- Bridgette Randall
- 12 Mar, 2025
- London
European markets rebounded amid hopes of a ceasefire between Russia and Ukraine, and the euro rose to a multi-month high.
Benchmark indexes in Frankfurt, Paris, London, and Milan advanced after Ukraine agreed to a 30-day ceasefire, according to a social media post by the U.S. president.
However, diplomats in Europe were cautious about the possibility of a lasting ceasefire as both sides remain far apart.
Ukraine is looking for the return of land occupied by the Russian forces since 2014 and additional security guarantees from the North Atlantic Treaty Organization.
So far, Russia has shown no interest in ceding any land to Ukraine, and President Vladimir Putin has asked for the removal of financial sanctions imposed by the European nations.
Bond yields in Germany soared to a 13-year high and above 2.9% as leading political parties negotiated to form a coalition government, which could sharply increase government borrowing.
Europe Indexes and Yields
The DAX index increased by 1.3% to 22,617.90, the CAC-40 index edged higher 1% to 8,017.76; and the FTSE 100 index advanced by 0.5% to 8,541.46.
The yield on 10-year German bonds inched higher to 2.90%, French bonds decreased to 3.58%, the UK gilts moved up to 4.64%, and Italian bonds edged lower to 3.95%.
The euro increased to $1.09; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.27 Swiss cents.
Brent crude increased $0.31 to $69.87 a barrel, and the Dutch TTF natural gas was lower by €0.18 to €43.24 per MWh.
Europe Stock Movers
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
The parent company of apparel retailer Zara proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle slashed its profit outlook amid uncertainty about the global demand.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Zealand Pharma soared 32% to DKK 647.0 after the Danish biotech company struck a deal with Switzerland-based Roche Holdings AG.
- Scott Peters
- 12 Mar, 2025
- New York City
United Natural Foods Inc. gained 1% to $26.09 after the grocery wholesaler reported results for the fiscal second quarter of 2025.
Net sales increased 4.9% to $8.16 billion from $7.77 billion, net loss shrank to $3 million from a loss of $15 million, and adjusted earnings per share rose to 22 cents from 7 cents a year ago.
The company guided raising the full-year outlook for all financial metrics other than capital spending.
Net sales in fiscal 2025 are expected to be between $31.3 billion and $31.7 billion, up 3.6% from $30.98 billion a year ago, adjusted EBITDA between $550 million and $580 million, up from $518 million, and adjusted earnings per share between 70 cents and 90 cents, up from 14 cents in 2024.
Casey's General Stores Inc. surged 3.2% to $391.0 after the convenience store operator reported results for the fiscal third quarter of 2025.
Revenue increased to $3.90 billion from $3.33 billion, net income jumped to $87.10 million from $86.93 million a year ago, and diluted earnings per share were flat at $2.33.
Inside same-store sales increased 3.7% compared to the prior year and 8.0% on a two-year stack basis, with an inside margin of 40.9%.
Same-store fuel gallons were up 1.8% from a year ago, with a fuel margin of 36.4 cents per gallon.
Same-store operating expenses excluding credit card fees were up 3.2%, favorably impacted by a 2% reduction in same-store labor hours.
For fiscal 2025, the company expects same-store sales to increase between 3% and 5% with the inside margin to be comparable to the prior year.
The company expects to add approximately 270 stores for the year.
Same-store fuel gallons sold is expected to be between negative 1% and positive 1%.
The company expects total operating expenses to increase between 11% and 13% for the fiscal year, including $25 million to $30 million in one-time deal and integration costs related to the Fikes acquisition, while same-store operating expenses excluding credit card fees are expected to only increase 2% for the year.
Casey’s estimated EBITDA is expected to increase 11%, and the purchase of property and equipment is expected to be approximately $500 million.
The company has approximately $295 million remaining under its existing share repurchase authorization.
Casey's proposed a quarterly dividend of 50 cents per share, payable on May 15 to shareholders on record as of May 1.
DICK'S Sporting Goods dropped 1.2% to $208.50 after the athletic goods retailer reported increased sales in the fiscal fourth quarter of 2024.
Net sales increased to $3.89 billion from $3.88 billion, net income jumped to $300 million from $296 million, and diluted earnings per share edged up to $3.62 from $3.57 a year ago.
For the full year, comparable sales advanced 5.2%, driven by growth in average ticket size and transactions.
The company guided for fiscal 2025 comparable sales to grow between 1% and 3% and diluted earnings per share to be between $13.80 and $14.40, compared to $14.05 in 2024.
Net sales are estimated to be between $13.6 billion and $13.9 billion, up from $13.44 billion in 2024, and net capital expenditure would be approximately $1.0 billion, compared to $726 million in 2024.
DICK’S authorized a new five-year share repurchase program for up to $3 billion.
The sporting products retailer proposed a quarterly cash dividend of $1.2125 per share, up 10% from the previous dividend, and an annualized dividend of $4.85, payable on April 11 to stockholders on record as of March 28.
Kohl's Inc. plunged 14.5% to $10.30 after the department store chain reported lower sales in the fiscal fourth quarter of 2024.
Net sales declined to $5.17 billion from $5.71 billion, net income slumped to $48 million from $186 million, and diluted earnings per share fell to 43 cents from $1.67 a year ago.
Comparable sales in the quarter decreased 6.7% and declined 6.5% during the full year.
The company guided for fiscal 2025 net sales to drop between 5% and 7%, comparable sales down 4% to 6%, and diluted earnings per share between 10 cents and 60 cents, compared to 98 cents in 2024.
The operating margin is estimated to be between 2.2% and 2.6% and capital expenditures between $400 million and $425 million.
Kohl’s proposed a quarterly cash dividend of 12.5 cents per share, payable on April 2 to shareholders on record as of March 21.
Ciena Corp. dropped 0.4% to $63.71 after the provider of optical switches and routing systems, services, and automation software reported results for the fiscal first quarter of 2025.
Revenue increased to $1.07 billion from $1.04 billion, net income declined to $44.57 million from $49.55 million, and diluted earnings per share fell to 31 cents from 34 cents a year ago.
