Market Update
Wall Street Reviews Mega-Cap Tech Earnings, Fourth Quarter GDP Growth Slowest In Three Quarters
Barry Adams
30 Jan, 2025
New York City
Wall Street indexes lacked direction in Thursday's trading, and investors turned cautious a day after the Federal Reserve poured cold water over imminent rate cut expectations, citing elevated inflation.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.4%, and investors reviewed a slew of corporate results, including updates from Microsoft, Meta, Tesla, and IBM.
Investor sentiment has been on the defensive after the emergence of cheaper chatbot from a Chinese startup raised worries about the need for expensive computer servers using advanced chips made by American companies.
Moreover, market sentiment wavered after the GDP growth in the fourth quarter slowed to an annual pace of 2.3%, the U.S. Bureau of Economic Analysis reported Thursday in its flash estimate.
The U.S. economy expanded at the slowest pace in three quarters and slowed from 3.1% in the third quarter, according to the preliminary estimate released by the government agency.
The Federal Reserve left the fed funds rate range unrevised between 4.25% and 4.50% and halted its rate-cutting cycle after trimming in the previous three meetings.
Policymakers are likely to hold rates steady at the end of the next meeting on March 19, until a solid evidence emerges of sustained decline in inflation.
While the Fed's tough talk on inflation garners headlines, interest rates have been far from restrictive for more than a year, and inflation in the service sector and core inflation have been significantly higher than the target rate of 2% and showing no sign of easing for more than nine months.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 6,057.51, the Nasdaq Composite edged up 0.2% to 19,669.37, and the Russell 2000 index was down 0.3% to 2,283.10.
The yield on 2-year Treasury notes edged lower to 4.21%, 10-year Treasury notes dropped to 4.50%, and 30-year Treasury bonds eased to 4.74%.
WTI crude oil decreased $0.12 to $72.52 a barrel, and natural gas prices edged higher by $0.02 to $3.19 a thermal unit.
Gold rose by $21.62 to 2,781.76 an ounce, and silver edged up by $0.35 to $31.21.
The dollar index, which weighs the US currency against a basket of foreign currencies, dropped 0.03 to 107.98 and traded at a two-year high.
U.S. Stock Movers
Microsoft Corp dropped 4.6% to $421.85 despite the company posting strong results for its fiscal 2025 second quarter ending in December, helped by a 21% increase in cloud service sales.
However, the software company's revenue outlook in the current quarter disappointed some investors.
Meta Platforms Inc surged 2.3% to $692 after the parent company of Facebook, Instagram, and WhatsApp posted strong earnings for the fourth quarter ending in December.
Tesla gained 3% to $400.86 after the electric vehicle maker posted mixed earnings in the fourth quarter ending in December.
IBM soared 9.4% to $250.29 after the legacy technology company reported fourth-quarter results that surpassed market expectations.
The company said its software business expanded by double digits in the second half, and the generative artificial intelligence business order book increased by $2 billion to $5 billion.
UPS plunged 14.2% to $114.72 after the parcel delivery company said it reached a deal with Amazon, its largest customer, to lower shipment volume by 50% by the second half of 2026.
UPS was under pressure after the company reported better-than-expected earnings, but revenue fell short of market expectations in the fourth quarter.
Wall Street Reviews Mega-Cap Tech Earnings, Fourth Quarter GDP Growth Slowest In Three Quarters
Barry Adams
30 Jan, 2025
New York City
Wall Street indexes lacked direction in Thursday's trading, and investors turned cautious a day after the Federal Reserve poured cold water over imminent rate cut expectations, citing elevated inflation.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.4%, and investors reviewed a slew of corporate results, including updates from Microsoft, Meta, Tesla, and IBM.
Investor sentiment has been on the defensive after the emergence of cheaper chatbot from a Chinese startup raised worries about the need for expensive computer servers using advanced chips made by American companies.
Moreover, market sentiment wavered after the GDP growth in the fourth quarter slowed to an annual pace of 2.3%, the U.S. Bureau of Economic Analysis reported Thursday in its flash estimate.
The U.S. economy expanded at the slowest pace in three quarters and slowed from 3.1% in the third quarter, according to the preliminary estimate released by the government agency.
The Federal Reserve left the fed funds rate range unrevised between 4.25% and 4.50% and halted its rate-cutting cycle after trimming in the previous three meetings.
Policymakers are likely to hold rates steady at the end of the next meeting on March 19, until a solid evidence emerges of sustained decline in inflation.
While the Fed's tough talk on inflation garners headlines, interest rates have been far from restrictive for more than a year, and inflation in the service sector and core inflation have been significantly higher than the target rate of 2% and showing no sign of easing for more than nine months.
U.S. Stock Movers
Microsoft Corp dropped 4.6% to $421.85 despite the company posting strong results for its fiscal 2025 second quarter ending in December, helped by a 21% increase in cloud service sales.
However, the software company's revenue outlook in the current quarter disappointed some investors.
Meta Platforms Inc surged 2.3% to $692 after the parent company of Facebook, Instagram, and WhatsApp posted strong earnings for the fourth quarter ending in December.
Tesla gained 3% to $400.86 after the electric vehicle maker posted mixed earnings in the fourth quarter ending in December.
IBM soared 9.4% to $250.29 after the legacy technology company reported fourth-quarter results that surpassed market expectations.
The company said its software business expanded by double digits in the second half, and the generative artificial intelligence business order book increased by $2 billion to $5 billion.
UPS plunged 14.2% to $114.72 after the parcel delivery company said it reached a deal with Amazon, its largest customer, to lower shipment volume by 50% by the second half of 2026.
UPS was under pressure after the company reported better-than-expected earnings, but revenue fell short of market expectations in the fourth quarter.
Europe Movers: ABB Ltd., Deutsche Bank, Electrolux, H&M, Nokia, Shell plc, SThree Micro, Wizz Air
Inga Muller
30 Jan, 2025
Frankfurt
Stock market indexes in Europe extended a three-day rally ahead of the widely anticipated rate cut decisions.
The eurozone economy unexpectedly stalled in the fourth quarter, following a weakness in France and Germany. Spain's inflation accelerated to a seven-month high in January.
The DAX index moved higher by 0.3% to 21,694.57; the CAC-40 index climbed 0.5% to 7,909.78; and the FTSE 100 index advanced by 0.2% to 8,574.94.
The yield on 10-year German bonds inched lower to 2.53%, French bonds declined to 3.27%, the UK gilts moved up to 4.60%, and Italian bonds edged lower to 3.62%.
Nokia gained 2.3% to €4.40 after the mobile technology company posted strong fourth-quarter results ending in December.
Net sales surged 10% to €5.98 billion from €5.42 billion; operating profit jumped 72% to €917 million from €534 million, and earnings per diluted share swung to profit of 15 euro cents from a loss of 0.01 euro cents a year ago.
Comparable sales increased 10%, and gross margin expanded to 47.2% from 44.7% a year earlier.
Looking ahead to fiscal year 2025, Nokia estimates comparable operating profit between €1.9 billion and €2.4 billion, and free cash flow conversion between 50% and 80%.
The company proposed to pay a dividend of 14 euro cents on February 13 to shareholders on record as of February 4.
