Market Update
China Avoids Negotiations with Unpredictable Trump Administration
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.
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.
China Denies Start of U.S. Trade Talks, Durable Goods Orders Surge
Barry Adams
24 Apr, 2025
New York City
Wall Street indexes turned lower amid ongoing trade policy confusion and elevated market uncertainty linked to the U.S. president's constantly changing trade policy.
The sharp swings in market indexes turned April into the most volatile month on record, largely because of the incoherent and chaotic introduction of trade tariffs by the U.S. president.
The elevated level of uncertainty is forcing corporations to withdraw their forward-looking outlooks, cut capacities, and pass on tariff-linked price hikes to consumers.
Procter & Gamble's chief executive said price hikes are likely to happen in the second half, Southwest announced its plans to cut its capacity in the second half, and American Airlines withdrew its annual outlook.
Moreover, Chipotle Mexican Grill reported its first same-store sales decline since the pandemic time in 2020 and said consumers are cautious with their spending.
Donald Trump turned down his rhetoric on imports from China, only to be countered by the Treasury Secretary that the unilateral trimming of tariffs is not on the table.
Moreover, China said it has not entered into negotiations with the U.S., dashing hopes of early resolution ahead of the tariff launch date on May 2.
Investors are increasingly skeptical of announcements from the White House amid constantly changing narratives and shifting deadlines.
Moreover, oil, bond, and precious markets are forecasting rising risks of a recession, which could begin as early as the third quarter.
At least one million jobs in the U.S. and an additional three million in China and Asia are likely to be lost if the proposed tariffs as high as 145% on Chinese imports are put in place early next month.
U.S. durable goods orders in March soared 9.2% from the previous month to $315.7 billion, U.S. Census Bureau reported Thursday.
Manufactured durable goods orders surged from the previous month and from a year ago because of a sharp increase in aircraft orders ahead of the U.S. tariffs.
Transportation orders soared 27% from the previous month, drive by a surge in 139% increase in commercial aircraft orders. Excluding transportations, new orders were nearly unchanged at $191.1 billion.
Non-defense capital goods orders rose 29.4% to $115 billion, and excluding aircrafts edged up 0.1% to $75.1 billion.
Non-defense capital goods orders excluding aircrafts, are closely watched for business spending plans.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.5% to 5,401.99, the Nasdaq Composite edged up 0.8% to 16,850.29, and the Russell 2000 index was up 0.02% to 1,919.57.
The yield on 2-year Treasury notes edged lower to 3.81%, 10-year Treasury notes decreased to 4.33%, and 30-year Treasury bonds declined to 4.78%.
WTI crude oil increased $0.66 to $62.93 a barrel, and natural gas prices edged lower by $0.09 to $2.93 a thermal unit.
Gold increased by $12.35 to 3,329.23 an ounce, and silver edged down by $0.27 to $33.36.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.49 to 99.35, and it traded at the lowest level since April 2022.
U.S. Stock Movers
ServiceNow Inc. surged 8.7% to $883.45 after the software company reported sharply higher earnings in the first quarter.
Total revenue increased 18.5% to $3.1 billion, net income advanced to $460 million, and diluted earnings per share rose to $2.20.
The company guided second-quarter revenue to increase 19% to $3.03 billion and free cash flow margin to 32%.
American Airlines Group decreased 0.3% to $9.32, and the international carrier pulled its annual outlook, citing economic uncertainty.
The company in the latest quarter generated revenues of $12.55 billion, and adjusted earnings per share were 59 cents.
Texas Instruments jumped 9.3% to $166.39 after the advanced chipmaker reported better-than-expected quarterly results.
Revenue jumped to $4.07 billion from $3.66 billion, net income edged up to $1.18 billion from $1.10 billion, and diluted earnings per share rose to $1.28 from $1.20 a year ago.
Procter & Gamble decreased 1% to $164.07, and the consumer products maker reported lower-than-expected fiscal third-quarter revenue of $19.8 billion.
Net sales declined 2%, and volume fell 1% in the quarter.
Net income in the third quarter rose to $3.77 billion from $3.75 billion, and diluted earnings per share advanced to $1.54 from $1.52 a year ago.
P&G CEO Jon Moeller said price hikes linked to the Trump administration's tariffs are likely to take place in the next fiscal year, which begins in July.
Chipotle Mexican Grill declined 3% to $47.30, and the company reported weaker-than-expected first-quarter results.
The fast-casual food chain operator said same-store sales declined 0.4%, the first fall since 2020.
Revenue jumped to $2.87 billion from $2.70 billion, net income edged up to $386.60 million from $359.29 million, and diluted earnings per share rose to 28 cents from 26 cents a year ago.
China Denies Start of U.S. Trade Talks, Sparking Another Sell-off On Wall Street
Barry Adams
24 Apr, 2025
New York City
Wall Street indexes turned lower amid ongoing trade policy confusion and elevated market uncertainty linked to the U.S. president's constantly changing trade policy.
The sharp swings in market indexes turned April into the most volatile month on record, largely because of the incoherent and chaotic introduction of trade tariffs by the U.S. president.
The elevated level of uncertainty is forcing corporations to withdraw their forward-looking outlooks, cut capacities, and pass on tariff-linked price hikes to consumers.
Procter & Gamble's chief executive said price hikes are likely to happen in the second half, Southwest announced its plans to cut its capacity in the second half, and American Airlines withdrew its annual outlook.