The company repurchased approximately 1.0 million shares of common stock for the aggregate price of $79.2 million during the quarter.
- Scott Peters
- 12 Mar, 2025
- New York City
United Natural Foods Inc. gained 1% to $26.09 after the grocery wholesaler reported results for the fiscal second quarter of 2025.
Net sales increased 4.9% to $8.16 billion from $7.77 billion, net loss shrank to $3 million from a loss of $15 million, and adjusted earnings per share rose to 22 cents from 7 cents a year ago.
The company guided raising the full-year outlook for all financial metrics other than capital spending.
Net sales in fiscal 2025 are expected to be between $31.3 billion and $31.7 billion, up 3.6% from $30.98 billion a year ago, adjusted EBITDA between $550 million and $580 million, up from $518 million, and adjusted earnings per share between 70 cents and 90 cents, up from 14 cents in 2024.
Casey's General Stores Inc. surged 3.2% to $391.0 after the convenience store operator reported results for the fiscal third quarter of 2025.
Revenue increased to $3.90 billion from $3.33 billion, net income jumped to $87.10 million from $86.93 million a year ago, and diluted earnings per share were flat at $2.33.
Inside same-store sales increased 3.7% compared to the prior year and 8.0% on a two-year stack basis, with an inside margin of 40.9%.
Same-store fuel gallons were up 1.8% from a year ago, with a fuel margin of 36.4 cents per gallon.
Same-store operating expenses excluding credit card fees were up 3.2%, favorably impacted by a 2% reduction in same-store labor hours.
For fiscal 2025, the company expects same-store sales to increase between 3% and 5% with the inside margin to be comparable to the prior year.
The company expects to add approximately 270 stores for the year.
Same-store fuel gallons sold is expected to be between negative 1% and positive 1%.
The company expects total operating expenses to increase between 11% and 13% for the fiscal year, including $25 million to $30 million in one-time deal and integration costs related to the Fikes acquisition, while same-store operating expenses excluding credit card fees are expected to only increase 2% for the year.
Casey’s estimated EBITDA is expected to increase 11%, and the purchase of property and equipment is expected to be approximately $500 million.
The company has approximately $295 million remaining under its existing share repurchase authorization.
Casey's proposed a quarterly dividend of 50 cents per share, payable on May 15 to shareholders on record as of May 1.
DICK'S Sporting Goods dropped 1.2% to $208.50 after the athletic goods retailer reported increased sales in the fiscal fourth quarter of 2024.
Net sales increased to $3.89 billion from $3.88 billion, net income jumped to $300 million from $296 million, and diluted earnings per share edged up to $3.62 from $3.57 a year ago.
For the full year, comparable sales advanced 5.2%, driven by growth in average ticket size and transactions.
The company guided for fiscal 2025 comparable sales to grow between 1% and 3% and diluted earnings per share to be between $13.80 and $14.40, compared to $14.05 in 2024.
Net sales are estimated to be between $13.6 billion and $13.9 billion, up from $13.44 billion in 2024, and net capital expenditure would be approximately $1.0 billion, compared to $726 million in 2024.
DICK’S authorized a new five-year share repurchase program for up to $3 billion.
The sporting products retailer proposed a quarterly cash dividend of $1.2125 per share, up 10% from the previous dividend, and an annualized dividend of $4.85, payable on April 11 to stockholders on record as of March 28.
Kohl's Inc. plunged 14.5% to $10.30 after the department store chain reported lower sales in the fiscal fourth quarter of 2024.
Net sales declined to $5.17 billion from $5.71 billion, net income slumped to $48 million from $186 million, and diluted earnings per share fell to 43 cents from $1.67 a year ago.
Comparable sales in the quarter decreased 6.7% and declined 6.5% during the full year.
The company guided for fiscal 2025 net sales to drop between 5% and 7%, comparable sales down 4% to 6%, and diluted earnings per share between 10 cents and 60 cents, compared to 98 cents in 2024.
The operating margin is estimated to be between 2.2% and 2.6% and capital expenditures between $400 million and $425 million.
Kohl’s proposed a quarterly cash dividend of 12.5 cents per share, payable on April 2 to shareholders on record as of March 21.
Ciena Corp. dropped 0.4% to $63.71 after the provider of optical switches and routing systems, services, and automation software reported results for the fiscal first quarter of 2025.
Revenue increased to $1.07 billion from $1.04 billion, net income declined to $44.57 million from $49.55 million, and diluted earnings per share fell to 31 cents from 34 cents a year ago.
The company repurchased approximately 1.0 million shares of common stock for the aggregate price of $79.2 million during the quarter.
- Inga Muller
- 12 Mar, 2025
- Frankfurt
Headlam Group Plc. dropped 5.4% to 104.00 pence after the UK-based floor coverings provider reported results for 2024.
Revenue declined to £593.1 million from £656.5 million, profit before tax swung to a loss of £34.3 million from a profit of £11 million, and loss per share was 35.0 pence compared to a profit of 9.6 pence a year ago.
The company said that so far in 2025, consumer spending on home improvements had remained negative despite weak comparatives and Headlam’s transformation plan.
Group revenue for January and February was 6% below the previous year.
“Lead indicators point to market recovery, but timing is uncertain,” the company said in a note to investors.
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
Net sales jumped to €38.63 billion from €35.95 billion, net profit edged up to €5.87 billion from €5.38 billion, and earnings per share rose to €1.884 from €1.729 a year ago.
The company guided for fiscal 2025 an increase in annual gross retail space to be around 5% and ordinary capital expenditure to be around €1.8 billion.
INDITEX proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle manufacturer reported results for 2024.
Revenue declined to €40.08 billion from €40.53 billion, profit before tax slumped to €5.23 billion from €7.37 billion, and diluted earnings per ordinary share fell to €3.94 from €5.66 a year ago.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Sales increased 15.5% to €2.29 billion from €1.98 billion, net income surged to €24.5 million from €0.8 million, and diluted earnings per share jumped to 16 cents from 1 cent a year ago.
