Market Update
China THURSDAY
Inga Muller
28 Aug, 2025
Hong Kong
Hong Kong stocks fell on Thursday amid cloudy earnings outlook and looming trade uncertainty.
The Hang Seng index decreased 0.7%, but the mainland-focused CSI 300 index gained 0.6% amid sustained buying by domestic state-controlled investment arms.
The food delivery company, Meituan, reported sharply weaker quarterly results after the company was caught up in price war.
The ongoing price war in delivery services, and solar panel, electric vehicles, and storage battery markets have put financial pressures on several Chinese companies.
Moreover, the sharp rise in the U.S. import duties has added to uncertainty and volatility in sales, leading to a widespread disruptions in operations.
China Indexes and Stocks
The Hang Seng Index decreased 0.7% to 25,035.78, and the mainland-focused CSI 300 index advanced 0.6% to 4,416.20.
Meituan dropped 11% to HK $103.10, and the food delivery company reported a plunge in earnings in the second quarter.
Revenue in the quarter increased 12% to 91.8 billion yuan from 82.3 billion yuan, and net income dropped 97% to 356.3 billion yuan (about $51 million) from 11.4 billion yuan a year ago.
Delivery services revenue advanced 2.8%, commissions increased 16%, and online marketing services rose 10.4%, driving the overall revenue higher by 11.7%.
U.S. Stocks Meandered Ahead of Nvidia Earnings and Fed Independence Worries Linger
Barry Adams
27 Aug, 2025
New York City
Wall Street indexes hovered near the flatline, and investors awaited quarterly results from the artificial intelligence leader Nvidia after the close.
Nvidia, the world's largest company by market capitalization, is expected to show a 35% jump in earnings in the fiscal second quarter.
In addition, investors are looking for clues about the impact of new and constantly changing U.S. restrictions on the company's chip sales in China.
The S&P 500 index and the tech-heavy Nasdaq Composite flatlined, and investors reviewed the fresh batch of earnings.
Kohl's, PVH Corp., American Woodmark, Oka, and MongoDB were in focus after they reported quarterly results.
This week, investors are awaiting results from Autodesk, Marvell Technology, HP, Dick's Sporting Goods, Dollar General, Burlington Northern, Best Buy, Ulta Beauty, Abercrombie & Fitch, Williams-Sonoma, Five Below, and Urban Outfitters.
Leading retailers struggle to absorb high import duties, and the apparel and household item retailers are likely to set the stage to raise prices and pass over the sharp escalation in tariffs to consumers.
U.S. Stock Movers
Kohl's Corp. jumped 19% to $15.57, and the apparel and accessories retailer's earnings surpassed expectations.
The retailer's fiscal second-quarter revenue was $3.35 billion, and adjusted earnings per share were 56 cents, ahead of the market expectation of $3.10 billion and 26 cents, respectively.
The company's efforts to cut costs and lower inventories supported the surge in earnings.
The embattled retailer revised its full-year adjusted earnings per share outlook to a range between 10 cents and 60 cents.
Canada Goose Holdings Inc. surged 15% to $14.06, and CNBC reported that the controlling shareholder is looking to take the winter-clothing company private.
MongoDB Inc. jumped 30.5% to $279.74 after the data storage company reported sharply higher than expected quarterly sales and earnings, and the company's sales outlook in the current quarter surpassed expectations.
Consolidated revenue increased to $591.4 million from $478.1 million, net loss shrank to $47 billion from $54.5 billion, and diluted losses per share fell to $58 from $74 a year ago.
In the quarter, adjusted earnings per share jumped 42.5% to $1.0, ahead of the 67 cents estimate published on FactSet.
The subscription-based revenue in the quarter increased 23% from a year ago to $572 million, easily surpassing market expectations.
Okta Inc. advanced 6.1% to $97.11, and the identity management company reported nearly a two-and-a-half-fold jump in earnings in the fiscal second quarter ending on July 31.
Consolidated revenue in the quarter inched higher to $728 billion from $646 billion, net income climbed to $67 million from $29 million, and diluted earnings per share soared to 37 cents from 15 cents a year ago.
PVH Corp. gained 6.7% to $88 after the parent company of Calvin Klein and Tommy Hilfiger reported a 42% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $2.2 billion from $2.1 billion, net income advanced to $224.2 billion from $158 billion, and diluted earnings per share rose to $4.63 from $2.80 a year ago.
PVH Corp. estimated fiscal third-quarter revenue to be flat to slightly up, with a slight decline on a constant currency basis.