Nokia plans to return up to €600 million of cash to shareholders in tranches over a period of two years, according to its share buyback program started on March 20, 2024.
ABB Ltd. increased 1.3% to CHF 52.28 after the Swiss engineering company reported an increase in revenue, profit, and orders in the fourth quarter.
The company's board also proposed to increase an ordinary dividend to 0.90 Swiss franc compared to 0.84 Swiss franc in the previous year.
The company also proposed a new $1.5 billion stock repurchase plan, ending on January 28, 2026.
Deutsche Bank decreased 3.5% to €18.85, and Germany's largest bank announced a larger-than-expected provision decline in earnings in the fourth quarter and 2024 as a result of a higher provision for legal expenses and restructuring costs.
Electrolux AB dropped 6% to 103.45 krona after the Swedish home appliance maker swung to a profit in the fourth quarter, but the company signaled market uncertainty in North America.
The appliance maker skipped a dividend for the third year in a row.
Net sales increased 7% to 37.97 billion krona from 35.64 billion krona, income swung to profit of 150 million krona from a loss of 4.11 billion, and earnings per diluted share swung to profit of 56 krona cents from a loss of 15.23 krona a year ago.
Operating cash flow after investments declined to 2.66 billion krona from 3.87 billion krona a year earlier.
Looking ahead to fiscal year 2025 the company estimates reduced product costs and therefore earnings of 3.5 billion krona to 4.0 billion krona.
Wizz Air plunged 13% to 1,192 pence after the deep discount airline posted weak results for the fiscal third quarter 2025 ending in December.
Revenue declined 10.5% to €1.18 billion from €1.06 billion, and net loss widened to €241.1 million from a loss of €105.4 million a year ago.
Net debt climbed 7.3% to €5.14 billion from €4.79 billion a year earlier, despite a 0.7% increase of total cash.
H&M declined 5.1% to €12.81 after the Swedish apparel retailer reported weaker-than-expected sales in the fourth quarter.
Net sales fell to 62.19 billion krona from 62.65 billion; profit surged to 3.08 billion krona from 1.57 billion krona, and earnings per diluted share rose to 1.92 krona from 0.97 krona a year ago.
Cash and cash equivalents declined to 17.34 billion krona from 26.4 billion a year earlier, impacted by the later occurrence of Black Friday.
However, sales geared up in December and January, in a positive start to the new fiscal year, as online sales remain strong and customers welcome the women’s fashion collections and the company’s bargain prices.
Shell Plc gained 1.5% to 2,633 pence after the Anglo-Dutch oil and gas company posted strong results for the fourth quarter ending in December.
Income attributable to shareholders increased to $928 million from $474 million, and earnings per share rose to 15 cents from 0.07 cents a year ago.
Cash flow from operations jumped to $13.16 billion from $12.58 billion a year earlier, driven by lower debts and expenses.
Shell proposed a 4% increase in dividends to 36 cents per share and launched another share buyback program of $3.5 billion, which is expected to be completed over the next three months.
STMicroelectronics NV slumped 5.5% to €22.47 after the semiconductor company posted mixed results for its fourth quarter ending in December.
Revenue declined 22.4% to $3.32 billion from $4.28 billion; net income slumped 68.3% to $321 million from $1.08 billion, and earnings per diluted share fell 67.5% to 37 cents from $1.14 a year ago.
Free cash flow decreased to $128 million from $1.48 billion a year earlier.
For the first quarter of fiscal 2025 the company estimates net revenue of $2.51 billion, a decrease of 24.4% sequentially, and gross margin of 33.8%.
Europe Movers: ABB Ltd., Deutsche Bank, Electrolux, H&M, Nokia, Shell plc, SThree Micro, Wizz Air
Inga Muller
30 Jan, 2025
Frankfurt
Stock market indexes in Europe extended a three-day rally ahead of the widely anticipated rate cut decisions.
The eurozone economy unexpectedly stalled in the fourth quarter, following a weakness in France and Germany. Spain's inflation accelerated to a seven-month high in January.
The DAX index moved higher by 0.3% to 21,694.57; the CAC-40 index climbed 0.5% to 7,909.78; and the FTSE 100 index advanced by 0.2% to 8,574.94.
The yield on 10-year German bonds inched lower to 2.53%, French bonds declined to 3.27%, the UK gilts moved up to 4.60%, and Italian bonds edged lower to 3.62%.
Nokia gained 2.3% to €4.40 after the mobile technology company posted strong fourth-quarter results ending in December.
Net sales surged 10% to €5.98 billion from €5.42 billion; operating profit jumped 72% to €917 million from €534 million, and earnings per diluted share swung to profit of 15 euro cents from a loss of 0.01 euro cents a year ago.
Comparable sales increased 10%, and gross margin expanded to 47.2% from 44.7% a year earlier.
Looking ahead to fiscal year 2025, Nokia estimates comparable operating profit between €1.9 billion and €2.4 billion, and free cash flow conversion between 50% and 80%.
The company proposed to pay a dividend of 14 euro cents on February 13 to shareholders on record as of February 4.
Nokia plans to return up to €600 million of cash to shareholders in tranches over a period of two years, according to its share buyback program started on March 20, 2024.
ABB Ltd. increased 1.3% to CHF 52.28 after the Swiss engineering company reported an increase in revenue, profit, and orders in the fourth quarter.
The company's board also proposed to increase an ordinary dividend to 0.90 Swiss franc compared to 0.84 Swiss franc in the previous year.
The company also proposed a new $1.5 billion stock repurchase plan, ending on January 28, 2026.
Deutsche Bank decreased 3.5% to €18.85, and Germany's largest bank announced a larger-than-expected provision decline in earnings in the fourth quarter and 2024 as a result of a higher provision for legal expenses and restructuring costs.
Electrolux AB dropped 6% to 103.45 krona after the Swedish home appliance maker swung to a profit in the fourth quarter, but the company signaled market uncertainty in North America.
The appliance maker skipped a dividend for the third year in a row.
Net sales increased 7% to 37.97 billion krona from 35.64 billion krona, income swung to profit of 150 million krona from a loss of 4.11 billion, and earnings per diluted share swung to profit of 56 krona cents from a loss of 15.23 krona a year ago.
Operating cash flow after investments declined to 2.66 billion krona from 3.87 billion krona a year earlier.
Looking ahead to fiscal year 2025 the company estimates reduced product costs and therefore earnings of 3.5 billion krona to 4.0 billion krona.
Wizz Air plunged 13% to 1,192 pence after the deep discount airline posted weak results for the fiscal third quarter 2025 ending in December.
Revenue declined 10.5% to €1.18 billion from €1.06 billion, and net loss widened to €241.1 million from a loss of €105.4 million a year ago.
Net debt climbed 7.3% to €5.14 billion from €4.79 billion a year earlier, despite a 0.7% increase of total cash.
H&M declined 5.1% to €12.81 after the Swedish apparel retailer reported weaker-than-expected sales in the fourth quarter.
Net sales fell to 62.19 billion krona from 62.65 billion; profit surged to 3.08 billion krona from 1.57 billion krona, and earnings per diluted share rose to 1.92 krona from 0.97 krona a year ago.
Cash and cash equivalents declined to 17.34 billion krona from 26.4 billion a year earlier, impacted by the later occurrence of Black Friday.