The company announced a share buyback program for up to €100 million, ending in May 2025.
PUMA will propose a dividend of 61 cents per share for 2024 at the annual general meeting on May 21.
The company guided fiscal 2025 currency-adjusted sales growth at a “low- to mid-single-digit percentage rate” and estimated adjusted EBIT excluding one-time costs in the range between €520 million and €600 million.
The company had previously estimated revenue growth in 2025 to surpass that of the previous year.
After the company released the financial results, PUMA stock plunged as much as 23% to a level not seen since 2016.
Legal & General Group Plc. eased 0.2% to 244.30 pence after the UK-based financial services company announced the return of capital to shareholders despite the slump in earnings.
Revenue increased to £12.69 billion from £12.11 billion, profit slumped to £191 million from £457 million, and diluted earnings per share dropped to 2.86 pence from 7.28 pence a year ago.
The company paid a dividend of 21.36 pence per share, up from 20.34 pence per share in 2023.
In addition, Legal & General announced a £500 million stock buyback program for 2025, planning to return more than £5 billion through dividends and buybacks within three years.
Balfour Beatty Plc. eased 0.6% to 430.80 pence after the UK-based construction and infrastructure services provider reported results for 2024.
Revenue increased to £10.01 billion from £9.59 billion, profit declined to £178 million from £194 million, and basic earnings per share fell to 34.2 pence from 35.3 pence a year ago.
The company’s order book amounted to £18.4 billion, up from £16.5 billion in 2023.
Balfour Beatty estimated “further profitable growth from earnings-based businesses” over the next two years, with the expected net finance income of around £25 million for 2025.
The total cash return to shareholders in 2025 is expected to be £188 million, compared to £161 million in 2024.
The company proposed a final dividend of 8.7 pence per share, up from 8.0 pence in 2023, giving a total dividend for the year of 12.5 pence per share, up from 11.5 pence in 2023.
In addition, Balfour Beatty plans to repurchase £125 million of shares during 2025, bringing the cumulative return to shareholders since the program’s introduction in 2021 to over £940 million.
4imprint Group Plc. plunged 14.9% to 4.077 pence despite the UK-based provider of direct marketing promotional products reporting higher sales in 2024.
Revenue increased 3% to $1.37 billion from $1.33 billion, profit before tax surged 10% to $154.4 million from $140.7 million, and basic earnings per share rose 10% to 416.3 cents from 377.9 cents a year ago.
The company finished 2024 with cash and bank deposits of $147.6 million, up from $104.5 million in 2023.
4imprint proposed a final dividend of 160 cents per share, up from 150 cents in 2023, giving a total paid and proposed regular dividend per share of 240 cents, up 12% from 215 cents in 2023.
In addition, the company proposed a special dividend of 250 cents per share for 2024, bringing total regular and special 2024 dividends to 490 cents per share.
Investors sold stock on the worry that orders in the current quarter may lag from the previous year amid the tariff war and slowing economic growth in the U.S.
"In the first two months of 2025, revenue at the order intake level was slightly down compared to the same period in 2024, reflecting continued uncertainty in the market," Group Chairman Paul Moody said in a release issued to investors.
Brenntag SE gained 0.2% to €64.50 after the German chemicals and ingredients distributor reported results for fiscal 2024.
Sales declined to €16.24 billion from €16.81 billion, profit fell to €536.2 million from €714.9 million, and earnings per share dropped to €3.71 from €4.73 a year ago.
The company guided for fiscal 2025 operating EBITA to be between €1.1 billion and €1.3 billion, compared to €1.10 billion in 2024, taking into account the earnings contributions from acquisitions already completed.
Brenntag will propose a dividend of €2.10 per share to the annual general meeting on May 22.
- Inga Muller
- 12 Mar, 2025
- Frankfurt
Headlam Group Plc. dropped 5.4% to 104.00 pence after the UK-based floor coverings provider reported results for 2024.
Revenue declined to £593.1 million from £656.5 million, profit before tax swung to a loss of £34.3 million from a profit of £11 million, and loss per share was 35.0 pence compared to a profit of 9.6 pence a year ago.
The company said that so far in 2025, consumer spending on home improvements had remained negative despite weak comparatives and Headlam’s transformation plan.
Group revenue for January and February was 6% below the previous year.
“Lead indicators point to market recovery, but timing is uncertain,” the company said in a note to investors.
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
Net sales jumped to €38.63 billion from €35.95 billion, net profit edged up to €5.87 billion from €5.38 billion, and earnings per share rose to €1.884 from €1.729 a year ago.
The company guided for fiscal 2025 an increase in annual gross retail space to be around 5% and ordinary capital expenditure to be around €1.8 billion.
INDITEX proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle manufacturer reported results for 2024.
Revenue declined to €40.08 billion from €40.53 billion, profit before tax slumped to €5.23 billion from €7.37 billion, and diluted earnings per ordinary share fell to €3.94 from €5.66 a year ago.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Sales increased 15.5% to €2.29 billion from €1.98 billion, net income surged to €24.5 million from €0.8 million, and diluted earnings per share jumped to 16 cents from 1 cent a year ago.
The company announced a share buyback program for up to €100 million, ending in May 2025.
PUMA will propose a dividend of 61 cents per share for 2024 at the annual general meeting on May 21.
The company guided fiscal 2025 currency-adjusted sales growth at a “low- to mid-single-digit percentage rate” and estimated adjusted EBIT excluding one-time costs in the range between €520 million and €600 million.
The company had previously estimated revenue growth in 2025 to surpass that of the previous year.
After the company released the financial results, PUMA stock plunged as much as 23% to a level not seen since 2016.
Legal & General Group Plc. eased 0.2% to 244.30 pence after the UK-based financial services company announced the return of capital to shareholders despite the slump in earnings.
Revenue increased to £12.69 billion from £12.11 billion, profit slumped to £191 million from £457 million, and diluted earnings per share dropped to 2.86 pence from 7.28 pence a year ago.
