Market Update
China Policymakers Reiterate Commitment to 5% Growth Target, Industrial Profit Rebounds
Li Chen
28 Apr, 2025
Hong Kong
In cautious trading, market indexes in China and Hong Kong edged slightly lower ahead of announcements from policymakers.
The Hang Seng index decreased 0.2%, and the mainland-focused CSI 300 index declined 0.1% in cautious trading as investors reviewed the latest update on industrial profit.
Market sentiment was cautious despite the rebound in industrial profit in the first quarter.
Investors also reviewed the latest comments from a joint meeting of several government agencies held on Monday morning to discuss measures to stabilize the employment market and support economic growth.
The National Development and Reform Commission, the People's Bank of China, the Ministry of Human Resources and Social Security, and the Ministry of Commerce officials gathered Monday morning to discuss their efforts in shoring up economic growth and boosting consumer confidence.
“We still have ample policy reserves and plenty of policy space,” said Zhao Chenxin, deputy head of the National Development and Reform Commission.
Policymakers expressed confidence that China's economy is set to meet its annual economic growth of 5%, despite the headwinds in trade relations with the U.S.
Industrial Profit Rebounded in First Quarter
Industrial profit in the first quarter advanced 0.8% from a year ago to 1.5 trillion yuan, or about $205 billion, according to an update by the National Bureau of Statistics.
The cumulative profit reversed a 0.5% decline in the first two months from a year ago.
Profit advanced 2.6% from a year ago in March.
State-owned companies reported a decline in profit of 1.4%, private sector companies booked a profit decrease of 0.3%, and foreign-owned companies saw a profit decline of 2.8%.
On Friday, the Politburo offered a vague statement, reiterating its commitment to support companies and employees in the export sector hit by high U.S. tariffs.
Policymakers and political leaders in recent weeks have urged export-driven companies to focus on the domestic market and reiterated the government's commitment to its investment in innovation and consumption.
China Indexes and Stocks
The Hang Seng index decreased 0.2% to 21,930.89, and the CSI 300 index dropped 0.1% to 3,786.64.
BYD decreased 4% to HK $380.60, Li Auto jumped 0.6% to HK $91.15, and Xpeng fell 0.9% to HK $77.05.
CATL declined 1.1% to ¥233.97, Shenzhou International Group decreased 0.2% to HK $52.80, and China Resources Land declined 2.6% to HK $26.50.
Alibaba Group Holding declined 0.1% to HK $115.70, Tencent Holdings advanced 0.1% to HK $478.80, and JD.com jumped 2.7% to HK $127.10.
China Policymakers Reiterate Commitment to 5% Growth Target, Industrial Profit Rebounds
Li Chen
28 Apr, 2025
Hong Kong
In cautious trading, market indexes in China and Hong Kong edged slightly lower ahead of announcements from policymakers.
The Hang Seng index decreased 0.2%, and the mainland-focused CSI 300 index declined 0.1% in cautious trading as investors reviewed the latest update on industrial profit.
Market sentiment was cautious despite the rebound in industrial profit in the first quarter.
Investors also reviewed the latest comments from a joint meeting of several government agencies held on Monday morning to discuss measures to stabilize the employment market and support economic growth.
The National Development and Reform Commission, the People's Bank of China, the Ministry of Human Resources and Social Security, and the Ministry of Commerce officials gathered Monday morning to discuss their efforts in shoring up economic growth and boosting consumer confidence.
“We still have ample policy reserves and plenty of policy space,” said Zhao Chenxin, deputy head of the National Development and Reform Commission.
Policymakers expressed confidence that China's economy is set to meet its annual economic growth of 5%, despite the headwinds in trade relations with the U.S.
Industrial Profit Rebounded in First Quarter
Industrial profit in the first quarter advanced 0.8% from a year ago to 1.5 trillion yuan, or about $205 billion, according to an update by the National Bureau of Statistics.
The cumulative profit reversed a 0.5% decline in the first two months from a year ago.
Profit advanced 2.6% from a year ago in March.
State-owned companies reported a decline in profit of 1.4%, private sector companies booked a profit decrease of 0.3%, and foreign-owned companies saw a profit decline of 2.8%.
On Friday, the Politburo offered a vague statement, reiterating its commitment to support companies and employees in the export sector hit by high U.S. tariffs.
Policymakers and political leaders in recent weeks have urged export-driven companies to focus on the domestic market and reiterated the government's commitment to its investment in innovation and consumption.
China Indexes and Stocks
The Hang Seng index decreased 0.2% to 21,930.89, and the CSI 300 index dropped 0.1% to 3,786.64.
BYD decreased 4% to HK $380.60, Li Auto jumped 0.6% to HK $91.15, and Xpeng fell 0.9% to HK $77.05.
CATL declined 1.1% to ¥233.97, Shenzhou International Group decreased 0.2% to HK $52.80, and China Resources Land declined 2.6% to HK $26.50.
Alibaba Group Holding declined 0.1% to HK $115.70, Tencent Holdings advanced 0.1% to HK $478.80, and JD.com jumped 2.7% to HK $127.10.
S&P 500 and Nasdaq Extend Weekly Gains Amid Self-Inflicted Trade Policy Uncertainties
Barry Adams
25 Apr, 2025
New York City
Benchmark indexes in New York traded down after rallying for three consecutive session amid constantly shifting U.S. trade policy.
The S&P 500 index decreased 0.2% and the Nasdaq Composite declined 0.3%, but both benchmark indexes are up 3.8% and 5.4% in the week as of close of Thursday.
This week, and as in the last three weeks, market sentiment has reflected constantly changing U.S. trade policy and self-inflicted pain on the economy, and benchmark indexes are still down more than 14% from the highs in mid-February.
The Trump administration's incoherent and chaotic stance on tariffs has rattled stock, bond and oil markets and pushed gold prices to record highs.
Moreover, certainty of the Trump administration's uncertainty has dragged global economic growth outlook and significantly raised recession risks in the U.S.