Moreover, Chipotle Mexican Grill reported its first same-store sales decline since the pandemic time in 2020 and said consumers are cautious with their spending.
Donald Trump turned down his rhetoric on imports from China, only to be countered by the Treasury Secretary that the unilateral trimming of tariffs is not on the table.
Moreover, China said it has not entered into negotiations with the U.S., dashing hopes of early resolution ahead of the tariff launch date on May 2.
Investors are increasingly skeptical of announcements from the White House amid constantly changing narratives and shifting deadlines.
Moreover, oil, bond, and precious markets are forecasting rising risks of a recession, which could begin as early as the third quarter.
At least one million jobs in the U.S. and an additional three million in China and Asia are likely to be lost if the proposed tariffs as high as 145% on Chinese imports are put in place early next month.
U.S. Stock Movers
ServiceNow Inc. surged 8.7% to $883.45 after the software company reported sharply higher earnings in the first quarter.
Total revenue increased 18.5% to $3.1 billion, net income advanced to $460 million, and diluted earnings per share rose to $2.20.
The company guided second-quarter revenue to increase 19% to $3.03 billion and free cash flow margin to 32%.
American Airlines Group decreased 0.3% to $9.32, and the international carrier pulled its annual outlook, citing economic uncertainty.
The company in the latest quarter generated revenues of $12.55 billion, and adjusted earnings per share were 59 cents.
Texas Instruments jumped 9.3% to $166.39 after the advanced chipmaker reported better-than-expected quarterly results.
Revenue jumped to $4.07 billion from $3.66 billion, net income edged up to $1.18 billion from $1.10 billion, and diluted earnings per share rose to $1.28 from $1.20 a year ago.
Procter & Gamble decreased 1% to $164.07, and the consumer products maker reported lower-than-expected fiscal third-quarter revenue of $19.8 billion.
Net sales declined 2%, and volume fell 1% in the quarter.
Net income in the third quarter rose to $3.77 billion from $3.75 billion, and diluted earnings per share advanced to $1.54 from $1.52 a year ago.
P&G CEO Jon Moeller said price hikes linked to the Trump administration's tariffs are likely to take place in the next fiscal year, which begins in July.
Chipotle Mexican Grill declined 3% to $47.30, and the company reported weaker-than-expected first-quarter results.
The fast-casual food chain operator said same-store sales declined 0.4%, the first fall since 2020.
Revenue jumped to $2.87 billion from $2.70 billion, net income edged up to $386.60 million from $359.29 million, and diluted earnings per share rose to 28 cents from 26 cents a year ago.
U.S. Movers: Chipotle, Lam Research, O'Reilly Automotive, Texas Instruments
Scott Peters
24 Apr, 2025
New York City
Texas Instruments Inc. surged 4.8% to $159.53 after the semiconductor company reported first-quarter 2025 results.
Revenue jumped to $4.07 billion from $3.66 billion, net income edged up to $1.18 billion from $1.10 billion, and diluted earnings per share rose to $1.28 from $1.20 a year ago.
"Over the past 12 months we invested $3.8 billion in research and development and selling general and administrative expenses, invested $4.7 billion in capital expenditures, and returned $6.4 billion to owners,” the company said in a release to investors.
The company guided second-quarter revenue to be between $4.17 billion and $4.53 billion, compared to $3.82 billion in 2024, and earnings per share between $1.21 and $1.47, compared to $1.22 a year earlier.
O'Reilly Automotive Inc. traded flat at $1,380.50 after the auto parts retailer reported first-quarter 2025 results.
Sales increased 4% to $4.14 billion from $3.98 billion, net income declined 2% to $538.48 million from $547.24 million, and diluted earnings per share jumped 2% to $9.35 from $9.20 a year ago.
Comparable store sales climbed 3.6% in the first quarter, on top of 3.4% in the prior year.
During the quarter, the company repurchased 0.4 million shares at an average price of $1,297.15 for a total investment of $559 million, and approximately $1.81 billion remained under share repurchase authorization.
O’Reilly guided fiscal 2025 comparable store sales to increase between 2% and 4%, revenue to be between $17.4 billion and $17.7 billion, compared to $16.71 billion in 2024, and diluted earnings per share to be between $42.90 and $43.40, compared to $40.66 a year ago.
The company plans to open 200 to 210 new stores in 2025.
Lam Research Corp. advanced 2.6% to $68.50 after the supplier of wafer fabrication equipment and services to the semiconductor industry reported results for the quarter ending in March.
Revenue edged up to $4.72 billion from $3.79 billion, net income jumped to $1.33 billion from $965.83 million, and diluted earnings per share rose to $1.03 from 73 cents a year ago.
The company guided for the quarter ending in June revenue to be $5.00 billion, compared to $3.87 billion in 2024, and diluted earnings per share to be $1.20, compared to $7.78 a year earlier.
Chipotle Mexican Grill Inc. slipped 2.05% to $47.76 after the fast-casual restaurant operator reported first-quarter 2025 results.
Revenue jumped to $2.87 billion from $2.70 billion, net income edged up to $386.60 million from $359.29 million, and diluted earnings per share rose to 28 cents from 26 cents a year ago.
Comparable restaurant sales decreased 0.4% in the quarter, driven by bad weather and a slowdown in consumer spending.
Food, beverage, and packaging costs in the first quarter were 29.2% of total revenue, an increase from 28.8% in the first quarter of 2024, but the increase was partially offset by higher menu prices.