The company paid a dividend of 21.36 pence per share, up from 20.34 pence per share in 2023.
In addition, Legal & General announced a £500 million stock buyback program for 2025, planning to return more than £5 billion through dividends and buybacks within three years.
Balfour Beatty Plc. eased 0.6% to 430.80 pence after the UK-based construction and infrastructure services provider reported results for 2024.
Revenue increased to £10.01 billion from £9.59 billion, profit declined to £178 million from £194 million, and basic earnings per share fell to 34.2 pence from 35.3 pence a year ago.
The company’s order book amounted to £18.4 billion, up from £16.5 billion in 2023.
Balfour Beatty estimated “further profitable growth from earnings-based businesses” over the next two years, with the expected net finance income of around £25 million for 2025.
The total cash return to shareholders in 2025 is expected to be £188 million, compared to £161 million in 2024.
The company proposed a final dividend of 8.7 pence per share, up from 8.0 pence in 2023, giving a total dividend for the year of 12.5 pence per share, up from 11.5 pence in 2023.
In addition, Balfour Beatty plans to repurchase £125 million of shares during 2025, bringing the cumulative return to shareholders since the program’s introduction in 2021 to over £940 million.
4imprint Group Plc. plunged 14.9% to 4.077 pence despite the UK-based provider of direct marketing promotional products reporting higher sales in 2024.
Revenue increased 3% to $1.37 billion from $1.33 billion, profit before tax surged 10% to $154.4 million from $140.7 million, and basic earnings per share rose 10% to 416.3 cents from 377.9 cents a year ago.
The company finished 2024 with cash and bank deposits of $147.6 million, up from $104.5 million in 2023.
4imprint proposed a final dividend of 160 cents per share, up from 150 cents in 2023, giving a total paid and proposed regular dividend per share of 240 cents, up 12% from 215 cents in 2023.
In addition, the company proposed a special dividend of 250 cents per share for 2024, bringing total regular and special 2024 dividends to 490 cents per share.
Investors sold stock on the worry that orders in the current quarter may lag from the previous year amid the tariff war and slowing economic growth in the U.S.
"In the first two months of 2025, revenue at the order intake level was slightly down compared to the same period in 2024, reflecting continued uncertainty in the market," Group Chairman Paul Moody said in a release issued to investors.
Brenntag SE gained 0.2% to €64.50 after the German chemicals and ingredients distributor reported results for fiscal 2024.
Sales declined to €16.24 billion from €16.81 billion, profit fell to €536.2 million from €714.9 million, and earnings per share dropped to €3.71 from €4.73 a year ago.
The company guided for fiscal 2025 operating EBITA to be between €1.1 billion and €1.3 billion, compared to €1.10 billion in 2024, taking into account the earnings contributions from acquisitions already completed.
Brenntag will propose a dividend of €2.10 per share to the annual general meeting on May 22.
- Akira Ito
- 12 Mar, 2025
- Tokyo
Stock market indexes in Tokyo closed nearly unchanged as investors reviewed the latest comments from the Bank of Japan chief and the outcome of spring wage negotiations.
The Nikkei 225 stock average closed nearly unchanged and hovered near a nine-month low, and the TOPIX gained nearly 1%.
The Japanese yen strengthened against the U.S. dollar to 144.54 after the Bank of Japan governor said higher bond yields reflect market expectations of future rate hikes.
Bank of Japan Governor Kazuo Ueda's comments supported the gains in the yen, and the Japanese government 10-year bond yield edged higher to 1.5%, the highest since the financial crisis of 2008.
Record Wage Hikes After Shunto Spring Negotiations
Japan's spring wage negotiations, also known as shunto, concluded last week with major corporations agreeing to about a 6% increase in wages, the largest ever since record keeping began in 1993.
Amid labor shortages and rising inflation, leading corporations agreed to labor union demands, according to a tally prepared by the umbrella labor union organization Rengo.
Japan's leading corporations raised wages for the second time in a row after two decades of wage stalls ended in 2023.
The annual wage discussions, which generally start in mid-February and finish by mid-March, are widely watched by politicians and policymakers and provide a reference point for small and medium businesses to adjust their wages.
Large companies in Japan provide about 30% of all private sector jobs.
The large wage hike is likely to support the Bank of Japan's move to lift rates and contribute to economic expansion.
Toyota Motor, the largest automobile maker in the world by volume, agreed to increase wages by as much as 24,450 yen, meeting the demand laid out by the union.
Nissan Motor, IHI Corp, Kawasaki Heavy Industries, and Mitsubishi Heavy Industries also agreed to similar wage hike demands from the union.
NEC agreed to raise its workers wages by as much as 17,000 yen per month, and Mitsubishi Electric Corp. agreed to lift wages by 15,000 yen.
On the economic front, Japan's business sentiment index among large corporations plunged to -2.4% in the first quarter of 2025, from 6.2% in the previous quarter, according to data released by Japan's Cabinet Office.
Japan Indexes and Stocks
The Nikkei 225 stock average edged up a fraction to 36,819.09, and the TOPIX advanced 0.9% to 2,694.91.
Nissan Motor Co. increased 0.6% to ¥441.80 after the company's chief executive Makoto Uchida tendered his resignation, effective April 1, which could pave the path to resume merger negotiations with Honda.
Honda Motor Co. decreased 0.2% to ¥1,448.0.
Seven & I Holdings increased 1.6% to ¥2,178.50 as the embattled retailer remains in focus amid tactical moves by the company and the Canadian suitor Alimentation Couche-Tard Inc.
- Akira Ito
- 12 Mar, 2025
- Tokyo
Stock market indexes in Tokyo closed nearly unchanged as investors reviewed the latest comments from the Bank of Japan chief and the outcome of spring wage negotiations.
The Nikkei 225 stock average closed nearly unchanged and hovered near a nine-month low, and the TOPIX gained nearly 1%.
The Japanese yen strengthened against the U.S. dollar to 144.54 after the Bank of Japan governor said higher bond yields reflect market expectations of future rate hikes.
