in the fiscal fourth quarter.
Consolidated revenue in the March quarter advanced to ₹12,590.8 crore from ₹12,305.4 crore, and after-tax profit inched down to ₹4,142.9 crore from ₹4,166.3 crore, and diluted earnings per share fell to ₹4.40 from ₹4.67 a year ago.
For the fiscal year 2025, revenue edged higher to ₹47,459.4 crore from ₹46,913.1 crore, after-tax profit declined to ₹15,521.4 crore from ₹15,573.2 crore, and diluted earnings per share decreased to ₹16.39 from ₹17.36 a year ago.
The company's board recommended a final dividend of ₹1.25 per share.
PI Industries Ltd. rose 0.2% to ₹3,770.75 despite the agriscience and chemical company reporting an 11% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter inched higher to ₹1,860.5 crore from ₹1,798.9 crore, after-tax profit edged down to ₹330.5 crore from ₹369.5 crore, and diluted earnings per share declined to ₹21.78 from ₹24.35 a year ago.
For the fiscal year 2025, revenue edged higher to ₹8,322 crore from ₹7,873.5 crore, after-tax profit decreased to ₹1,660.2 crore from ₹1,681.5 crore, and diluted earnings per share fell to ₹109.42 from ₹110.83 a year ago.
The company's board recommended a final dividend of ₹10 per share.
Zydus Wellness Ltd. advanced 1.9% to ₹1,867.60 after the generic pharmaceutical’s maker reported a 28% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹913.9 crore from ₹786.6 crore, and after-tax profit advanced to ₹171.9 crore from ₹150.3 crore, and diluted earnings per share rose to ₹27.01 from ₹23.62 a year ago.
For the fiscal year 2025, revenue edged higher to ₹2,722.5 crore from ₹2,341.7 crore, after-tax profit increased to ₹346.9 crore from ₹266.9 crore, and diluted earnings per share soared to ₹54.52 from ₹41.94 a year ago.
The company's board recommended a final dividend of ₹6 per share.
Stock Movers: HDFC Bank, ICICI Bank, Gujarat Gas, HEG, BEL, Power Grid, PI Industries, Zydus Wellness
Arun Goswami
20 May, 2025
Mumbai
HDFC Bank Ltd. increased 0.3% to ₹1,944 after the financial services provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter decreased to ₹1,20,268.8 crore from ₹ 1,24,391.4 crore, and after-tax profit increased to ₹18,834.9 crore from ₹ 17,622.4 crore, and diluted earnings per share rose to ₹24.52 from ₹23.12 a year ago.
For the fiscal year 2025, revenue inched higher to ₹ 4,70,915.9 crore from ₹4,07,994.8 crore, after-tax profit soared to ₹70,792.2 crore from ₹64,062 crore, and diluted earnings per share advanced to ₹92.39 from ₹90.01 a year ago.
The company's board recommended a dividend of ₹22 per share.
ICICI Bank Limited advanced 0.1% to ₹1,450.85 after the financial services provider reported profit soaring 16% in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched higher to ₹79,747.8 crore from ₹67,181.7 crore, and after-tax profit advanced to ₹13,502.2 crore from ₹11,675.2 crore, and diluted earnings per share rose to ₹18.84 from ₹16.32 a year ago.
For the fiscal year 2025, revenue edged higher to ₹294,586.9 crore from ₹236,037.7 crore, after-tax profit increased to ₹51,029.2 crore from ₹44,256.4 crore, and diluted earnings per share soared to ₹71.14 from ₹61.96 a year ago.
The company's board recommended a dividend of ₹11 per share.
Gujarat Gas Ltd. gained 3.1% to ₹481.35 despite the gas distribution company reporting a 30% plunge in quarterly profit from a year ago.
Consolidated revenue in the March quarter advanced to ₹4,363.3 crore from ₹4,324.9 crore, and after-tax profit inched down to ₹287.9 crore from ₹410.5 crore, and diluted earnings per share declined to ₹4.18 from ₹5.96 a year ago.
For the fiscal year 2025, revenue edged higher to ₹17,393 crore from ₹16,399.1 crore, after-tax profit soared to ₹1,148.3 crore from ₹1,143.7 crore, and diluted earnings per share decreased to ₹16.68 from ₹16.61 a year ago.
The company's board recommended a final dividend of ₹5.82 per share.
HEG Ltd. dropped 5% to ₹502.65 after the graphite electrode manufacturer swung to a loss in the latest quarter.
Consolidated revenue in the March quarter edged down to ₹580.2 crore from ₹611.2 crore, and after-tax income swung to a loss of ₹61.7 crore from a profit of ₹35.2 crore, and diluted income per share swung to a loss of ₹3.20 from a profit of ₹1.82 a year ago.
For the fiscal year 2025, it declined to ₹2,279.4 crore from ₹2,536.6 crore, after-tax profit decreased to ₹101.3 crore from ₹231.5 crore, and diluted earnings per share fell to ₹5.25 from ₹12 a year ago.
