U.S. and Global Markets React to Corporate Results Amid Rate Path Uncertainties

Stock market indexes on Wall Street stayed below the flatline after Walmart's guidance and rate path uncertainties compounded market anxieties. 

The S&P 500 index declined 0.6%, and the Nasdaq Composite dropped 0.8%, and the latest meeting of minutes showed members of the rate-setting committee agreed that inflation needs to weaken further before they can trim rates again. 

The Federal Open Market Committee's stance was widely perceived as the Fed delaying the rate cut to the second half, and investors dialed down expectations of additional rate cuts to one from three. 

Market sentiment was further dented after Walmart lowered its revenue growth estimate in the current fiscal year, after same store sales slowed. 

Initial weekly jobless claims increased by 5,000 to 219,000 in the week ending on February 15, the Department of Labor reported Thursday. 

Continuing claims, which lag by one week, edged up 24,000 to 1.87 million, confirming that the labor market conditions remain strong.

U.S. Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.5% to 6,113.34, the Nasdaq Composite edged down 0.6% to 19,932.84, and the Russell 2000 index was down 0.8% to 2,276.24.

The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes decreased to 4.52%, and 30-year Treasury bonds declined to 4.74%.

WTI crude oil increased $0.46 to $72.59 a barrel, and natural gas prices edged lower by $0.27 to $4.12 a thermal unit.

Gold increased by $1.87 to $2,937.55 an ounce, and silver edged up by $0.38 to $33.09.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.19 to 106.98 and traded at a two-year high.

Stock Movers 

Walmart Inc. dropped 6% to $97.62 after the retailer's weak guidance for the current fiscal year overshadowed strong results in the latest quarter. 

The company guided fiscal 2026 revenue growth to slow to between 3% and 4%. 

Klaviyo Inc. declined 8.5% to $43.06 after the CRM software developer reported better-than-expected fourth quarter results, but the company's current quarter outlook fell short of expectations. 

IMAX Corp. declined 3% to $26.41 after the advanced movie theater technology company's earnings failed to meet market expectations. 

Alibaba Group Holding jumped 11% to $140.57 after the Chinese e-commerce giant reported a rise in revenue and earnings in the fourth quarter, driven by a 13% increase in revenue in the third quarter. 

Shake Shack soared 11.5% to $124.35 after the fast food company's fourth quarter results met preliminary results announced in mid-January. 

The company guided revenue in the current quarter to range between $326.5 million and $330.9 million, and the company's guidance came ahead of market expectations despite the ongoing challenges linked to wildfires in Los Angeles. 

Builders FirstSource, Inc. gained 1.6% to $147.06 after the company's earnings were ahead of analysts' expectations, but revenue fell short. 

European Markets Attempt to Rebound, Danish Economic Growth Accelerated

European stock market indexes attempted to rebound after falling sharply in the previous session amid growing worries about profitability for the automobile industry and global trade uncertainties. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher in choppy trading as investors reviewed the latest batch of earnings. 

Mercedes Benz Group, Renault, Airbus SE, Accor, Indivior, Aegon, Anglo American, and Schneider Electric were in focus after they reported financial results. 

Investors have retained optimism and bid up stocks in 2025 despite the growing uncertainty related to U.S. economic growth and economic policy and mediocre U.S. presidential administration. 

European companies are looking for ways to tap markets in Brazil, India, China, and the ASEAN region amid rising trade barriers and policy uncertainties in the U.S. 

Closer to home and on the economic front, Germany's producer price inflation slowed to an annual pace of 0.5% in January from 0.8% in the previous month, according to an update from Destatis on Thursday. 

Denmark's economy advanced 1.6% in the fourth quarter, higher than the upwardly revised 1.3% growth in the previous quarter. 

On an annual basis, the Danish economy in the fourth quarter expanded a solid 4.1% following an upwardly revised 3.8% in the previous quarter, Statistics Denmark reported Thursday.

For the full-year 2024, economy expanded at an annual pace of 1.85%, matching the 1.9% increase in 2023. 

Europe Indexes and Yields

The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46. 

The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.

The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.18 Swiss cents.

Brent crude increased $0.13 to $76.22 a barrel, and the Dutch TTF natural gas was higher by €0.49 to €47.55 per MWh.

Europe Stock Movers

Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027, and the company's results fell short of market expectations.  

Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.

Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings in its car division and announced a new plan to cut costs. 

Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025, and the company reported record annual sales and earnings.  

Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.

Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income. 

Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results. 

Japan's Indexes Extended Losses Second Consecutive Session

Stock market indexes in Tokyo closed down on Thursday, extending losses in the previous session amid worries of additional U.S. tariffs on Japanese exports. 

The Nikkei 225 stock average decreased 1.2%, and the broader TOPIX fell 1.3% amid new tariff headwinds.

Stock market indexes headed lower for the second consecutive day after the U.S. president proposed to impose additional tariffs on key Japanese industries and pillars of exports—automobiles, pharmaceuticals, and semiconductor products. 

Market sentiment was defensive ahead of the release of inflation data on Friday, and investors are estimating that consumer price inflation has accelerated in January, setting the stage for another rate increase in March. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 1.2% to 38,678.04, and the broader TOPIX dropped 1.3% to 2,734.60. 

Shiseido decreased 0.1% to ¥2,667.0 and trimmed the previous session's surge of 12% after the London, UK-based Independent Franchise Partners acquired a 5.2% stake in the company. 

Hino Motors decreased 5.7% to ¥482.0, 

Yokohama Rubber fell 6.6% to ¥3,352.0, despite the company reporting record results and lifting its 2025 sales outlook. 

Yokohama estimated 2025 global sales to increase 11% to $7.74 billion. and 2.7% rise in business profit of $876.2 million.

Revenue increased to ¥1.09 trillion from ¥985.33 billion, profit surged to ¥74.92 billion from ¥67.23 billion, and earnings per share climbed to ¥466.57 from ¥418.31 a year ago.

For fiscal 2025, the company estimated revenue growth of 11.4% to ¥1.22 trillion, and an 8.8% profit increase to ¥81.5 billion.

The company’s dividend for year 2024 includes the previously distributed interim dividend of ¥46 per share and a proposed year-end dividend of ¥52 per share, payable from March 31.

If approved, the annual dividend for fiscal 2024 will be ¥98 per share.

For fiscal 2025, the company plans to pay an annual dividend of ¥102 per share, comprising an interim dividend of ¥48 per share and a year-end dividend of ¥54 per share, and representing the fifth consecutive increase in the annual dividend.

China Tech Stocks Deepen Losses, PBOC Holds LPR In February 

Stock market indexes in China and Hong Kong dropped for the second consecutive session amid worries about stretched valuations and ongoing trade tensions with the U.S. 

The Hang Seng index declined 1.5% and the mainland-focused CSI 300 index dropped 0.3%, as investors pulled back after a rally in tech stocks over the last  five week.