Bank of Japan Governor Kazuo Ueda's comments supported the gains in the yen, and the Japanese government 10-year bond yield edged higher to 1.5%, the highest since the financial crisis of 2008.
Record Wage Hikes After Shunto Spring Negotiations
Japan's spring wage negotiations, also known as shunto, concluded last week with major corporations agreeing to about a 6% increase in wages, the largest ever since record keeping began in 1993.
Amid labor shortages and rising inflation, leading corporations agreed to labor union demands, according to a tally prepared by the umbrella labor union organization Rengo.
Japan's leading corporations raised wages for the second time in a row after two decades of wage stalls ended in 2023.
The large wage hike is likely to support the Bank of Japan's move to lift rates and contribute to economic expansion.
Toyota Motor, the largest automobile maker in the world by volume, agreed to increase wages by as much as 24,450 yen, meeting the demand laid out by the union.
Nissan Motor, IHI Corp, Kawasaki Heavy Industries, and Mitsubishi Heavy Industries also agreed to similar wage hike demands from the union.
NEC agreed to raise its workers wages by as much as 17,000 yen per month, and Mitsubishi Electric Corp. agreed to lift wages by 15,000 yen.
On the economic front, Japan's business sentiment index among large corporations plunged to -2.4% in the first quarter of 2025, from 6.2% in the previous quarter, according to data released by Japan's Cabinet Office.
Japan Indexes and Stocks
The Nikkei 225 stock average edged up a fraction to 36,819.09, and the TOPIX advanced 0.9% to 2,694.91.
Nissan Motor Co. increased 0.6% to ¥441.80 after the company's chief executive Makoto Uchida tendered his resignation, effective April 1, which could pave the path to resume merger negotiations with Honda.
Honda Motor Co. decreased 0.2% to ¥1,448.0.
Seven & I Holdings increased 1.6% to ¥2,178.50 as the embattled retailer remains in focus amid tactical moves by the company and the Canadian suitor Alimentation Couche-Tard Inc.
- Li Chen
- 12 Mar, 2025
- Hong Kong
Market indexes in China and Hong Kong weakened, reflecting declines in global markets amid escalating tariff tensions and uncertain geopolitical outlook.
The Hang Seng index dropped 1.6%, and the CSI 300 index declined 0.4% amid worries that higher U.S. tariffs on Chinese shipments may alter the manufacturing landscape and slow down economic growth in China.
Manufacturing businesses have struggled to adjust to new U.S. trade policy, the emergence of online platforms, and falling operating margins.
Small manufacturing companies making consumer goods, basic electrical and electronic goods, and apparel are forced to shut operations or consolidate.
Medium enterprises are looking to shift their operations to Vietnam, Mexico, or Indonesia, and large enterprises are investing billions of dollars setting up operations in Mexico, Brazil, and Eastern European countries.
Supply chains are rapidly evolving, and businesses are adjusting to new U.S. tariff threats, and despite the threats of higher trade barriers, Chinese companies are retaining market share.
The latest market decline was precipitated by the Trump administration's slapping of additional tariffs of 25% on steel and aluminum products from Canada.
Over the last six weeks, the Trump administration has managed to roil global markets, disrupt international goods trade, and announce government staff layoffs.
The reckless moves by the administration have unnerved investors, and the U.S. stock markets have lost about $4 trillion in valuation, and the tech-heavy Nasdaq has entered correction territory.
China Indexes and Stocks
The Hang Seng Index declined 1.6% to 23,428.53, and the mainland-focused decreased 0.4% to 3,923.63.
Cathay Pacific Group decreased 1.6% to HK $10.94 after the international air carrier announced its second consecutive annual profit in 2024.
The company said revenue increased 10.5% to HK $104.4 billion from HK $94.5 billion, net income rose 1% to HK $9.9 billion from HK $9.8 billion, and diluted earnings per share jumped 6% to 133.2 cents from 125.8 cents a year ago.
The company plans to propose a second interim dividend of 49 cents, taking the full-year dividend to 69 cents, an increase of 61% to 69 cents from 43 cents a year ago.
The company returned to profitability in 2023 after losing HK$34 billion in the previous three years after the Covid-19 pandemic disrupted world travel and halted most international flights.
Cathay Pacific and HK Express, he group’s airlines, transported more than 28 million passengers in 2024, up from over 20 million in the previous year.
- Arun Goswami
- 12 Mar, 2025
- Mumbai
Fairchem Organics Limited advanced 3.3% to ₹920 despite the chemical’s maker reporting a 72% plunge from a year ago in quarterly profit.
Consolidated revenue decreased to ₹114.1 crore from ₹148.4 crore, after-tax profit fell to ₹3.5 crore from ₹12.3 crore, and diluted earnings per share dropped to ₹2.70 from ₹9.47 a year ago.
RSWM Ltd. dropped 1.6% to ₹135.50 after the yarns and fabrics maker said net loss shrank in the December quarter.
Consolidated revenue increased to ₹1,202.9 crore from ₹983.4 crore, net loss declined to ₹9.2 crore from ₹34.1 crore, and diluted losses per share dropped to ₹1.96 from ₹7.23 a year ago.
PTC India Ltd. rose 0.2% to ₹153.50 after the power trading solutions provider reported a sharp increase in earnings in the December quarter.
Consolidated revenue advanced to ₹3,268.8 crore from ₹3,233.5 crore, net income jumped to ₹110.6 crore from ₹62.9 crore, and diluted earnings per share rose to ₹3.74 from ₹2.12 a year ago.
KCP Ltd. increased 1% to ₹189.90, and the infrastructure, power, and sugar maker swung to a loss in the December quarter.
Consolidated revenue decreased to ₹341.8 crore from ₹424.4 crore, after-tax losses swung to ₹15.9 crore from a profit of ₹18.4 crore, and diluted losses per share swung to ₹1.23 from a profit of ₹1.43 a year ago.
Suprajit Engineering Ltd. declined 1.2% to ₹400.85 despite the motion control systems maker reporting a slight increase in revenue and net income in the December quarter.
