- Bridgette Randall
- 03 Apr, 2025
- London
European markets extended weekly losses after investors digested the impact of the newly announced U.S. tariffs.
Benchmark indexes in Frankfurt, Paris, and London fell between 1% and 2% amid growing worries that the U.S. reciprocal tariffs are likely to ignite a wider trade war and contribute to the economic slowdown.
Investors are worried that the U.S. tariffs of 25% on European automobiles and 20% on goods made in the European Union are likely to slow down exports and negatively impact corporate earnings.
The U.S. president announced reciprocal tariffs of at least 10% on all imported goods and imposed larger tariffs on its key trading partners—China, Japan, South Korea, and India.
The so-called tariffs, otherwise known as import taxes, are generally paid by the importing company based in the U.S. and are passed on to the final customers.
On the economic front, producer price inflation in the eurozone in February increased at an annual pace of 3% in February and accelerated from the 1.7% in January, according to the statistical agency Eurostat.
The measure of wholesale inflation accelerated for the third consecutive month, largely because of a pickup in the annual pace of energy inflation to 7.4% from 3.4% in January.
Europe Indexes and Yields
The DAX index decreased by 2.1% to 21,911.47, the CAC-40 index edged lower 2.1% to 7,691.50, and the FTSE 100 index declined by 1.2% to 8,500.52.
The yield on 10-year German bonds inched lower to 2.65%, French bonds decreased to 3.37%, the UK gilts moved down to 4.57%, and Italian bonds edged lower to 3.77%.
The euro increased to $1.09; the British pound was higher at $1.31; and the U.S. dollar was lower and traded at 87.05 Swiss cents.
Brent crude decreased $2.57 to $72.38 a barrel, and the Dutch TTF natural gas was lower by €0.69 to €40.31 per MWh.
Europe Stock Movers
Luxury stocks plunged after the U.S. unveiled reciprocal tariffs on imports.
LVMH declined 4% to €551.20, Salvatore Ferragamo SpA dropped 2.2% to €5.92, Kering SA down 4.2% to €184.10, and Hermes International SCA fell 2.9% to €2,354.0.
Adidas AG plunged 10% to €198.65, and Puma SE dropped 11.9% to €20.12.
- Akira Ito
- 03 Apr, 2025
- Tokyo
Stock market indexes plunged and dropped to six-month lows after the U.S. president announced sweeping tariffs covering all imports.
The Nikkei 225 Stock Average and the broader TOPIX declined 3% after the U.S. imposed 24% tariffs on imports of goods from Japan and 25% on Japanese automobiles.
The widely anticipated move is expected to hit hard shipments of Japanese automobiles, consumer goods, chemicals, and machinery to the United States.
Manufacturing companies are scrambling to understand details of the tariffs, implementation plans, and scope of taxes.
The U.S. announced additional tariffs of 34% on goods shipped from China, 25% from South Korea, 26% from India, and 20% from the European Union.
All imports will be taxed at least 10% starting as early as this week; however, there are some key engineered products and minerals that may be excluded from the newly imposed taxes.
The wide-ranging tariffs are likely to be inflationary and shrink worldwide trade, as key trading partners prepare to announce their retaliatory tariffs on U.S. exports.
China, Japan, South Korea, Vietnam, and the European Union are expected to target U.S. agricultural products and services.
Shipments from Japan account for less than 5% of all goods imports to the United States but account for about 19% of all Japanese goods exports.
Japan Indexes and Stocks
The Nikkei 225 Stock Average dropped 2.8% to 34,735.93, and the broader TOPIX index declined 3% to 2,568.61.
Toyota Motor declined 5% to ¥2,518.50, Honda Motor fell 2.1% to ¥1,329.50, and Nissan Motor decreased 3.7% to ¥361.40.
In addition, Nissan confirmed it has suspended parts of production in Mexico, as the company had previously announced.