However, sales geared up in December and January, in a positive start to the new fiscal year, as online sales remain strong and customers welcome the women’s fashion collections and the company’s bargain prices.
Shell Plc gained 1.5% to 2,633 pence after the Anglo-Dutch oil and gas company posted strong results for the fourth quarter ending in December.
Income attributable to shareholders increased to $928 million from $474 million, and earnings per share rose to 15 cents from 0.07 cents a year ago.
Cash flow from operations jumped to $13.16 billion from $12.58 billion a year earlier, driven by lower debts and expenses.
Shell proposed a 4% increase in dividends to 36 cents per share and launched another share buyback program of $3.5 billion, which is expected to be completed over the next three months.
STMicroelectronics NV slumped 5.5% to €22.47 after the semiconductor company posted mixed results for its fourth quarter ending in December.
Revenue declined 22.4% to $3.32 billion from $4.28 billion; net income slumped 68.3% to $321 million from $1.08 billion, and earnings per diluted share fell 67.5% to 37 cents from $1.14 a year ago.
Free cash flow decreased to $128 million from $1.48 billion a year earlier.
For the first quarter of fiscal 2025 the company estimates net revenue of $2.51 billion, a decrease of 24.4% sequentially, and gross margin of 33.8%.
Eurozone GDP Growth Stalled In Fourth Quarter, Spain's Inflation Accelerated In January to 7-Month High
Bridgette Randall
30 Jan, 2025
London
European stock market indexes extended the three-day rally, and investors awaited rate decisions by the European Central Bank later today.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced ahead of the widely anticipated 25 basis point deposit facility rate cut to 2.75%.
Investors are looking forward to the central bank's guidance about the amount and timing of the future rate cuts and policymakers outlook on economic growth, inflation, and labor market conditions.
In addition, investors also reviewed the latest update on economic growth in the eurozone and in France.
Eurozone GDP Growth Unexpectedly Stalled In Fourth Quarter
The Euro Area's GDP in the fourth quarter unexpectedly stalled from the previous quarter, Eurostat, the statistical agency of the region, reported Wednesday.
Economic activities rose at an annual pace of 0.9% in the fourth quarter, but the growth was overshadowed by the ongoing weakness in Germany and France.
For the full year 2024, GDP expanded at an annual pace of 0.7% in the euro area and 0.8% in the European Union.
Separately, France's statistical agency, INSEE, reported economic growth unexpectedly contracted for the first time in nearly two years in the fourth quarter.
Gross domestic product shrank 0.1% sequentially after expanding at 0.3% in the third quarter.
Two separate reports supported the case for the European Central Bank to continue to lower key lending rates and soften the economic contraction.
Spain's Annual CPI Jumped to 7-Month High in January
Spain's annual inflation rate advanced for the fourth consecutive month and reached the highest in seven months, the National Statistics Institute reported Thursday.
The annual pace of inflation in January rose to 3.0% from 2.8% in December, largely driven by an increase in fuel prices.
However, the core rate of inflation, which excludes volatile food and energy prices, slowed to 2.4% from a four-month high of 2.6% in December.
From the previous month, the consumer price inflation increased by 0.2%, following a 0.5% rise in December.
However, the EU-harmonized consumer inflation advanced at an annual pace of 2.9% year-on-year and decreased by 0.1% from the previous month.
Europe Indexes and Yields
The DAX index moved higher by 0.3% to 21,694.57; the CAC-40 index climbed 0.5% to 7,909.78; and the FTSE 100 index advanced by 0.2% to 8,574.94.
The yield on 10-year German bonds inched lower to 2.53%, French bonds declined to 3.27%, the UK gilts moved up to 4.60%, and Italian bonds edged lower to 3.62%.
The euro was flat at $1.04; the British pound was lower at $1.24; and the U.S. dollar was higher and traded at 90.75 Swiss cents.
Brent crude decreased $0.43 to $76.15 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.
Europe Stock Movers
Nokia gained 2.3% to €4.40 after the mobile technology company posted strong fourth-quarter results ending in December.
ABB Ltd. increased 1.3% to CHF 52.28 after the Swiss engineering company reported an increase in revenue, profit, and orders in the fourth quarter.
The company's board also proposed to increase an ordinary dividend to 0.90 Swiss franc compared to 0.84 Swiss franc in the previous year.
The company also proposed a new $1.5 billion stock repurchase plan, ending on January 28, 2026.
Deutsche Bank decreased 3.5% to €18.85, and Germany's largest bank announced a larger-than-expected provision decline in earnings in the fourth quarter and 2024 as a result of a higher provision for legal expenses and restructuring costs.
Electrolux AB dropped 6% to 103.45 krona after the Swedish home appliance maker swung to a profit in the fourth quarter, but the company signaled market uncertainty in North America.
The appliance maker skipped a dividend for the third year in a row.
H&M declined 5.1% to €12.81 after the Swedish apparel retailer reported weaker-than-expected sales in the fourth quarter.
Eurozone GDP Growth Stalled In Fourth Quarter, Spain's Inflation Accelerated In January to 7-Month High
Bridgette Randall
30 Jan, 2025
London
European stock market indexes extended the three-day rally, and investors awaited rate decisions by the European Central Bank later today.
Benchmark indexes in Frankfurt, Paris, Milan, and London advanced ahead of the widely anticipated 25 basis point deposit facility rate cut to 2.75%.
Investors are looking forward to the central bank's guidance about the amount and timing of the future rate cuts and policymakers outlook on economic growth, inflation, and labor market conditions.
In addition, investors also reviewed the latest update on economic growth in the eurozone and in France.
Eurozone GDP Growth Unexpectedly Stalled In Fourth Quarter
The Euro Area's GDP in the fourth quarter unexpectedly stalled from the previous quarter, Eurostat, the statistical agency of the region, reported Wednesday.
Economic activities rose at an annual pace of 0.9% in the fourth quarter, but the growth was overshadowed by the ongoing weakness in Germany and France.
For the full year 2024, GDP expanded at an annual pace of 0.7% in the euro area and 0.8% in the European Union.
Separately, France's statistical agency, INSEE, reported economic growth unexpectedly contracted for the first time in nearly two years in the fourth quarter.
Gross domestic product shrank 0.1% sequentially after expanding at 0.3% in the third quarter.
Two separate reports supported the case for the European Central Bank to continue to lower key lending rates and soften the economic contraction.
Spain's Annual CPI Jumped to 7-Month High in January
Spain's annual inflation rate advanced for the fourth consecutive month and reached the highest in seven months, the National Statistics Institute reported Thursday.
The annual pace of inflation in January rose to 3.0% from 2.8% in December, largely driven by an increase in fuel prices.
However, the core rate of inflation, which excludes volatile food and energy prices, slowed to 2.4% from a four-month high of 2.6% in December.
From the previous month, the consumer price inflation increased by 0.2%, following a 0.5% rise in December.
However, the EU-harmonized consumer inflation advanced at an annual pace of 2.9% year-on-year and decreased by 0.1% from the previous month.
Europe Indexes and Yields
The DAX index moved higher by 0.3% to 21,694.57; the CAC-40 index climbed 0.5% to 7,909.78; and the FTSE 100 index advanced by 0.2% to 8,574.94.