U.S. Stocks Meandered Ahead of Nvidia Earnings and Fed Independence W
Barry Adams
27 Aug, 2025
New York City
Wall Street indexes hovered near the flatline, and investors awaited quarterly results from the artificial intelligence leader Nvidia after the close.
Nvidia, the world's largest company by market capitalization, is expected to show a 35% jump in earnings in the fiscal second quarter.
In addition, investors are looking for clues about the impact of new and constantly changing U.S. restrictions on the company's chip sales in China.
The S&P 500 index and the tech-heavy Nasdaq Composite flatlined, and investors reviewed the fresh batch of earnings.
Kohl's, PVH Corp., American Woodmark, Oka, and MongoDB were in focus after they reported quarterly results.
This week, investors are awaiting results from Autodesk, Marvell Technology, HP, Dick's Sporting Goods, Dollar General, Burlington Northern, Best Buy, Ulta Beauty, Abercrombie & Fitch, Williams-Sonoma, Five Below, and Urban Outfitters.
Leading retailers struggle to absorb high import duties, and the apparel and household item retailers are likely to set the stage to raise prices and pass over the sharp escalation in tariffs to consumers.
U.S. Stock Movers
Kohl's Corp. jumped 19% to $15.57, and the apparel and accessories retailer's earnings surpassed expectations.
The retailer's fiscal second-quarter revenue was $3.35 billion, and adjusted earnings per share were 56 cents, ahead of the market expectation of $3.10 billion and 26 cents, respectively.
The company's efforts to cut costs and lower inventories supported the surge in earnings.
The embattled retailer revised its full-year adjusted earnings per share outlook to a range between 10 cents and 60 cents.
Canada Goose Holdings Inc. surged 15% to $14.06, and CNBC reported that the controlling shareholder is looking to take the winter-clothing company private.
MongoDB Inc. jumped 30.5% to $279.74 after the data storage company reported sharply higher than expected quarterly sales and earnings, and the company's sales outlook in the current quarter surpassed expectations.
Consolidated revenue increased to $591.4 million from $478.1 million, net loss shrank to $47 billion from $54.5 billion, and diluted losses per share fell to $58 from $74 a year ago.
In the quarter, adjusted earnings per share jumped 42.5% to $1.0, ahead of the 67 cents estimate published on FactSet.
The subscription-based revenue in the quarter increased 23% from a year ago to $572 million, easily surpassing market expectations.
Okta Inc. advanced 6.1% to $97.11, and the identity management company reported nearly a two-and-a-half-fold jump in earnings in the fiscal second quarter ending on July 31.
Consolidated revenue in the quarter inched higher to $728 billion from $646 billion, net income climbed to $67 million from $29 million, and diluted earnings per share soared to 37 cents from 15 cents a year ago.
PVH Corp. gained 6.7% to $88 after the parent company of Calvin Klein and Tommy Hilfiger reported a 42% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $2.2 billion from $2.1 billion, net income advanced to $224.2 billion from $158 billion, and diluted earnings per share rose to $4.63 from $2.80 a year ago.
PVH Corp. estimated fiscal third-quarter revenue to be flat to slightly up, with a slight decline on a constant currency basis.
Stock Movers: American Woodmark, MongoDB, Okta, PVH Corp
Scott Peters
27 Aug, 2025
New York City
MongoDB Inc. jumped 30.5% to $279.74 after the data storage company reported sharply higher than expected quarterly sales and earnings, and the company's sales outlook in the current quarter surpassed expectations.
Consolidated revenue increased to $591.4 million from $478.1 million, net loss declined to $47 billion from $54.5 billion, and diluted losses per share fell to $58 from $74 a year ago.
Adjusted earnings per share jumped 42.5% to $1.0, surpassing the estimate of 67 cents as polled by FactSet.
The subscription-based revenue increased 23% from a year ago to $572 million, easily surpassing market expectations.
The company guided fiscal third-quarter revenue between $582 million and $597 million, and adjusted earnings per share to range between 76 cents and 79 cents.
For the fiscal year, the company estimated revenue between $2.34 billion and $2.36 billion and adjusted earnings per share to fall between $3.64 and $3.63.
Okta Inc. advanced 6.1% to $97.11 after the identity management company reported nearly a two-and-a-half-fold jump in earnings in the second quarter ending on July 31.
Consolidated revenue inched higher to $728 billion from $646 billion, net income climbed to $67 million from $29 million, and diluted earnings per share soared to 37 cents from 15 cents a year ago.