IHI Corp. declined 4.9% to ¥10,265.0, Kawasaki Heavy Industries dropped 7% to ¥8,393.0, and Mitsubishi Heavy Industries fell 1.9% to ¥2,517.50.
Sony Group Corp. declined 3.5% to ¥3,512.0, Canon Inc. fell 4.9% to ¥4,463.0, Olympus Corp. decreased 3.2% to ¥1,853.0, and Fanuc dropped 5.7% to ¥3,835.0.
- Akira Ito
- 03 Apr, 2025
- Tokyo
Stock market indexes plunged and dropped to six-month lows after the U.S. president announced sweeping tariffs covering all imports.
The Nikkei 225 Stock Average and the broader TOPIX declined 3% after the U.S. imposed 24% tariffs on imports of goods from Japan and 25% on Japanese automobiles.
The widely anticipated move is expected to hit hard shipments of Japanese automobiles, consumer goods, chemicals, and machinery to the United States.
Manufacturing companies are scrambling to understand details of the tariffs, implementation plans, and scope of taxes.
The U.S. announced additional tariffs of 34% on goods shipped from China, 25% from South Korea, 26% from India, and 20% from the European Union.
All imports will be taxed at least 10% starting as early as this week; however, there are some key engineered products and minerals that may be excluded from the newly imposed taxes.
The wide-ranging tariffs are likely to be inflationary and shrink worldwide trade, as key trading partners prepare to announce their retaliatory tariffs on U.S. exports.
China, Japan, South Korea, Vietnam, and the European Union are expected to target U.S. agricultural products and services.
Shipments from Japan account for less than 5% of all goods imports to the United States but account for about 19% of all Japanese goods exports.
Japan Indexes and Stocks
The Nikkei 225 Stock Average dropped 2.8% to 34,735.93, and the broader TOPIX index declined 3% to 2,568.61.
Toyota Motor declined 5% to ¥2,518.50, Honda Motor fell 2.1% to ¥1,329.50, and Nissan Motor decreased 3.7% to ¥361.40.
In addition, Nissan confirmed it has suspended parts of production in Mexico, as the company had previously announced.
IHI Corp. declined 4.9% to ¥10,265.0, Kawasaki Heavy Industries dropped 7% to ¥8,393.0, and Mitsubishi Heavy Industries fell 1.9% to ¥2,517.50.
Sony Group Corp. declined 3.5% to ¥3,512.0, Canon Inc. fell 4.9% to ¥4,463.0, Olympus Corp. decreased 3.2% to ¥1,853.0, and Fanuc dropped 5.7% to ¥3,835.0.
- Scott Peters
- 03 Apr, 2025
- New York City
BlackBerry Ltd. dropped 4.7% to $3.23 after the enterprise software and services provider reported fiscal fourth quarter 2025 results.
Revenue declined to $141.7 million from $152.9 million, net loss shrank to $7.4 million from a loss of $56.2 million, and diluted loss per share narrowed to 1 cent from a loss of 10 cents a year ago.
For the full fiscal year 2025, revenue declined to $534 million from $759.1 million, net loss shrank to $79 million from a loss of $130.2 million, and diluted loss per share narrowed to 13 cents from a loss of 22 cents a year ago.
The company guided fiscal first quarter 2026 revenue to be between $107 million and $115 million, compared to $144 million a year ago, and non-GAAP basic earnings per share between 1 cent and breakeven, compared to a loss of 3 cents a year earlier.
For the full year, the software company estimated revenue to be between $504 million and $534 million and non-GAAP basic earnings per share between 8 cents and 10 cents, compared to adjusted basic income per share of 2 cents in 2025.
UniFirst Corp. edged down 4.7% to $168.90 after the uniform and protective clothing provider reported results for the fiscal second quarter of 2025.
Revenue jumped to $602.22 million from $590.71 million, net income climbed to $24.46 million from $20.46 million, and diluted income per share rose to $1.31 from $1.09 a year ago.