The yield on 10-year German bonds inched lower to 2.53%, French bonds declined to 3.27%, the UK gilts moved up to 4.60%, and Italian bonds edged lower to 3.62%.
The euro was flat at $1.04; the British pound was lower at $1.24; and the U.S. dollar was higher and traded at 90.75 Swiss cents.
Brent crude decreased $0.43 to $76.15 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.
Europe Stock Movers
Nokia gained 2.3% to €4.40 after the mobile technology company posted strong fourth-quarter results ending in December.
ABB Ltd. increased 1.3% to CHF 52.28 after the Swiss engineering company reported an increase in revenue, profit, and orders in the fourth quarter.
The company's board also proposed to increase an ordinary dividend to 0.90 Swiss franc compared to 0.84 Swiss franc in the previous year.
The company also proposed a new $1.5 billion stock repurchase plan, ending on January 28, 2026.
Deutsche Bank decreased 3.5% to €18.85, and Germany's largest bank announced a larger-than-expected provision decline in earnings in the fourth quarter and 2024 as a result of a higher provision for legal expenses and restructuring costs.
Electrolux AB dropped 6% to 103.45 krona after the Swedish home appliance maker swung to a profit in the fourth quarter, but the company signaled market uncertainty in North America.
The appliance maker skipped a dividend for the third year in a row.
H&M declined 5.1% to €12.81 after the Swedish apparel retailer reported weaker-than-expected sales in the fourth quarter.
India Movers: Ambuja Cements, Adani Power, Bajaj Finance, Blue Dart Express, Indian Bank, Maruti Suzuki, Tata Motor, Voltas
Arjun Pandit
30 Jan, 2025
Mumbai
The Sensex and Nifty indexes advanced for the third consecutive day and erased weekly losses amid sustained buying from domestic investors.
The Sensex index increased by 0.4% to 76,855.46, and the Nifty index increased by 0.5% to 23,290.70.
On the Mumbai stock exchange, 44 stocks traded at their 52-week highs, and 56 stocks traded at their 52-week lows.
Blue Dart Express Ltd. increased 0.4% to ₹6,431.65, and the company reported an 8% increase in revenue and a 9% decline in profit in the December quarter.
Consolidated revenue in the December quarter increased to ₹1,523.6 crore from ₹1,407.28 crore, after-tax profit declined to ₹81 crore from ₹88.9 crore, and diluted earnings per share dropped to ₹34.1 from ₹37.5 a year ago
Tata Motors Ltd. dropped 8.1% to ₹691.80, and the company reported a slight increase in revenue and a 22% decline in profit in the December quarter.
Consolidated revenue in the December quarter increased to ₹1,15,365 crore from ₹1,12,076 crore, net income fell to ₹5,578 crore from ₹7,145 crore, and diluted earnings per share decreased to ₹14.80 from ₹18.30 a year ago.
Maruti Suzuki India Ltd. increased 3% to ₹12,011.50 after the company reported an increase in revenue and earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹39,822 crore from ₹34,509.2 crore, after-tax profit rose to ₹3,726.9 crore from ₹3,206.8 crore, and diluted earnings per share jumped to ₹118.54 from ₹102 a year ago.
Ambuja Cements Ltd. decreased 4% to ₹522.20 after the company reported a jump in net income but margins fell sharply in the December quarter.
Consolidated revenue in the December quarter advanced to ₹10,680.8 crore from ₹8,322.5 crore, net income jumped to ₹2,620.1 crore from ₹1,090.7 crore, and diluted earnings per share rose to ₹8.59 from ₹3.87 a year ago.
Indian Bank increased 6% to ₹544.70, and the company reported a marginal increase in earnings in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹2,397.4 crore from ₹2,112.8 crore, after-tax profit rose to ₹2,876.2 crore from ₹2,136.3 crore, and diluted earnings per share jumped to ₹21.60 from ₹17.46 a year ago.
Adani Power Ltd. decreased 0.4% to ₹520.50 despite the company reporting an increase in revenue and earnings in the fiscal third quarter.
Consolidated revenue in the December quarter advanced to ₹14,833.4 crore from ₹13,355.7 crore, net income expanded to ₹2,940.1 crore from ₹2,738 crore, and diluted earnings per share rose to ₹7.67 from ₹6.61 a year ago.
Voltas Ltd. dropped 11.2% to ₹1,449.95 despite the company swinging to a profit from a year ago in the December quarter.
Consolidated revenue in the December quarter increased to ₹3,164.16 crore from ₹2,683.6 crore, net income swung to a profit of ₹130.76 crore from a loss of ₹27.60 crore, and diluted earnings per share jumped to ₹3.99 from loss of 92 paisa a year ago.
Bajaj Finance Limited increased 4.5% to ₹8110.15, and the company reported revenue in the December quarter rose 28% from a year ago.
Consolidated revenue in the December quarter increased to ₹18,058.3 crore from ₹14,167 crore, net income jumped to ₹4,308.19 crore from ₹3,639 crore, and diluted earnings per share rose to ₹68.47 from ₹59.20 a year ago.
India Movers: Ambuja Cements, Adani Power, Bajaj Finance, Blue Dart Express, Indian Bank, Maruti Suzuki, Tata Motor, Voltas
Arjun Pandit
30 Jan, 2025
Mumbai
The Sensex and Nifty indexes advanced for the third consecutive day and erased weekly losses amid sustained buying from domestic investors.
The Sensex index increased by 0.4% to 76,855.46, and the Nifty index increased by 0.5% to 23,290.70.
On the Mumbai stock exchange, 44 stocks traded at their 52-week highs, and 56 stocks traded at their 52-week lows.
Blue Dart Express Ltd. increased 0.4% to ₹6,431.65, and the company reported an 8% increase in revenue and a 9% decline in profit in the December quarter.
Consolidated revenue in the December quarter increased to ₹1,523.6 crore from ₹1,407.28 crore, after-tax profit declined to ₹81 crore from ₹88.9 crore, and diluted earnings per share dropped to ₹34.1 from ₹37.5 a year ago
Tata Motors Ltd. dropped 8.1% to ₹691.80, and the company reported a slight increase in revenue and a 22% decline in profit in the December quarter.
Consolidated revenue in the December quarter increased to ₹1,15,365 crore from ₹1,12,076 crore, net income fell to ₹5,578 crore from ₹7,145 crore, and diluted earnings per share decreased to ₹14.80 from ₹18.30 a year ago.
Maruti Suzuki India Ltd. increased 3% to ₹12,011.50 after the company reported an increase in revenue and earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹39,822 crore from ₹34,509.2 crore, after-tax profit rose to ₹3,726.9 crore from ₹3,206.8 crore, and diluted earnings per share jumped to ₹118.54 from ₹102 a year ago.
Ambuja Cements Ltd. decreased 4% to ₹522.20 after the company reported a jump in net income but margins fell sharply in the December quarter.
Consolidated revenue in the December quarter advanced to ₹10,680.8 crore from ₹8,322.5 crore, net income jumped to ₹2,620.1 crore from ₹1,090.7 crore, and diluted earnings per share rose to ₹8.59 from ₹3.87 a year ago.