The Hang Seng Tech Index jumped to a five-month high and rebounded from the low in late January after the success of the affordable artificial intelligence chatbot Deep Seek raised hopes that more companies would be able to implement advanced technology. 

The success of the Deep Seek reversed the outflow of foreign funds, as investors speculated about the possible rise in earnings growth for leading tech companies. 

However, the market rally came to a halt this week as investors began questioning stretched valuations of tech companies amid a lack of solid evidence of earnings growth.

The People's Bank of China held its loan prime rates for the fourth month in a row in February.

The one-year loan prime rate was held at 3.1%, while the five-year rate was unrevised at 3.6%, the reference rate for mortgage lending. 

Both reference rates for consumer and housing loans are now at record lows, since these rates were dropped in October and July last year.

Moreover, market sentiment was defensive after the members of the U.S. rate-setting committee demanded the emergence of solid evidence of a decline in inflation amid policy uncertainties and cited the inflation outlook. 

The U.S. Federal Reserve paused its rate-cutting campaign in January after cutting rates three times in a row since September. 

China Indexes and Stocks

The Hang Seng index decreased 1.5% to 22,591.58, and the mainland-focused CSI 300 index fell 0.3% to 3,928.90. 

Bilibili Inc. decreased 5.2% to HK $154.90, and the technology company is scheduled to release earnings later today. 

Alibaba Group Holding fell 2.6% to HK $120.90, and the e-commerce company is expected to deliver a strong increase in revenue and earnings, driven in part by the surge in cloud services. 

Meituan decreased 6.6% to HK $156.60, Tencent Holdings dropped 2.5% to HK $485.20, and Baidu Inc fell 3.3% to HK $85.50.

U.S. and Global Markets React to Corporate Results Amid Rate Path Uncertainties

Stock market indexes on Wall Street stayed below the flatline after Walmart's guidance and rate path uncertainties compounded market anxieties. 

The S&P 500 index declined 0.6%, and the Nasdaq Composite dropped 0.8%, and the latest meeting of minutes showed members of the rate-setting committee agreed that inflation needs to weaken further before they can trim rates again. 

The Federal Open Market Committee's stance was widely perceived as the Fed delaying the rate cut to the second half, and investors dialed down expectations of additional rate cuts to one from three. 

Market sentiment was further dented after Walmart lowered its revenue growth estimate in the current fiscal year, after same store sales slowed. 

Initial weekly jobless claims increased by 5,000 to 219,000 in the week ending on February 15, the Department of Labor reported Thursday. 

Continuing claims, which lag by one week, edged up 24,000 to 1.87 million, confirming that the labor market conditions remain strong.

U.S. Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.5% to 6,113.34, the Nasdaq Composite edged down 0.6% to 19,932.84, and the Russell 2000 index was down 0.8% to 2,276.24.

The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes decreased to 4.52%, and 30-year Treasury bonds declined to 4.74%.

WTI crude oil increased $0.46 to $72.59 a barrel, and natural gas prices edged lower by $0.27 to $4.12 a thermal unit.

Gold increased by $1.87 to $2,937.55 an ounce, and silver edged up by $0.38 to $33.09.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.19 to 106.98 and traded at a two-year high.

Stock Movers 

Walmart Inc. dropped 6% to $97.62 after the retailer's weak guidance for the current fiscal year overshadowed strong results in the latest quarter. 

The company guided fiscal 2026 revenue growth to slow to between 3% and 4%. 

Klaviyo Inc. declined 8.5% to $43.06 after the CRM software developer reported better-than-expected fourth quarter results, but the company's current quarter outlook fell short of expectations. 

IMAX Corp. declined 3% to $26.41 after the advanced movie theater technology company's earnings failed to meet market expectations. 

Alibaba Group Holding jumped 11% to $140.57 after the Chinese e-commerce giant reported a rise in revenue and earnings in the fourth quarter, driven by a 13% increase in revenue in the third quarter. 

Shake Shack soared 11.5% to $124.35 after the fast food company's fourth quarter results met preliminary results announced in mid-January. 

The company guided revenue in the current quarter to range between $326.5 million and $330.9 million, and the company's guidance came ahead of market expectations despite the ongoing challenges linked to wildfires in Los Angeles. 

Builders FirstSource, Inc. gained 1.6% to $147.06 after the company's earnings were ahead of analysts' expectations, but revenue fell short. 

European Markets Attempt to Rebound, Danish Economic Growth Accelerated

European stock market indexes attempted to rebound after falling sharply in the previous session amid growing worries about profitability for the automobile industry and global trade uncertainties. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher in choppy trading as investors reviewed the latest batch of earnings. 

Mercedes Benz Group, Renault, Airbus SE, Accor, Indivior, Aegon, Anglo American, and Schneider Electric were in focus after they reported financial results. 

Investors have retained optimism and bid up stocks in 2025 despite the growing uncertainty related to U.S. economic growth and economic policy and mediocre U.S. presidential administration. 

European companies are looking for ways to tap markets in Brazil, India, China, and the ASEAN region amid rising trade barriers and policy uncertainties in the U.S. 

Closer to home and on the economic front, Germany's producer price inflation slowed to an annual pace of 0.5% in January from 0.8% in the previous month, according to an update from Destatis on Thursday. 

Denmark's economy advanced 1.6% in the fourth quarter, higher than the upwardly revised 1.3% growth in the previous quarter. 

On an annual basis, the Danish economy in the fourth quarter expanded a solid 4.1% following an upwardly revised 3.8% in the previous quarter, Statistics Denmark reported Thursday.

For the full-year 2024, economy expanded at an annual pace of 1.85%, matching the 1.9% increase in 2023. 

Europe Indexes and Yields

The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46. 

The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.

The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.18 Swiss cents.

Brent crude increased $0.13 to $76.22 a barrel, and the Dutch TTF natural gas was higher by €0.49 to €47.55 per MWh.

Europe Stock Movers

Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027, and the company's results fell short of market expectations.  

Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.

Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings in its car division and announced a new plan to cut costs. 

Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025, and the company reported record annual sales and earnings.  

Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.

Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income. 

Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results. 

Japan's Indexes Extended Losses Second Consecutive Session

Stock market indexes in Tokyo closed down on Thursday, extending losses in the previous session amid worries of additional U.S. tariffs on Japanese exports. 

The Nikkei 225 stock average decreased 1.2%, and the broader TOPIX fell 1.3% amid new tariff headwinds.

Stock market indexes headed lower for the second consecutive day after the U.S. president proposed to impose additional tariffs on key Japanese industries and pillars of exports—automobiles, pharmaceuticals, and semiconductor products. 

Market sentiment was defensive ahead of the release of inflation data on Friday, and investors are estimating that consumer price inflation has accelerated in January, setting the stage for another rate increase in March. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 1.2% to 38,678.04, and the broader TOPIX dropped 1.3% to 2,734.60. 

Shiseido decreased 0.1% to ¥2,667.0 and trimmed the previous session's surge of 12% after the London, UK-based Independent Franchise Partners acquired a 5.2% stake in the company. 