The Trump administration is using high levels of import tax on U.S. consumers to generate an annual revenue of as much as $600 billion, none of which will be used to revive manufacturing activities and improve production capabilities.
Next week, investors are looking ahead to earnings releases from leading tech companies including Apple Inc, Amazon.com Inc. Meta Platforms, and Microsoft.
In the week ahead, investors are anticipating the release of the so-called JOLT report and non-farm payrolls.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 0.3% to 5,469.63, the Nasdaq Composite edged down 0.2% to 17,130.36, and the Russell 2000 index was down 0.6% to 1,945.13.
The yield on 2-year Treasury notes edged lower to 3.80%, 10-year Treasury notes decreased to 4.29%, and 30-year Treasury bonds declined to 4.73%.
WTI crude oil decreased $0.34 to $62.45 a barrel, and natural gas prices edged lower by $0.04 to $2.89 a thermal unit.
Gold decreased by $83.02 to 3,266.02 an ounce, and silver edged down by $0.78 to $32.84.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.39 to 99.75, and it traded at the lowest level since April 2022.
U.S. Stock Movers
Intel Corp. declined 7.4% to $19.91 after the company's current quarter disappointed some investors. The advanced chip maker is planning to cut its operational capital expenses.
Alphabet Inc Class C soared 4% to $167.93 after the parent company of Google search engine reported better-than-expected quarterly results.
VeriSign Inc. declined 2.2% to $247.0 despite the internet infrastructure company reporting sharp increase in earnings and revenue in its latest quarter. The company also initiated quarterly dividend.
Gilead Sciences decreased 3.3% to $102.64, and the biopharmaceutical company focused on antiviral drugs reported weaker-than-expected revenue in the first quarter.
3-Day Rally In U.S. Stocks Halts Amid Trade Policy Uncertainties
Barry Adams
25 Apr, 2025
New York City
Benchmark indexes in New York traded down after rallying for three consecutive session amid constantly shifting U.S. trade policy.
The S&P 500 index decreased 0.2% and the Nasdaq Composite declined 0.3%, but both benchmark indexes are up 3.8% and 5.4% in the week as of close of Thursday.
This week, and as in the last three weeks, market sentiment has reflected constantly changing U.S. trade policy and self-inflicted pain on the economy, and benchmark indexes are still down more than 14% from the highs in mid-February.
The Trump administration's incoherent and chaotic stance on tariffs has rattled stock, bond and oil markets and pushed gold prices to record highs.
Moreover, certainty of the Trump administration's uncertainty has dragged global economic growth outlook and significantly raised recession risks in the U.S.
The Trump administration is using high levels of import tax on U.S. consumers to generate an annual revenue of as much as $600 billion, none of which will be used to revive manufacturing activities and improve production capabilities.
Next week, investors are looking ahead to earnings releases from leading tech companies including Apple Inc, Amazon.com Inc. Meta Platforms, and Microsoft.
In the week ahead, investors are anticipating the release of the so-called JOLT report and non-farm payrolls.
U.S. Stock Movers
Intel Corp. declined 7.4% to $19.91 after the company's current quarter disappointed some investors. The advanced chip maker is planning to cut its operational capital expenses.
Alphabet Inc Class C soared 4% to $167.93 after the parent company of Google search engine reported better-than-expected quarterly results.
VeriSign Inc. declined 2.2% to $247.0 despite the internet infrastructure company reporting sharp increase in earnings and revenue in its latest quarter. The company also initiated quarterly dividend.
Gilead Sciences decreased 3.3% to $102.64, and the biopharmaceutical company focused on antiviral drugs reported weaker-than-expected revenue in the first quarter.
U.S. Movers: CBRE Group, Nasdaq, P&G, Union Pacific, VeriSign
Scott Peters
25 Apr, 2025
New York City
Procter & Gamble eased 0.8% to $164.38 after the consumer goods company reported third-quarter 2025 results.
Net sales declined 2% to $19.78 billion from $20.19 billion, net earnings inched up to $3.77 billion from $3.75 billion, and diluted earnings per share rose to $1.54 from $1.52 a year ago.
The company paid a dividend of $1.0065 per share, an increase from 94.07 cents a year ago.
Procter & Gamble guided fiscal 2025 organic sales growth to be approximately 2% from $80.04 billion in the prior year and diluted earnings per share to grow between 6% and 8%, compared to $6.02 a year ago.
Union Pacific Corp. dropped 4% to $211.00 after the railroad shipment company reported first-quarter 2025 results.
Revenue inched down to $6.027 billion from $6.031 billion, net income declined to $1.63 billion from $1.64 billion, and diluted earnings per share rose to $2.70 from $2.69 a year ago.
The railroad company paid a dividend of $1.34 per share in the quarter, compared to $1.30 per share a year earlier.
The company guided fiscal 2025 earnings per share to grow by a high-single- to low-double-digit percentage and announced share repurchases of $4.0 billion to $4.5 billion.
Nasdaq Inc. gained 1.01% to $74.24 after the securities index marketplace reported first-quarter 2025 results.
Revenue surged to $2.09 billion from $1.67 billion, net income jumped to $395 million from $234 million, and diluted earnings per share rose to 68 cents from 40 cents a year ago.
The company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock and also repurchased $279 million of senior unsecured notes in the quarter.
The company updated its 2025 guidance for non-GAAP operating expense to be between $2.26 billion and $2.32 billion, compared to $2.16 billion in 2024, and non-GAAP tax rate to be between 22.5% and 24.5%.
CBRE Group Inc. dropped 1.7% to $120.03 despite the property developer reporting higher revenue in the first quarter of 2025.
Revenue edged up to $8.91 billion from $7.93 billion, net income climbed to $163 million from $126 million, and diluted earnings per share rose to 54 cents from 41 cents a year ago.
The company has repurchased nearly $600 million worth of shares since year-end 2024.
In January, the company established two new business segments: building operations and experience, and project management, following strategic acquisitions.