For the year half, revenue increased to $1.21 billion from $1.18 billion, net income jumped to $67.56 million from $62.78 million, and diluted income per share rose to $3.62 from $3.35 a year earlier.
The company guided for fiscal 2025 revenue to be between $2.42 billion and $2.43 billion, compared to $2.43 billion in 2024, and diluted earnings per share between $7.30 and $7.70, compared to $7.77 a year ago.
RH plunged 26.1% to $184.25 after the retailer of luxury home furniture and decorative products reported fourth quarter of 2024 results.
Revenue increased to $812.41 million from $738.26 million, net income jumped to $13.92 million from $11.38 million, and diluted earnings per share edged up to 69 cents from 57 cents a year ago.
For the full year, revenue climbed to $3.18 billion from $3.03 billion, net income slumped to $72.41 million from $127.56 million, and diluted earnings per share fell to $3.62 from $5.91 a year ago.
The company guided fiscal first quarter 2025 revenue growth to be between 12.5% and 7%, compared to $726.96 million a year ago, an adjusted operating margin of 6.5% to 7.0%, and an adjusted EBITDA margin of 12.5% to 13.0%.
For the full fiscal year 2025, the retailer estimated revenue growth to be between 10% and 13%, adjusted operating margin between 14% and 15%, and adjusted EBITDA margin between 20% and 21%.
The company intends to open seven design galleries, two outdoor galleries, and two new concept galleries during 2025.
“We believe post each opening we will begin to have the scale to support the necessary advertising investments to accelerate our growth in Europe,” the company said in a release to investors.
The lifestyle products retailer expects “an inflection of the business in Europe as the company begins to open in the important brand-building markets of Paris in 2025, plus London and Milan in 2026,” the company added in the statement.
- Scott Peters
- 03 Apr, 2025
- New York City
BlackBerry Ltd. dropped 4.7% to $3.23 after the enterprise software and services provider reported fiscal fourth quarter 2025 results.
Revenue declined to $141.7 million from $152.9 million, net loss shrank to $7.4 million from a loss of $56.2 million, and diluted loss per share narrowed to 1 cent from a loss of 10 cents a year ago.
For the full fiscal year 2025, revenue declined to $534 million from $759.1 million, net loss shrank to $79 million from a loss of $130.2 million, and diluted loss per share narrowed to 13 cents from a loss of 22 cents a year ago.
The company guided fiscal first quarter 2026 revenue to be between $107 million and $115 million, compared to $144 million a year ago, and non-GAAP basic earnings per share between 1 cent and breakeven, compared to a loss of 3 cents a year earlier.
For the full year, the software company estimated revenue to be between $504 million and $534 million and non-GAAP basic earnings per share between 8 cents and 10 cents, compared to adjusted basic income per share of 2 cents in 2025.
UniFirst Corp. edged down 4.7% to $168.90 after the uniform and protective clothing provider reported results for the fiscal second quarter of 2025.
Revenue jumped to $602.22 million from $590.71 million, net income climbed to $24.46 million from $20.46 million, and diluted income per share rose to $1.31 from $1.09 a year ago.
For the year half, revenue increased to $1.21 billion from $1.18 billion, net income jumped to $67.56 million from $62.78 million, and diluted income per share rose to $3.62 from $3.35 a year earlier.
The company guided for fiscal 2025 revenue to be between $2.42 billion and $2.43 billion, compared to $2.43 billion in 2024, and diluted earnings per share between $7.30 and $7.70, compared to $7.77 a year ago.
RH plunged 26.1% to $184.25 after the retailer of luxury home furniture and decorative products reported fourth quarter of 2024 results.
Revenue increased to $812.41 million from $738.26 million, net income jumped to $13.92 million from $11.38 million, and diluted earnings per share edged up to 69 cents from 57 cents a year ago.