Hino Motors decreased 5.7% to ¥482.0, 

Yokohama Rubber fell 6.6% to ¥3,352.0, despite the company reporting record results and lifting its 2025 sales outlook. 

Yokohama estimated 2025 global sales to increase 11% to $7.74 billion. and 2.7% rise in business profit of $876.2 million.

Revenue increased to ¥1.09 trillion from ¥985.33 billion, profit surged to ¥74.92 billion from ¥67.23 billion, and earnings per share climbed to ¥466.57 from ¥418.31 a year ago.

For fiscal 2025, the company estimated revenue growth of 11.4% to ¥1.22 trillion, and an 8.8% profit increase to ¥81.5 billion.

The company’s dividend for year 2024 includes the previously distributed interim dividend of ¥46 per share and a proposed year-end dividend of ¥52 per share, payable from March 31.

If approved, the annual dividend for fiscal 2024 will be ¥98 per share.

For fiscal 2025, the company plans to pay an annual dividend of ¥102 per share, comprising an interim dividend of ¥48 per share and a year-end dividend of ¥54 per share, and representing the fifth consecutive increase in the annual dividend.

China Tech Stocks Deepen Losses, PBOC Holds LPR In February 

Stock market indexes in China and Hong Kong dropped for the second consecutive session amid worries about stretched valuations and ongoing trade tensions with the U.S. 

The Hang Seng index declined 1.5% and the mainland-focused CSI 300 index dropped 0.3%, as investors pulled back after a rally in tech stocks over the last  five week.

The Hang Seng Tech Index jumped to a five-month high and rebounded from the low in late January after the success of the affordable artificial intelligence chatbot Deep Seek raised hopes that more companies would be able to implement advanced technology. 

The success of the Deep Seek reversed the outflow of foreign funds, as investors speculated about the possible rise in earnings growth for leading tech companies. 

However, the market rally came to a halt this week as investors began questioning stretched valuations of tech companies amid a lack of solid evidence of earnings growth.

The People's Bank of China held its loan prime rates for the fourth month in a row in February.

The one-year loan prime rate was held at 3.1%, while the five-year rate was unrevised at 3.6%, the reference rate for mortgage lending. 

Both reference rates for consumer and housing loans are now at record lows, since these rates were dropped in October and July last year.

Moreover, market sentiment was defensive after the members of the U.S. rate-setting committee demanded the emergence of solid evidence of a decline in inflation amid policy uncertainties and cited the inflation outlook. 

The U.S. Federal Reserve paused its rate-cutting campaign in January after cutting rates three times in a row since September. 

China Indexes and Stocks

The Hang Seng index decreased 1.5% to 22,591.58, and the mainland-focused CSI 300 index fell 0.3% to 3,928.90. 

Bilibili Inc. decreased 5.2% to HK $154.90, and the technology company is scheduled to release earnings later today. 

Alibaba Group Holding fell 2.6% to HK $120.90, and the e-commerce company is expected to deliver a strong increase in revenue and earnings, driven in part by the surge in cloud services. 

Meituan decreased 6.6% to HK $156.60, Tencent Holdings dropped 2.5% to HK $485.20, and Baidu Inc fell 3.3% to HK $85.50.

U.S. Movers: Alibaba Group, Carvana, Garmin, Walmart, Wix.com Ltd.

Carvana Co. plunged 9.9% to $253.77 after the online used car retailer reported fourth quarter 2024 earnings results.

The company sold 114,379 retail units in the quarter, up 50% from a year ago.

Revenue increased to $3.5 billion from $2.4 billion, net income swung to a profit of $159 million from a loss of $200 million, and diluted earnings per share was 56 cents compared to a loss of $1.0 a year ago.

Garmin Ltd. gained 0.3% to $242.0 after the GPS-enabled products maker reported a 23% sales growth in the fourth quarter ended in December.

Net sales increased to $1.82 billion from $1.48 billion, net income declined to $435.73 million from $542.12 million, and earnings per diluted share fell to $2.25 from $2.82 a year ago.

The company proposed a cash dividend of $3.60 per share, payable in four equal installments: on June 27, 2025; September 26, 2025; December 26, 2025; and March 27, 2026.

The registration dates are June 16, 2025; September 12, 2025; December 12, 2025; and March 13, 2026.

For fiscal 2025, Garmin estimated revenue of $6.80 billion, an increase of 8% from $6.30 billion in 2024, and pro forma earnings per share of $7.80, compared to $7.39 per share in 2024.

Wix.com Ltd. eased 0.7% to $215.40 after the Israel-based software company reported a 14% revenue increase in the fourth quarter ended in December.

Revenue increased to $460.45 million from $403.77 million, net income surged to $48.02 million from $2.95 million, and earnings per diluted share climbed to 80 cents from 5 cents a year ago.

Total bookings amounted to $464.59 million, up from $395.00 million a year ago.

For the first quarter of 2025, the company estimated constant currency revenue growth between 13% and 14% to between $469 million and $473 million, compared to $419.8 million in the same quarter in 2024.

For the full year 2025, the company guided constant currency revenue growth between 14% and 16% to between $1.97 billion and $2.00 billion, compared to $1.76 billion in 2024.

Total bookings for 2025 are estimated to increase between 13% and 15% to between $2.02 billion and $2.06 billion, in constant currency, compared to $1.83 billion in 2024.

Alibaba Group Holding Ltd. surged 6.6% to $134.05 after the Chinese e-commerce company reported an 8% revenue growth for the fiscal third quarter ended in December.

Revenue increased to 280.15 billion yuan from 260.35 billion yuan, net income jumped to 48.94 billion yuan from 14.43 billion yuan, and earnings per diluted share rose to 2.55 yuan from 71 cents a year ago.

The company repurchased 119 million ordinary shares, equivalent to 15 million ADSs, for a total of $1.3 billion during the quarter.

Alibaba’s cloud intelligence segment marked a 13% growth to 31.74 billion yuan from 28.07 billion yuan a year ago.

The company announced its partnership with Apple Inc. to roll out artificial intelligence features for iPhones sold in the Chinese language.

Walmart Inc. dropped 8.7% to $94.94 despite the chain of grocery store operators reporting a revenue growth for the fourth quarter of 2025, supported by a 16% e-commerce expansion globally.

Revenue increased 4.1% to $180.55 billion from $173.39 billion, net income fell 4.4% to $5.25 billion from $5.49 billion, and diluted earnings per share dropped to 65 cents from 68 cents a year ago.

Comparable U.S. store sales, excluding fuel, increased 4.6%, driven by a 2.8% increase in transactions and a 1.2% increase in average ticket size. 

During the quarter, Walmart repurchased 15.9 million shares at an average price of $91.09 per share, worth $1.4 billion, and the remaining share repurchase authorization is $12.0 billion.

In addition, the company announced a 13% increase in its annual dividend for fiscal year 2026 to 94 cents per share.