CBRE guided fiscal 2025 core earnings per share to be between $5.80 and $6.10, compared to $5.10 in 2024.
VeriSign Inc. dropped 2.2% to $247.00 after the domain name services provider reported first-quarter 2025 results.
Revenue edged up 4.7% to $402.3 million from $384.3 million, net income jumped to $199.3 million from $194.1 million, and diluted earnings per share rose to $2.10 from $1.92 a year ago.
During the quarter, the company repurchased 1.0 million shares for a total of $230 million, and as of March 31, there was $793 million remaining for repurchases in authorization.
The company proposed a cash dividend of 77 cents per share, payable on May 28 to shareholders on record as of May 19.
VeriSign guided fiscal 2025 revenue to be between $1.63 billion and $1.65 billion, compared to $1.56 billion in 2024, and operating income between $1.11 billion and $1.12 billion, compared to $1.06 billion a year earlier.
U.S. Movers: CBRE Group, Nasdaq, P&G, Union Pacific, VeriSign
Scott Peters
25 Apr, 2025
New York City
Procter & Gamble eased 0.8% to $164.38 after the consumer goods company reported third-quarter 2025 results.
Net sales declined 2% to $19.78 billion from $20.19 billion, net earnings inched up to $3.77 billion from $3.75 billion, and diluted earnings per share rose to $1.54 from $1.52 a year ago.
The company paid a dividend of $1.0065 per share, an increase from 94.07 cents a year ago.
Procter & Gamble guided fiscal 2025 organic sales growth to be approximately 2% from $80.04 billion in the prior year and diluted earnings per share to grow between 6% and 8%, compared to $6.02 a year ago.
Union Pacific Corp. dropped 4% to $211.00 after the railroad shipment company reported first-quarter 2025 results.
Revenue inched down to $6.027 billion from $6.031 billion, net income declined to $1.63 billion from $1.64 billion, and diluted earnings per share rose to $2.70 from $2.69 a year ago.
The railroad company paid a dividend of $1.34 per share in the quarter, compared to $1.30 per share a year earlier.
The company guided fiscal 2025 earnings per share to grow by a high-single- to low-double-digit percentage and announced share repurchases of $4.0 billion to $4.5 billion.
Nasdaq Inc. gained 1.01% to $74.24 after the securities index marketplace reported first-quarter 2025 results.
Revenue surged to $2.09 billion from $1.67 billion, net income jumped to $395 million from $234 million, and diluted earnings per share rose to 68 cents from 40 cents a year ago.
The company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock and also repurchased $279 million of senior unsecured notes in the quarter.
The company updated its 2025 guidance for non-GAAP operating expense to be between $2.26 billion and $2.32 billion, compared to $2.16 billion in 2024, and non-GAAP tax rate to be between 22.5% and 24.5%.
CBRE Group Inc. dropped 1.7% to $120.03 despite the property developer reporting higher revenue in the first quarter of 2025.
Revenue edged up to $8.91 billion from $7.93 billion, net income climbed to $163 million from $126 million, and diluted earnings per share rose to 54 cents from 41 cents a year ago.
The company has repurchased nearly $600 million worth of shares since year-end 2024.
In January, the company established two new business segments: building operations and experience, and project management, following strategic acquisitions.
CBRE guided fiscal 2025 core earnings per share to be between $5.80 and $6.10, compared to $5.10 in 2024.
VeriSign Inc. dropped 2.2% to $247.00 after the domain name services provider reported first-quarter 2025 results.
Revenue edged up 4.7% to $402.3 million from $384.3 million, net income jumped to $199.3 million from $194.1 million, and diluted earnings per share rose to $2.10 from $1.92 a year ago.
During the quarter, the company repurchased 1.0 million shares for a total of $230 million, and as of March 31, there was $793 million remaining for repurchases in authorization.
The company proposed a cash dividend of 77 cents per share, payable on May 28 to shareholders on record as of May 19.
VeriSign guided fiscal 2025 revenue to be between $1.63 billion and $1.65 billion, compared to $1.56 billion in 2024, and operating income between $1.11 billion and $1.12 billion, compared to $1.06 billion a year earlier.
Europe Movers: Aéroports de Paris, Carrefour, Nokia, Nordex, SAAB, Safran, SKF Group, WPP
Inga Muller
25 Apr, 2025
Frankfurt
Aéroports de Paris SA surged 1.7% to €107.00 after the airport operator reported higher revenue in the first quarter of 2025.
Revenue edged up 12.2% to €1.49 billion from €1.32 billion a year ago, driven by traffic growth and increased airport fees.
During the quarter, the company registered 82.1 million passengers in all of its airports, an increase of 6.7% compared to the prior year.
Carrefour Group S.A. traded flat at €13.77 after the French retail and wholesale company reported first-quarter 2025 results.
Revenue edged up to €22.67 billion from €22.16 billion a year ago.
Comparable store sales jumped 2.9% in the quarter, driven by growth in Brazil and Spain, while sales in France declined 1.7%.
The company reiterated its cost savings plan, targeting €1.2 billion in savings during fiscal 2025.
Nokia Corp. slumped 9.5% to €4.25 after the Finnish mobile telecom company reported first-quarter 2025 results.
Net sales dropped 1% to €4.39 billion from €4.44 billion, net income swung to a loss of €60 million from a profit of €438 million, and diluted earnings per share swung to a loss of 1 cent from a profit of 8 cents a year ago.
The company guided fiscal 2025 comparable operating profit to be between €1.9 billion and €2.4 billion, compared to €2.6 billion in 2024.
Safran Group traded flat at €220.90 after the French aviation company reported first-quarter 2025 results.
Revenue increased 16.7% to €7.26 billion from €6.22 billion a year ago.
The company guided fiscal 2025 revenue to grow around 10%, compared to €27.72 billion in 2024, and recurring operating income to be between €4.8 billion and €4.9 billion, compared to €4.12 billion a year ago.
The company estimated free cash flow to be between €3.0 billion and €3.2 billion in 2025, compared to €3.19 billion in 2024.