The company's board recommended a dividend of ₹1.8 per share.
Bharat Electronics Ltd. edged higher 0.1% to ₹364 after the electronic products and systems manufacturer reported an 18% rise in its earnings in the latest quarter.
Consolidated revenue increased to ₹9,344.2 crore from ₹8,789.5 crore, net income rose to ₹2,127.1 crore from ₹1,796.7 crore, and diluted earnings per share advanced to ₹2.91 from ₹2.46 a year ago.
For the fiscal year 2025, revenue edged higher to ₹24,511.1 crore from ₹20,938.38 crore, after-tax profit soared to ₹5,322.7 crore from ₹3,985.2 crore, and diluted earnings per share jumped to ₹7.28 from ₹5.45 a year ago.
The company's board recommended a final dividend of 90 paise per share.
Power Grid Corporation of India Limited declined 0.03% to ₹304 after the power transmission company approved a final dividend despite the decline in earnings in the fiscal fourth quarter.
Consolidated revenue in the March quarter advanced to ₹12,590.8 crore from ₹12,305.4 crore, and after-tax profit inched down to ₹4,142.9 crore from ₹4,166.3 crore, and diluted earnings per share fell to ₹4.40 from ₹4.67 a year ago.
For the fiscal year 2025, revenue edged higher to ₹47,459.4 crore from ₹46,913.1 crore, after-tax profit declined to ₹15,521.4 crore from ₹15,573.2 crore, and diluted earnings per share decreased to ₹16.39 from ₹17.36 a year ago.
The company's board recommended a final dividend of ₹1.25 per share.
PI Industries Ltd. rose 0.2% to ₹3,770.75 despite the agriscience and chemical company reporting an 11% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter inched higher to ₹1,860.5 crore from ₹1,798.9 crore, after-tax profit edged down to ₹330.5 crore from ₹369.5 crore, and diluted earnings per share declined to ₹21.78 from ₹24.35 a year ago.
For the fiscal year 2025, revenue edged higher to ₹8,322 crore from ₹7,873.5 crore, after-tax profit decreased to ₹1,660.2 crore from ₹1,681.5 crore, and diluted earnings per share fell to ₹109.42 from ₹110.83 a year ago.
The company's board recommended a final dividend of ₹10 per share.
Zydus Wellness Ltd. advanced 1.9% to ₹1,867.60 after the generic pharmaceutical’s maker reported a 28% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹913.9 crore from ₹786.6 crore, and after-tax profit advanced to ₹171.9 crore from ₹150.3 crore, and diluted earnings per share rose to ₹27.01 from ₹23.62 a year ago.
For the fiscal year 2025, revenue edged higher to ₹2,722.5 crore from ₹2,341.7 crore, after-tax profit increased to ₹346.9 crore from ₹266.9 crore, and diluted earnings per share soared to ₹54.52 from ₹41.94 a year ago.
The company's board recommended a final dividend of ₹6 per share.
China Lowers Rates for First Time In Seven Months , CATL Jumps 12% In Hong Kong Listing
Li Chen
20 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced after the People's Bank of China delivered its first rate cut in seven months.
The Hang Seng index soared 1.3%, and the mainland-focused CSI 300 index advanced 0.6% after the central bank cut its 1-year and 5-year rates.
The People's Bank of China cut its 1-year loan prime rate by 10 basis points to 3.0% from 3.10%, and the 5-year loan prime rate by the same amount to 3.50%.
The central bank last cut its lending rates by 25 basis points in October amid a push for a broad easing to support the target growth rate of 5%.
Earlier in the month, central bank governor Pan Gongsheng announced the central bank's commitment to lower rates and reserve requirement ratio to revive growth.
China's central planners and policymakers stepped up efforts to support economic growth and ease pain for export-linked companies after the U.S. president announced unilateral import taxes on all countries, with the heaviest burden on Greater China.
Despite the rollback in sky-high 115% tariffs for the next 90 days, as many as 150,000 small businesses in China are likely to suffer severe financial stress to adjust to a sharp fall in demand and a rebound in orders to ship in the next 90 days.
China Indexes and Stocks
The Hang Seng index jumped 1.3% to 23,642.50, and the mainland-focused CSI 300 index rose 0.6% to 3,901.01.
Contemporary Amperex Technology completed its HK$35.7 billion, or $4.6 billion, public offering in Hong Kong with an offer price of HK$263 per share.
CATL's offering was the largest public offering in Hong Kong so far in 2025, and the company controls about 38% of the global market for batteries for electric vehicles.
The company sold 136 million shares, including a 17.7 million share option for brokers, and retail investors acquired 7.5% of shares and global funds purchased the remaining 92.5%, according to a company filing with the Hong Kong Stock Exchange.
The company's retail tranche of the public offering was oversubscribed by 102 times, according to local brokers in Hong Kong.
The company plans to use most of its proceeds to invest a manufacturing plant in Hungary.