For the first quarter of fiscal 2026, Walmart estimated a net sales increase between 3% and 4%, adjusted operating income up between 0.5% and 2%, and earnings per share between 57 cents and 58 cents, including a 2-cent impact from currency conversion.

In the first quarter of fiscal 2025, net sales were $159.9 billion, adjusted operating income was $7.1 billion, and adjusted earnings per share were 60 cents.

The guidance is provided on a non-GAAP basis.

U.S. Movers: Alibaba Group, Carvana, Garmin, Walmart, Wix.com Ltd.

Carvana Co. plunged 9.9% to $253.77 after the online used car retailer reported fourth quarter 2024 earnings results.

The company sold 114,379 retail units in the quarter, up 50% from a year ago.

Revenue increased to $3.5 billion from $2.4 billion, net income swung to a profit of $159 million from a loss of $200 million, and diluted earnings per share was 56 cents compared to a loss of $1.0 a year ago.

Garmin Ltd. gained 0.3% to $242.0 after the GPS-enabled products maker reported a 23% sales growth in the fourth quarter ended in December.

Net sales increased to $1.82 billion from $1.48 billion, net income declined to $435.73 million from $542.12 million, and earnings per diluted share fell to $2.25 from $2.82 a year ago.

The company proposed a cash dividend of $3.60 per share, payable in four equal installments: on June 27, 2025; September 26, 2025; December 26, 2025; and March 27, 2026.

The registration dates are June 16, 2025; September 12, 2025; December 12, 2025; and March 13, 2026.

For fiscal 2025, Garmin estimated revenue of $6.80 billion, an increase of 8% from $6.30 billion in 2024, and pro forma earnings per share of $7.80, compared to $7.39 per share in 2024.

Wix.com Ltd. eased 0.7% to $215.40 after the Israel-based software company reported a 14% revenue increase in the fourth quarter ended in December.

Revenue increased to $460.45 million from $403.77 million, net income surged to $48.02 million from $2.95 million, and earnings per diluted share climbed to 80 cents from 5 cents a year ago.

Total bookings amounted to $464.59 million, up from $395.00 million a year ago.

For the first quarter of 2025, the company estimated constant currency revenue growth between 13% and 14% to between $469 million and $473 million, compared to $419.8 million in the same quarter in 2024.

For the full year 2025, the company guided constant currency revenue growth between 14% and 16% to between $1.97 billion and $2.00 billion, compared to $1.76 billion in 2024.

Total bookings for 2025 are estimated to increase between 13% and 15% to between $2.02 billion and $2.06 billion, in constant currency, compared to $1.83 billion in 2024.

Alibaba Group Holding Ltd. surged 6.6% to $134.05 after the Chinese e-commerce company reported an 8% revenue growth for the fiscal third quarter ended in December.

Revenue increased to 280.15 billion yuan from 260.35 billion yuan, net income jumped to 48.94 billion yuan from 14.43 billion yuan, and earnings per diluted share rose to 2.55 yuan from 71 cents a year ago.

The company repurchased 119 million ordinary shares, equivalent to 15 million ADSs, for a total of $1.3 billion during the quarter.

Alibaba’s cloud intelligence segment marked a 13% growth to 31.74 billion yuan from 28.07 billion yuan a year ago.

The company announced its partnership with Apple Inc. to roll out artificial intelligence features for iPhones sold in the Chinese language.

Walmart Inc. dropped 8.7% to $94.94 despite the chain of grocery store operators reporting a revenue growth for the fourth quarter of 2025, supported by a 16% e-commerce expansion globally.

Revenue increased 4.1% to $180.55 billion from $173.39 billion, net income fell 4.4% to $5.25 billion from $5.49 billion, and diluted earnings per share dropped to 65 cents from 68 cents a year ago.

Comparable U.S. store sales, excluding fuel, increased 4.6%, driven by a 2.8% increase in transactions and a 1.2% increase in average ticket size. 

During the quarter, Walmart repurchased 15.9 million shares at an average price of $91.09 per share, worth $1.4 billion, and the remaining share repurchase authorization is $12.0 billion.

In addition, the company announced a 13% increase in its annual dividend for fiscal year 2026 to 94 cents per share.

For the first quarter of fiscal 2026, Walmart estimated a net sales increase between 3% and 4%, adjusted operating income up between 0.5% and 2%, and earnings per share between 57 cents and 58 cents, including a 2-cent impact from currency conversion.

In the first quarter of fiscal 2025, net sales were $159.9 billion, adjusted operating income was $7.1 billion, and adjusted earnings per share were 60 cents.

The guidance is provided on a non-GAAP basis.

Trump's Tariffs May Drive Fed to Pause Rates Longer Amid Higher Inflation Worries

Wall Street indexes came under pressure after policymakers showed no urgency in cutting rates in the near future. 

The S&P 500 index declined 0.6%, and the Nasdaq Composite dropped 0.9%, and the latest meeting of minutes showed members of the rate-setting committee agreed that inflation needs to weaken further before they can trim rates again. 

The Federal Open Market Committee's stance was widely perceived as the Fed delaying the rate cut to the second half, and investors dialed down expectations of additional rate cuts to one from three. 

Initial weekly jobless claims increased by 5,000 to 219,000 in the week ending on February 15, the Department of Labor reported Thursday. 

Continuing claims, which lag by one week, edged up 24,000 to 1.87 million, confirming that the labor market conditions remain strong.

U.S. Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.6% to 6,107.44, the Nasdaq Composite edged down 0.8% to 19,895.64, and the Russell 2000 index was down 0.3% to 2,276.24.

The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes decreased to 4.52%, and 30-year Treasury bonds declined to 4.74%.

WTI crude oil increased $0.46 to $72.59 a barrel, and natural gas prices edged lower by $0.27 to $4.12 a thermal unit.

Gold increased by $1.87 to $2,937.55 an ounce, and silver edged up by $0.38 to $33.09.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.19 to 106.98 and traded at a two-year high.

Stock Movers 

Walmart Inc. dropped 6% to $97.62 after the retailer's weak guidance for the current fiscal year overshadowed strong results in the latest quarter. 

The company guided fiscal 2026 revenue growth to slow to between 3% and 4%. 

Klaviyo Inc. declined 8.5% to $43.06 after the CRM software developer reported better-than-expected fourth quarter results, but the company's current quarter outlook fell short of expectations. 

IMAX Corp. declined 3% to $26.41 after the advanced movie theater technology company's earnings failed to meet market expectations. 

Alibaba Group Holding jumped 11% to $140.57 after the Chinese e-commerce giant reported a rise in revenue and earnings in the fourth quarter, driven by a 13% increase in revenue in the third quarter. 

Shake Shack soared 11.5% to $124.35 after the fast food company's fourth quarter results met preliminary results announced in mid-January. 

The company guided revenue in the current quarter to range between $326.5 million and $330.9 million, and the company's guidance came ahead of market expectations despite the ongoing challenges linked to wildfires in Los Angeles. 

