Bargain Hunters Lift China and Hong Kong Stocks, AIA Reports Record Earnings In 2024

Stock market indexes rebounded in China and Hong Kong as investors searched for bargains and overlooked another round of fresh tariffs announced by the U.S. 

The Hang Seng index soared nearly 3%, and the mainland-focused CSI 300 index advanced nearly 2.5%, and benchmark indexes halted a five-day decline.

Stock market volatility reached a new high this week amid escalating trade tensions between the U.S. and Europe, and the U.S. announced its plans to expand its tariffs to shipments from Japan. 

Moreover, Russia rejected a peace plan proposed by the U.S. for a 30-day ceasefire with Ukraine, as the war continues into the fourth year with no end in sight. 

After today's rally, the Hang Seng index erased weekly losses of more than 3%, and the CSI 300 index gained 1.7% in the period.

The Friday's market surge was partly driven by the expectations of a policy shift announcement scheduled on Monday, and investors are hoping that policymakers will provide detailed implementation plans for the previously announced stimulus measures.

In overnight trading in New York, the S&P 500 index closed down 1.4% and the Nasdaq Composite plunged 2%, and benchmark indexes extended losses to more than 10% from the peak in mid-February.

China Indexes and Stocks 

The Hang Seng index soared 2.5% to 24,047.46, and the mainland-focused CSI 300 index advanced 2.4% to 4,004.21. 

Alibaba Group Holding jumped 3.3% to HK $135.80, Tencent Holdings advanced 3.7% to HK $526.0, Baidu Inc. increased 2.2% to HK $91.45, and JD.com Inc. added 4.5% to HK $164.40.

Electric vehicle makers advanced in Friday's trading, as investors anticipated additional support by the government to lift domestic sales. 

Li Auto advanced 1% to HK $111.60, BYD jumped 4.9% to HK $378.60, and Xpeng Inc. decreased 4.3% to HK $91.35.

AIA Group Ltd. decreased 2.8% to HK $61.05 despite the insurance company reporting a surge in 2024 profit. 

The insurance company said net income in 2024 advanced 82% to $6.4 billion, driven by an 18% increase in new business value to $4.71 billion.

Mainland customers continued to buy Hong Kong dollar-denominated health and life insurance policies to hedge against the potential future decline in the yuan. 

New business revenue in Hong Kong advanced 23% to $1.8 billion, in mainland China soared 20% to $1.2 billion, and in Thailand and Singapore advanced 15%, followed by 10% gains in Malaysia. 

The insurance company announced a final dividend of HK $1.3098, increasing the total dividend by 9% from a year ago to HK $1.7548.

As a part of the company's goal to return capital to shareholders, the insurance company announced a $1.6 billion stock repurchase plan. 

Bargain Hunters Lift China and Hong Kong Stocks, AIA Reports Record Earnings In 2024

Stock market indexes rebounded in China and Hong Kong as investors searched for bargains and overlooked another round of fresh tariffs announced by the U.S. 

The Hang Seng index soared nearly 3%, and the mainland-focused CSI 300 index advanced nearly 2.5%, and benchmark indexes halted a five-day decline.

Stock market volatility reached a new high this week amid escalating trade tensions between the U.S. and Europe, and the U.S. announced its plans to expand its tariffs to shipments from Japan. 

Moreover, Russia rejected a peace plan proposed by the U.S. for a 30-day ceasefire with Ukraine, as the war continues into the fourth year with no end in sight. 

After today's rally, the Hang Seng index erased weekly losses of more than 3%, and the CSI 300 index gained 1.7% in the period.

The Friday's market surge was partly driven by the expectations of a policy shift announcement scheduled on Monday, and investors are hoping that policymakers will provide detailed implementation plans for the previously announced stimulus measures.

In overnight trading in New York, the S&P 500 index closed down 1.4% and the Nasdaq Composite plunged 2%, and benchmark indexes extended losses to more than 10% from the peak in mid-February.

China Indexes and Stocks 

The Hang Seng index soared 2.5% to 24,047.46, and the mainland-focused CSI 300 index advanced 2.4% to 4,004.21. 