The company opened 57 company-owned restaurants with 48 locations, including a Chipotlane, and two international licensed restaurants during the quarter.
Chipotle guided fiscal 2025 comparable sales growth in the low single-digit range, and it plans to open between 315 and 345 new company-owned restaurants, with over 80% having a Chipotlane.
U.S. Movers: Chipotle, Lam Research, O'Reilly Automotive, Texas Instruments
Scott Peters
24 Apr, 2025
New York City
Texas Instruments Inc. surged 4.8% to $159.53 after the semiconductor company reported first-quarter 2025 results.
Revenue jumped to $4.07 billion from $3.66 billion, net income edged up to $1.18 billion from $1.10 billion, and diluted earnings per share rose to $1.28 from $1.20 a year ago.
"Over the past 12 months we invested $3.8 billion in research and development and selling general and administrative expenses, invested $4.7 billion in capital expenditures, and returned $6.4 billion to owners,” the company said in a release to investors.
The company guided second-quarter revenue to be between $4.17 billion and $4.53 billion, compared to $3.82 billion in 2024, and earnings per share between $1.21 and $1.47, compared to $1.22 a year earlier.
O'Reilly Automotive Inc. traded flat at $1,380.50 after the auto parts retailer reported first-quarter 2025 results.
Sales increased 4% to $4.14 billion from $3.98 billion, net income declined 2% to $538.48 million from $547.24 million, and diluted earnings per share jumped 2% to $9.35 from $9.20 a year ago.
Comparable store sales climbed 3.6% in the first quarter, on top of 3.4% in the prior year.
During the quarter, the company repurchased 0.4 million shares at an average price of $1,297.15 for a total investment of $559 million, and approximately $1.81 billion remained under share repurchase authorization.
O’Reilly guided fiscal 2025 comparable store sales to increase between 2% and 4%, revenue to be between $17.4 billion and $17.7 billion, compared to $16.71 billion in 2024, and diluted earnings per share to be between $42.90 and $43.40, compared to $40.66 a year ago.
The company plans to open 200 to 210 new stores in 2025.
Lam Research Corp. advanced 2.6% to $68.50 after the supplier of wafer fabrication equipment and services to the semiconductor industry reported results for the quarter ending in March.
Revenue edged up to $4.72 billion from $3.79 billion, net income jumped to $1.33 billion from $965.83 million, and diluted earnings per share rose to $1.03 from 73 cents a year ago.
The company guided for the quarter ending in June revenue to be $5.00 billion, compared to $3.87 billion in 2024, and diluted earnings per share to be $1.20, compared to $7.78 a year earlier.
Chipotle Mexican Grill Inc. slipped 2.05% to $47.76 after the fast-casual restaurant operator reported first-quarter 2025 results.
Revenue jumped to $2.87 billion from $2.70 billion, net income edged up to $386.60 million from $359.29 million, and diluted earnings per share rose to 28 cents from 26 cents a year ago.
Comparable restaurant sales decreased 0.4% in the quarter, driven by bad weather and a slowdown in consumer spending.
Food, beverage, and packaging costs in the first quarter were 29.2% of total revenue, an increase from 28.8% in the first quarter of 2024, but the increase was partially offset by higher menu prices.
The company opened 57 company-owned restaurants with 48 locations, including a Chipotlane, and two international licensed restaurants during the quarter.
Chipotle guided fiscal 2025 comparable sales growth in the low single-digit range, and it plans to open between 315 and 345 new company-owned restaurants, with over 80% having a Chipotlane.
Europe Movers: Delivery Hero, Kering, Kuehne Nagel, Nestlé, Renault, STMicroelectronics, Unilever
Inga Muller
24 Apr, 2025
Frankfurt
Kering SA traded down 5.2% to €165.92 after the luxury products retailer reported lower revenue in the first quarter of 2025.
Sales declined 14% to €3.88 billion from €4.50 billion, driven by Gucci sales dropping 24% to €1.57 billion from €2.08 billion a year ago.
Yves Saint Laurent sales fell 8% to €679 million from €740 million a year earlier.
In the first quarter, the company closed 25 stores on a net basis, bringing its directly operated network to a total of 1,788 units.
Nestlé S.A. traded down 1.1% to CHF 86.40 despite the food and beverage company reporting higher sales in the first three months of 2025.
Revenue increased 2.3% to CHF 22.60 billion from CHF 22.09 billion a year ago.
Sales in the Americas remained flat, while they were up 3.6% in Asia, Oceania, and Africa and up 2.5% in Europe, the company said in a release to investors.
E-commerce sales grew organically by 15.1%, reaching 20.1% of total group sales.
Unilever PLC gained 0.5% to 4,839 pence after the UK-based consumer goods company reported first-quarter 2025 results.
Turnover was down 0.9% to €14.8 billion from €15.0 billion a year ago.
The company reconfirmed its full-year guidance for underlying sales growth between 3% and 5%, compared to €60.8 billion in 2024, driven by expected improvements in Indonesia and China in the second half of the year.
The quarterly interim dividend was 45.28 cents per share, an increase of 6.1% from the first quarter of 2024.
The company’s €1.5 billion share buyback program, announced in February, will be completed in the first half.
STMicroelectronics N.V. increased 2.5% to €19.69 despite the semiconductor company reporting lower first-quarter 2025 results.