For the full year, revenue climbed to $3.18 billion from $3.03 billion, net income slumped to $72.41 million from $127.56 million, and diluted earnings per share fell to $3.62 from $5.91 a year ago.
The company guided fiscal first quarter 2025 revenue growth to be between 12.5% and 7%, compared to $726.96 million a year ago, an adjusted operating margin of 6.5% to 7.0%, and an adjusted EBITDA margin of 12.5% to 13.0%.
For the full fiscal year 2025, the retailer estimated revenue growth to be between 10% and 13%, adjusted operating margin between 14% and 15%, and adjusted EBITDA margin between 20% and 21%.
The company intends to open seven design galleries, two outdoor galleries, and two new concept galleries during 2025.
“We believe post each opening we will begin to have the scale to support the necessary advertising investments to accelerate our growth in Europe,” the company said in a release to investors.
The lifestyle products retailer expects “an inflection of the business in Europe as the company begins to open in the important brand-building markets of Paris in 2025, plus London and Milan in 2026,” the company added in the statement.
- Inga Muller
- 03 Apr, 2025
- Frankfurt
Topps Tiles Plc. dropped 6.8% to 31.70 pence after the UK-based tile retailer issued a fiscal first-half update.
Sales in the first half were £127.7 million, 4% higher than £122.6 million in the previous year.
“While trading through January was slower, volumes began to build progressively thereafter, with this improving trend culminating in a strong performance in March, when the group's underlying sales, excluding CTD, increased by a high single-digit percentage compared to the previous year,” the company said in a release to investors.
Same-store sales within the Topps Tiles brand increased an annual 3.7% in the second quarter and 3% higher in the first half overall.
“While homeowner sales remain subdued, trade sales within Topps Tiles were strong, and progress with our digital initiatives continued at pace,” the company added in the statement.
Total trade sales in the brand increased 12% annually in the first half, with the number of active traders at the end of the period rising 11% to 146,000.
Digital channel sales rose 15% in the first half, and online trade traffic was up approximately fourfold.
Topps Tiles will announce half-year results on May 20.
Stolt Nielsen Ltd. traded flat at €21.65 after the bulk liquids storage service provider reported results for 2024.
Operating revenue edged up to $2.89 billion from $2.82 billion, net profit edged up to $394.76 million from $296.65 million, and diluted earnings per share rose to $7.38 from $5.54 a year ago.
- Inga Muller
- 03 Apr, 2025
- Frankfurt
Topps Tiles Plc. dropped 6.8% to 31.70 pence after the UK-based tile retailer issued a fiscal first-half update.
Sales in the first half were £127.7 million, 4% higher than £122.6 million in the previous year.
“While trading through January was slower, volumes began to build progressively thereafter, with this improving trend culminating in a strong performance in March, when the group's underlying sales, excluding CTD, increased by a high single-digit percentage compared to the previous year,” the company said in a release to investors.
Same-store sales within the Topps Tiles brand increased an annual 3.7% in the second quarter and 3% higher in the first half overall.
“While homeowner sales remain subdued, trade sales within Topps Tiles were strong, and progress with our digital initiatives continued at pace,” the company added in the statement.
Total trade sales in the brand increased 12% annually in the first half, with the number of active traders at the end of the period rising 11% to 146,000.
Digital channel sales rose 15% in the first half, and online trade traffic was up approximately fourfold.
Topps Tiles will announce half-year results on May 20.
Stolt Nielsen Ltd. traded flat at €21.65 after the bulk liquids storage service provider reported results for 2024.
Operating revenue edged up to $2.89 billion from $2.82 billion, net profit edged up to $394.76 million from $296.65 million, and diluted earnings per share rose to $7.38 from $5.54 a year ago.
- Li Chen
- 03 Apr, 2025
- Hong Kong
Stock market indexes in China and Hong Kong declined sharply after the U.S. unveiled stiff tariffs targeting key trading partners.