The company's offering is the largest since Kuaishou Technology in February 2021 was priced at HK $115 per share and raised $5.3 billion.
China Lowers Rates for First Time In Seven Months , CATL Jumps 12% In Hong Kong Listing
Li Chen
20 May, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced after the People's Bank of China delivered its first rate cut in seven months.
The Hang Seng index soared 1.3%, and the mainland-focused CSI 300 index advanced 0.6% after the central bank cut its 1-year and 5-year rates.
The People's Bank of China cut its 1-year loan prime rate by 10 basis points to 3.0% from 3.10%, and the 5-year loan prime rate by the same amount to 3.50%.
The central bank last cut its lending rates by 25 basis points in October amid a push for a broad easing to support the target growth rate of 5%.
Earlier in the month, central bank governor Pan Gongsheng announced the central bank's commitment to lower rates and reserve requirement ratio to revive growth.
China's central planners and policymakers stepped up efforts to support economic growth and ease pain for export-linked companies after the U.S. president announced unilateral import taxes on all countries, with the heaviest burden on Greater China.
Despite the rollback in sky-high 115% tariffs for the next 90 days, as many as 150,000 small businesses in China are likely to suffer severe financial stress to adjust to a sharp fall in demand and a rebound in orders to ship in the next 90 days.
China Indexes and Stocks
The Hang Seng index jumped 1.3% to 23,642.50, and the mainland-focused CSI 300 index rose 0.6% to 3,901.01.
Contemporary Amperex Technology completed its HK$35.7 billion, or $4.6 billion, public offering in Hong Kong with an offer price of HK$263 per share.
CATL's offering was the largest public offering in Hong Kong so far in 2025, and the company controls about 38% of the global market for batteries for electric vehicles.
The company sold 136 million shares, including a 17.7 million share option for brokers, and retail investors acquired 7.5% of shares and global funds purchased the remaining 92.5%, according to a company filing with the Hong Kong Stock Exchange.
The company's retail tranche of the public offering was oversubscribed by 102 times, according to local brokers in Hong Kong.
The company's offering is the largest since Kuaishou Technology in February 2021 was priced at HK $115 per share and raised $5.3 billion.
U.S. Treasury Yields Spike, Stocks Slide, Dollar Weakens After Moody's Downgrade
Barry Adams
19 May, 2025
New York City
Wall Street indexes turned lower after yields on the U.S. Treasuries advanced following a credit rating downgrade by Moody's Ratings.
The S&P 500 index declined 0.7%, and the Nasdaq Composite dropped 1.1% in early trading amid rising bond yields.
The yield on 10-year U.S. Treasury notes increased 6 basis points to 4.55%, and the 30-year Treasury notes advanced to 5.02% in Monday's trading.
The yield on 10-year bonds jumped to the highest since mid-February, and 30-year bonds advanced to the highest since October 2023, following the belated downgrade by Moody's.
Market sentiment was cautious, despite Moody's U.S. credit rating downgrade lagging by years the decisions by the other two major agencies.
The S&P Global removed the U.S. debt from its highest rating in 2011, and Fitch Ratings lowered its rating by one notch in 2023.
The U.S. federal government debt has ballooned to $36 trillion, and the debt is likely to jump by another $3.5 trillion if the Republican Party-controlled Congress passes the current budget proposal.
The U.S. federal government debt has been on a tear, regardless of which party gains control of the White House or the U.S. Congress, and the federal debt is estimated to jump to 135% of the U.S. GDP in 2035.
"Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat. In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher," Moody's Ratings added in its note.
The agency estimated federal debt to increase to around 134% of GDP and 9% of GDP by 2035, up from 98% and 6.4% in 2024, respectively.
The U.S. economy is already under pressure from Trump tariffs, and most households are struggling to make ends meet after housing, food, and transportation costs continue to advance.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.6% to 5,925.06, the Nasdaq Composite edged down 0.7% to 19,069.68, and the Russell 2000 index declined 1.4% to 2,082.93.
The yield on 2-year Treasury notes edged higher to 4.03%, 10-year Treasury notes increased to 4.55%, and 30-year Treasury bonds advanced to 5.04%.
WTI crude oil decreased $0.07 to $62.42 a barrel, and natural gas prices edged lower by $0.16 to $3.17 a thermal unit.
Gold increased by $27.21 to 3,231.58 an ounce, and silver edged up by $0.07 to $32.35.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.80 to 100.29 and traded at a two-year high.
U.S. Stock Movers
Banks led the decliners on Wall Street after the yield on 30-year U.S. Treasury bonds crossed 5%.
JPMorgan Chase & Company declined 0.7% to $265.70, Wells Fargo dropped 0.9% to $75.48, Citigroup decreased 1.3% to $74.76, and Bank of America eased 1.4% to $44.08.
In Monday's trading, retailers lacked direction amid growing worries that consumers may retrench from spending amid rising cost of living and high levels of economic uncertainty rooted in Trump tariffs.