Safran proposed a dividend of €2.90 per share for 2024, an increase of 32% from the prior year, and repurchased 1.5 million shares between January and April 2025.
SKF Group traded flat at 183.20 krona after the Swedish bearing manufacturer reported first-quarter 2025 results.
Net sales dropped to SEK 23.97 billion from SEK 24.70 billion, net profit edged down to SEK 1.80 billion from SEK 1.89 billion, and earnings per share fell to SEK 3.95 from SEK 4.15 a year ago.
Nordex SE dropped 1.4% to €15.76 after the German wind turbine manufacturer reported first-quarter 2025 results.
Sales declined 8.8% to €1.43 billion from €1.57 billion, and net income swung to a profit of €8 million from a loss of €13 million a year ago.
EBITDA increased to €80 million from €52 million, corresponding to an EBITDA margin of 5.5%, compared to 3.3% a year earlier.
The company reported free cash flow of €4 million, compared to cash outflow of €254 million in the same quarter a year ago.
WPP Plc gained 0.5% to 562.60 pence after the UK-based marketing services provider reported first-quarter 2025 results.
Revenue declined 5% to £3.24 billion from £3.41 billion a year ago.
“Our financial performance in the first quarter was in line with our expectations, reflecting macroeconomic challenges and the timing of new business, and we expect these factors to continue in the second quarter, with performance anticipated to improve in the second half,” the company said in a release to investors.
SAAB AB gained 0.9% to 429.25 krona after the Swedish military and civil security company reported first-quarter 2025 results.
Sales increased to SEK 15.79 billion from SEK 14.18 billion, net income jumped to SEK 1.27 billion from SEK 770 million, and diluted earnings per share rose to SEK 2.35 from SEK 1.43 a year ago.
The company announced a dividend of SEK 2.00 per share for the financial year 2024.
Europe Movers: Aéroports de Paris, Carrefour, Nokia, Nordex, SAAB, Safran, SKF Group, WPP
Inga Muller
25 Apr, 2025
Frankfurt
Aéroports de Paris SA surged 1.7% to €107.00 after the airport operator reported higher revenue in the first quarter of 2025.
Revenue edged up 12.2% to €1.49 billion from €1.32 billion a year ago, driven by traffic growth and increased airport fees.
During the quarter, the company registered 82.1 million passengers in all of its airports, an increase of 6.7% compared to the prior year.
Carrefour Group S.A. traded flat at €13.77 after the French retail and wholesale company reported first-quarter 2025 results.
Revenue edged up to €22.67 billion from €22.16 billion a year ago.
Comparable store sales jumped 2.9% in the quarter, driven by growth in Brazil and Spain, while sales in France declined 1.7%.
The company reiterated its cost savings plan, targeting €1.2 billion in savings during fiscal 2025.
Nokia Corp. slumped 9.5% to €4.25 after the Finnish mobile telecom company reported first-quarter 2025 results.
Net sales dropped 1% to €4.39 billion from €4.44 billion, net income swung to a loss of €60 million from a profit of €438 million, and diluted earnings per share swung to a loss of 1 cent from a profit of 8 cents a year ago.
The company guided fiscal 2025 comparable operating profit to be between €1.9 billion and €2.4 billion, compared to €2.6 billion in 2024.
Safran Group traded flat at €220.90 after the French aviation company reported first-quarter 2025 results.
Revenue increased 16.7% to €7.26 billion from €6.22 billion a year ago.
The company guided fiscal 2025 revenue to grow around 10%, compared to €27.72 billion in 2024, and recurring operating income to be between €4.8 billion and €4.9 billion, compared to €4.12 billion a year ago.
The company estimated free cash flow to be between €3.0 billion and €3.2 billion in 2025, compared to €3.19 billion in 2024.
Safran proposed a dividend of €2.90 per share for 2024, an increase of 32% from the prior year, and repurchased 1.5 million shares between January and April 2025.
SKF Group traded flat at 183.20 krona after the Swedish bearing manufacturer reported first-quarter 2025 results.
Net sales dropped to SEK 23.97 billion from SEK 24.70 billion, net profit edged down to SEK 1.80 billion from SEK 1.89 billion, and earnings per share fell to SEK 3.95 from SEK 4.15 a year ago.
Nordex SE dropped 1.4% to €15.76 after the German wind turbine manufacturer reported first-quarter 2025 results.
Sales declined 8.8% to €1.43 billion from €1.57 billion, and net income swung to a profit of €8 million from a loss of €13 million a year ago.
EBITDA increased to €80 million from €52 million, corresponding to an EBITDA margin of 5.5%, compared to 3.3% a year earlier.
The company reported free cash flow of €4 million, compared to cash outflow of €254 million in the same quarter a year ago.
WPP Plc gained 0.5% to 562.60 pence after the UK-based marketing services provider reported first-quarter 2025 results.
Revenue declined 5% to £3.24 billion from £3.41 billion a year ago.
“Our financial performance in the first quarter was in line with our expectations, reflecting macroeconomic challenges and the timing of new business, and we expect these factors to continue in the second quarter, with performance anticipated to improve in the second half,” the company said in a release to investors.
SAAB AB gained 0.9% to 429.25 krona after the Swedish military and civil security company reported first-quarter 2025 results.
Sales increased to SEK 15.79 billion from SEK 14.18 billion, net income jumped to SEK 1.27 billion from SEK 770 million, and diluted earnings per share rose to SEK 2.35 from SEK 1.43 a year ago.
The company announced a dividend of SEK 2.00 per share for the financial year 2024.
European Markets Extended Gains, UK Retail Sales Perked Up and France's Manufacturing Confidence Improved
Bridgette Randall
25 Apr, 2025
London
European markets advanced on Friday and extended weekly gains, and investors shifted their attention to a flood of earnings results.
Benchmark indexes in Frankfurt, Paris, Milan, and London gained and extended weekly gains between 2% and 3%, overlooking looming U.S. tariff threats.