The company guided third-quarter revenue to range between $728 million and $730 million, non-GAAP operating income between $160 million and $162 million, and diluted earnings per share between $0.74 and $0.75.
For the full year fiscal 2026, the company expects total revenue to be between $2.87 billion and $2.88 billion, adjusted operating income between $730 million and $740 million, and adjusted diluted earnings per share between $3.33 and $3.38.
Okta added that the acquisition of Axiom Security will not impact any of the guidance metrics.
PVH Corp. gained 6.7% to $88 after the parent company of Calvin Klein and Tommy Hilfiger reported a 42% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $2.2 billion from $2.1 billion, net income advanced to $224.2 billion from $158 billion, and diluted earnings per share rose to $4.63 from $2.80 a year ago.
PVH Corp. estimated fiscal third-quarter revenue to be flat to slightly up, with a slight decline on a constant currency basis.
Moreover, the company estimated adjusted earnings per share to be between $2.35 and $2.50 with an effective tax rate of approximately 25%.
PVH Corp today reaffirmed its financial guidance for fiscal year 2026, and the company forecast revenue to "grow slightly to low single digits," with the outlook reaffirmed for flat to slightly up on a constant currency basis.
The apparel company estimated an adjusted operating margin of approximately 8.5% and adjusted diluted earnings per share to fall between $10.75 and $11.00.
American Woodmark Corporation inched higher 0.6% to $67.40 after the kitchen and bath cabinet manufacturer reported a 51% decline in quarterly profit for the period ended July 31.
Consolidated revenue decreased to $403 million from $459.1 million, net income declined to $14.6 billion from $29.6 billion, and diluted earnings per share fell to $1.00 from $1.89 a year ago.
During the first quarter, American Woodmark repurchased 209,757 shares, representing 1.4% of its outstanding shares, for a total of $12.4 million.
Stock Movers: American Woodmark, MongoDB, Okta, PVH Corp
Scott Peters
27 Aug, 2025
New York City
MongoDB Inc. jumped 30.5% to $279.74 after the data storage company reported sharply higher than expected quarterly sales and earnings, and the company's sales outlook in the current quartet surpassed expectations.
Consolidated revenue increased to $591.4 million from $478.1 million, net loss declined to $47 billion from $54.5 billion, and diluted losses per share fell to $58 from $74 a year ago.
Adjusted earnings per share jumped 42.5% to $1.0, surpassing the estimate of 67 cents as polled by FactSet.
The subscription-based revenue increased 23% from a year ago to $572 million, easily surpassing market expectations.
The company guided fiscal third quarter revenue between $582 million and $597 million, and adjusted earnings per share to range between 76 cents and 79 cents.
for the fiscal year, the company estimated revenue between $2.34 billion and $2.36 billion, and adjusted earnings per share to fall between $3.64 and $3.63,
Okta Inc. advanced 6.1% to $97.11 after the identity management company reported nearly a two-and-a-half-fold jump in earnings in the second quarter ending on July 31.
Consolidated revenue inched higher to $728 billion from $646 billion, net income climbed to $67 million from $29 million, and diluted earnings per share soared to 37 cents from 15 cents a year ago.
The company guided third-quarter revenue to range between $728 million and $730 million, non-GAAP operating income between $160 million and $162 million, and diluted earnings per share between $0.74 and $0.75.
For the full year fiscal 2026, the company expects total revenue to be between $2.87 billion and $2.88 billion, adjusted operating income between $730 million and $740 million, and adjusted diluted earnings per share between $3.33 and $3.38.
Okta added that the acquisition of Axiom Security will not impact any of the guidance metrics.
PVH Corp. gained 6.7% to $88 after the parent company of Calvin Klein and Tommy Hilfiger reported a 42% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $2.2 billion from $2.1 billion, net income advanced to $224.2 billion from $158 billion, and diluted earnings per share rose to $4.63 from $2.80 a year ago.
PVH Corp. expects fiscal third quarter revenue to be flat to slightly up, with a slight decline on a constant currency basis, and estimated adjusted earnings per share be between $2.35 and $2.50 with an effective tax rate of approximately 25%.
PVH Corp today reaffirmed its financial guidance for fiscal year 2026, and the company forecast revenue to "grow slightly to low single digits," with the outlook reaffirmed for flat to slightly up on a constant currency basis.
The apparel company estimated adjusted operating margin of approximately 8.5%, and adjusted diluted earnings per share to fall between $10.75 to $11.00.
American Woodmark Corporation inched higher 0.6% to $67.40 after the kitchen and bath cabinet manufacturer reported a 51% decline in quarterly profit for the period ended July 31.