Alibaba Group Holding jumped 3.3% to HK $135.80, Tencent Holdings advanced 3.7% to HK $526.0, Baidu Inc. increased 2.2% to HK $91.45, and JD.com Inc. added 4.5% to HK $164.40.

Electric vehicle makers advanced in Friday's trading, as investors anticipated additional support by the government to lift domestic sales. 

Li Auto advanced 1% to HK $111.60, BYD jumped 4.9% to HK $378.60, and Xpeng Inc. decreased 4.3% to HK $91.35.

AIA Group Ltd. decreased 2.8% to HK $61.05 despite the insurance company reporting a surge in 2024 profit. 

The insurance company said net income in 2024 advanced 82% to $6.4 billion, driven by an 18% increase in new business value to $4.71 billion.

Mainland customers continued to buy Hong Kong dollar-denominated health and life insurance policies to hedge against the potential future decline in the yuan. 

New business revenue in Hong Kong advanced 23% to $1.8 billion, in mainland China soared 20% to $1.2 billion, and in Thailand and Singapore advanced 15%, followed by 10% gains in Malaysia. 

The insurance company announced a final dividend of HK $1.3098, increasing the total dividend by 9% from a year ago to HK $1.7548.

Growing Worries of U.S. Economic Recession Drag Down Wall Street Indexes

Stocks struggled in New York amid growing worries about the health of the U.S. economy and future rate path. 

The S&P 500 index declined 0.4%, and the Nasdaq Composite fell as much as 0.9% and extended weekly losses to 3%.

Benchmark indexes are likely to close down for the fourth week in a row, as the Trump administration doubles down on global tariff trade policy despite its impact on consumers and the broader economy. 

The European Union slapped tariffs on American products, including whiskey and motorcycles, in retaliation to the U.S. tariff on steel and other manufactured products. 

Investors are concerned that the constantly changing Trump administration's tariff wars are adding another layer to the market volatility, economic uncertainty, and turmoil in the world trade. 

However, the latest producer price inflation report showed that those tariff wars, so far, have not fueled inflation. 

Producer price inflation was 3.2% in February, slower than the revised 3.7% in January, the U.S. Bureau of Labor Statistics reported Thursday.

Core inflation, which excludes volatile energy, food prices, and services, slowed to a ten-month low of 3.3% in February.

Despite the slowdown in consumer and producer price inflation, both measures are still higher than 2%, suggesting that elevated levels are here to stay for several months or longer.

Weekly jobless claims in the first week in March edged down 2,000 to 220,000, and continuing claims which lag by a week dropped 27,000 to 1.87 million, the U.S. Bureau of Labor Statistics reported Thursday. 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.4% to 5,577.78, the Nasdaq Composite edged down 0.7% to 17,525.10, and the Russell 2000 index was up 0.05% to 2,027.50.

The yield on 2-year Treasury notes edged higher to 4.01%, 10-year Treasury notes increased to 4.34%, and 30-year Treasury bonds advanced to 4.65%.

WTI crude oil decreased $0.66 to $67.02 a barrel, and natural gas prices edged lower by $0.10 to $3.98 a therm. unit.

Gold increased by $6.15 to $2,944.12 an ounce, and silver edged down by $0.17 to $33.10.

The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.44 to 104.06 and traded at a two-year high.

U.S. Stock Movers

Adobe Inc. dropped 10.9% to $391.38 after the graphic design software developer reported strong results for the fiscal first quarter of 2025 ending in February, but the company's weak sales outlook failed to impress investors. 

The company guided second quarter revenue to range between $5.77 billion and $5.82 billion, up from $5.31 billion a year ago, and earnings per share between $3.80 and $3.85, up from $3.49 in the same period in 2024.

American Eagle Outfitters Inc. dropped 5.1% to $10.86 after the specialty apparel retailer reported comparable sales growth of 3% in the fiscal fourth quarter of 2024.

However, the specialty apparel retailer estimated current quarter sales growth in the "mid-single-digit," lower than the market expectation of at least a 1% increase. 

SentinelOne declined 3% to $18.68, and the cybersecurity company's quarterly results surpassed market expectations, but the current quarter sales outlook of $228 million fell short of market expectations. 