Investor sentiment recovered for the second consecutive week amid hopes of the European Central Bank continuing its rate cut campaign to soften weakening economic growth.
U.S. tariffs are likely to put additional pressure on the currency union, and the four largest economies in the region have little headroom in increasing government spending.
UK Retail Sales Increase Surpassed Expectations
On the economic front, the UK's retail sales rose more than expected in March, and France's manufacturing climate indicator improved in April.
Retail sales in the UK rose 2.6% from a year ago and advanced 0.4% from the previous month in March, the Office for National Statistics reported Friday.
Favorable weather conditions supported a 3.7% rise in sales in apparel sales, but food store sales declined 1.3%.
Excluding fuel, retail sales rose 0.5% from the previous month.
France's manufacturing climate indicator improved to 99 in April from 96 in the previous month, the statistical agency, INSEE, reported Friday.
The confidence index rose to the highest level since May 2024 following the reduced pessimism for new overall orders and foreign orders and pricing environment.
Europe Indexes and Yields
The DAX index increased by 0.3% to 22,132.06, the CAC-40 index edged higher by 0.6% to 7,548.89, and the FTSE 100 index advanced by 0.2% to 8,420.54.
The yield on 10-year German bonds inched higher to 2.46%, French bonds increased to 3.17%, the UK gilts moved down to 4.49%, and Italian bonds edged higher to 3.55%.
The euro increased to $1.14; the British pound edged higher at $1.33; and the U.S. dollar was higher and traded at 83.07 Swiss cents.
Brent crude decreased $0.02 to $66.53 a barrel, and the Dutch TTF natural gas was lower by €0.23 to €33.40 per MWh.
Europe Movers
Aéroports de Paris SA surged 2.1% to €109.10 after the airport operator reported a 12.2% increase in revenue in the first quarter and reiterated its full-year outlook.
Safran SA jumped 5.2% to €232.0, and the French aerospace company reported better-than-expected earnings in the latest quarter on strong demand for civilian aircraft.
Revenue increased 14%, and the company reaffirmed its full-year outlook.
Nokia Oyj declined 2% to €4.33 after the company reported weaker-than-expected quarterly results and revenue declined from a year ago.
European Markets Extended Gains, UK Retail Sales Perked Up and France's Manufacturing Confi Improved
Bridgette Randall
25 Apr, 2025
London
European markets advanced on Friday and extended weekly gains, and investors shifted their attention to a flood of earnings results.
Benchmark indexes in Frankfurt, Paris, Milan, and London gained and extended weekly gains between 2% and 3%, overlooking looming U.S. tariff threats.
Investor sentiment recovered for the second consecutive week amid hopes of the European Central Bank continuing its rate cut campaign to soften weakening economic growth.
U.S. tariffs are likely to put additional pressure on the currency union, and the four largest economies in the region have little headroom in increasing government spending.
On the economic front, the UK's retail sales rose more than expected in March, and France's manufacturing climate indicator improved in April.
Retail sales in the UK rose 2.6% from a year ago and advanced 0.4% from the previous month in March, the Office for National Statistics reported Friday.
Favorable weather conditions supported a 3.7% rise in sales in apparel sales, but food store sales declined 1.3%.
Excluding fuel, retail sales rose 0.% from the previous month.
France's manufacturing climate indicator improved to 99 in April from 96 in the previous month, the statistical agency, INSEE, reported Friday.
The confidence index rose to the highest level since May 2024 following the reduced pessimism for new overall orders and foreign orders and pricing environment.
Europe Indexes and Yields
The DAX index increased by 0.3% to 22,132.06, the CAC-40 index edged higher by 0.6% to 7,548.89, and the FTSE 100 index advanced by 0.2% to 8,420.54.
The yield on 10-year German bonds inched higher to 2.46%, French bonds increased to 3.17%, the UK gilts moved down to 4.49%, and Italian bonds edged higher to 3.55%.
The euro increased to $1.14; the British pound edged higher at $1.33; and the U.S. dollar was higher and traded at 83.07 Swiss cents.
Brent crude decreased $0.02 to $66.53 a barrel, and the Dutch TTF natural gas was lower by €0.23 to €33.40 per MWh.
Europe Movers
Aéroports de Paris SA surged 2.1% to €109.10 after the airport operator reported a 12.2% increase in revenue in the first quarter and reiterated its full-year outlook.
Safran SA jumped 5.2% to €232.0, and the French aerospace company reported better-than-expected earnings in the latest quarter on strong demand for civilian aircraft.
Revenue increased 14%, and the company reaffirmed its full-year outlook.
Nokia Oyj declined 2% to €4.33 after the company reported weaker-than-expected quarterly results and revenue declined from a year ago.
India Movers: Astec Lifesciences, Nestle, Hindustan Unilever, Mphasis, L&T Technology, Tech Mahindra, Elecon Engineering, Persistent
Arun Goswami
25 Apr, 2025
Mumbai
Astec Lifesciences Ltd. dropped 3.6% to ₹712.35 after the agrochemicals and pharmaceutical intermediates manufacturer reported a sharp jump in losses in the fiscal fourth quarter.
Consolidated revenue decreased to ₹120.3 crore from ₹155.8 crore, net loss jumped to ₹16.1 crore from ₹1 crore, and diluted losses per share advanced to ₹8.20 from 50 paise a year ago.
For the fiscal year 2025, revenue declined to ₹386.9 crore from ₹463.8 crore, after-tax profit expanded to ₹134.7 crore from ₹46.9 crore, and diluted earnings per share rose to ₹68.71 from ₹23.93 a year ago.
Nestle India Ltd. rose 0.03% to ₹2,434.80 despite the food and beverage company reporting a 7% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter increased to ₹5,512.3 crore from ₹5,294.3 crore, and after-tax profit edged down to ₹873.4 crore from ₹934.2 crore, and diluted earnings per share fell to ₹9.06 from ₹9.69 a year ago.