Consolidated revenue increased to ₹473 crore from ₹420.2 crore, net income advanced to ₹60.8 crore from ₹57 crore, and diluted earnings per share rose to ₹4.43 from ₹4.13 a year ago.
The company declared an interim dividend for the financial year 2025 of ₹1.25 per equity share.
S.A.L. Steel Ltd. advanced 2.6% to ₹19.03, and the steel, ferro alloys, and power company said net loss shrank in the December quarter.
Consolidated revenue increased to ₹193.8 crore from ₹129.5 crore, net loss declined to ₹0.68 crore from ₹2.48 crore, and diluted losses per share dropped to 8 paisa from 29 paisa a year ago.
Hemisphere Properties India Limited decreased 0.8% to ₹121.15 after the real estate company reported a 26% decline in quarterly profit.
Consolidated revenue declined to ₹225.8 crore from ₹228.2 crore, net income fell to ₹22.5 crore from ₹30.2 crore, and diluted earnings per share decreased to ₹4.1 from ₹6.2 a year ago.
Globus Spirits Ltd. gained 0.8% to ₹956 after the liquor and sanitizer maker reported a slight increase in revenue and a 99% decline in profit in the December quarter, reflecting higher excise duty and taxes in the current quarter.
Consolidated revenue advanced to ₹885.2 crore from ₹879.5 crore, net income dropped to ₹0.4 crore from ₹44.1 crore, and diluted earnings per share fell to 14 paisa from ₹15.35 a year ago.
- Arun Goswami
- 12 Mar, 2025
- Mumbai
Fairchem Organics Limited advanced 3.3% to ₹920 despite the chemical’s maker reporting a 72% plunge from a year ago in quarterly profit.
Consolidated revenue decreased to ₹114.1 crore from ₹148.4 crore, after-tax profit fell to ₹3.5 crore from ₹12.3 crore, and diluted earnings per share dropped to ₹2.70 from ₹9.47 a year ago.
RSWM Ltd. dropped 1.6% to ₹135.50 after the yarns and fabrics maker said net loss shrank in the December quarter.
Consolidated revenue increased to ₹1,202.9 crore from ₹983.4 crore, net loss declined to ₹9.2 crore from ₹34.1 crore, and diluted losses per share dropped to ₹1.96 from ₹7.23 a year ago.
PTC India Ltd. rose 0.2% to ₹153.50 after the power trading solutions provider reported a sharp increase in earnings in the December quarter.
Consolidated revenue advanced to ₹3,268.8 crore from ₹3,233.5 crore, net income jumped to ₹110.6 crore from ₹62.9 crore, and diluted earnings per share rose to ₹3.74 from ₹2.12 a year ago.
KCP Ltd. increased 1% to ₹189.90, and the infrastructure, power, and sugar maker swung to a loss in the December quarter.
Consolidated revenue decreased to ₹341.8 crore from ₹424.4 crore, after-tax losses swung to ₹15.9 crore from a profit of ₹18.4 crore, and diluted losses per share swung to ₹1.23 from a profit of ₹1.43 a year ago.
Suprajit Engineering Ltd. declined 1.2% to ₹400.85 despite the motion control systems maker reporting a slight increase in revenue and net income in the December quarter.
Consolidated revenue increased to ₹473 crore from ₹420.2 crore, net income advanced to ₹60.8 crore from ₹57 crore, and diluted earnings per share rose to ₹4.43 from ₹4.13 a year ago.
The company declared an interim dividend for the financial year 2025 of ₹1.25 per equity share.
S.A.L. Steel Ltd. advanced 2.6% to ₹19.03, and the steel, ferro alloys, and power company said net loss shrank in the December quarter.
Consolidated revenue increased to ₹193.8 crore from ₹129.5 crore, net loss declined to ₹0.68 crore from ₹2.48 crore, and diluted losses per share dropped to 8 paisa from 29 paisa a year ago.
Hemisphere Properties India Limited decreased 0.8% to ₹121.15 after the real estate company reported a 26% decline in quarterly profit.
Consolidated revenue declined to ₹225.8 crore from ₹228.2 crore, net income fell to ₹22.5 crore from ₹30.2 crore, and diluted earnings per share decreased to ₹4.1 from ₹6.2 a year ago.
Globus Spirits Ltd. gained 0.8% to ₹956 after the liquor and sanitizer maker reported a slight increase in revenue and a 99% decline in profit in the December quarter, reflecting higher excise duty and taxes in the current quarter.
Consolidated revenue advanced to ₹885.2 crore from ₹879.5 crore, net income dropped to ₹0.4 crore from ₹44.1 crore, and diluted earnings per share fell to 14 paisa from ₹15.35 a year ago.
- Li Chen
- 12 Mar, 2025
- Hong Kong
Market indexes in China and Hong Kong weakened, reflecting declines in global markets amid escalating tariff tensions and uncertain geopolitical outlook.
The Hang Seng index dropped 1.6%, and the CSI 300 index declined 0.4% amid worries that higher U.S. tariffs on Chinese shipments may alter the manufacturing landscape and slow down economic growth in China.
Manufacturing businesses have struggled to adjust to new U.S. trade policy, the emergence of online platforms, and falling operating margins.
Small manufacturing companies making consumer goods, basic electrical and electronic goods, and apparel are forced to shut operations or consolidate.
Medium enterprises are looking to shift their operations to Vietnam, Mexico, or Indonesia, and large enterprises are investing billions of dollars setting up operations in Mexico, Brazil, and Eastern European countries.
Supply chains are rapidly evolving, and businesses are adjusting to new U.S. tariff threats, and despite the threats of higher trade barriers, Chinese companies are retaining market share.
The latest market decline was precipitated by the Trump administration's slapping of additional tariffs of 25% on steel and aluminum products from Canada.
Over the last six weeks, the Trump administration has managed to roil global markets, disrupt international goods trade, and announce government staff layoffs.
The reckless moves by the administration have unnerved investors, and the U.S. stock markets have lost about $4 trillion in valuation, and the tech-heavy Nasdaq has entered correction territory.