Indian Bank increased 6% to ₹544.70, and the company reported a marginal increase in earnings in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹2,397.4 crore from ₹2,112.8 crore, after-tax profit rose to ₹2,876.2 crore from ₹2,136.3 crore, and diluted earnings per share jumped to ₹21.60 from ₹17.46 a year ago.
Adani Power Ltd. decreased 0.4% to ₹520.50 despite the company reporting an increase in revenue and earnings in the fiscal third quarter.
Consolidated revenue in the December quarter advanced to ₹14,833.4 crore from ₹13,355.7 crore, net income expanded to ₹2,940.1 crore from ₹2,738 crore, and diluted earnings per share rose to ₹7.67 from ₹6.61 a year ago.
Voltas Ltd. dropped 11.2% to ₹1,449.95 despite the company swinging to a profit from a year ago in the December quarter.
Consolidated revenue in the December quarter increased to ₹3,164.16 crore from ₹2,683.6 crore, net income swung to a profit of ₹130.76 crore from a loss of ₹27.60 crore, and diluted earnings per share jumped to ₹3.99 from loss of 92 paisa a year ago.
Bajaj Finance Limited increased 4.5% to ₹8110.15, and the company reported revenue in the December quarter rose 28% from a year ago.
Consolidated revenue in the December quarter increased to ₹18,058.3 crore from ₹14,167 crore, net income jumped to ₹4,308.19 crore from ₹3,639 crore, and diluted earnings per share rose to ₹68.47 from ₹59.20 a year ago.
Fed Pauses Rate-Cut Cycle Citing Elevated Inflation
Brian Turner
29 Jan, 2025
Washington, D.C.
The Federal Reserve held rates steady after cutting rates after three meetings in a row, and the fed funds rate range was left unrevised between 4.25% and 4.50% at the end of a two-day meeting today.
The U.S. economy has been growing at a healthy clip over the last four years; labor market conditions have moderated, but employers are still adding jobs at a healthy clip.
Moreover, wages are still rising at a faster pace than overall inflation, driving an increase in real consumer income and supporting the increase in consumer spending.
However, the U.S. economy is likely to face higher inflation, largely driven by looming Trump tariffs and labor shortages created by the nationwide crackdown on illegal immigrants.
Persistent inflation in the service sector is also adding pressures to inflationary forces.
In addition, chaotic presidential administration and weak cabinet appointments are likely to negatively impact consumer confidence and support possible federal government shutdowns in the months ahead.
Fed Pauses Rate-Cut Cycle Citing Elevated Inflation
Brian Turner
29 Jan, 2025
Washington, D.C.
The Federal Reserve held rates steady after cutting rates after three meetings in a row, and the fed funds rate range was left unrevised between 4.25% and 4.50% at the end of a two-day meeting today.
The U.S. economy has been growing at a healthy clip over the last four years; labor market conditions have moderated, but employers are still adding jobs at a healthy clip.
Moreover, wages are still rising at a faster pace than overall inflation, driving an increase in real consumer income and supporting the increase in consumer spending.
However, the U.S. economy is likely to face higher inflation, largely driven by looming Trump tariffs and labor shortages created by the nationwide crackdown on illegal immigrants.
Persistent inflation in the service sector is also adding pressures to inflationary forces.
In addition, chaotic presidential administration and weak cabinet appointments are likely to negatively impact consumer confidence and support possible federal government shutdowns in the months ahead.
U.S. Movers: F5, General Motors, Lockheed Martin, Royal Caribbean, Starbucks
Scott Peters
29 Jan, 2025
New York City
Lockheed Martin gained 0.6% to $460 after the aircraft builder posted lower earnings for the fourth quarter ending in December.
Net sales dropped to $18.6 billion from $18.9 billion; net income declined to $527 million from $1.9 billion, and earnings per diluted share fell to $2.22 from $5.45 a year ago.
Cash from operations declined to $1.0 billion from $2.4 billion, reflecting a pension contribution of $990 million.
Starbucks eased 0.8% to $99.60 after the coffee shop retailer posted fiscal first quarter 2025 results ending in December.
Revenue was flat at $9.4 billion; net income plunged 23.8% to $780.8 million from $1.02 billion, and earnings per diluted share declined 23.3% to 69 cents from 90 cents a year ago.
Comparable store sales in North America and the U.S. declined 4% while in China dropped 6%.
Starbucks opened 377 net new stores in the first quarter, with a 61% of global stores in the U.S. and China.
F5 Inc surged 15% to $310.22 after the technology company posted strong earnings for its fiscal first quarter 2025 ending in December.
Revenue increased to $766 million from $693 million; net income climbed to $166 million from $138 million, and earnings per share jumped to $2.82 from $2.32 a year ago.
Looking ahead to the company’s second quarter, F5 estimated revenue in the range of $705 million to $725 million, with non-GAAP earnings in the range of $3.02 to $3.14 per diluted share.
Royal Caribbean Cruises eased 0.2% to $264.8 after the cruise company posted strong fourth-quarter earnings.
Revenue increased to $3.76 billion from $3.33 billion; net income surged to $559 million from $280 million, and earnings per diluted share rose to $2.02 from $1.06 a year ago.
Looking ahead for fiscal year 2025, the company projects adjusted earnings per share between $14.35 and $14.65.
General Motors Co gained 0.06% to $50.07 after the company posted mixed earnings for the fourth quarter ending in December.
Revenue increased to $47.70 billion from $42.98 billion; net income swung to a loss of $2.96 billion from a profit of $2.10 billion, and diluted loss per share was $1.64 compared to a profit of $1.59 a year ago.
U.S. Movers: F5, General Motors, Lockheed Martin, Royal Caribbean, Starbucks
Scott Peters
29 Jan, 2025
New York City
Lockheed Martin gained 0.6% to $460 after the aircraft builder posted lower earnings for the fourth quarter ending in December.
Net sales dropped to $18.6 billion from $18.9 billion; net income declined to $527 million from $1.9 billion, and earnings per diluted share fell to $2.22 from $5.45 a year ago.
Cash from operations declined to $1.0 billion from $2.4 billion, reflecting a pension contribution of $990 million.
Starbucks eased 0.8% to $99.60 after the coffee shop retailer posted fiscal first quarter 2025 results ending in December.
Revenue was flat at $9.4 billion; net income plunged 23.8% to $780.8 million from $1.02 billion, and earnings per diluted share declined 23.3% to 69 cents from 90 cents a year ago.
Comparable store sales in North America and the U.S. declined 4% while in China dropped 6%.
Starbucks opened 377 net new stores in the first quarter, with a 61% of global stores in the U.S. and China.
F5 Inc surged 15% to $310.22 after the technology company posted strong earnings for its fiscal first quarter 2025 ending in December.
Revenue increased to $766 million from $693 million; net income climbed to $166 million from $138 million, and earnings per share jumped to $2.82 from $2.32 a year ago.
Looking ahead to the company’s second quarter, F5 estimated revenue in the range of $705 million to $725 million, with non-GAAP earnings in the range of $3.02 to $3.14 per diluted share.
Royal Caribbean Cruises eased 0.2% to $264.8 after the cruise company posted strong fourth-quarter earnings.
Revenue increased to $3.76 billion from $3.33 billion; net income surged to $559 million from $280 million, and earnings per diluted share rose to $2.02 from $1.06 a year ago.
Looking ahead for fiscal year 2025, the company projects adjusted earnings per share between $14.35 and $14.65.