Intel Corp. jumped 16% to $24.08 after the company appointed a new chief executive to lead its turnaround efforts. 

Lip-Bu Tan, former chief executive of Cadence Design Systems, will assume the top position and lead the company's effort in setting up its foundry operation and accelerate its new chip designs. 

Growing Worries of U.S. Economic Recession Drag Down Wall Street Indexes

Stocks struggled in New York amid growing worries about the health of the U.S. economy and future rate path. 

The S&P 500 index declined 0.4%, and the Nasdaq Composite fell as much as 0.9% and extended weekly losses to 3%.

Benchmark indexes are likely to close down for the fourth week in a row, as the Trump administration doubles down on global tariff trade policy despite its impact on consumers and the broader economy. 

The European Union slapped tariffs on American products, including whiskey and motorcycles, in retaliation to the U.S. tariff on steel and other manufactured products. 

Investors are concerned that the constantly changing Trump administration's tariff wars are adding another layer to the market volatility, economic uncertainty, and turmoil in the world trade. 

However, the latest producer price inflation report showed that those tariff wars, so far, have not fueled inflation. 

Producer price inflation was 3.2% in February, slower than the revised 3.7% in January, the U.S. Bureau of Labor Statistics reported Thursday.

Core inflation, which excludes volatile energy, food prices, and services, slowed to a ten-month low of 3.3% in February.

Despite the slowdown in consumer and producer price inflation, both measures are still higher than 2%, suggesting that elevated levels are here to stay for several months or longer.

Weekly jobless claims in the first week in March edged down 2,000 to 220,000, and continuing claims which lag by a week dropped 27,000 to 1.87 million, the U.S. Bureau of Labor Statistics reported Thursday. 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.4% to 5,577.78, the Nasdaq Composite edged down 0.7% to 17,525.10, and the Russell 2000 index was up 0.05% to 2,027.50.

The yield on 2-year Treasury notes edged higher to 4.01%, 10-year Treasury notes increased to 4.34%, and 30-year Treasury bonds advanced to 4.65%.

WTI crude oil decreased $0.66 to $67.02 a barrel, and natural gas prices edged lower by $0.10 to $3.98 a therm. unit.

Gold increased by $6.15 to $2,944.12 an ounce, and silver edged down by $0.17 to $33.10.

The dollar index, which weighs the US currency against a basket of foreign currencies, increased 0.44 to 104.06 and traded at a two-year high.

U.S. Stock Movers

Adobe Inc. dropped 10.9% to $391.38 after the graphic design software developer reported strong results for the fiscal first quarter of 2025 ending in February, but the company's weak sales outlook failed to impress investors. 

The company guided second quarter revenue to range between $5.77 billion and $5.82 billion, up from $5.31 billion a year ago, and earnings per share between $3.80 and $3.85, up from $3.49 in the same period in 2024.

American Eagle Outfitters Inc. dropped 5.1% to $10.86 after the specialty apparel retailer reported comparable sales growth of 3% in the fiscal fourth quarter of 2024.

However, the specialty apparel retailer estimated current quarter sales growth in the "mid-single-digit," lower than the market expectation of at least a 1% increase. 

SentinelOne declined 3% to $18.68, and the cybersecurity company's quarterly results surpassed market expectations, but the current quarter sales outlook of $228 million fell short of market expectations. 

Intel Corp. jumped 16% to $24.08 after the company appointed a new chief executive to lead its turnaround efforts. 

Lip-Bu Tan, former chief executive of Cadence Design Systems, will assume the top position and lead the company's effort in setting up its foundry operation and accelerate its new chip designs. 

US Markeyt Updae

German and French Bond Yields Near 16-Year Highs Amid New Borrowing Plans and Tariff Worries

European markets lacked direction amid escalating trade tensions with the U.S. and geopolitical uncertainties. 

Benchmark indexes in Frankfurt and Paris turned lower as investors reviewed the latest political development in Germany. 

The two leading German parties, CDU and SPD, lacking a clear majority, are struggling to form a coalition with the Green Party and prepare a plan to increase the federal government debt limit to finance infrastructure spending. 