Walmart Inc. dropped 1.7% to $96.53, Target Corp. decreased 1.5% to $97.10, Home Depot fell 1% to $377.0, Macy's declined 1.3% to $12.08, and Amazon.com Inc. traded down 2% to $201.39.
U.S. Treasury Yields Spike, Stocks Slide After Moody's Downgrade
Barry Adams
19 May, 2025
New York City
Wall Street indexes turned lower after yields on the U.S. Treasuries advanced following a credit rating downgrade by Moody's Ratings.
The S&P 500 index declined 0.7%, and the Nasdaq Composite dropped 1.1% in early trading amid rising bond yields.
The yield on 10-year U.S. Treasury notes increased 6 basis points to 4.55%, and the 30-year Treasury notes advanced to 5.02% in Monday's trading.
The yield on 10-year bonds jumped to the highest since mid-February, and 30-year bonds advanced to the highest since October 2023, following the belated downgrade by Moody's.
Market sentiment was cautious, despite Moody's U.S. credit rating downgrade lagging by years the decisions by the other two major agencies.
The S&P Global removed the U.S. debt from its highest rating in 2011, and Fitch Ratings lowered its rating by one notch in 2023.
The U.S. federal government debt has ballooned to $36 trillion, and the debt is likely to jump by another $3.5 trillion if the Republican Party-controlled Congress passes the current budget proposal.
The U.S. federal government debt has been on a tear, regardless of which party gains control of the White House or the U.S. Congress, and the federal debt is estimated to jump to 135% of the U.S. GDP in 2035.
"Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat. In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher," Moody's Ratings added in its note.
The agency estimated federal debt to increase to around 134% of GDP and 9% of GDP by 2035, up from 98% and 6.4% in 2024, respectively.
The U.S. economy is already under pressure from Trump tariffs, and most households are struggling to make ends meet after housing, food, and transportation costs continue to advance.
U.S. Stock Movers
Banks led the decliners on Wall Street after the yield on 30-year U.S. Treasury bonds crossed 5%.
JPMorgan Chase & Company declined 0.7% to $265.70, Wells Fargo dropped 0.9% to $75.48, Citigroup decreased 1.3% to $74.76, and Bank of America eased 1.4% to $44.08.
In Monday's trading, retailers lacked direction amid growing worries that consumers may retrench from spending amid rising cost of living and high levels of economic uncertainty rooted in Trump tariffs.
Walmart Inc. dropped 1.7% to $96.53, Target Corp. decreased 1.5% to $97.10, Home Depot fell 1% to $377.0, Macy's declined 1.3% to $12.08, and Amazon.com Inc. traded down 2% to $201.39.
European Markets Hover Near Record Highs, Euro Edges Higher After U.S. Debt Rating Downgrade
Bridgette Randall
19 May, 2025
London
Stock market indexes in Europe declined as investors reviewed a flood of economic releases from China, and trade tensions rose after China slapped on new tariffs.
Benchmark indexes in Frankfurt, Paris, Milan, and London turned lower, bond yields inched higher, and the euro and the pound strengthened.
U.S. debt level and the persistent widening federal government budget deficits were in focus after Moody's Ratings lowered its credit rating on the U.S. debt.
Moody's lowered its rating by one notch to Aa1 from its top rating of Aaa, citing deteriorating U.S. fiscal governance and the lack of near-term downward trajectory of U.S. budget deficits.
Moody's is the last of the three major rating agencies to lower its U.S. debt rating, and S&P Global trimmed its rating in 2011, followed by Fitch Ratings in 2023.
Separately, China slapped up to 75% tariffs on plastic imports from the U.S., EU, Taiwan, and Japan, confirming that trade tensions are far from settled.
The new ruling imposes a 34.5% tariff on the EU plastic suppliers and places a 74.5% tariff on supplies from the U.S.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 23,746.22, the CAC-40 index edged lower 0.4% to 7,857.99, and the FTSE 100 index declined 0.4% to 8,647.86.
The yield on 10-year German bonds inched higher to 2.60%, French bonds increased to 3.28%, UK gilts moved up to 4.69%, and Italian bonds edged higher to 3.62%.
The euro increased to $1.12; the British pound was higher at $1.33; and the U.S. dollar was lower and traded at 83.38 Swiss cents.
Brent crude decreased $0.30 to $65.11 a barrel, and the Dutch TTF natural gas was lower by €0.24 to €34.90 per MWh.
Europe Movers
Diageo plc advanced 1.4% to 2,183.0 pence after the alcoholic beverage maker reaffirmed its annual outlook, and net sales in the fiscal third quarter ending in March increased 2.9%.
The company estimated a tariff-related annual hit of £150 million if the current level of 10% U.S. tariffs remains in place on imports from the UK and the European Union.
BNP Paribas gained 1.7% to €76.06, and the French bank announced the launch of a €1.08 billion stock buyback program for 2025.