Builders FirstSource, Inc. gained 1.6% to $147.06 after the company's earnings were ahead of analysts' expectations, but revenue fell short. 

Trump's Tariffs May Drive Fed to Pause Rates Longer Amid Higher Inflation Worries

Wall Street indexes came under pressure after policymakers showed no urgency in cutting rates in the near future. 

The S&P 500 index declined 0.6%, and the Nasdaq Composite dropped 0.9%, and the latest meeting of minutes showed members of the rate-setting committee agreed that inflation needs to weaken further before they can trim rates again. 

The Federal Open Market Committee's stance was widely perceived as the Fed delaying the rate cut to the second half, and investors dialed down expectations of additional rate cuts to one from three. 

Initial weekly jobless claims increased by 5,000 to 219,000 in the week ending on February 15, the Department of Labor reported Thursday. 

Continuing claims, which lag by one week, edged up 24,000 to 1.87 million, confirming that the labor market conditions remain strong.

U.S. Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.6% to 6,107.44, the Nasdaq Composite edged down 0.8% to 19,895.64, and the Russell 2000 index was down 0.3% to 2,276.24.

The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes decreased to 4.52%, and 30-year Treasury bonds declined to 4.74%.

WTI crude oil increased $0.46 to $72.59 a barrel, and natural gas prices edged lower by $0.27 to $4.12 a thermal unit.

Gold increased by $1.87 to $2,937.55 an ounce, and silver edged up by $0.38 to $33.09.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.19 to 106.98 and traded at a two-year high.

Stock Movers 

Walmart Inc. dropped 6% to $97.62 after the retailer's weak guidance for the current fiscal year overshadowed strong results in the latest quarter. 

The company guided fiscal 2026 revenue growth to slow to between 3% and 4%. 

Klaviyo Inc. declined 8.5% to $43.06 after the CRM software developer reported better-than-expected fourth quarter results, but the company's current quarter outlook fell short of expectations. 

IMAX Corp. declined 3% to $26.41 after the advanced movie theater technology company's earnings failed to meet market expectations. 

Alibaba Group Holding jumped 11% to $140.57 after the Chinese e-commerce giant reported a rise in revenue and earnings in the fourth quarter, driven by a 13% increase in revenue in the third quarter. 

Shake Shack soared 11.5% to $124.35 after the fast food company's fourth quarter results met preliminary results announced in mid-January. 

The company guided revenue in the current quarter to range between $326.5 million and $330.9 million, and the company's guidance came ahead of market expectations despite the ongoing challenges linked to wildfires in Los Angeles. 

Builders FirstSource, Inc. gained 1.6% to $147.06 after the company's earnings were ahead of analysts' expectations, but revenue fell short. 

Europe Movers: Accor, Airbus, Aegon, Anglo American, Mercedes-Benz Group, Schneider Electric

European markets attempted to rebound from sharp losses in the previous session amid another batch of mixed earnings. 

Denmark's economy in the fourth quarter expanded at a faster pace than in the previous quarter. 

The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46. 

The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.

Stock Movers

Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027. 

Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.

Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings in the car division and announced a new plan to cut costs. 

Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025.

Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.

Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income. 

Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results. 

Recent Earnings Movers 

Philips NV dropped 11.1% to €24.08 after the electronic devices manufacturer reported a comparable sales growth of only 1%, citing a double-digit decline in China.

Sales in the fourth quarter declined to €5.04 billion from €5.06 billion, net income swung to a loss of €334 million compared to a profit of €39 million, and loss per diluted share was 36 cents compared to a positive 4 cents a year ago.

For fiscal 2025, the company estimated 1% to 3% comparable sales growth, including a mid- to high-single-digit decline in China, and an adjusted EBITA margin increasing 30-80 bps to 11.8% to 12.3%.

Philips will propose a dividend of 85 cents per share, in shares or cash, for up to €786 million, and shares will be traded ex-dividend at the Euronext Amsterdam as of May 12 and at the NYSE as of May 13. 

Carrefour SA dropped 0.6% to €13.71 after the French retail and wholesale company said same-store sales increased 9.9% during fiscal 2024.

Revenue increased to €87.27 billion from €84.91 billion, net income dropped to €723 million from €1.66 billion, and adjusted earnings per share fell to €1.61 from €1.71 a year ago.

In the fourth quarter, same-store sales climbed 7.1% supported by growth in France, Europe, and Latin America.

For fiscal 2025, the company will implement a new €1.2 billion cost savings plan, as it remains committed to accelerating e-commerce operations.

Carrefour also plans to expand private label products, targeting 40% of food sales, and expand its cash and carry operations in Latin America, while further developing convenience store formats in Europe.

The food chain operator proposed a dividend of 92 cents per share, up 6% from its previously paid dividend, and a special dividend of 23 cents per share, worth €150 million.

MTU Aero Engines AG plunged 5% to €328.90 despite the German aircraft engine manufacturer reporting revenue growth in the fourth quarter ending in December.

Revenue increased to €2.12 billion from €1.71 billion, net income dropped to €143 million from €215 million, and adjusted earnings per share rose to €4.05 from €2.80 a year ago.

For fiscal 2025, the company estimated revenue between €8.7 billion and €8.9 billion, compared to €7.41 billion in 2024.

MTU plans to distribute a dividend of €2.20.

HochTief AG dropped 2.6% to €150.50 despite the global provider of infrastructure technology and construction services reporting revenue growth in fiscal 2024.

Sales increased to €33.30 billion from €27.76 billion, profit before tax declined to €715.0 million from €1.0 billion, and earnings per diluted share dropped to €6.95 from €10.31 a year ago.

For fiscal 2025, the company estimated an operational net profit between €680 million and €730 million, compared to €625 million in 2024.

HochTief proposed a dividend of €5.23 per share for €393 million, compared to €4.40 per share in 2023, and representing a payout ratio of 65% of operational net profit.

BAE Systems Plc. eased 0.3% to 1,333 pence after the London-based aerospace, defense, and information security company reported earnings growth in fiscal 2024.

Revenue increased to £26.31 billion from £23.08 billion, profit jumped to £1.96 billion from £1.86 billion, and earnings per diluted share rose to 67.6 pence from 62.4 pence a year ago.

The company paid a dividend of 18.5 pence per share and an interim dividend of 12.4 pence per share, compared to 16.6 pence per share and 11.5 pence a share in 2023, respectively.

Total dividends paid in the year amounted to £973 million, compared to £857 million in 2023.

For fiscal 2025, the company estimated sales growth between 7% and 9% and underlying operating profits between 8% and 10%.

BAE Systems upped its annual dividend by 10% to 33.0 pence per share from 30.0 pence per share, and lifted its final dividend by 11% to 20.6 pence from 18.5 pence.

The dividend will be paid on June 2 to shareholders registered on April 22, and the provisional ex-dividend date is April 17.