So far, the Green Party has rejected the government's proposal to raise the debt limit to finance the 500 billion infrastructure spending plan proposed by the CDU leader Friedrich Merz. 

Market sentiment was also cautious amid escalating trade tensions with the U.S., and the Trump administration said it plans to slap additional tariffs on European steel, automobiles, and other manufactured products. 

The tit-for-tat tariffs are likely to provide additional headwinds for eurozone economic growth, and the currency union is already struggling under high cost of living and weak exports growth.

On the economic front, industrial output in the eurozone in January was stable compared to a year ago, according to data released by Eurostat. 

Europe Indexes and Yields

The DAX index decreased by 0.5% to 22,561.20, the CAC-40 index edged lower 0.3% to 7,963.96, and the FTSE 100 index advanced by 0.03% to 8,542.94. 

The yield on 10-year German bonds inched lower to 2.88%, French bonds increased to 3.56%, the UK gilts moved up to 4.68%, and Italian bonds edged higher to 3.94%.

The euro decreased to $1.09; the British pound was lower at $1.29; and the U.S. dollar was lower and traded at 88.20 Swiss cents.

Brent crude increased $0.11 to $71.05 a barrel, and the Dutch TTF natural gas was higher by €0.58 to €42.41 per MWh.

Europe Stock Movers

Deliveroo PLC plunged 6% to 117.0 pence after the food delivery company pushed back its key financial metric timeline by a year to 2026. 

The company delivered its first annual profit after gross sales, annual revenue, and average transaction size increased in 2024. 

Hugo Boss AG declined 5% to €36.13, and the German fashion company reported a decline in annual net income in 2024.

The company also said sales growth in the year so far has been muted amid cautious consumer sentiment and challenging macroeconomic conditions in the U.S. and China.

Telefonica jumped 1.8% to €4.30 after the Spanish telecommunications company said it has agreed to sell its business in Colombia for $400 million to Millicom Spain. 

Hannover Re jumped 1.4% to €276.10, and the reinsurance company reported a significant improvement in its property & casualty insurance portfolio. 

IG Group Holding increased 2% to 944.0 pence after the financial derivative trading platform operator reported a 12% increase in revenue in the fiscal third quarter of 2025. 

German and French Bond Yields Near 16-Year Highs Amid Spending Plans and Tariff Wars

European markets lacked direction amid escalating trade tensions with the U.S. and geopolitical uncertainties. 

Benchmark indexes in Frankfurt and Paris turned lower as investors reviewed the latest political development in Germany. 

The two leading German parties, CDU and SPD, lacking a clear majority, are struggling to form a coalition with the Green Party and prepare a plan to increase the federal government debt limit to finance infrastructure spending. 

So far, the Green Party has rejected the government's proposal to raise the debt limit to finance the 500 billion infrastructure spending plan proposed by the CDU leader Friedrich Merz. 

Market sentiment was also cautious amid escalating trade tensions with the U.S., and the Trump administration said it plans to slap additional tariffs on European steel, automobiles, and other manufactured products. 

The tit-for-tat tariffs are likely to provide additional headwinds for eurozone economic growth, and the currency union is already struggling under high cost of living and weak exports growth.

On the economic front, industrial output in the eurozone in January was stable compared to a year ago, according to data released by Eurostat. 

Europe Indexes and Yields

The DAX index decreased by 0.5% to 22,561.20, the CAC-40 index edged lower 0.3% to 7,963.96, and the FTSE 100 index advanced by 0.03% to 8,542.94. 

The yield on 10-year German bonds inched lower to 2.88%, French bonds increased to 3.56%, the UK gilts moved up to 4.68%, and Italian bonds edged higher to 3.94%.

The euro decreased to $1.09; the British pound was lower at $1.29; and the U.S. dollar was lower and traded at 88.20 Swiss cents.

Brent crude increased $0.11 to $71.05 a barrel, and the Dutch TTF natural gas was higher by €0.58 to €42.41 per MWh.

Europe Stock Movers

Deliveroo PLC plunged 6% to 117.0 pence after the food delivery company pushed back its key financial metric timeline by a year to 2026. 

The company delivered its first annual profit after gross sales, annual revenue, and average transaction size increased in 2024. 