Revenue declined to $2.52 billion from $3.46 billion, net income slumped to $56 million from $513 million, and diluted earnings per share dropped to 6 cents from 54 cents a year ago.
The company estimated second-quarter revenue to be $2.71 billion, a decrease of 16.2% compared to $3.23 billion a year ago, and a gross margin of about 33.4%, compared to 40.1% in 2024.
Renault Group gained 2.7% to €46.18 after the French car manufacturer reported a slight decline in first-quarter 2025 revenue.
Revenue edged down 0.3% to €11.67 billion from €11.71 billion, as automotive revenue declined 3% to €10.13 billion from €10.45 billion a year ago.
The company sold 564,980 vehicles in the quarter, compared to 549,099 vehicles a year earlier, and in Europe, sales were up 2.8% with 402,413 units sold.
Renault guided fiscal 2025 operating margin to be higher or equal to 7% and free cash flow to be higher or equal to €2 billion.
Delivery Hero SE traded down 5.7% to €23.49 after the German food delivery company reported first-quarter 2025 results.
Revenue increased to €3.52 billion from €2.96 billion a year ago, as gross merchandise value jumped to €12.37 billion from €11.79 billion a year ago.
The company guided fiscal 2025 total segment revenue to increase between 17% and 19%, compared to €12.80 billion in 2024, and gross merchandise value to be up between 8% and 10%, compared to €48.75 billion a year earlier.
Kuehne Nagel Group traded up 0.4% to CHF 188.35 after the freight forwarding company reported first-quarter 2025 results.
Net turnover jumped 14.9% to CHF 6.33 billion from CHF 5.51 billion, earnings rose 6.6% to CHF 291 million from CHF 273 million, and diluted earnings per share rose 6.5% to CHF 2.45 from CHF 2.30 a year ago.
Europe Movers: Delivery Hero, Kering, Kuehne Nagel, Nestlé, Renault, STMicroelectronics, Unilever
Inga Muller
24 Apr, 2025
Frankfurt
Kering SA traded down 5.2% to €165.92 after the luxury products retailer reported lower revenue in the first quarter of 2025.
Sales declined 14% to €3.88 billion from €4.50 billion, driven by Gucci sales dropping 24% to €1.57 billion from €2.08 billion a year ago.
Yves Saint Laurent sales fell 8% to €679 million from €740 million a year earlier.
In the first quarter, the company closed 25 stores on a net basis, bringing its directly operated network to a total of 1,788 units.
Nestlé S.A. traded down 1.1% to CHF 86.40 despite the food and beverage company reporting higher sales in the first three months of 2025.
Revenue increased 2.3% to CHF 22.60 billion from CHF 22.09 billion a year ago.
Sales in the Americas remained flat, while they were up 3.6% in Asia, Oceania, and Africa and up 2.5% in Europe, the company said in a release to investors.
E-commerce sales grew organically by 15.1%, reaching 20.1% of total group sales.
Unilever PLC gained 0.5% to 4,839 pence after the UK-based consumer goods company reported first-quarter 2025 results.
Turnover was down 0.9% to €14.8 billion from €15.0 billion a year ago.
The company reconfirmed its full-year guidance for underlying sales growth between 3% and 5%, compared to €60.8 billion in 2024, driven by expected improvements in Indonesia and China in the second half of the year.
The quarterly interim dividend was 45.28 cents per share, an increase of 6.1% from the first quarter of 2024.
The company’s €1.5 billion share buyback program, announced in February, will be completed in the first half.
STMicroelectronics N.V. increased 2.5% to €19.69 despite the semiconductor company reporting lower first-quarter 2025 results.
Revenue declined to $2.52 billion from $3.46 billion, net income slumped to $56 million from $513 million, and diluted earnings per share dropped to 6 cents from 54 cents a year ago.
The company estimated second-quarter revenue to be $2.71 billion, a decrease of 16.2% compared to $3.23 billion a year ago, and a gross margin of about 33.4%, compared to 40.1% in 2024.
Renault Group gained 2.7% to €46.18 after the French car manufacturer reported a slight decline in first-quarter 2025 revenue.
Revenue edged down 0.3% to €11.67 billion from €11.71 billion, as automotive revenue declined 3% to €10.13 billion from €10.45 billion a year ago.
The company sold 564,980 vehicles in the quarter, compared to 549,099 vehicles a year earlier, and in Europe, sales were up 2.8% with 402,413 units sold.
Renault guided fiscal 2025 operating margin to be higher or equal to 7% and free cash flow to be higher or equal to €2 billion.
Delivery Hero SE traded down 5.7% to €23.49 after the German food delivery company reported first-quarter 2025 results.
Revenue increased to €3.52 billion from €2.96 billion a year ago, as gross merchandise value jumped to €12.37 billion from €11.79 billion a year ago.
The company guided fiscal 2025 total segment revenue to increase between 17% and 19%, compared to €12.80 billion in 2024, and gross merchandise value to be up between 8% and 10%, compared to €48.75 billion a year earlier.
Kuehne Nagel Group traded up 0.4% to CHF 188.35 after the freight forwarding company reported first-quarter 2025 results.
Net turnover jumped 14.9% to CHF 6.33 billion from CHF 5.51 billion, earnings rose 6.6% to CHF 291 million from CHF 273 million, and diluted earnings per share rose 6.5% to CHF 2.45 from CHF 2.30 a year ago.