General Motors Co gained 0.06% to $50.07 after the company posted mixed earnings for the fourth quarter ending in December.
Revenue increased to $47.70 billion from $42.98 billion; net income swung to a loss of $2.96 billion from a profit of $2.10 billion, and diluted loss per share was $1.64 compared to a profit of $1.59 a year ago.
U.S. and Global Markets Trade Sideways as Earnings and Rate Decisions Take Center Stage, Fed Pauses Rate Cuts
Alexander Garcia
29 Jan, 2025
Miami
Stock market indexes deepened losses of the session after the Federal Reserve held rates steady and cautioned about elevated inflationary forces.
The S&P 500 index decreased 0.8%, and the Nasdaq Composite declined 1.2% after the Federal Reserve cited, "inflation remains somewhat elevated."
Market indexes accelerated losses after the release of the policy committee's decision, amid worries that interest rates are likely to stay higher for longer.
The Federal Reserve held rates steady after cutting rates after three meetings in a row, and the fed funds rate range was left unrevised between 4.25% and 4.50% at the end of a two-day meeting today.
The U.S. economy has been growing at a healthy clip over the last four years; labor market conditions have moderated, but employers are still adding jobs at a healthy clip.
Moreover, wages are still rising at a faster pace than overall inflation, driving an increase in real consumer income and supporting the increase in consumer spending.
However, the U.S. economy is likely to face higher inflation, largely driven by looming Trump tariffs and labor shortages created by the nationwide crackdown on illegal immigrants.
Persistent inflation in the service sector is also adding pressures to inflationary forces.
In addition, chaotic presidential administration and weak cabinet appointments are likely to negatively impact consumer confidence and support possible federal government shutdowns in the months ahead.
On the economic front, the U.S. goods trade deficit soared to $1.2 trillion in 2024, slightly higher than the previous record of $1.06 trillion in 2022, the U.S. Census Bureau reported Wednesday.
December exports decreased 4.5% from a year ago to $167.5 billion, and imports rose 3.9% to $289.6 billion.
The international goods trade deficit expanded by 18% to $122.1 billion from the revised $103.5 billion in November.
Microsoft, Starbucks, F5, ASML, Lockheed Martin, General Motors, Royal Caribbean, Logitech, and SAP reported better-than-expected results, and investors are awaiting the release of earnings updates from Tesla and Meta Platform.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.2% to 6,057.09, the Nasdaq Composite edged down 0.4% to 19,669.30, and the Russell 2000 index was up 0.2% to 2,288.86.
The yield on 2-year Treasury notes edged lower to 4.20%, 10-year Treasury notes dropped to 4.53%, and 30-year Treasury bonds eased to 4.77%.
WTI crude oil decreased $0.49 to $73.27 a barrel, and natural gas prices edged lower by $0.01 to $3.12 a thermal unit.
Gold rose by $4.43 to 2,758.05 an ounce, and silver edged up by $0.11 to $30.50.
The dollar index, which weighs the US currency against a basket of foreign currencies, gained 0.40 to 108.27 and traded at a two-year high.
U.S. Stock Movers
Nvidia declined 2.2% to $126.14 and struggled to advance amid continued rout in the artificial intelligence-related stocks after the emergence of a cheaper chatbot alternative from China that does not rely on expensive chips made by the company.
T-Mobile US jumped 7.6% to $238.0 after the cellular telephone service provider reported stronger-than-expected results in its latest quarter.
Danaher Corp declined 5% to $235.20 after the medical and industrial products maker estimated possible revenue decline in the current quarter.
Starbucks jumped 2.6% to $103.09 after the coffeehouse chain reported better-than-expected results, but same-store sales decreased in the quarter.
Sweden Trimmed Rates Fifth Consecutive Meeting, Spain's GDP Growth Surpassed Expectations
Stock market indexes in Europe advanced, and investors reviewed the latest corporate earnings updates.
Benchmark indexes in Frankfurt and London advanced, but they struggled to stay above the flatline in Milan and Paris.
Sweden's central bank lowered its policy rate for the fifth time in a row at the end of its policy meeting today, reflecting the weakening inflationary forces.
The Riksbank trimmed its benchmark rate by 25 basis points to 2.25%, citing inflation decreasing to 2% and ongoing economic weakness.
The central bank lowered its rates for the sixth time since May, totaling 175 basis points, and the policy committee signaled one more possible rate cut in the first half.
Spain's economy expanded at a faster-than-anticipated pace in the fourth quarter, the National Statistics Institute reported Wednesday.
GDP expanded at an annual pace of 3.5% in the fourth quarter, matching the rate of growth in the previous quarter.
For the full year 2024, Spain's economy expanded at 3.2%, ahead of its eurozone peers.
Europe Indexes and Yields
The DAX index moved higher by 0.4% to 21,505.42; the CAC-40 index fell 0.4% to 7,865.95; and the FTSE 100 index advanced by 0.02% to 8,535.75.
The yield on 10-year German bonds inched higher to 2.48%, French bonds declined to 3.28%, the UK gilts moved down to 4.58%, and Italian bonds edged lower to 3.61%.
The euro was flat at $1.04; the British pound was flat at $1.24; and the U.S. dollar was higher and traded at 90.60 Swiss cents.
Brent crude decreased $0.57 to $76.95 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.
Europe Stock Movers
Logitech gained 0.4% to CHF 82.68 after the Swiss computer accessories maker posted mixed earnings for the third quarter of fiscal year 2025.
Atlas Copco Group plunged 3.5% to 180.40 krona after the Swedish industrial manufacturer posted earnings for the fourth quarter ending in December.
LVMH eased 0.6% to €750.6 after the luxury goods retailer posted a slight revenue decline for the full year 2024 ending in December.
Revenue declined 2% to €84.68 million from €86.15 million; net profit moved down to €12.55 million from €15.17 million a year ago, driven by a 36% plunge in wine and spirits sales.
The company proposed to pay a dividend of €7.50 per share on April 28.
Remy Cointreau SA edged down 2.8% to €58.20 after the French alcohol beverages distributor posted lower earnings for its third quarter ending in December.
Sales in the Americas and Asia-Pacific declined, reflecting tougher market conditions in China, while Southeast Asia sales rebounded.
In the first nine months of 2024-25, the company reported sales of €787.8 million, down 17.8% on an organic basis.
The overall performance includes an organic decline of 21.5% in the third quarter, or 20.6% as reported.
Akzo Nobel NV traded flat at €60.52 after the Dutch paints and performance coatings maker posted mixed earnings for the fourth quarter ending in December.
Tele2 edged up 0.6% to 115.20 krona after the Swedish streaming TV and networking company posted strong earnings for the fourth quarter ending in December.
Lonza Group AG traded flat at CHF594.60 after the Swiss pharmaceutical and nutrition products provider posted mild earnings for the year ending in December.
WH Smith Plc gained 5.7% to 1,258 pence after the British books and travel retailer posted growth for the 21-week period to January 25.
Comparable sales surged 3% in North America, driven by new product categories and additional stores at Orlando. Florida and Portland, Oregon, airports.
India Indexes Trimmed Weekly Losses after Bajaj Auto and TVS Motor Results
Stock market indexes in Mumbai edged higher and trimmed weekly losses, and the rupee hovered near the record low.