Hugo Boss AG declined 5% to €36.13, and the German fashion company reported a decline in annual net income in 2024.

The company also said sales growth in the year so far has been muted amid cautious consumer sentiment and challenging macroeconomic conditions in the U.S. and China.

Telefonica jumped 1.8% to €4.30 after the Spanish telecommunications company said it has agreed to sell its business in Colombia for $400 million to Millicom Spain. 

Hannover Re jumped 1.4% to €276.10, and the reinsurance company reported a significant improvement in its property & casualty insurance portfolio. 

IG Group Holding increased 2% to 944.0 pence after the financial derivative trading platform operator reported a 12% increase in revenue in the fiscal third quarter of 2025. 

U.S. Movers: Adobe, American Eagle Outfitters

Adobe Inc. dropped 4% to $420.98 after the graphic design software developer reported results for the fiscal first quarter of 2025 ending in February.

Revenue increased to $5.71 billion from $5.18 billion, net income surged to $1.81 billion from $620 million, and diluted earnings per share rose to $4.14 from $1.36 a year ago.

The company repurchased approximately 7.0 million shares during the quarter.

“Adobe is well-positioned to capitalize on the acceleration of the creative economy driven by artificial intelligence, and we are reaffirming our fiscal 2025 financial targets,” said Shantanu Narayen, chair and CEO.

The company guided second quarter revenue to be between $5.77 billion and $5.82 billion, up from $5.31 billion a year ago, and earnings per share between $3.80 and $3.85, up from $3.49 in the same period in 2024.

For the full year, Adobe estimated revenue to be between $23.30 billion and $23.55 billion, up from $21.51 billion in 2024, and GAAP earnings per share between $15.80 and $16.10, compared to $12.36 a year ago.

American Eagle Outfitters Inc. dropped 5.1% to $10.86 after the specialty apparel retailer reported comparable sales growth in the fiscal fourth quarter of 2024.

Revenue declined to $1.60 billion from $1.68 billion, net income surged to $104.35 million from $6.32 million, and diluted earnings per share jumped to 54 cents from 3 cents a year ago.

Comparable sales advanced 3% in the quarter, with record Aerie comparable growth of 6% and American Eagle comparative growth of 1%.

The company guided for the first quarter of 2025 a revenue decline of “mid-single digits” and operating income to be between $20 million and $25 million, compared to $78 million in the same period last year.

For the full year, the company expects revenue to decline at “low single digits” and operating income to be between $360 million and $375 million, compared to $142 million in 2024.

The apparel retailer repurchased 3.5 million shares for $60 million in the fourth quarter, bringing full-year repurchases to 9.5 million shares for $191 million, and authorized an additional 50 million shares for repurchase.

In addition, the company returned approximately $24 million in cash to shareholders through its quarterly dividend of $0.125 per share, bringing year-to-date cash dividends to $96 million.

U.S. Movers: Adobe, American Eagle Outfitters

Europe Movers: Costain, Deliveroo, Hill & Smith, Hugo Boss, Rheinmetall

Costain Group Plc. dropped 4.1% to 106.90 pence after the UK-based provider of infrastructure solutions reported lower revenue in fiscal 2024.

Revenue declined to £1.25 billion from £1.33 billion, profit jumped to £30.6 million from £22.1 million, and diluted earnings per share edged up to 11.1 pence from 7.8 pence a year ago.

The company proposed a final dividend of 2.0 pence per share for 2024, up from 0.8 pence in 2023, payable on May 29 to shareholders on record as of April 22.

The total dividend per share for the year after the final dividend will increase to 2.4 pence, compared to 1.2 pence in 2023.

Hill & Smith Plc. surged 8.9% to 1,884 pence after the UK-based provider of sustainable infrastructure and transport reported increased revenue in 2024.

Revenue jumped 3% to £855.1 million from £829.8 million, profit rose to £84.3 million from £68.8 million, and diluted earnings per share rose to 93.9 pence from 85.0 pence a year ago.

The company proposed a 14% increase in the final dividend to 32.5 pence per share, payable on July 4 to shareholders on the register as of May 30.