For the fiscal year 2025, revenue declined to ₹20,260.4 crore from ₹24,541.8 crore, after-tax profit dropped to ₹3,207.6 crore from ₹3,932.8 crore, and diluted earnings per share decreased to ₹33.27 from ₹40.79 a year ago.
The company's board recommended a final dividend of ₹30 per share.
Hindustan Unilever Limited edged down 4% to ₹2,325.25 after the consumer goods company reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹15,979 crore from ₹15,441 crore, and after-tax profit dropped to ₹2,475 crore from ₹2,561 crore, and diluted earnings per share fell to ₹10.48 from ₹12.70 a year ago.
For the fiscal year 2025, revenue in the March quarter inched higher to ₹64,138 crore from ₹62,707 crore, and after-tax profit advanced to ₹10,671 crore from ₹10,282 crore, and diluted earnings per share rose to ₹45.32 from ₹43.74 a year ago.
The company's board recommended a final dividend of ₹24 per share.
Mphasis Ltd. gained 2.1% to ₹2,518.40 after the tech services and consulting company reported an increase in revenue and earnings in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹3,769.9 crore from ₹3,476.2 crore, and after-tax profit inched higher to ₹446.5 crore from ₹393.2 crore, and diluted earnings per share expanded to ₹23.41 from ₹20.65 a year ago.
For the fiscal year 2025, revenue edged higher to ₹14,485 crore from ₹13,496.3 crore, after-tax profit soared to ₹1,702.1 crore from ₹1,554.8 crore, and diluted earnings per share increased to ₹89.36 from ₹81.83 a year ago.
The company's board recommended a dividend of ₹57 per share.
L&T Technology Services Ltd. declined 5.1% to ₹4,251.00 despite the engineering and technology services reporting a 9% increase in net income in the fiscal fourth quarter.
Consolidated revenue in the March quarter increased to ₹3,031.7 crore from ₹2,593.5 crore, and after-tax profit advanced to ₹310.2 crore from ₹341.4 crore, and diluted earnings per share soared to ₹29.32 from ₹32.16 a year ago.
For the fiscal year 2025, revenue increased to ₹10,880 crore from ₹9,854.6 crore, after-tax profit edged down to ₹1,263.5 crore from ₹1,306.3 crore, and diluted earnings per share fell to ₹119.44 from ₹123 a year ago.
The company's board recommended a final dividend of ₹38 per share.
Tech Mahindra Ltd. fell 1.7% to ₹1,421.80 despite the tech-enabled services provider reporting a 72% jump in its earnings in the March quarter.
Consolidated revenue in the March quarter edged up to ₹13,556.7 crore from ₹13,244.8 crore, and after-tax profit inched higher to ₹1,141.9 crore from ₹664.2 crore, and diluted earnings per share expanded to ₹13.15 from ₹7.45 a year ago.
For the fiscal year 2025, revenue edged higher to ₹53,843.7 crore from ₹52,912.4 crore, after-tax profit increased to ₹4,253 crore from ₹2,396.8 crore, and diluted earnings per share soared to ₹47.91 from ₹26.58 a year ago.
The company's board recommended a final dividend of ₹30 per share.
Elecon Engineering Co. Ltd. dropped 3.7% to ₹520 after the industrial gearboxes manufacturer reported a 41% rise in its earnings in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹816.2 crore from ₹577.7 crore, and after-tax profit inched higher to ₹146.5 crore from ₹103.7 crore, and diluted earnings per share expanded to ₹6.53 from ₹4.62 a year ago.
For the fiscal year 2025, revenue edged higher to ₹2,287 crore from ₹1,881.5 crore, after-tax profit soared to ₹415.1 crore from ₹355.6 crore, and diluted earnings per share increased to ₹18.50 from ₹15.85 a year ago.
The company's board recommended a final dividend of ₹1.5 per share.
Persistent Systems Ltd. gained 2.8% to ₹4,834 after the technology services provider reported a 28% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹3,260.4 crore from ₹2,621.3 crore, and after-tax profit advanced to ₹395.7 crore from ₹315.3 crore, and diluted earnings per share rose to ₹25.39 from ₹20.48 a year ago.
For the fiscal year 2025, revenue edged higher to ₹12,076.8 crore from ₹9,949.6 crore, after-tax profit jumped to ₹1,400 crore from ₹1,093.4 crore, and diluted earnings per share soared to ₹90.24 from ₹10 a year ago.
India Movers: Astec Lifesciences, Nestle, Hindustan Unilever, Mphasis, L&T Technology, Tech Mahindra, Elecon Engineering, Persistent
Arun Goswami
25 Apr, 2025
Mumbai
Astec Lifesciences Ltd. dropped 3.6% to ₹712.35 after the agrochemicals and pharmaceutical intermediates manufacturer reported a sharp jump in losses in the fiscal fourth quarter.
Consolidated revenue decreased to ₹120.3 crore from ₹155.8 crore, net loss jumped to ₹16.1 crore from ₹1 crore, and diluted losses per share advanced to ₹8.20 from 50 paise a year ago.
For the fiscal year 2025, revenue declined to ₹386.9 crore from ₹463.8 crore, after-tax profit expanded to ₹134.7 crore from ₹46.9 crore, and diluted earnings per share rose to ₹68.71 from ₹23.93 a year ago.
Nestle India Ltd. rose 0.03% to ₹2,434.80 despite the food and beverage company reporting a 7% decrease in quarterly profit from a year ago.
Consolidated revenue in the March quarter increased to ₹5,512.3 crore from ₹5,294.3 crore, and after-tax profit edged down to ₹873.4 crore from ₹934.2 crore, and diluted earnings per share fell to ₹9.06 from ₹9.69 a year ago.
For the fiscal year 2025, revenue declined to ₹20,260.4 crore from ₹24,541.8 crore, after-tax profit dropped to ₹3,207.6 crore from ₹3,932.8 crore, and diluted earnings per share decreased to ₹33.27 from ₹40.79 a year ago.
The company's board recommended a final dividend of ₹30 per share.