Consolidated revenue decreased to $403 million from $459.1 million, net income declined to $14.6 billion from $29.6 billion, and diluted earnings per share fell to $1.00 from $1.89 a year ago.
During the first quarter, American Woodmark repurchased 209,757 shares, representing 1.4% of its outstanding shares, for a total of $12.4 million.
Japan Indexes Wavered Ahead of Retail Sales and Industrial Production Data
Akira Ito
27 Aug, 2025
Tokyo
Japan's indexes struggled to advance for the second consecutive session amid geopolitical and U.S. interest rate path uncertainties.
The Nikkei 225 Stock Average increased 0.1%, the Topix declined 0.2%, and the Japanese yen weakened to 147.75 against the U.S. dollar.
Investor sentiment wavered amid a lack of domestic economic news and key earnings reports.
Artificial intelligence-linked stocks remained in focus ahead of earnings results from Nvidia later in the day.
Later in the week, investors are awaiting the release of industrial production, retail sales, and consumer confidence data.
Japan Indexes and Stocks
The Nikkei 225 Stock Average gained 0.1% to 42,432.15, and Topix decreased 0.2% to 3,067.41.
Tokyo Electron increased 0.6% to ¥20,360.0, Advantest Corp. gained 4% to ¥11,350.0, and Disco Corp. increased 2.8% to ¥41,030.0.
Seven & I Holdings Ltd. declined 0.6% to ¥1,955.0, Aeon Co. Ltd. decreased 0.9% to ¥5,378.0, and Fast Retailing Co. Ltd. dropped 1% to ¥47,330.0.
Nippon Yusen KK gained 0.6% to ¥5,359.0, Mitsui O.S.K. Lines Ltd. edged up 0.1% to ¥4,808.0, and Kawasaki Kisen Kaisha Ltd. dropped 0.9% to ¥2,270.0.
Japan Indexes Wavered Ahead of Retail Sales and Industrial Production Data
Akira Ito
27 Aug, 2025
Tokyo
Japan's indexes struggled to advance for the second consecutive session amid geopolitical and U.S. interest rate path uncertainties.
The Nikkei 225 Stock Average increased 0.1%, the Topix declined 0.2%, and the Japanese yen weakened to 147.75 against the U.S. dollar.
Investor sentiment wavered amid a lack of domestic economic news and key earnings reports.
Artificial intelligence-linked stocks remained in focus ahead of earnings results from Nvidia later in the day.
Later in the week, investors are awaiting the release of industrial production, retail sales, and consumer confidence data.
Japan Indexes and Stocks
The Nikkei 225 Stock Average gained 0.1% to 42,432.15, and Topix decreased 0.2% to 3,067.41.
Tokyo Electron increased 0.6% to ¥20,360.0, Advantest Corp. gained 4% to ¥11,350.0, and Disco Corp. increased 2.8% to ¥41,030.0.
Seven & I Holdings Ltd. declined 0.6% to ¥1,955.0, Aeon Co. Ltd. decreased 0.9% to ¥5,378.0, and Fast Retailing Co. Ltd. dropped 1% to ¥47,330.0.
Nippon Yusen KK gained 0.6% to ¥5,359.0, Mitsui O.S.K. Lines Ltd. edged up 0.1% to ¥4,808.0, and Kawasaki Kisen Kaisha Ltd. dropped 0.9% to ¥2,270.0.
China and Hong Kong Indexes Retain Upward Bias After Earnings Reports, Cambricon, Nongfu In Focus
Li Chen
27 Aug, 2025
Hong Kong
Benchmark indexes in China and Hong Kong struggled to advance amid ongoing trade tensions.
The Hang Seng Index decreased 0.1%, and the CSI 300 index gained 0.7%, as investors reviewed the latest batch of earnings.
Tech stocks in Hong Kong gained after the AI chipmaker Cambricon reported a significant improvement in profitability, following a multi-fold surge in revenues during the first half of the year.
Despite the looming trade tensions and the rate uncertainty, investors remained focused on the latest corporate announcements.
China Indexes and Stocks
The Hang Seng Index decreased 0.01% to 25,521.54, and the CSI 300 index added 0.7% to 4,484.67.
Cambricon Technologies Corp. advanced 6% to ¥1,408.90 after the AI chipmaker reported revenue in the first half soared 44-fold to 2.9 billion yuan.
The net income swung to a profit of 1.03 billion yuan, driven largely by the surge in local demand for AI chips.
Nongfu Spring Company jumped 6% to HK $50.10, and the bottled water company reported a sharp increase in profit in the first half.