Mercedes Benz Group AG plunged 2.9% to €59.41 after the German luxury vehicle manufacturer reported lower earnings for the fourth quarter ending in December.

Revenue declined to €38.45 billion from €39.98 billion, net profit dropped to €2.48 billion from €3.12 billion, and earnings per diluted share fell to €2.57 from €2.99 a year ago.

The company sold 520,140 units in the quarter, supported by higher sales of plug-in hybrid vehicles, compared to 514,258 units during the same period in 2023.

Sales of vans fell 15% to 105,687 units from 124,317 units a year ago.

At the annual general meeting on May 7, the company plans to propose a dividend of €4.30 per share, lower than €5.30 in the prior year.

In addition, Mercedes-Benz plans to buy back its own shares worth up to €5 billion, or 10% of the share capital, over a period of up to 24 months.

The company plans to cut production costs by 10% through 2027.

Europe Movers: Accor, Airbus, Aegon, Anglo American, Mercedes-Benz Group, Schneider Electric

European markets attempted to rebound from sharp losses in the previous session amid another batch of mixed earnings. 

Denmark's economy in the fourth quarter expanded at a faster pace than in the previous quarter. 

The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46. 

The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.

Stock Movers

Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027. 

Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.

Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings and announced a new plan to cut costs. 

Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025.

Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.

Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income. 

Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results. 

Recent Earnings Movers 

Philips NV dropped 11.1% to €24.08 after the electronic devices manufacturer reported a comparable sales growth of only 1%, citing a double-digit decline in China.

Sales in the fourth quarter declined to €5.04 billion from €5.06 billion, net income swung to a loss of €334 million compared to a profit of €39 million, and loss per diluted share was 36 cents compared to a positive 4 cents a year ago.

For fiscal 2025, the company estimated 1% to 3% comparable sales growth, including a mid- to high-single-digit decline in China, and an adjusted EBITA margin increasing 30-80 bps to 11.8% to 12.3%.

Philips will propose a dividend of 85 cents per share, in shares or cash, for up to €786 million, and shares will be traded ex-dividend at the Euronext Amsterdam as of May 12 and at the NYSE as of May 13. 

Carrefour SA dropped 0.6% to €13.71 after the French retail and wholesale company said same-store sales increased 9.9% during fiscal 2024.

Revenue increased to €87.27 billion from €84.91 billion, net income dropped to €723 million from €1.66 billion, and adjusted earnings per share fell to €1.61 from €1.71 a year ago.

In the fourth quarter, same-store sales climbed 7.1% supported by growth in France, Europe, and Latin America.

For fiscal 2025, the company will implement a new €1.2 billion cost savings plan, as it remains committed to accelerating e-commerce operations.

Carrefour also plans to expand private label products, targeting 40% of food sales, and expand its cash and carry operations in Latin America, while further developing convenience store formats in Europe.

The food chain operator proposed a dividend of 92 cents per share, up 6% from its previously paid dividend, and a special dividend of 23 cents per share, worth €150 million.

MTU Aero Engines AG plunged 5% to €328.90 despite the German aircraft engine manufacturer reporting revenue growth in the fourth quarter ending in December.

Revenue increased to €2.12 billion from €1.71 billion, net income dropped to €143 million from €215 million, and adjusted earnings per share rose to €4.05 from €2.80 a year ago.

For fiscal 2025, the company estimated revenue between €8.7 billion and €8.9 billion, compared to €7.41 billion in 2024.

MTU plans to distribute a dividend of €2.20.

HochTief AG dropped 2.6% to €150.50 despite the global provider of infrastructure technology and construction services reporting revenue growth in fiscal 2024.

Sales increased to €33.30 billion from €27.76 billion, profit before tax declined to €715.0 million from €1.0 billion, and earnings per diluted share dropped to €6.95 from €10.31 a year ago.

For fiscal 2025, the company estimated an operational net profit between €680 million and €730 million, compared to €625 million in 2024.

HochTief proposed a dividend of €5.23 per share for €393 million, compared to €4.40 per share in 2023, and representing a payout ratio of 65% of operational net profit.

BAE Systems Plc. eased 0.3% to 1,333 pence after the London-based aerospace, defense, and information security company reported earnings growth in fiscal 2024.

Revenue increased to £26.31 billion from £23.08 billion, profit jumped to £1.96 billion from £1.86 billion, and earnings per diluted share rose to 67.6 pence from 62.4 pence a year ago.

The company paid a dividend of 18.5 pence per share and an interim dividend of 12.4 pence per share, compared to 16.6 pence per share and 11.5 pence a share in 2023, respectively.

Total dividends paid in the year amounted to £973 million, compared to £857 million in 2023.

For fiscal 2025, the company estimated sales growth between 7% and 9% and underlying operating profits between 8% and 10%.

BAE Systems upped its annual dividend by 10% to 33.0 pence per share from 30.0 pence per share, and lifted its final dividend by 11% to 20.6 pence from 18.5 pence.

The dividend will be paid on June 2 to shareholders registered on April 22, and the provisional ex-dividend date is April 17.

Mercedes Benz Group AG plunged 2.9% to €59.41 after the German luxury vehicle manufacturer reported lower earnings for the fourth quarter ending in December.

Revenue declined to €38.45 billion from €39.98 billion, net profit dropped to €2.48 billion from €3.12 billion, and earnings per diluted share fell to €2.57 from €2.99 a year ago.

The company sold 520,140 units in the quarter, supported by higher sales of plug-in hybrid vehicles, compared to 514,258 units during the same period in 2023.

Sales of vans fell 15% to 105,687 units from 124,317 units a year ago.

At the annual general meeting on May 7, the company plans to propose a dividend of €4.30 per share, lower than €5.30 in the prior year.

In addition, Mercedes-Benz plans to buy back its own shares worth up to €5 billion, or 10% of the share capital, over a period of up to 24 months.

The company plans to cut production costs by 10% through 2027.

European Markets Attempt to Rebound, Danish Economic Growth Accelerated in Fourth Quarter

European stock market indexes attempted to rebound after falling sharply in the previous session amid growing worries about profitability for the automobile industry and global trade uncertainties. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher in choppy trading as investors reviewed the latest batch of earnings. 

Mercedes Benz Group, Renault, Airbus SE, Accor, Indivior, Aegon, Anglo American, and Schneider Electric were in focus after they reported financial results. 

Investors have retained optimism and bid up stocks in 2025 despite the growing uncertainty related to U.S. economic growth and economic policy and mediocre U.S. presidential administration. 

European companies are looking for ways to tap markets in Brazil, India, China, and the ASEAN region amid rising trade barriers and policy uncertainties in the U.S. 

Closer to home and on the economic front, Germany's producer price inflation slowed to an annual pace of 0.5% in January from 0.8% in the previous month, according to an update from Destatis on Thursday. 

Denmark's economy advanced 1.6% in the fourth quarter, higher than the upwardly revised 1.3% growth in the previous quarter. 