Ryanair Holdings plc jumped 6.8% to €23.25 after the Ireland-based discount airline reported mixed financial results and a rise in passenger traffic.
European Markets Hover Near Record Highs, Euro Edges Higher After U.S. Debt Rating Downgrade
Bridgette Randall
19 May, 2025
London
Stock market indexes in Europe declined as investors reviewed a flood of economic releases from China, and trade tensions rose after China slapped on new tariffs.
Benchmark indexes in Frankfurt, Paris, Milan, and London turned lower, bond yields inched higher, and the euro and the pound strengthened.
U.S. debt level and the persistent widening federal government budget deficits were in focus after Moody's Ratings lowered its credit rating on the U.S. debt.
Moody's lowered its rating by one notch to Aa1 from its top rating of Aaa, citing deteriorating U.S. fiscal governance and the lack of near-term downward trajectory of U.S. budget deficits.
Moody's is the last of the three major rating agencies to lower its U.S. debt rating, and S&P Global trimmed its rating in 2011, followed by Fitch Ratings in 2023.
Separately, China slapped up to 75% tariffs on plastic imports from the U.S., EU, Taiwan, and Japan, confirming that trade tensions are far from settled.
The new ruling imposes a 34.5% tariff on the EU plastic suppliers and places a 74.5% tariff on supplies from the U.S.
Europe Indexes and Yields
The DAX index decreased by 0.1% to 23,746.22, the CAC-40 index edged lower 0.4% to 7,857.99, and the FTSE 100 index declined 0.4% to 8,647.86.
The yield on 10-year German bonds inched higher to 2.60%, French bonds increased to 3.28%, UK gilts moved up to 4.69%, and Italian bonds edged higher to 3.62%.
The euro increased to $1.12; the British pound was higher at $1.33; and the U.S. dollar was lower and traded at 83.38 Swiss cents.
Brent crude decreased $0.30 to $65.11 a barrel, and the Dutch TTF natural gas was lower by €0.24 to €34.90 per MWh.
Europe Movers
Diageo plc advanced 1.4% to 2,183.0 pence after the alcoholic beverage maker reaffirmed its annual outlook, and net sales in the fiscal third quarter ending in March increased 2.9%.
The company estimated a tariff-related annual hit of £150 million if the current level of 10% U.S. tariffs remains in place on imports from the UK and the European Union.
BNP Paribas gained 1.7% to €76.06, and the French bank announced the launch of a €1.08 billion stock buyback program for 2025.
Ryanair Holdings plc jumped 6.8% to €23.25 after the Ireland-based discount airline reported mixed financial results and a rise in passenger traffic.
U.S.-Japan Trade Tensions Weighed On Stocks In Tokyo Trading
Akira Ito
19 May, 2025
Tokyo
Japan's stock market indexes turned lower in Monday's trading amid lingering U.S. trade policy uncertainties and renewed worries about the U.S. debt profile.
The Nikkei 225 Stock Average decreased 0.7%, and the broader Topix fell 0.1% after Moody's Ratings downgraded the U.S. debt rating.
Moody's lowered its credit rating by one notch from the top notch Aaa to Aa1 and changed the outlook to stable from negative.
"Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs," the rating agency noted in its update.
The latest budget proposal prompted the rating agency to revise its outlook, as budget analysts across all political ideologies raised concerns.
"We do not believe that material multi-year reductions in mandatory spending and deficits will result from current fiscal proposals under consideration.
Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat. In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher," the rating agency added in its note.
The agency estimated federal debt to increase to around 134% of GDP and 9% of GDP by 2035, up from 98% and 6.4% in 2024, respectively.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.7% to 37,498.63, and the broader Topix index dropped 0.1% to 2,738.39.
Chipmakers led the decliners in Tokyo, tracking losses in Friday's trading on Wall Street in New York.
Advantest Corp. declined 2.9% to ¥7,066.0, Tokyo Electron decreased 1.7% to ¥23,065.0, and Disco Corp. fell 1.5% to ¥34,610.0.
Daiichi Sankyo Co. Ltd. surged 7.5% to ¥3,698.0, and the company's stock was the best performer in the benchmark index, arresting the broader decline in the Nikkei 225 Stock Average.
U.S.-Japan Trade Tensions Weighed On Stocks In Tokyo Trading
Akira Ito
19 May, 2025
Tokyo
Japan's stock market indexes turned lower in Monday's trading amid lingering U.S. trade policy uncertainties and renewed worries about the U.S. debt profile.
The Nikkei 225 Stock Average decreased 0.7%, and the broader Topix fell 0.1% after Moody's Ratings downgraded the U.S. debt rating.
Moody's lowered its credit rating by one notch from the top notch Aaa to Aa1 and changed the outlook to stable from negative.
"Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs," the rating agency noted in its update.
The latest budget proposal prompted the rating agency to revise its outlook, as budget analysts across all political ideologies raised concerns.
"We do not believe that material multi-year reductions in mandatory spending and deficits will result from current fiscal proposals under consideration.
Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat. In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher," the rating agencies added in their note.
The agency estimated federal debt to increase to around 134% of GDP and 9% of GDP by 2035, up from 98% and 6.4% in 2024, respectively.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.7% to 37,498.63, and the broader Topix index dropped 0.1% to 2,738.39.
Chipmakers led the decliners in Tokyo, tracking losses in Friday's trading on Wall Street in New York.
Advantest Corp. declined 2.9% to ¥7,066.0, Tokyo Electron decreased 1.7% to ¥23,065.0, and Disco Corp. fell 1.5% to ¥34,610.0.
Daiichi Sankyo Co. Ltd. surged 7.5% to ¥3,698.0, and the company's stock was the best performer in the benchmark index, arresting the broader decline in the Nikkei 225 Stock Average.
Europe Movers: Engie, National Grid, Ryanair
Inga Muller
19 May, 2025
Frankfurt
Engie SA gained 0.4% to €18.37 after the French energy company reported first-quarter 2025 results.
Revenue climbed to €23.25 billion from €22.02 billion, and EBIT declined to €4.13 billion from €4.17 billion.
The company guided full-year net income to be between €4.4 billion and €5.0 billion, with EBIT excluding nuclear in the range of €8.0 billion to €9.0 billion.
In comparison, net income in 2024 was €5.5 billion, and EBIT excluding the nuclear segment was €8.9 billion.
During the first quarter, the energy company acquired two hydropower plants in Brazil and a portfolio of renewable assets in the U.K. and closed the nuclear transaction in Belgium.
The company reported strong activity in the renewables and battery energy storage system segment, with 8.5 GW under construction across more than 100 projects at the end of March.
National Grid plc gained 0.7% to 1,053.50 pence after the U.K. electricity and gas utility company reported fiscal 2025 results ending in March.
Revenue declined 7% to £18.38 billion from £19.85 billion, earnings climbed 20% to £3.45 billion from £2.88 billion, and earnings per share jumped 2% to 73.3 pence from 72.1 pence a year ago.
The dividend in 2025 was 46.72 pence per share, down 20% from 58.52 pence per share a year earlier.
The company guided fiscal 2026 earnings per share to be in line with the 6% to 8% compound annual growth range from the previous year’s baseline.
Ryanair Holdings plc dropped 5.3% to €21.78 after the U.K.-based airline company reported fiscal year 2025 results.
Revenue climbed 4% to €13.95 billion from €13.44 billion, profit declined 16% to €1.61 billion from €1.92 billion, and diluted earnings per share fell to €1.4549 from €1.6743 a year ago.
Traffic increased 9% to a record 200.2 million passengers from 183.7 million passengers a year earlier, supported by a 7% decline in fares and despite Boeing delivery delays.
The company guided fiscal year 2026 traffic to grow 3% to 206 million passengers.
During fiscal 2025, the company bought back over 77 million ordinary shares for a total of approximately €1.5 billion.
Stock Movers: Emami, Nesco, GIC Housing, BHEL, Galaxy Surfactants, Gujarat Alkalies, IOL Chemicals, Entertainment Network
Arun Goswami
19 May, 2025
Mumbai
Emami Limited increased 6% to ₹639.85 after the personal care and healthcare company reported an 18% rise in its earnings in the latest quarter.
Consolidated revenue in the March quarter increased to ₹984.2 crore from ₹901.9 crore, and after-tax profit rose to ₹162.2 crore from ₹146.8 crore, and diluted earnings per share soared to ₹3.72 from ₹3.41 a year ago.
For the fiscal year 2025, revenue advanced to ₹3,877.3 crore from ₹3,624.9 crore, after-tax profit inched higher to ₹802.7 crore from ₹724.1 crore, and diluted earnings per share edged up to ₹18.48 from ₹16.55 a year ago.
The company's board declared a 3rd interim dividend of ₹2 per share.
Nesco Ltd. dropped 18.7% to ₹800 after the exhibition venue company and engineering service providers reported a 19% plunge in quarterly profit from a year ago.
Consolidated revenue in the March quarter inched down to ₹211.6 crore from ₹219.9 crore, and after-tax profit declined to ₹88.6 crore from ₹105.1 crore, and diluted earnings per share fell to ₹12.58 from ₹14.92 a year ago.
For the fiscal year 2025, revenue edged higher to ₹845.7 crore from ₹783.1 crore, after-tax profit increased to ₹375.2 crore from ₹363.7 crore, and diluted earnings per share soared to ₹53.25 from ₹51.49 a year ago.
The company's board recommended a final dividend of ₹6.50 per share.
GIC Housing Finance Ltd. increased 0.3% to ₹190 after the housing finance company reported a slight increase in revenue and a 35% decline in profit in the March quarter.
Consolidated revenue in the March quarter advanced to ₹275.8 crore from ₹265.5 crore, and after-tax profit inched down to ₹35.1 crore from ₹53.6 crore, and diluted earnings per share declined to ₹6.52 from ₹9.95 a year ago.