The Sensex and Nifty indexes advanced more than 0.3%, and consumer goods makers led the decliners in early trading.
Bajaj Auto and TVS Motor advanced after reporting better-than-expected quarterly results, and Colgate Palmolive, Cipla, Hindustan Zinc, and Arvind Ltd. were in focus after the release of their quarterly results.
Investor sentiment has turned cautious amid a confluence of multiple domestic and foreign headwinds, and they have lowered domestic earnings growth expectations.
Bond yields in the U.S. are likely to stay elevated and above 5% in 2025 and 2026, lowering the attractiveness of risky stock investing abroad.
Moreover, urban consumer spending growth has fallen off, as they struggle to pay debt accumulated over the last five years.
Stretched valuations in the stock market have also kept investors on the defensive, limiting appetite for increasing exposure to high-growth stocks.
In overnight trading, the S&P 500 index and the Nasdaq Composite rebounded after investors debated the impact of a cheaper Chinese alternative for chatbots, possibly limiting demand for high-priced chips made by U.S. companies.
Stock Indexes and Bond Yields
The Sensex index increased by 0.3% to 76,143.02, and the Nifty index advanced by 0.3% to 23,031.10.
On the Mumbai stock exchange, 10 stocks traded at their 52-week highs, and 93 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record and traded at 86.58 against the U.S. dollar.
The gold price increased by 0.07% to ₹80,344 per ten grams, and silver fell by 0.02% to ₹91,030 per kilo.
Crude oil rose by 0.7% to ₹6,386 per barrel, and natural gas fell by 0.9% to ₹267.9 per thermal unit.
Stock Movers
Bajaj Auto increased 2.6% to ₹8,614.40 after the 2- and 3-wheeler maker reported better-than-expected earnings in the December quarter.
The company said its electric vehicle turned profitable, following the sustained demand.
TVS Motor Company gained 7% to ₹2,501.0 after the two-wheeler vehicle maker reported better-than-expected December quarter results.
Hyundai Motor decreased 0.1% to ₹1,622.85 after the passenger carmaker reported a 19% decline in profit in the December quarter.
Hindustan Zinc Ltd. advanced 1% to ₹433.55 after the mining company reported a 32% rise in net income in the latest quarter.
Cipla Ltd. inched up 0.3% to ₹1,425.60 after the generic pharmaceutical company reported nearly a 49% jump in profit in the December quarter.
U.S. and Global Markets Trade Sideways as Earnings and Rate Decisions Take Center Stage
Alexander Garcia
29 Jan, 2025
Miami
Stock market indexes struggled to advance, and investors awaited the Federal Reserve's rate decisions and economic outlook later in the day.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.4% as investors shifted their attention to the latest batch of corporate results.
Microsoft, Starbucks, F5, ASML, Lockheed Martin, General Motors, Royal Caribbean, Logitech, and SAP reported better-than-expected results, and investors are awaiting the release of earnings updates from Tesla and Meta Platform.
The Federal Reserve is likely to hold rates steady, and the fed funds rate range is expected to stay unchanged between 4.25% and 4.50% at the end of a two-day meeting later today.
The Federal Reserve is set to release its statement at 2:30 p.m. ET, and investors are hoping that policymakers are likely to signal no change in stance.
The U.S. economy has been growing at a healthy clip over the last four years; labor market conditions have moderated, but employers are still adding jobs at a healthy clip.
Moreover, wages are still rising at a faster pace than overall inflation, driving an increase in real consumer income and supporting the increase in consumer spending.
However, the U.S. economy is facing higher inflation, largely driven by looming Trump tariffs and labor shortages created by the nationwide crackdown on illegal immigrants.
In addition, chaotic presidential administration and weak cabinet appointments are likely to negatively impact consumer confidence and possible federal government shutdown.
On the economic front, the U.S. goods trade deficit soared to $1.2 trillion in 2024, slightly higher than the previous record of $1.06 trillion in 2022, the U.S. Census Bureau reported Wednesday.
December exports decreased 4.5% from a year ago to $167.5 billion, and imports rose 3.9% to $289.6 billion.
The international goods trade deficit expanded by 18% to $122.1 billion from the revised $103.5 billion in November.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.2% to 6,057.09, the Nasdaq Composite edged down 0.4% to 19,669.30, and the Russell 2000 index was up 0.2% to 2,288.86.
The yield on 2-year Treasury notes edged lower to 4.20%, 10-year Treasury notes dropped to 4.53%, and 30-year Treasury bonds eased to 4.77%.
WTI crude oil decreased $0.49 to $73.27 a barrel, and natural gas prices edged lower by $0.01 to $3.12 a thermal unit.
Gold rose by $4.43 to 2,758.05 an ounce, and silver edged up by $0.11 to $30.50.
The dollar index, which weighs the US currency against a basket of foreign currencies, gained 0.40 to 108.27 and traded at a two-year high.
U.S. Stock Movers
Nvidia declined 2.2% to $126.14 and struggled to advance amid continued rout in the artificial intelligence-related stocks after the emergence of a cheaper chatbot alternative from China that does not rely on expensive chips made by the company.
T-Mobile US jumped 7.6% to $238.0 after the cellular telephone service provider reported stronger-than-expected results in its latest quarter.
Danaher Corp declined 5% to $235.20 after the medical and industrial products maker estimated possible revenue decline in the current quarter.
Starbucks jumped 2.6% to $103.09 after the coffeehouse chain reported better-than-expected results, but same-store sales decreased in the quarter.
Sweden Trimmed Rates Fifth Consecutive Meeting, Spain's GDP Growth Surpassed Expectations
Stock market indexes in Europe advanced, and investors reviewed the latest corporate earnings updates.
Benchmark indexes in Frankfurt and London advanced, but they struggled to stay above the flatline in Milan and Paris.
Sweden's central bank lowered its policy rate for the fifth time in a row at the end of its policy meeting today, reflecting the weakening inflationary forces.
The Riksbank trimmed its benchmark rate by 25 basis points to 2.25%, citing inflation decreasing to 2% and ongoing economic weakness.
The central bank lowered its rates for the sixth time since May, totaling 175 basis points, and the policy committee signaled one more possible rate cut in the first half.
Spain's economy expanded at a faster-than-anticipated pace in the fourth quarter, the National Statistics Institute reported Wednesday.
GDP expanded at an annual pace of 3.5% in the fourth quarter, matching the rate of growth in the previous quarter.
For the full year 2024, Spain's economy expanded at 3.2%, ahead of its eurozone peers.
Europe Indexes and Yields
The DAX index moved higher by 0.4% to 21,505.42; the CAC-40 index fell 0.4% to 7,865.95; and the FTSE 100 index advanced by 0.02% to 8,535.75.
The yield on 10-year German bonds inched higher to 2.48%, French bonds declined to 3.28%, the UK gilts moved down to 4.58%, and Italian bonds edged lower to 3.61%.
The euro was flat at $1.04; the British pound was flat at $1.24; and the U.S. dollar was higher and traded at 90.60 Swiss cents.
Brent crude decreased $0.57 to $76.95 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.
Europe Stock Movers
Logitech gained 0.4% to CHF 82.68 after the Swiss computer accessories maker posted mixed earnings for the third quarter of fiscal year 2025.