On an annual basis, the Danish economy in the fourth quarter expanded a solid 4.1% following an upwardly revised 3.8% in the previous quarter, Statistics Denmark reported Thursday.

For the full-year 2024, economy expanded at an annual pace of 1.85%, matching the 1.9% increase in 2023. 

Europe Indexes and Yields

The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46. 

The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.

The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.18 Swiss cents.

Brent crude increased $0.13 to $76.22 a barrel, and the Dutch TTF natural gas was higher by €0.49 to €47.55 per MWh.

Europe Stock Movers

Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027, and the company's results fell short of market expectations.  

Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.

Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings in its car division and announced a new plan to cut costs. 

Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025, and the company reported record annual sales and earnings.  

Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.

Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income. 

Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results. 

European Markets Attempt to Rebound, Danish Economic Growth Accelerated in Four

European stock market indexes attempted to rebound after falling sharply in the previous session amid growing worries about profitability for the automobile industry and global trade uncertainties. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher in choppy trading as investors reviewed the latest batch of earnings. 

Mercedes Benz Group, Renault, Airbus SE, Accor, Indivior, Aegon, Anglo American, and Schneider Electric were in focus after they reported financial results. 

Investors have retained optimism and bid up stocks in 2025 despite the growing uncertainty related to U.S. economic growth and economic policy and mediocre U.S. presidential administration. 

European companies are looking for ways to tap markets in Brazil, India, China, and the ASEAN region amid rising trade barriers and policy uncertainties in the U.S. 

Closer to home and on the economic front, Germany's producer price inflation slowed to an annual pace of 0.5% in January from 0.8% in the previous month, according to an update from Destatis on Thursday. 

Denmark's economy advanced 1.6% in the fourth quarter, higher than the upwardly revised 1.3% growth in the previous quarter. 

On an annual basis, the Danish economy in the fourth quarter expanded a solid 4.1% following an upwardly revised 3.8% in the previous quarter, Statistics Denmark reported Thursday.

For the full-year 2024, economy expanded at an annual pace of 1.85%, matching the 1.9% increase in 2023. 

Europe Indexes and Yields

The DAX index increased by 0.5% to 22,543.39, the CAC-40 index edged higher 0.6% to 8,158.04, and the FTSE 100 index declined by 0.2% to 8,697.46. 

The yield on 10-year German bonds inched higher to 2.55%, French bonds increased to 3.24%, the UK gilts moved up to 4.63%, and Italian bonds edged lower to 3.63%.

The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.18 Swiss cents.

Brent crude increased $0.13 to $76.22 a barrel, and the Dutch TTF natural gas was higher by €0.49 to €47.55 per MWh.

Europe Stock Movers

Airbus SE decreased 1.1% to €167.08 after the aviation company delayed the release of the A350 air freight model to 2027. 

Renault SA decreased 2.9% to €49.71, and the French passenger car maker reported a 3.6% increase in operating profit in 2024.

Mercedes-Benz Group dropped 1.8% to €60.06 after the German luxury automaker reported a 41% decline in annual earnings and announced a new plan to cut costs. 

Schneider Electric SE advanced 5.6% to €260.40, and the French electric equipment maker forecast a larger-than-expected increase in margin in 2025.

Accor SA fell 2.2% to €47.39 after the French hotel group said net income in 2024 declined to €610 million from €633 million a year ago.

Anglo American plc surged 4.4% to 2,474.0 pence despite the UK-based mining company taking a write-down for its struggling De Beers unit and posting a decline in net income. 

Aegon Ltd. decreased 8.5% to €5.93 after the Dutch insurance company reported weaker-than-expected full-year results. 

Japan's Nikkei Extended Losses Second Consecutive Session, Shiseido and Yokohama In Focus

Stock market indexes in Tokyo closed down on Thursday, extending losses in the previous session amid worries of additional U.S. tariffs on Japanese exports. 

The Nikkei 225 stock average decreased 1.2%, and the broader TOPIX fell 1.3% amid new tariff headwinds.

Stock market indexes headed lower for the second consecutive day after the U.S. president proposed to impose additional tariffs on key Japanese industries and pillars of exports—automobiles, pharmaceuticals, and semiconductor products. 

Market sentiment was defensive ahead of the release of inflation data on Friday, and investors are estimating that consumer price inflation has accelerated in January, setting the stage for another rate increase in March. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 1.2% to 38,678.04, and the broader TOPIX dropped 1.3% to 2,734.60. 

Shiseido decreased 0.1% to ¥2,667.0 and trimmed the previous session's surge of 12% after the London, UK-based Independent Franchise Partners acquired a 5.2% stake in the company. 

Hino Motors decreased 5.7% to ¥482.0, 

Yokohama Rubber fell 6.6% to ¥3,352.0, despite the company reporting record results and lifting its 2025 sales outlook. 

Yokohama estimated 2025 global sales to increase 11% to $7.74 billion. and 2.7% rise in business profit of $876.2 million.

Japan's Nikkei Extended Losses Second Consecutive Session, Shiseido and Yokohama In Focus

Stock market indexes in Tokyo closed down on Thursday, extending losses in the previous session amid worries of additional U.S. tariffs on Japanese exports. 

The Nikkei 225 stock average decreased 1.2%, and the broader TOPIX fell 1.3% amid new tariff headwinds.

Stock market indexes headed lower for the second consecutive day after the U.S. president proposed to impose additional tariffs on key Japanese industries and pillars of exports—automobiles, pharmaceuticals, and semiconductor products. 

Market sentiment was defensive ahead of the release of inflation data on Friday, and investors are estimating that consumer price inflation has accelerated in January, setting the stage for another rate increase in March. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 1.2% to 38,678.04, and the broader TOPIX dropped 1.3% to 2,734.60. 

Shiseido decreased 0.1% to ¥2,667.0 and trimmed the previous session's surge of 12% after the London, UK-based Independent Franchise Partners acquired a 5.2% stake in the company. 

Hino Motors decreased 5.7% to ¥482.0, 

Yokohama Rubber fell 6.6% to ¥3,352.0, despite the company reporting record results and lifting its 2025 sales outlook. 

Yokohama estimated 2025 global sales to increase 11% to $7.74 billion. and 2.7% rise in business profit of $876.2 million.

China Tech Stocks Deepen Losses, PBOC Holds LPR In February

Stock market indexes in China and Hong Kong dropped for the second consecutive session amid worries about stretched valuations and ongoing trade tensions with the U.S. 

The Hang Seng index declined 1.5% and the mainland-focused CSI 300 index dropped 0.3%, as investors pulled back after a rally in tech stocks over the last  five week.

The Hang Seng Tech Index jumped to a five-month high and rebounded from the low in late January after the success of the affordable artificial intelligence chatbot Deep Seek raised hopes that more companies would be able to implement advanced technology. 

The success of the Deep Seek reversed the outflow of foreign funds, as investors speculated about the possible rise in earnings growth for leading tech companies. 