Europe Markets Turned Lower Amid U.S. Trade Policy Chaos, EU Passenger Car Registration Eased
Bridgette Randall
24 Apr, 2025
London
Stock market indexes across the eurozone lacked direction as investors focused on the latest batch of earnings.
Benchmark indexes in Frankfurt, Paris, Milan, and London traded around the flatline as investors reacted to the latest iteration of U.S. trade policy.
Investors reviewed the latest announcement from the Trump administration with deep skepticism amid constantly changing messaging.
The U.S. Treasury Secretary clarified that the White House's offer to cut China tariffs is not unilateral and there is no deadline for finalizing the overall framework.
EU Passenger Car Sales Fell Third Consecutive Month
Passenger car sales in the European Union decreased 0.2% from a year ago to 1.03 million in March, following a 3.4% fall in February.
Passenger car sales declined for the third consecutive month amid a deteriorating economic growth outlook and weakening export environment, the European Automobile Manufacturers' Association noted in its monthly report.
The Netherlands led the fall in passenger car registrations with a drop of 14.8%, followed by a decrease of 14.5% in France, 10.2% in Belgium, and 3.9% in Germany.
Hybrid-electric vehicles surged, capturing 35.5% of the market and remaining the preferred choice among EU consumers.
Meanwhile, the combined market share of petrol and diesel cars decreased to 38.3%, down from 48.3% in the period a year ago.
In the first quarter of 2025, new battery-electric car sales grew by 23.9%, to 412,997 units, increasing its share to 15.2% of the total EU market.
Three of the four largest markets in the EU, accounting for 63% of all battery-electric car registrations, recorded robust gains.
Registration rose nearly 39% in Germany, 30% in Belgium, and 7.9% in the Netherlands.
This contrasted with France, which saw a decline of 6.6%.
Overall registration in the first quarter decreased 1.9% from a year ago to 2.8 million units.
Europe Indexes and Yields
The DAX index decreased by 0.9% to 21,755.45, the CAC-40 index edged lower 0.8% to 7,422.34, and the FTSE 100 index declined by 0.3% to 8,376.45.
The yield on 10-year German bonds inched lower to 2.47%, French bonds decreased to 3.21%, the UK gilts moved down to 4.55%, and Italian bonds edged lower to 3.59%.
The euro increased to $1.14; the British pound was higher at $1.33; and the U.S. dollar was lower and traded at 82.69 Swiss cents.
Brent crude increased $0.25 to $66.37 a barrel, and the Dutch TTF natural gas was higher by €0.05 to €34.12 per MWh.
Stock Movers
BNP Paribas declined 2.9% to €71.76 after the French bank reported a decline in profits in the latest quarter.
Kering SA dropped 6.4% to €163.74, and the luxury goods company reported weaker-than-expected earnings in the first quarter and signaled macroeconomic headwinds.
Europe Markets
Bridgette Randall
24 Apr, 2025
London
Stock market indexes across the eurozone lacked direction as investors focused on the latest batch of earnings.
Benchmark indexes in Frankfurt, Paris, Milan, and London traded around the flatline as investors reacted to the latest iteration of U.S. trade policy.
Investors reviewed the latest announcement from the Trump administration with deep skepticism amid constantly changing messaging.
The U.S. Treasury Secretary clarified that the White House's offer to cut China tariffs is not unilateral and there is no deadline for finalizing the overall framework.
Passenger car sales in the European Union decreased 0.2% from a year ago to 1.03 million in March, following a 3.4% fall in February.
Passenger car sales declined for the third consecutive month amid a deteriorating economic growth outlook and weakening export environment, the European Automobile Manufacturers' Association noted in its monthly report.
The Netherlands led the fall in passenger car registrations with a drop of 14.8%, followed by a decrease of 14.5% in France, 10.2% in Belgium, and 3.9% in Germany.
Hybrid-electric vehicles surged, capturing 35.5% of the market and remaining the preferred choice among EU consumers.
Meanwhile, the combined market share of petrol and diesel cars decreased to 38.3%, down from 48.3% in the period a year ago.
In the first quarter of 2025, new battery-electric car sales grew by 23.9%, to 412,997 units, increasing its share to 15.2% of the total EU market.
Three of the four largest markets in the EU, accounting for 63% of all battery-electric car registrations, recorded robust gains.
Registration rose nearly 39% in Germany, 30% in Belgium, and 7.9% in the Netherlands.
This contrasted with France, which saw a decline of 6.6%.
Overall registration in the first quarter decreased 1.9% from a year ago to 2.8 million units.
Europe Indexes and Yields
The DAX index decreased by 0.9% to 21,755.45, the CAC-40 index edged lower 0.8% to 7,422.34, and the FTSE 100 index declined by 0.3% to 8,376.45.
The yield on 10-year German bonds inched lower to 2.47%, French bonds decreased to 3.21%, the UK gilts moved down to 4.55%, and Italian bonds edged lower to 3.59%.
The euro increased to $1.14; the British pound was higher at $1.33; and the U.S. dollar was lower and traded at 82.69 Swiss cents.
Brent crude increased $0.25 to $66.37 a barrel, and the Dutch TTF natural gas was higher by €0.05 to €34.12 per MWh.
Stock Movers
BNP Paribas declined 2.9% to €71.76 after the French bank reported a decline in profits in the latest quarter.