The Hang Seng index dropped 1.7% and the mainland-focused CSI index decreased 0.4% on the final trading day of this ahead of the public holiday on Friday.
On the lawns of the the White House Donald Trump announced widely anticipated reciprocal tariffs of at least 10%, spanning imports from all countries.
The Trump administration levied 34% tariffs on China-made goods, in addition to the previously announced 20% tariffs in February, totaling 54%.
The import tax is likely to dampen exports from China and Chinese goods made in Vietnam, Mexico and ASEAN region as the Trump administration ramps up pressure on key trading partners.
The U.S. is hoping that steep tariffs will help it to lower its trade deficit, support domestic manufacturers, and encourage foreign makers to shift production to its shores and create jobs.
However, similar moves by the first Trump administration failed to convince global manufacturing companies to increase their production in the U.S., and despite higher tariffs China's exports to the U.S. jumped by 50% over the four years to 2020.
About 15% of exports from China are sent to the U.S., and additional 10% of Chinese goods are shipped via third countries including Mexico and Vietnam.
The Trump administration imposed 20% tariffs on goods shipped from the European Union, 24% on Japan, 25% on South Korea, 26% on India, and 32% on Taiwan.
China Indexes and Stocks
The Hang Seng Index declined 1.7% to 22,837.36 and the mainland-focused CSI Index fell 0.4% to 3,869.08.
Techtronic Industries dropped 12% to HK $82.50, and the company exports about 76% of its sales to North America.
Lenovo Group declined 7% to HK $9.89, and the company receives bulk of its revenue from the U.S.
Alibaba Group Holding dropped 5% to HK $123.50, Tencent Holdings dropped 1.9% to HK $495.0, and JD.com Inc fell 5% to HK $153.70.
Shenzhou International Group Holding plunged 14% to HK $53.10, and the Chinese apparel company relies on shipments to companies in the U.S. including Nike.
- Li Chen
- 03 Apr, 2025
- Hong Kong
Stock market indexes in China and Hong Kong declined sharply after the U.S. unveiled stiff tariffs targeting key trading partners.
The Hang Seng index dropped 1.7% and the mainland-focused CSI index decreased 0.4% on the final trading day of this ahead of the public holiday on Friday.
On the lawns of the the White House Donald Trump announced widely anticipated reciprocal tariffs of at least 10%, spanning imports from all countries.
The Trump administration levied 34% tariffs on China-made goods, in addition to the previously announced 20% tariffs in February, totaling 54%.
The import tax is likely to dampen exports from China and Chinese goods made in Vietnam, Mexico and ASEAN region as the Trump administration ramps up pressure on key trading partners.
The U.S. is hoping that steep tariffs will help it to lower its trade deficit, support domestic manufacturers, and encourage foreign makers to shift production to its shores and create jobs.
However, similar moves by the first Trump administration failed to convince global manufacturing companies to increase their production in the U.S., and despite higher tariffs China's exports to the U.S. jumped by 50% over the four years to 2020.
About 15% of exports from China are sent to the U.S., and additional 10% of Chinese goods are shipped via third countries including Mexico and Vietnam.
The Trump administration imposed 20% tariffs on goods shipped from the European Union, 24% on Japan, 25% on South Korea, 26% on India, and 32% on Taiwan.
China Indexes and Stocks
The Hang Seng Index declined 1.7% to 22,837.36 and the mainland-focused CSI Index fell 0.4% to 3,869.08.
Techtronic Industries dropped 12% to HK $82.50, and the company exports about 76% of its sales to North America.
Lenovo Group declined 7% to HK $9.89, and the company receives bulk of its revenue from the U.S.
Alibaba Group Holding dropped 5% to HK $123.50, Tencent Holdings dropped 1.9% to HK $495.0, and JD.com Inc fell 5% to HK $153.70.
Shenzhou International Group Holding plunged 14% to HK $53.10, and the Chinese apparel company relies on shipments to companies in the U.S. including Nike.