China Indexes and Stocks
The Hang Seng Index declined 1.6% to 23,428.53, and the mainland-focused decreased 0.4% to 3,923.63.
Cathay Pacific Group decreased 1.6% to HK $10.94 after the international air carrier announced its second consecutive annual profit in 2024.
The company said revenue increased 10.5% to HK $104.4 billion from HK $94.5 billion, net income rose 1% to HK $9.9 billion from HK $9.8 billion, and diluted earnings per share jumped 6% to 133.2 cents from 125.8 cents a year ago.
The company plans to propose a second interim dividend of 49 cents, taking the full-year dividend to 69 cents, an increase of 61% to 69 cents from 43 cents a year ago.
The company returned to profitability in 2023 after losing HK$34 billion in the previous three years after the Covid-19 pandemic disrupted world travel and halted most international flights.
- Barry Adams
- 11 Mar, 2025
- New York City
Stocks and market indexes extended losses amid growing worries about the economic mismanagement by the White House.
The S&P 500 index declined as much as 1% and the Nasdaq Composite decreased 0.6%, and the yield on 10-year U.S. Treasury notes hovered near 4.20%.
The tech-heavy Nasdaq Composite extended losses to 10% from the peak in mid-February, amid sharp losses in artificial intelligence-related stocks.
Nvidia, Broadcom, Intel, AMD, Qualcomm, and Dell Technologies lost between 20% and 40% over the last three weeks of trading after the Trump administration stepped up the tariff war with China.
The latest market decline came after Donald Trump announced additional tariffs of 25% on steel and aluminum shipments from Canada.
The weaponization of tariffs by the Trump administration has unnerved investors and stoked speculation that higher prices for consumers and businesses will push the U.S. economy into a recession.
Benchmark indexes have suffered steep losses after the Trump administration assumed office in late January, following government layoffs, immigration sweeps, and tariffs on China, Mexico, and Canada.
Donald Trump took over the U.S. economy, which was the envy of the world for the last three years for its resilient growth, and appears to push the economy to a recession with the use of an import tax on about $1.4 trillion of shipments from three leading key trade partners.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1% to 5,557.96, the Nasdaq Composite edged down 0.9% to 17,318.62, and the Russell 2000 index was down 0.1% to 2,016.66.
The yield on 2-year Treasury notes edged higher to 3.90%, 10-year Treasury notes increased to 4.22%, and 30-year Treasury bonds advanced to 4.55%.
WTI crude oil increased $0.67 to $66.70 a barrel, and natural gas prices edged lower by $0.03 to $4.46 a thermal unit.
Gold increased by $33.31 to $2,917.55 an ounce, and silver edged up by $0.74 to $32.75.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.37 to 103.47 and traded at a two-year high.
U.S. Stock Movers
Asana Inc. plunged 28.9% to $11.96, and the work management software company reported a loss in the fiscal fourth quarter.
Stock plunged nearly 30% after the company's sales outlook for the current quarter and fiscal year fell short of market expectations.
Chief executive Dustin Moskovitz said he plans to retire from the company he cofounded in 2008.
Delta Air Lines declined 8% to $46.35 after the international airline sharply lowered its current quarter revenue growth and earnings per share outlook.
The company revised its revenue growth to range between 3% and 4% from between 7% and 9% and earnings per share to range between 30 cents and 50 cents from 70 cents to $1.0 in the previous estimate, respectively.
Oracle Corp. dropped 5.9% to $140.14, and the database developer reported higher revenue and earnings in its latest quarter but fell short of market expectations.
The database and cloud computing company lifted its quarterly dividend by 25% to 50 cents per share from 40 cents a year ago.
Kohl's Corp plunged 20% to $9.67, and the department store chain reported a 9.5% decrease in revenue in the fiscal fourth quarter.
Moreover, the company's sales outlook for the current year fell short of market expectations, and the retailer guided earnings per share for the full year to range between 10 cents and 60 cents.
- Barry Adams
- 11 Mar, 2025
- New York City
Stocks and market indexes extended losses amid growing worries about the economic mismanagement by the White House.
The S&P 500 index declined as much as 1% and the Nasdaq Composite decreased 0.6%, and the yield on 10-year U.S. Treasury notes hovered near 4.20%.
The tech-heavy Nasdaq Composite extended losses to 10% from the peak in mid-February, amid sharp losses in artificial intelligence-related stocks.
Nvidia, Broadcom, Intel, AMD, Qualcomm, and Dell Technologies lost between 20% and 40% over the last three weeks of trading after the Trump administration stepped up the tariff war with China.
The latest market decline came after Donald Trump announced additional tariffs of 25% on steel and aluminum shipments from Canada.
The weaponization of tariffs by the Trump administration has unnerved investors and stoked speculation that higher prices for consumers and businesses will push the U.S. economy into a recession.
Benchmark indexes have suffered steep losses after the Trump administration assumed office in late January, following government layoffs, immigration sweeps, and tariffs on China, Mexico, and Canada.
Donald Trump took over the U.S. economy, which was the envy of the world for the last three years for its resilient growth, and appears to push the economy to a recession with the use of an import tax on about $1.4 trillion of shipments from three leading key trade partners.
Commodities, Currencies, Indexes, Yields
The S&P 500 index decreased 1% to 5,557.96, the Nasdaq Composite edged down 0.9% to 17,318.62, and the Russell 2000 index was down 0.1% to 2,016.66.
The yield on 2-year Treasury notes edged higher to 3.90%, 10-year Treasury notes increased to 4.22%, and 30-year Treasury bonds advanced to 4.55%.
WTI crude oil increased $0.67 to $66.70 a barrel, and natural gas prices edged lower by $0.03 to $4.46 a thermal unit.
Gold increased by $33.31 to $2,917.55 an ounce, and silver edged up by $0.74 to $32.75.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.37 to 103.47 and traded at a two-year high.
U.S. Stock Movers
Asana Inc. plunged 28.9% to $11.96, and the work management software company reported a loss in the fiscal fourth quarter.