However, the market rally came to a halt this week as investors began questioning stretched valuations of tech companies amid a lack of solid evidence of earnings growth.

The People's Bank of China held its loan prime rates for the fourth month in a row in February.

The one-year loan prime rate was held at 3.1%, while the five-year rate was unrevised at 3.6%, the reference rate for mortgage lending. 

Both reference rates for consumer and housing loans are now at record lows, since these rates were dropped in October and July last year.

Moreover, market sentiment was defensive after the members of the U.S. rate-setting committee demanded the emergence of solid evidence of a decline in inflation amid policy uncertainties and cited the inflation outlook. 

The U.S. Federal Reserve paused its rate-cutting campaign in January after cutting rates three times in a row since September. 

China Indexes and Stocks

The Hang Seng index decreased 1.5% to 22,591.58, and the mainland-focused CSI 300 index fell 0.3% to 3,928.90. 

Bilibili Inc. decreased 5.2% to HK $154.90, and the technology company is scheduled to release earnings later today. 

Alibaba Group Holding fell 2.6% to HK $120.90, and the e-commerce company is expected to deliver a strong increase in revenue and earnings, driven in part by the surge in cloud services. 

Meituan decreased 6.6% to HK $156.60, Tencent Holdings dropped 2.5% to HK $485.20, and Baidu Inc fell 3.3% to HK $85.50.

China Tech Stocks Deepen Losses, PBOC Holds LPR In February

Stock market indexes in China and Hong Kong dropped for the second consecutive session amid worries about stretched valuations and ongoing trade tensions with the U.S. 

The Hang Seng index declined 1.5% and the mainland-focused CSI 300 index dropped 0.3%, as investors pulled back after a rally in tech stocks over the last  five week.

The Hang Seng Tech Index jumped to a five-month high and rebounded from the low in late January after the success of the affordable artificial intelligence chatbot Deep Seek raised hopes that more companies would be able to implement advanced technology. 

The success of the Deep Seek reversed the outflow of foreign funds, as investors speculated about the possible rise in earnings growth for leading tech companies. 

However, the market rally came to a halt this week as investors began questioning stretched valuations of tech companies amid a lack of solid evidence of earnings growth.

The People's Bank of China held its loan prime rates for the fourth month in a row in February.

The one-year loan prime rate was held at 3.1%, while the five-year rate was unrevised at 3.6%, the reference rate for mortgage lending. 

Both reference rates for consumer and housing loans are now at record lows, since these rates were dropped in October and July last year.

Moreover, market sentiment was defensive after the members of the U.S. rate-setting committee demanded the emergence of solid evidence of a decline in inflation amid policy uncertainties and cited the inflation outlook. 

The U.S. Federal Reserve paused its rate-cutting campaign in January after cutting rates three times in a row since September. 

China Indexes and Stocks

The Hang Seng index decreased 1.5% to 22,591.58, and the mainland-focused CSI 300 index fell 0.3% to 3,928.90. 

Bilibili Inc. decreased 5.2% to HK $154.90, and the technology company is scheduled to release earnings later today. 

Alibaba Group Holding fell 2.6% to HK $120.90, and the e-commerce company is expected to deliver a strong increase in revenue and earnings, driven in part by the surge in cloud services. 

Meituan decreased 6.6% to HK $156.60, Tencent Holdings dropped 2.5% to HK $485.20, and Baidu Inc fell 3.3% to HK $85.50.

Movers: Avanti Feeds, Arihant Capital, Force Motors, Hariom Pipes, National Aluminium, National Fertilizers, Orient Paper

Benchmark indexes in Mumbai wavered around the flatline in a tight range as investors reviewed rising trade and geopolitical tensions. 

The Sensex index advanced by 0.3% to 75,654.42, and the Nifty index increased by 0.2% to 22,877.75.

On the Mumbai stock exchange, 22 stocks traded at their 52-week highs, and 104 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record low and traded at 86.80 against the U.S. dollar.

Orient Paper & Industries Ltd. rose 1.6% to ₹25.58 after the tissue paper maker reported a slight increase in revenue in the December quarter.

Consolidated revenue increased to ₹234.6. crore from ₹207.1 crore, net loss expanded to ₹10.5 crore from ₹3.2 crore, and diluted losses per share advanced to 49 paisa from 15 paisa a year ago.

National Fertilizers Limited increased 1.3% to ₹87.75 despite the fertilizer and other agricultural inputs maker reporting a 78% plunge from a year ago in quarterly profit.

Consolidated revenue in the December quarter decreased to ₹5,883.9 crore from ₹7,598.3 crore, net income dropped to ₹30.9 crore from ₹140 crore, and diluted earnings per share fell to 63 paise from ₹2.85 a year ago.

Avanti Feeds Ltd. jumped 3.4% to ₹710.85 after the seafood company reported a 69% jump in its earnings in the December quarter.

Consolidated revenue increased to ₹1,404.9 crore from ₹1,287 crore, after-tax profit rose to ₹140.8 crore from ₹83.3 crore, and diluted earnings per share jumped to ₹9.92 from ₹5.32 a year ago.

Arihant Capital Markets Limited advanced 0.7% to ₹74.57 despite the financial services provider reporting a 19% drop in revenue and a 37% decline in profit in the December quarter.

Consolidated revenue declined to ₹52 crore from ₹72.7 crore, net income fell to ₹12.3 crore from ₹19.6 crore, and diluted earnings per share decreased to ₹1.12 from ₹1.88 a year ago.

T.T. Limited dropped 1.5% to ₹12.80 after the textile company's net income swung to a profit in the December quarter.

Consolidated revenue increased to ₹56.8 crore from ₹52.4 crore, net income swung to a profit of ₹1 crore from a loss of ₹2.2 crore, and diluted earnings per share rose to an income of 47 paisa from a loss of ₹1.01 a year ago.

Hariom Pipe Industries Limited inched up 2.6% to ₹378.90 after the steel pipes and other products maker reported a 14% increase in net income in the December quarter.

Consolidated revenue advanced to ₹300.4 crore from ₹282 crore, net income increased to ₹11.2 crore from ₹9.8 crore, and diluted earnings per share rose to ₹3.63 from ₹3.17 a year ago.

Force Motors Limited edged up 0.5% to ₹6726.30, and the automotive maker reported a 14% jump in its earnings in the December quarter.

Consolidated revenue increased to ₹1,904.3 crore from ₹1,695.5 crore, after-tax profit rose to ₹110.1 crore from ₹94.7 crore, and diluted earnings per share jumped to ₹83.53 from ₹71.91 a year ago.

National Aluminium Co. Ltd. gained 2.3% to ₹191.50 after the aluminum maker reported a three-fold increase in earnings in the December quarter.

Consolidated revenue advanced to ₹4,761.3 crore from ₹3,397.9 crore, net income jumped to ₹1,582.9 crore from ₹488.5 crore, and diluted earnings per share rose to ₹8.62 from ₹2.66 a year ago.