Kering SA dropped 6.4% to €163.74, and the luxury goods company reported weaker-than-expected earnings in the first quarter and signaled macroeconomic headwinds.
Tokyo Indexes Extend 2-Day Rebound as Investors Shift Focus to Defense Stocks
Akira Ito
24 Apr, 2025
Tokyo
Technology and financial stocks led market indexes higher for the second consecutive session, tracking Wall Street gains in overnight trading.
The Nikkei 225 Stock Average gained as much as 0.8%, and the broader TOPIX index advanced 0.4%.
Market sentiment has wavered amid constantly changing U.S. trade policy, and the export-heavy Japan's economy is heavily dependent on its shipments to the U.S.
About 40% of the listed companies in the first section of the Tokyo Stock Exchange are dependent on exports to the U.S.
Japan's policymakers are increasingly factoring in the possibilities of 25% tariffs on exports to the U.S., as the U.S. shows little interest in setting negotiating priorities and deadlines.
In addition, the U.S. policymakers are looking to combine security and defense cooperation with the trade negotiations and demanding Japan step up its defense spending and share a larger burden of maintaining U.S. military bases.
The Japanese yen traded at 142.77 against the U.S. dollar as investors sold U.S. dollar-denominated assets amid waning confidence in its safe haven status.
The Bank of Japan is widely anticipated to hold its short-term rates at 0.5% at the end of its policy meeting next week.
The central bank is likely to lower its economic growth outlook in the current fiscal year amid ongoing global trade tensions and slowing economic growth outlook in the U.S. and China, two key export markets for Japan's goods.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.5% to 35,048.46, and the broader TOPIX index advanced 0.4% to 2,594.57.
Vehicle makers led the gainers in Tokyo trading, despite investors dialing down expectations of a trade deal between the U.S. and Japan in the near term.
Toyota Motor Corp. advanced 3.2% to ¥2,664.0, Honda Motor Co. Ltd. gained 0.9% to ¥1,431.50, and Nissan Motor Co. Ltd. increased 0.4% to ¥335.10.
Tech stocks rebounded for the second consecutive session following a rally in semiconductor stocks on Wall Street in overnight trading.
Tokyo Electron jumped 3.5% to ¥20,340.0, Advantest Corp. gained 3.2% to ¥5,723.0, and Disco Corp. added 1.3% to ¥27,310.0.
Industrial companies with a focus on defense equipment extended this year's gains amid expectations of rising government spending.
IHI Corp. jumped 0.7% to ¥10,670.0, Kawasaki Heavy Industries added 0.7% to ¥8,028.0, and Mitsubishi Heavy Industries advanced 1.7% to ¥2,687.0.
Tokyo Indexes Extend 2-Day Rebound as Investors Shift Focus to Defense Stocks
Akira Ito
24 Apr, 2025
Tokyo
Technology and financial stocks led market indexes higher for the second consecutive session, tracking Wall Street gains in overnight trading.
The Nikkei 225 Stock Average gained as much as 0.8%, and the broader TOPIX index advanced 0.4%.
Market sentiment has wavered amid constantly changing U.S. trade policy, and the export-heavy Japan's economy is heavily dependent on its shipments to the U.S.
About 40% of the listed companies in the first section of the Tokyo Stock Exchange are dependent on exports to the U.S.
Japan's policymakers are increasingly factoring in the possibilities of 25% tariffs on exports to the U.S., as the U.S. shows little interest in setting negotiating priorities and deadlines.
In addition, the U.S. policymakers are looking to combine security and defense cooperation with the trade negotiations and demanding Japan step up its defense spending and share a larger burden of maintaining U.S. military bases.
The Japanese yen traded at 142.77 against the U.S. dollar as investors sold U.S. dollar-denominated assets amid waning confidence in its safe haven status.
The Bank of Japan is widely anticipated to hold its short-term rates at 0.5% at the end of its policy meeting next week.
The central bank is likely to lower its economic growth outlook in the current fiscal year amid ongoing global trade tensions and slowing economic growth outlook in the U.S. and China, two key export markets for Japan's goods.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.5% to 35,048.46, and the broader TOPIX index advanced 0.4% to 2,594.57.
Vehicle makers led the gainers in Tokyo trading, despite investors dialing down expectations of a trade deal between the U.S. and Japan in the near term.
Toyota Motor Corp. advanced 3.2% to ¥2,664.0, Honda Motor Co. Ltd. gained 0.9% to ¥1,431.50, and Nissan Motor Co. Ltd. increased 0.4% to ¥335.10.
Tech stocks rebounded for the second consecutive session following a rally in semiconductor stocks on Wall Street in overnight trading.
Tokyo Electron jumped 3.5% to ¥20,340.0, Advantest Corp. gained 3.2% to ¥5,723.0, and Disco Corp. added 1.3% to ¥27,310.0.
Industrial companies with a focus on defense equipment extended this year's gains amid expectations of rising government spending.
IHI Corp. jumped 0.7% to ¥10,670.0, Kawasaki Heavy Industries added 0.7% to ¥8,028.0, and Mitsubishi Heavy Industries advanced 1.7% to ¥2,687.0.
China and HK Indexes Trade Lower Amid U.S. Trade Policy Confusion
Li Chen
24 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong struggled to advance amid ongoing confusion about the U.S. trade policy.
The Hang Seng index fell as much as 1.5%, and the CSI 300 index reversed its morning gains to losses.