Hindustan Unilever Limited edged down 4% to ₹2,325.25 after the consumer goods company reported a slight increase in revenue and a marginal decline in net income in the March quarter.
Consolidated revenue in the March quarter increased to ₹15,979 crore from ₹15,441 crore, and after-tax profit dropped to ₹2,475 crore from ₹2,561 crore, and diluted earnings per share fell to ₹10.48 from ₹12.70 a year ago.
For the fiscal year 2025, revenue in the March quarter inched higher to ₹64,138 crore from ₹62,707 crore, and after-tax profit advanced to ₹10,671 crore from ₹10,282 crore, and diluted earnings per share rose to ₹45.32 from ₹43.74 a year ago.
The company's board recommended a final dividend of ₹24 per share.
Mphasis Ltd. gained 2.1% to ₹2,518.40 after the tech services and consulting company reported an increase in revenue and earnings in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹3,769.9 crore from ₹3,476.2 crore, and after-tax profit inched higher to ₹446.5 crore from ₹393.2 crore, and diluted earnings per share expanded to ₹23.41 from ₹20.65 a year ago.
For the fiscal year 2025, revenue edged higher to ₹14,485 crore from ₹13,496.3 crore, after-tax profit soared to ₹1,702.1 crore from ₹1,554.8 crore, and diluted earnings per share increased to ₹89.36 from ₹81.83 a year ago.
The company's board recommended a dividend of ₹57 per share.
L&T Technology Services Ltd. declined 5.1% to ₹4,251.00 despite the engineering and technology services reporting a 9% increase in net income in the fiscal fourth quarter.
Consolidated revenue in the March quarter increased to ₹3,031.7 crore from ₹2,593.5 crore, and after-tax profit advanced to ₹310.2 crore from ₹341.4 crore, and diluted earnings per share soared to ₹29.32 from ₹32.16 a year ago.
For the fiscal year 2025, revenue increased to ₹10,880 crore from ₹9,854.6 crore, after-tax profit edged down to ₹1,263.5 crore from ₹1,306.3 crore, and diluted earnings per share fell to ₹119.44 from ₹123 a year ago.
The company's board recommended a final dividend of ₹38 per share.
Tech Mahindra Ltd. fell 1.7% to ₹1,421.80 despite the tech-enabled services provider reporting a 72% jump in its earnings in the March quarter.
Consolidated revenue in the March quarter edged up to ₹13,556.7 crore from ₹13,244.8 crore, and after-tax profit inched higher to ₹1,141.9 crore from ₹664.2 crore, and diluted earnings per share expanded to ₹13.15 from ₹7.45 a year ago.
For the fiscal year 2025, revenue edged higher to ₹53,843.7 crore from ₹52,912.4 crore, after-tax profit increased to ₹4,253 crore from ₹2,396.8 crore, and diluted earnings per share soared to ₹47.91 from ₹26.58 a year ago.
The company's board recommended a final dividend of ₹30 per share.
Elecon Engineering Co. Ltd. dropped 3.7% to ₹520 after the industrial gearboxes manufacturer reported a 41% rise in its earnings in the latest quarter.
Consolidated revenue in the March quarter advanced to ₹816.2 crore from ₹577.7 crore, and after-tax profit inched higher to ₹146.5 crore from ₹103.7 crore, and diluted earnings per share expanded to ₹6.53 from ₹4.62 a year ago.
For the fiscal year 2025, revenue edged higher to ₹2,287 crore from ₹1,881.5 crore, after-tax profit soared to ₹415.1 crore from ₹355.6 crore, and diluted earnings per share increased to ₹18.50 from ₹15.85 a year ago.
The company's board recommended a final dividend of ₹1.5 per share.
Persistent Systems Ltd. gained 2.8% to ₹4,834 after the technology services provider reported a 28% rise in net income in the latest quarter.
Consolidated revenue in the March quarter inched higher to ₹3,260.4 crore from ₹2,621.3 crore, and after-tax profit advanced to ₹395.7 crore from ₹315.3 crore, and diluted earnings per share rose to ₹25.39 from ₹20.48 a year ago.
For the fiscal year 2025, revenue edged higher to ₹12,076.8 crore from ₹9,949.6 crore, after-tax profit jumped to ₹1,400 crore from ₹1,093.4 crore, and diluted earnings per share soared to ₹90.24 from ₹10 a year ago.
Tokyo-area Inflation Acceleration Suggests Arrival of Sustainable Inflation, Nikkei Jumps Weekly 3%
Akira Ito
25 Apr, 2025
Tokyo
Stock market indexes in Tokyo advanced for the third consecutive session and extended their weekly rise, tracking gains in overnight trading on Wall Street.
The Nikkei 225 Stock Average jumped nearly 2%, and the broader Topix index advanced 1.4%.
Investors bid up stocks in Tokyo following gains on Wall Street in hopes that the U.S. Federal Reserve may consider a rate cut at the next policy meeting if the economic growth weakens and the job market is hurt after the introduction of stiff tariffs.
Fed Governor Christopher Wallace and Cleveland Fed President Beth Hammack separately commented in support of the possible rate cut at the end of the policy meeting in June.
Closer to home, the Tokyo area's core inflation rate accelerated to 3.4% from 2.4% in March. according to a report released by the Statistics Bureau of Japan.
The overall inflation accelerated to an annual pace of 3.5% from 2.9% in the previous month, amid broad-based inflation and a surge in services prices.
Market participants were anticipating inflation to accelerate after the lowering of government subsidies for energy and electric utilities, along with a wave of price increases on more than 2,300 food items on April 1.
Businesses generally reset prices at the start of the new financial year, and the latest price increases were higher than expected, indicating that businesses are finally prepared to pass on higher input costs to consumers.
With the solid wage increases for the third consecutive year, the sustainable inflation expected by the Bank of Japan is finally getting entrenched in the economy.
Despite the latest uptick in inflation, the Bank of Japan is expected to keep its short-term interest rate unchanged at 0.5%, amid deteriorating trade terms with the U.S. and slowing economic activities in China.