For the fiscal year 2025, revenue edged higher to ₹1,088.9 crore from ₹1,069.7 crore, after-tax profit soared to ₹160.2 crore from ₹151.2 crore, and diluted earnings per share increased to ₹29.74 from ₹28.07 a year ago.
The company's board recommended a dividend of ₹4.50 per share.
Bharat Heavy Electricals Limited gained 0.3% to ₹251.15 after the power generation equipment maker reported a two-fold increase in earnings in the March quarter.
Consolidated revenue in the March quarter edged up to ₹9,152.2 crore from ₹8,425.2 crore, and after-tax profit inched higher to ₹504.1 crore from ₹484.4 crore, and diluted earnings per share rose to ₹1.45 from ₹1.39 a year ago.
For the fiscal year 2025, revenue edged higher to ₹20,387.5 crore from ₹17,243.9 crore, after-tax profit jumped to ₹513 crore from ₹260.9 crore, and diluted earnings per share soared to ₹1.47 from 75 paise a year ago.
The company's board recommended a dividend of 50 paise per share.
Galaxy Surfactants Limited jumped 2.5% to ₹2,303 after the home and personal care chemical maker reported a slight increase in revenue and net income in the latest quarter.
Consolidated revenue increased to ₹820.9 crore from ₹710.1 crore, net income rose to ₹44 crore from ₹42 crore, and diluted earnings per share advanced to ₹12.42 from ₹11.86 a year ago.
For the fiscal year 2025, revenue edged higher to ₹3,027.7 crore from ₹2,769.2 crore, after-tax profit declined to ₹173.8 crore from ₹200.3 crore, and diluted earnings per share fell to ₹49.03 from ₹56.51 a year ago.
The company's board recommended a dividend of ₹4 per share.
Gujarat Alkalies and Chemicals Ltd. soared 2% to ₹665 after the chemical manufacturing company’s net income swung to a profit from a year ago in the March quarter.
Consolidated revenue in the March quarter increased to ₹1,099.9 crore from ₹1,004.2 crore, and net income swung to a profit of ₹8.8 crore from a loss of ₹46.2 crore, and diluted earnings per share rose to an income of ₹1.20 from a loss of ₹6.29 a year ago.
For the fiscal year 2025, revenue edged higher to ₹4,165.1 crore from ₹3,896.7 crore, after-tax loss declined to ₹65.1 crore from ₹236.8 crore, and diluted losses per share shrank to ₹8.87 from ₹32.25 a year ago.
The company's board recommended a final dividend of ₹15.80 per share.
IOL Chemicals and Pharmaceuticals Ltd. rose 0.5% to ₹80.60 after the active pharmaceutical ingredient manufacturer reported a 14% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹532.3 crore from ₹511.4 crore, after-tax profit advanced to ₹31.4 crore from ₹27.6 crore, and diluted earnings per share rose to ₹1.07 from 94 paise a year ago.
For the fiscal year 2025, revenue edged down to ₹2,101.6 crore from ₹2,162.9 crore, after-tax profit decreased to ₹101.1 crore from ₹134.4 crore, and diluted earnings per share fell to ₹3.44 from ₹4.58 a year ago.
Entertainment Network (India) Ltd. advanced 2.7% to ₹148.85 after the radio station operator and a streaming service provider reported a profit increase of 37% in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched higher to ₹169.8 crore from ₹158.4 crore, and after-tax profit advanced to ₹12.2 crore from ₹8.9 crore, and diluted earnings per share rose to ₹2.55 from ₹1.85 a year ago.
For the fiscal year 2025, revenue edged higher to ₹582.6 crore from ₹566.1 crore, after-tax profit decreased to ₹12 crore from ₹33 crore, and diluted earnings per share declined to ₹2.51 from ₹6.92 a year ago.
The company's board recommended a dividend of ₹2 per share.
Stock Movers: Emami, Nesco, GIC Housing, BHEL, Galaxy Surfactants, Gujarat Alkalies, IOL Chemicals, Entertainment Network
Arun Goswami
19 May, 2025
Mumbai
Emami Limited increased 6% to ₹639.85 after the personal care and healthcare company reported an 18% rise in its earnings in the latest quarter.
Consolidated revenue in the March quarter increased to ₹984.2 crore from ₹901.9 crore, and after-tax profit rose to ₹162.2 crore from ₹146.8 crore, and diluted earnings per share soared to ₹3.72 from ₹3.41 a year ago.
For the fiscal year 2025, revenue advanced to ₹3,877.3 crore from ₹3,624.9 crore, after-tax profit inched higher to ₹802.7 crore from ₹724.1 crore, and diluted earnings per share edged up to ₹18.48 from ₹16.55 a year ago.
The company's board declared a 3rd interim dividend of ₹2 per share.
Nesco Ltd. dropped 18.7% to ₹800 after the exhibition venue company and engineering service providers reported a 19% plunge in quarterly profit from a year ago.