Investors reviewed the latest announcement from the Trump administration with deep skepticism amid constantly changing messaging.
The U.S. Treasury Secretary clarified that the White House's offer to cut tariffs is not unilateral.
Market participants are increasingly focused on policymakers in Beijing and the central bank, and additional stimulus measures are likely to cushion the blow to the Chinese economy.
Moreover, China has intensified its search for alternative food suppliers from South America, Australia, and the ASEAN region, as the world's second-largest economy looks further to reduce its reliance on the U.S.
Foreign investors have been on the sidelines amid ongoing U.S. trade policy uncertainty, and a weak earnings outlook has also dampened demand from domestic investors.
China Indexes and Stocks
The Hang Seng index decreased 1.4% to 21,758.22, and the mainland-focused CSI 300 index fell 0.2% to 3,781.03.
Electric vehicle makers led the most actively traded list of stocks, and foreign brands avoided the largest automotive show in Shanghai.
BYD declined 1.4% to HK $384.20, Li Auto dropped 2.9% to HK $90.05, and Xpeng fell 2.5% to HK $77.75.
E-commerce platform operators retreated for the second week in a row amid worries of rising competition in the domestic market after the U.S. imposed high tariffs on small shipments arriving from China.
Alibaba Group decreased 2.3% to HK $113.30, Tencent Holdings dropped 1.4% to HK $468.0, and Meituan dropped 4.7% to HK $127.60.
Trip.com Group Ltd. decreased 1.8% to HK $447.0 as more Chinese tourists avoid traveling to the U.S. amid stringent border control checks.
Arrivals from China declined 0.8% from a year ago to 115,151 in March, according to the latest data released by the U.S. Customs and Border Protection.
Tourists from Germany plunged 28% and the UK declined 14%, and arrivals by air from Canada declined 13% and by road plunged 32%.
Shenzhou International Group fell 0.5% to HK $52.80, and the apparel and textile maker extended one-year losses to more than 31% amid ongoing trade tensions between the U.S. and China.
China and HK Indexes Trade Lower Amid U.S. Trade Policy Confusion
Li Chen
24 Apr, 2025
Hong Kong
Stock market indexes in China and Hong Kong struggled to advance amid ongoing confusion about the U.S. trade policy.
The Hang Seng index fell as much as 1.5%, and the CSI 300 index reversed its morning gains to losses.
Investors reviewed the latest announcement from the Trump administration with deep skepticism amid constantly changing messaging.
The U.S. Treasury Secretary clarified that the White House's offer to cut tariffs is not unilateral.
Market participants are increasingly focused on policymakers in Beijing and the central bank, and additional stimulus measures are likely to cushion the blow to the Chinese economy.
Moreover, China has intensified its search for alternative food suppliers from South America, Australia, and the ASEAN region, as the world's second-largest economy looks further to reduce its reliance on the U.S.
Foreign investors have been on the sidelines amid ongoing U.S. trade policy uncertainty, and a weak earnings outlook has also dampened demand from domestic investors.
China Indexes and Stocks
The Hang Seng index decreased 1.4% to 21,758.22, and the mainland-focused CSI 300 index fell 0.2% to 3,781.03.
Electric vehicle makers led the most actively traded list of stocks, and foreign brands avoided the largest automotive show in Shanghai.
BYD declined 1.4% to HK $384.20, Li Auto dropped 2.9% to HK $90.05, and Xpeng fell 2.5% to HK $77.75.
E-commerce platform operators retreated for the second week in a row amid worries of rising competition in the domestic market after the U.S. imposed high tariffs on small shipments arriving from China.
Alibaba Group decreased 2.3% to HK $113.30, Tencent Holdings dropped 1.4% to HK $468.0, and Meituan dropped 4.7% to HK $127.60.
Trip.com Group Ltd. decreased 1.8% to HK $447.0 as more Chinese tourists avoid traveling to the U.S. amid stringent border control checks.
Shenzhou International Group fell 0.5% to HK $52.80, and the apparel and textile maker extended one-year losses to more than 31% amid ongoing trade tensions between the U.S. and China.
Wall Street Indexes Extend Rebound After Trump Administration's Flip-flops On Trade and Fed Chair
Barry Adams
23 Apr, 2025
New York City
Wall Street extended gains for the second day in a row amid ongoing flip-flops on U.S. trade policy and Fed Chair attacks.
The S&P 500 index increased 0.3%, and the Nasdaq Composite advanced more than 0.5% as investors returned to increase stock exposure and shifted their attention to the fresh batch of earnings.
U.S. Treasury Secretary Scott Bessent told investors in a closed-door meeting that the current high level of trade tensions with China is "unsustainable on both sides," and the two trading partners would have to find a common ground.
Bessent's comments raised hopes that the Trump administration's punitive tariffs of 145% could be substantially cut as early as this month.
The unilateral tariffs imposed by the Trump administration have stoked fears of high inflation and a sharp slowdown in the U.S. economy.
Moreover, as many as one million jobs in U.S. small businesses and an additional three million jobs in China are likely to be lost over the rest of the year if the cumulative U.S. tariffs are imposed starting in May.
Despite the softening in U.S. rhetoric, trade negotiations between Japan and the U.S. ended with no clear plan amid a lack of priorities and a changing demand list.
Moreover, the European Union ramped up its scrutiny of leading U.S. tech companies and levied a fine of €500 million on Apple and more than €200 million on Meta Inc. for violating the Digital Markets Act.