Total revenue increased 15.6% to 25,622 million yuan, profit attributable to the owners of the parent advanced 22.1% to 7,622 million yuan, and basic earnings per share increased 22% to 0.677 yuan.
Horizon Robotics gained 2.4% to HK $8.07, ahead of the earnings report later on Wednesday from the AI-chipmaker for self-driving cars.
China Resources Lifestyle Mixc Limited declined 7% to HK 38.620 after the mainland-focused commercial real estate services provider announced its interim results.
Revenue in the first six months increased 6.5% to 8.5 billion yuan from 8.0 billion yuan, net income advanced 7.4% to 2.03 billion yuan, and basic earnings per share rose to 89.0 HK cents from 82.8 cents a year ago.
China and Hong Kong Indexes Retain Upward Bias After Earnings Reports, Cambricon, Nongfu In Focus
Li Chen
27 Aug, 2025
Hong Kong
Benchmark indexes in China and Hong Kong struggled to advance amid ongoing trade tensions.
The Hang Seng Index decreased 0.1%, and the CSI 300 index gained 0.7%, as investors reviewed the latest batch of earnings.
Tech stocks in Hong Kong gained after the AI chipmaker Cambricon reported a significant improvement in profitability, following a multi-fold surge in revenues during the first half of the year.
Despite the looming trade tensions and the rate uncertainty, investors remained focused on the latest corporate announcements.
China Indexes and Stocks
The Hang Seng Index decreased 0.01% to 25,521.54, and the CSI 300 index added 0.7% to 4,484.67.
Cambricon Technologies Corp. advanced 6% to ¥1,408.90 after the AI chipmaker reported revenue in the first half soared 44-fold to 2.9 billion yuan.
The net income swung to a profit of 1.03 billion yuan, driven largely by the surge in local demand for AI chips.
Nongfu Spring Company jumped 6% to HK $50.10, and the bottled water company reported a sharp increase in profit in the first half.
Total revenue increased 15.6% to 25,622 million yuan, profit attributable to the owners of the parent advanced 22.1% to 7,622 million yuan, and basic earnings per share increased 22% to 0.677 yuan.
Horizon Robotics gained 2.4% to HK $8.07, ahead of the earnings report later on Wednesday from the AI-chipmaker for self-driving cars.
China Resources Lifestyle Mixc Limited declined 7% to HK 38.620 after the mainland-focused commercial real estate services provider announced its interim results.
Revenue in the first six months increased 6.5% to 8.5 billion yuan from 8.0 billion yuan, net income advanced 7.4% to 2.03 billion yuan, and basic earnings per share rose to 89.0 HK cents from 82.8 cents a year ago.
U.S. Investors Overlook Trump's Attacks on Federal Reserve's Independence
Barry Adams
26 Aug, 2025
New York City
Wall Street indexes extended recent losses, and investors soured after the U.S. president ramped up his attacks on the Federal Reserve.
The S&P 500 index decreased 0.2%, and the tech-heavy Nasdaq Composite dropped 0.3% amid growing realization that Donald Trump is looking to compromise the U.S. Federal Reserve's independence.
The U.S. president, in a dramatic escalation of his attacks on the Federal Reserve, said he had fired Federal Reserve Board Governor Lisa Cook for the alleged "false statements" on one or more mortgage applications.
Cook fought back and said, "I will not resign," and Trump "has no authority to do so."
Earlier in the month, Trump fired the U.S. Bureau of Labor Statistics chief because the latest nonfarm payrolls data revisions highlighted the negative impact his administration's policy on the labor market.
The Trump's action to remove the head of one of the key data collection agency raises questions about the future credibility of the U.S. data under his administration.
The 10-year Treasury yield inched higher to 4.28% after Fed Chair Jerome Powell clarified that rate cuts next month are possible but not certain.
July's Durable Goods Orders Reflect Tariff-Related Disruptions
On the economic front, U.S. monthly durable goods orders declined for the second consecutive month in July, but the pace of decline slowed from the previous month.
Durable goods orders declined 2.8% to $302.8 billion in July, but slower than 9.4% fall in the previous month, according to the U.S. Census Bureau.
The latest data reflected a softer period after firms front-loaded in May.
Moreover, orders for non-defense capital goods, excluding aircrafts, a closely watched proxy for capital spending, increased 1.1%, higher than expectations of 0.3% increase.
U.S. Stock Movers
EchoStar Corp. soared 70% to $51.01 after the company agreed to sell its spectrum licenses for $23 billion to A&T.