The yen edged lower to 143.78 against the U.S. dollar after the release of inflation data.
Japan Indexes and Stocks
The Nikkei 225 Stock Average gained 1.8% to 35,677.98, and the broader Topix index advanced 1.4% to 2,628.41.
Tech stocks led the broader market higher for the third consecutive day in a row.
Tokyo Electron Ltd. increased 3.3% to ¥21,060.0, Advantest Corp. jumped 4.3% to ¥5,986.0, and Disco Corp. jumped 3.2% to ¥28,460.0.
Mitsubishi UFJ Financial Group added 0.5% to ¥1,729.50, Sumitomo Mitsui Financial Group advanced 0.8% to ¥3,282.0, and Mizuho Financial Group added 0.7% to ¥3,477.0.
Marubeni Corp. rose 1.3% to ¥2,496.0, Itochu Corp. advanced 1.3% to ¥7,136.0, Mitsubishi Corp. added 0.5% to ¥7,136.0, Sumitomo Corp. increased 1.3% to ¥3,454.0, and Mitsui & Company edged up 1.5% to ¥2,833.0.
Tokyo-area Inflation Acceleration Suggests Arrival of Sustainable Inflation, Nikkei Jumps Weekly 3%
Akira Ito
25 Apr, 2025
Tokyo
Stock market indexes in Tokyo advanced for the third consecutive session and extended their weekly rise, tracking gains in overnight trading on Wall Street.
The Nikkei 225 Stock Average jumped nearly 2%, and the broader Topix index advanced 1.4%.
Investors bid up stocks in Tokyo following gains on Wall Street in hopes that the U.S. Federal Reserve may consider a rate cut at the next policy meeting if the economic growth weakens and the job market is hurt after the introduction of stiff tariffs.
Fed Governor Christopher Wallace and Cleveland Fed President Beth Hammack separately commented in support of the possible rate cut at the end of the policy meeting in June.
Closer to home, the Tokyo area's core inflation rate accelerated to 3.4% from 2.4% in March. according to a report released by the Statistics Bureau of Japan.
The overall inflation accelerated to an annual pace of 3.5% from 2.9% in the previous month, amid broad-based inflation and a surge in services prices.
Market participants were anticipating inflation to accelerate after the lowering of government subsidies for energy and electric utilities, along with a wave of price increases on more than 2,300 food items on April 1.
Businesses generally reset prices at the start of the new financial year, and the latest price increases were higher than expected, indicating that businesses are finally prepared to pass on higher input costs to consumers.
With the solid wage increases for the third consecutive year, the sustainable inflation expected by the Bank of Japan is finally getting entrenched in the economy.
Despite the latest uptick in inflation, the Bank of Japan is expected to keep its short-term interest rate unchanged at 0.5%, amid deteriorating trade terms with the U.S. and slowing economic activities in China.
The yen edged lower to 143.78 against the U.S. dollar after the release of inflation data.
Japan Indexes and Stocks
The Nikkei 225 Stock Average gained 1.8% to 35,677.98, and the broader Topix index advanced 1.4% to 2,628.41.
Tech stocks led the broader market higher for the third consecutive day in a row.
Tokyo Electron Ltd. increased 3.3% to ¥21,060.0, Advantest Corp. jumped 4.3% to ¥5,986.0, and Disco Corp. jumped 3.2% to ¥28,460.0.
Mitsubishi UFJ Financial Group added 0.5% to ¥1,729.50, Sumitomo Mitsui Financial Group advanced 0.8% to ¥3,282.0, and Mizuho Financial Group added 0.7% to ¥3,477.0.
Marubeni Corp. rose 1.3% to ¥2,496.0, Itochu Corp. advanced 1.3% to ¥7,136.0, Mitsubishi Corp. added 0.5% to ¥7,136.0, Sumitomo Corp. increased 1.3% to ¥3,454.0, and Mitsui & Company edged up 1.5% to ¥2,833.0.
China Avoids Negotiations with Unpredictable Trump Administration, PBOC Weakens Yuan
Li Chen
25 Apr, 2025
Hong Kong
Stocks in China and Hong Kong advanced on Friday and extended weekly gains amid looming uncertainties about the U.S. trade policy.
The Hang Seng index advanced 1.4%, and the mainland-focused CSI 300 index edged up 0.4%.
For the week, the Hang Seng index gained 3.8%, and the CSI 300 index added 0.8% as investors stayed on the sidelines ahead of the possible U.S. tariffs as high as 145% starting next week.
Market sentiment improved in Hong Kong after the U.S. Fed officials commented that interest rates could be lowered in June if the high tariffs dampen economic activities and hurt the job market.
Fed Governor Christopher Wallace and Cleveland Fed President Beth Hammack separately commented on the possible rate cut outlook.
Chinese officials in Beijing denied that they are engaged in trade talks with the Trump administration, countering assertions made by Donald Trump.
The ministries of foreign affairs and commerce reiterated their demands for the removal of unilateral U.S. tariffs and announced measures to halt shipment of rare earth minerals and canceled the purchase of Boeing aircraft.
The Chinese yuan drifted lower to 7.28 against the U.S. dollar in offshore trading after the People's Bank of China weakened the exchange rate to 7.2098 on Thursday.
The yuan dropped as low as 7.42 on April 8 after the U.S. slapped unilateral tariffs on Chinese imports.
China Indexes and Stocks
The Hang Seng Index rose 1.4% to 22,197.45, and the mainland-focused CSI 300 index advanced 0.4% to 3,797.54.
Technology stocks led market indexes higher in Friday's trading in the hopes that the HKMA will follow the possible rate decline in the U.S. in June.
Alibaba Group Holding rose 3.3% to HK $117.70, Tencent Holdings advanced 2.8% to HK $484.20, and Baidu jumped 5.2% to HK $88.70.
Shenzhou International Group Holdings jumped 2.4% to HK $54.05, NetEase jumped 4.2% to HK $166.90, and SMIC dropped 1.3% to HK $45.75.