Stock plunged nearly 30% after the company's sales outlook for the current quarter and fiscal year fell short of market expectations.
Chief executive Dustin Moskovitz said he plans to retire from the company he cofounded in 2008.
Delta Air Lines declined 8% to $46.35 after the international airline sharply lowered its current quarter revenue growth and earnings per share outlook.
The company revised its revenue growth to range between 3% and 4% from between 7% and 9% and earnings per share to range between 30 cents and 50 cents from 70 cents to $1.0 in the previous estimate, respectively.
Oracle Corp. dropped 5.9% to $140.14, and the database developer reported higher revenue and earnings in its latest quarter but fell short of market expectations.
The database and cloud computing company lifted its quarterly dividend by 25% to 50 cents per share from 40 cents a year ago.
Kohl's Corp plunged 20% to $9.67, and the department store chain reported a 9.5% decrease in revenue in the fiscal fourth quarter.
Moreover, the company's sales outlook for the current year fell short of market expectations, and the retailer guided earnings per share for the full year to range between 10 cents and 60 cents.
- Bridgette Randall
- 11 Mar, 2025
- London
European markets attempted to rebound after Monday's sell-off as investors recalibrated geopolitical headwinds and new commitments to increase government spending.
Benchmark indexes in Frankfurt, Paris, Milan, and London traded in a tight range as investors returned to add positions in infrastructure and defense-related stocks.
On Monday, investors sold stocks amid worries that the Trump administration's reliance on tariffs and government layoffs is pushing the U.S. economy into a recession and shrinking global goods trade.
However, European leaders pledged to commit as much as €800 billion to ramp up arms production after the U.S. announced its withdrawal of support for Ukraine and pushed for peace with Russia.
In addition, Germany's CDU party leader Friedrich Merz announced a plan to set up a €500 billion fund to finance infrastructure development in the coming years.
The two announcements of ramped-up spending supported market enthusiasm last week, despite a weak macroeconomic outlook in the region and deteriorating trade relations with the U.S.
On the economic front, the UK's retail sales advanced at an annual pace of 0.9% in February, sharply lower than the 2.5% pace in the previous month, according to data released by the British Retail Consortium.
Consumers have avoided large-ticket items amid the high cost of living, and nonfood store sales were unchanged.
Europe Indexes and Yields
The DAX index increased by 0.6% to 22,765.80, the CAC-40 index edged higher 0.5% to 8,084.57, and the FTSE 100 index declined by 0.1% to 8,593.28.
The yield on 10-year German bonds inched higher to 2.86%, French bonds increased to 3.58%, the UK gilts moved up to 4.61%, and Italian bonds edged higher to 3.93%.
The euro increased to $1.09; the British pound was higher at $1.29; and the U.S. dollar was higher and traded at 88.12 Swiss cents.
Brent crude increased $0.49 to $69.77 a barrel, and the Dutch TTF natural gas was higher by €0.46 to €41.47 per MWh.
Europe Stock Movers
Volkswagen AG edged up 1.2% to €111.60 after the German vehicle maker reported a sharp decline in earnings in 2024, but the automaker held out for operating margin improvement in the current year.
Henkel AG dropped 9.3% to €78.70 after the German consumer goods company's organic sales outlook in 2025 fell short of market expectations.
Costain Group PLC soared 8.2% to 112.50 pence after the UK-based construction company reported strong results in 2024 and guided a positive order flow outlook in the current year.
HelloFresh SE plunged 13.5% to €8.71 after the meal kit services provider offered a softer organic growth outlook in 2025.
- Bridgette Randall
- 11 Mar, 2025
- London
European markets attempted to rebound after Monday's sell-off as investors recalibrated geopolitical headwinds and new commitments to increase government spending.
Benchmark indexes in Frankfurt, Paris, Milan, and London traded in a tight range as investors returned to add positions in infrastructure and defense-related stocks.
On Monday, investors sold stocks amid worries that the Trump administration's reliance on tariffs and government layoffs is pushing the U.S. economy into a recession and shrinking global goods trade.
However, European leaders pledged to commit as much as €800 billion to ramp up arms production after the U.S. announced its withdrawal of support for Ukraine and pushed for peace with Russia.
In addition, Germany's CDU party leader Friedrich Merz announced a plan to set up a €500 billion fund to finance infrastructure development in the coming years.
The two announcements of ramped-up spending supported market enthusiasm last week, despite a weak macroeconomic outlook in the region and deteriorating trade relations with the U.S.
On the economic front, the UK's retail sales advanced at an annual pace of 0.9% in February, sharply lower than the 2.5% pace in the previous month, according to data released by the British Retail Consortium.
Consumers have avoided large-ticket items amid the high cost of living, and nonfood store sales were unchanged.
Europe Indexes and Yields
The DAX index increased by 0.6% to 22,765.80, the CAC-40 index edged higher 0.5% to 8,084.57, and the FTSE 100 index declined by 0.1% to 8,593.28.
The yield on 10-year German bonds inched higher to 2.86%, French bonds increased to 3.58%, the UK gilts moved up to 4.61%, and Italian bonds edged higher to 3.93%.
The euro increased to $1.09; the British pound was higher at $1.29; and the U.S. dollar was higher and traded at 88.12 Swiss cents.
Brent crude increased $0.49 to $69.77 a barrel, and the Dutch TTF natural gas was higher by €0.46 to €41.47 per MWh.
Europe Stock Movers
Volkswagen AG edged up 1.2% to €111.60 after the German vehicle maker reported a sharp decline in earnings in 2024, but the automaker held out for operating margin improvement in the current year.
Henkel AG dropped 9.3% to €78.70 after the German consumer goods company's organic sales outlook in 2025 fell short of market expectations.
Costain Group PLC soared 8.2% to 112.50 pence after the UK-based construction company reported strong results in 2024 and guided a positive order flow outlook in the current year.
HelloFresh SE plunged 13.5% to €8.71 after the meal kit services provider offered a softer organic growth outlook in 2025.