Atlas Copco Group plunged 3.5% to 180.40 krona after the Swedish industrial manufacturer posted earnings for the fourth quarter ending in December.
LVMH eased 0.6% to €750.6 after the luxury goods retailer posted a slight revenue decline for the full year 2024 ending in December.
Revenue declined 2% to €84.68 million from €86.15 million; net profit moved down to €12.55 million from €15.17 million a year ago, driven by a 36% plunge in wine and spirits sales.
The company proposed to pay a dividend of €7.50 per share on April 28.
Remy Cointreau SA edged down 2.8% to €58.20 after the French alcohol beverages distributor posted lower earnings for its third quarter ending in December.
Sales in the Americas and Asia-Pacific declined, reflecting tougher market conditions in China, while Southeast Asia sales rebounded.
In the first nine months of 2024-25, the company reported sales of €787.8 million, down 17.8% on an organic basis.
The overall performance includes an organic decline of 21.5% in the third quarter, or 20.6% as reported.
Akzo Nobel NV traded flat at €60.52 after the Dutch paints and performance coatings maker posted mixed earnings for the fourth quarter ending in December.
Tele2 edged up 0.6% to 115.20 krona after the Swedish streaming TV and networking company posted strong earnings for the fourth quarter ending in December.
Lonza Group AG traded flat at CHF594.60 after the Swiss pharmaceutical and nutrition products provider posted mild earnings for the year ending in December.
WH Smith Plc gained 5.7% to 1,258 pence after the British books and travel retailer posted growth for the 21-week period to January 25.
Comparable sales surged 3% in North America, driven by new product categories and additional stores at Orlando. Florida and Portland, Oregon, airports.
India Indexes Trimmed Weekly Losses after Bajaj Auto and TVS Motor Results
Stock market indexes in Mumbai edged higher and trimmed weekly losses, and the rupee hovered near the record low.
The Sensex and Nifty indexes advanced more than 0.3%, and consumer goods makers led the decliners in early trading.
Bajaj Auto and TVS Motor advanced after reporting better-than-expected quarterly results, and Colgate Palmolive, Cipla, Hindustan Zinc, and Arvind Ltd. were in focus after the release of their quarterly results.
Investor sentiment has turned cautious amid a confluence of multiple domestic and foreign headwinds, and they have lowered domestic earnings growth expectations.
Bond yields in the U.S. are likely to stay elevated and above 5% in 2025 and 2026, lowering the attractiveness of risky stock investing abroad.
Moreover, urban consumer spending growth has fallen off, as they struggle to pay debt accumulated over the last five years.
Stretched valuations in the stock market have also kept investors on the defensive, limiting appetite for increasing exposure to high-growth stocks.
In overnight trading, the S&P 500 index and the Nasdaq Composite rebounded after investors debated the impact of a cheaper Chinese alternative for chatbots, possibly limiting demand for high-priced chips made by U.S. companies.
Stock Indexes and Bond Yields
The Sensex index increased by 0.3% to 76,143.02, and the Nifty index advanced by 0.3% to 23,031.10.
On the Mumbai stock exchange, 10 stocks traded at their 52-week highs, and 93 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record and traded at 86.58 against the U.S. dollar.
The gold price increased by 0.07% to ₹80,344 per ten grams, and silver fell by 0.02% to ₹91,030 per kilo.
Crude oil rose by 0.7% to ₹6,386 per barrel, and natural gas fell by 0.9% to ₹267.9 per thermal unit.
Stock Movers
Bajaj Auto increased 2.6% to ₹8,614.40 after the 2- and 3-wheeler maker reported better-than-expected earnings in the December quarter.
The company said its electric vehicle turned profitable, following the sustained demand.
TVS Motor Company gained 7% to ₹2,501.0 after the two-wheeler vehicle maker reported better-than-expected December quarter results.
Hyundai Motor decreased 0.1% to ₹1,622.85 after the passenger carmaker reported a 19% decline in profit in the December quarter.
Hindustan Zinc Ltd. advanced 1% to ₹433.55 after the mining company reported a 32% rise in net income in the latest quarter.
Cipla Ltd. inched up 0.3% to ₹1,425.60 after the generic pharmaceutical company reported nearly a 49% jump in profit in the December quarter.
Wall Street Indexes Meander Ahead of Rate Decisions, International Goods Deficit Widens to New Record High in 2024
Barry Adams
29 Jan, 2025
New York City
Stock market indexes struggled to advance, and investors awaited rate decisions later in the day.
The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.4% as investors shifted their attention to the latest batch of corporate results.
ASML, Logitech, and SAP reported better-than-expected results, and investors are awaiting the release of earnings updates from Microsoft, Starbucks, Tesla, and Meta Platform.
The Federal Reserve is likely to hold rates steady, and the fed funds rate range is expected to stay unchanged between 4.25% and 4.50% at the end of a two-day meeting later today.
The Federal Reserve is set to release its statement at 2:30 p.m. ET, and investors are hoping that policymakers are likely to signal no change in stance.
The U.S. economy has been growing at a healthy clip over the last four years; labor market conditions have moderated, but employers are still adding jobs at a healthy clip.
Moreover, wages are still rising at a faster pace than overall inflation, driving an increase in real consumer income and supporting the increase in consumer spending.
However, the U.S. economy is facing higher inflation, largely driven by looming Trump tariffs and labor shortages created by the nationwide crackdown on illegal immigrants.
In addition, chaotic presidential administration and weak cabinet appointments are likely to negatively impact consumer confidence and possible federal government shutdown.
On the economic front, the U.S. goods trade deficit soared to $1.2 trillion in 2024, slightly higher than the previous record of $1.06 trillion in 2022, the U.S. Census Bureau reported Wednesday.
December exports decreased 4.5% from a year ago to $167.5 billion, and imports rose 3.9% to $289.6 billion.
The international goods trade deficit expanded by 18% to $122.1 billion from the revised $103.5 billion in November.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.2% to 6,057.09, the Nasdaq Composite edged down 0.4% to 19,669.30, and the Russell 2000 index was up 0.2% to 2,288.86.
The yield on 2-year Treasury notes edged lower to 4.20%, 10-year Treasury notes dropped to 4.53%, and 30-year Treasury bonds eased to 4.77%.
WTI crude oil decreased $0.49 to $73.27 a barrel, and natural gas prices edged lower by $0.01 to $3.12 a thermal unit.
Gold rose by $4.43 to 2,758.05 an ounce, and silver edged up by $0.11 to $30.50.
The dollar index, which weighs the US currency against a basket of foreign currencies, gained 0.40 to 108.27 and traded at a two-year high.
U.S. Stock Movers
Nvidia declined 2.2% to $126.14 and struggled to advance amid continued rout in the artificial intelligence-related stocks after the emergence of a cheaper chatbot alternative from China that does not rely on expensive chips made by the company.
T-Mobile US jumped 7.6% to $238.0 after the cellular telephone service provider reported stronger-than-expected results in its latest quarter.
Danaher Corp declined 5% to $235.20 after the medical and industrial products maker estimated possible revenue decline in the current quarter.
Starbucks jumped 2.6% to $103.09 after the coffeehouse chain reported better-than-expected results, but same-store sales decreased in the quarter.