Market sentiment was bolstered for the second consecutive day after Donald Trump reversed his position on Fed Chair Jerome Powell and said he has "no intention of firing" the Fed's chief.
Earlier in the week, Donald J. Trump launched vicious and unprofessional attacks on the autonomy of the central bank and personal attacks on Fed Chair Powell.
The sharp tone of the attack scared investors and dragged down major indexes on Wall Street as much as 5%, stoking fears that the U.S. president is looking to step beyond his authority and fire Powell.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 3.1% to 5,451.88, the Nasdaq Composite edged up 4.0% to 16,955.49, and the Russell 2000 index was up 3.0% to 1,947.22.
The yield on 2-year Treasury notes edged higher to 3.81%, 10-year Treasury notes decreased to 4.28%, and 30-year Treasury bonds declined to 4.74%.
WTI crude oil decreased $0.14 to $63.51 a barrel, and natural gas prices edged higher by $0.02 to $3.03 a thermal unit.
Gold decreased by $47.17 to 3,288.75 an ounce, and silver edged up by $0.32 to $32.83.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.38 to 99.30, and it traded at the lowest level since April 2022.
U.S. Stock Movers
Tesla Inc. surged 6% to $254.24, and the company reported a decline in revenue, earnings, and electric vehicle unit sales in the latest quarter.
The stock rallied after the company's chief executive, Elon Musk, said he plans to spend more time at the company and reduce his engagements in Washington, D.C.
Tesla stock has lost 41% as of the year-to-Monday's close, amid rising competition in China and faltering sales in Germany, Canada, and the U.S.
Customers rejected Musk's political involvement in the Trump administration and reckless management of DOGE.
Intuitive Surgical soared 5% to $502.0, and the robotic surgery equipment maker reported better-than-expected quarterly results.
The company added that the proposed U.S. tariffs on imports are expected to shrink non-GAAP gross profit margin to between 65% and 66.5% from 69.1% in 2024.
SAP SE rose 8.7% to $274.39, and the German software company reiterated its stock repurchase plan after operating profit in the latest quarter jumped 60% from a year ago.
RTX Corporation jumped 2.6% to $116.53, and the stock rebounded from a 10% plunge in the previous session.
The company reported strong quarterly sales but signaled that the proposed U.S. tariffs are likely to increase costs by as much as $850 million.
Wall Street Indexes Extend Rebound After Trump Administration's Flip-flops On Trade and Fed Chai
Barry Adams
23 Apr, 2025
New York City
Wall Street extended gains for the second day in a row amid ongoing flip-flops on U.S. trade policy and Fed Chair attacks.
The S&P 500 index increased 0.3%, and the Nasdaq Composite advanced more than 0.5% as investors returned to increase stock exposure and shifted their attention to the fresh batch of earnings.
U.S. Treasury Secretary Scott Bessent told investors in a closed-door meeting that the current high level of trade tensions with China is "unsustainable on both sides," and the two trading partners would have to find a common ground.
Bessent's comments raised hopes that the Trump administration's punitive tariffs of 145% could be substantially cut as early as this month.
The unilateral tariffs imposed by the Trump administration have stoked fears of high inflation and a sharp slowdown in the U.S. economy.
Moreover, as many as one million jobs in U.S. small businesses and an additional three million jobs in China are likely to be lost over the rest of the year if the cumulative U.S. tariffs are imposed starting in May.
Despite the softening in U.S. rhetoric, trade negotiations between Japan and the U.S. ended with no clear plan amid a lack of priorities and a changing demand list.
Moreover, the European Union ramped up its scrutiny of leading U.S. tech companies and levied a fine of €500 million on Apple and more than €200 million on Meta Inc. for violating the Digital Markets Act.
Market sentiment was bolstered for the second consecutive day after Donald Trump reversed his position on Fed Chair Jerome Powell and said he has "no intention of firing" the Fed's chief.
Earlier in the week, Donald J. Trump launched vicious and unprofessional attacks on the autonomy of the central bank and personal attacks on Fed Chair Powell.
The sharp tone of the attack scared investors and dragged down major indexes on Wall Street as much as 5%, stoking fears that the U.S. president is looking to step beyond his authority and fire Powell.
U.S. Stock Movers
Tesla Inc. surged 6% to $254.24, and the company reported a decline in revenue, earnings, and electric vehicle unit sales in the latest quarter.
The stock rallied after the company's chief executive, Elon Musk, said he plans to spend more time at the company and reduce his engagements in Washington, D.C.
Tesla stock has lost 41% as of the year-to-Monday's close, amid rising competition in China and faltering sales in Germany, Canada, and the U.S.
Customers rejected Musk's political involvement in the Trump administration and reckless management of DOGE.
Intuitive Surgical soared 5% to $502.0, and the robotic surgery equipment maker reported better-than-expected quarterly results.
The company added that the proposed U.S. tariffs on imports are expected to shrink non-GAAP gross profit margin to between 65% and 66.5% from 69.1% in 2024.
SAP SE rose 8.7% to $274.39, and the German software company reiterated its stock repurchase plan after operating profit in the latest quarter jumped 60% from a year ago.
RTX Corporation jumped 2.6% to $116.53, and the stock rebounded from a 10% plunge in the previous session.
The company reported strong quarterly sales but signaled that the proposed U.S. tariffs are likely to increase costs by as much as $850 million.