Consolidated revenue in the March quarter inched down to ₹211.6 crore from ₹219.9 crore, and after-tax profit declined to ₹88.6 crore from ₹105.1 crore, and diluted earnings per share fell to ₹12.58 from ₹14.92 a year ago.
For the fiscal year 2025, revenue edged higher to ₹845.7 crore from ₹783.1 crore, after-tax profit increased to ₹375.2 crore from ₹363.7 crore, and diluted earnings per share soared to ₹53.25 from ₹51.49 a year ago.
The company's board recommended a final dividend of ₹6.50 per share.
GIC Housing Finance Ltd. increased 0.3% to ₹190 after the housing finance company reported a slight increase in revenue and a 35% decline in profit in the March quarter.
Consolidated revenue in the March quarter advanced to ₹275.8 crore from ₹265.5 crore, and after-tax profit inched down to ₹35.1 crore from ₹53.6 crore, and diluted earnings per share declined to ₹6.52 from ₹9.95 a year ago.
For the fiscal year 2025, revenue edged higher to ₹1,088.9 crore from ₹1,069.7 crore, after-tax profit soared to ₹160.2 crore from ₹151.2 crore, and diluted earnings per share increased to ₹29.74 from ₹28.07 a year ago.
The company's board recommended a dividend of ₹4.50 per share.
Bharat Heavy Electricals Limited gained 0.3% to ₹251.15 after the power generation equipment maker reported a two-fold increase in earnings in the March quarter.
Consolidated revenue in the March quarter edged up to ₹9,152.2 crore from ₹8,425.2 crore, and after-tax profit inched higher to ₹504.1 crore from ₹484.4 crore, and diluted earnings per share rose to ₹1.45 from ₹1.39 a year ago.
For the fiscal year 2025, revenue edged higher to ₹20,387.5 crore from ₹17,243.9 crore, after-tax profit jumped to ₹513 crore from ₹260.9 crore, and diluted earnings per share soared to ₹1.47 from 75 paise a year ago.
The company's board recommended a dividend of 50 paise per share.
Galaxy Surfactants Limited jumped 2.5% to ₹2,303 after the home and personal care chemical maker reported a slight increase in revenue and net income in the latest quarter.
Consolidated revenue increased to ₹820.9 crore from ₹710.1 crore, net income rose to ₹44 crore from ₹42 crore, and diluted earnings per share advanced to ₹12.42 from ₹11.86 a year ago.
For the fiscal year 2025, revenue edged higher to ₹3,027.7 crore from ₹2,769.2 crore, after-tax profit declined to ₹173.8 crore from ₹200.3 crore, and diluted earnings per share fell to ₹49.03 from ₹56.51 a year ago.
The company's board recommended a dividend of ₹4 per share.
Gujarat Alkalies and Chemicals Ltd. soared 2% to ₹665 after the chemical manufacturing company’s net income swung to a profit from a year ago in the March quarter.
Consolidated revenue in the March quarter increased to ₹1,099.9 crore from ₹1,004.2 crore, and net income swung to a profit of ₹8.8 crore from a loss of ₹46.2 crore, and diluted earnings per share rose to an income of ₹1.20 from a loss of ₹6.29 a year ago.
For the fiscal year 2025, revenue edged higher to ₹4,165.1 crore from ₹3,896.7 crore, after-tax loss declined to ₹65.1 crore from ₹236.8 crore, and diluted losses per share shrank to ₹8.87 from ₹32.25 a year ago.
The company's board recommended a final dividend of ₹15.80 per share.
IOL Chemicals and Pharmaceuticals Ltd. rose 0.5% to ₹80.60 after the active pharmaceutical ingredient manufacturer reported a 14% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹532.3 crore from ₹511.4 crore, after-tax profit advanced to ₹31.4 crore from ₹27.6 crore, and diluted earnings per share rose to ₹1.07 from 94 paise a year ago.
For the fiscal year 2025, revenue edged down to ₹2,101.6 crore from ₹2,162.9 crore, after-tax profit decreased to ₹101.1 crore from ₹134.4 crore, and diluted earnings per share fell to ₹3.44 from ₹4.58 a year ago.
Entertainment Network (India) Ltd. advanced 2.7% to ₹148.85 after the radio station operator and a streaming service provider reported a profit increase of 37% in the fiscal fourth quarter.
Consolidated revenue in the March quarter inched higher to ₹169.8 crore from ₹158.4 crore, and after-tax profit advanced to ₹12.2 crore from ₹8.9 crore, and diluted earnings per share rose to ₹2.55 from ₹1.85 a year ago.
For the fiscal year 2025, revenue edged higher to ₹582.6 crore from ₹566.1 crore, after-tax profit decreased to ₹12 crore from ₹33 crore, and diluted earnings per share declined to ₹2.51 from ₹6.92 a year ago.
The company's board recommended a dividend of ₹2 per share.