After the final dividend, the total dividend for the year is 49 pence per share, up from 43 cents per share in 2023.

The company paid a total of £34.5 million in dividends during 2024, up from £28 million in 2023.

Hill & Smith said that it is “confident of another year of good progress in 2025,” driven by its proven M&A strategy, and seeing attractive growth opportunities in its business in India.

“Our US businesses delivered around 76% of group underlying operating profit in 2024 and we expect the strong trading momentum to continue in 2025,” as the overall market’s trade tensions do not pose any significant threats, the company said in a release to investors.

Rheinmetall AG surged 9.6% to €1,265 after the German armored vehicle, weapon, and ammunition maker reported increased revenue in fiscal 2024.

Revenue jumped 36% to €9.75 billion from €7.18 billion, operating income climbed 61% to €1.48 billion from €918 million, and earnings per share rose to €16.51 from €12.32 a year ago.

Sales in the defense business, which accounts for around 80% of group sales,  increased by 50% during the year.

The company proposed a dividend of €8.10 per share, compared to €5.70 per share in 2023.

Rheinmetall guided for fiscal 2025 group sales to grow between 25% and 30% and the operating margin to be approximately 15.5%, compared to 15.2% in 2024.

In the defense business, the company estimated sales growth between 35% and 40% in 2025.

“This outlook does not yet take into account the improvement in market potential that is expected to arise in the markets that are particularly relevant for Rheinmetall in Europe, Germany, and Ukraine as a result of the geopolitical developments in recent weeks,” the company said in a release to investors.

Deliveroo Plc. dropped 7.1% to 115.74 pence despite the food and retail products delivery platform operator reporting sales growth in fiscal 2024.

Revenue increased to £2.07 billion from £2.03 billion, profit edged up to £2.9 million from a loss of £31.8 million, and diluted earnings per share were zero compared to a loss of 1 cent a year ago.

Sales in the U.K. and Ireland rose to £1.25 billion from £1.21 billion, and international sales declined to £817.5 million from £821.0 million a year earlier.

Total orders increased 2% to 296 million from 290 million, and average order size rose 3% £25.1 from £24.30 a year ago, respectively. 

During the year, the company purchased 22.6 million shares for a total of £30 million, including transaction costs of £0.2 million, and held by the earnings before tax.

The company announced a new stock repurchase commenced in August 2024 to purchase for a maximum of £150 million.

During the year, 61.1 million shares were purchased for £90.0 million, including transaction costs of £0.6 million, and 60 million of these shares were cancelled at a cost of £88.5 million and a nominal value of £0.3 million.

Deliveroo guided fiscal 2025 adjusted EBITDA to be between £170 million and £190 million, compared to £130 million in 2024, as the company makes targeted investments to capture future growth opportunities.

The growth in transaction value is expected to increase at “a high single digit” in 2025.

Hugo Boss AG dropped 2.2% to €37.16 despite the German clothing, leather goods, and accessories retailer reporting higher sales in fiscal 2024.

Sales increased to €4.31 billion from €4.20 billion, net income edged down to €225.95 million from €242.53 million, and earnings per share fell to €3.09 from €3.74 a year ago.

The company paid a dividend of €1.40 per share, up from €1.35 per share in 2023.

Hugo Boss guided for fiscal 2025 sales to range between €4.2 billion and €4.4 billion, a 2% increase or decrease said from last year, and EBIT is expected to reach €380 to €440 million euros, up 5% to 22% from €360.82 million in 2024.

Europe Movers: Costain, Deliveroo, Hill & Smith, Hugo Boss, Rheinmetall

Costain Group Plc. dropped 4.1% to 106.90 pence after the UK-based provider of infrastructure solutions reported lower revenue in fiscal 2024.

Revenue declined to £1.25 billion from £1.33 billion, profit jumped to £30.6 million from £22.1 million, and diluted earnings per share edged up to 11.1 pence from 7.8 pence a year ago.

The company proposed a final dividend of 2.0 pence per share for 2024, up from 0.8 pence in 2023, payable on May 29 to shareholders on record as of April 22.

The total dividend per share for the year after the final dividend will increase to 2.4 pence, compared to 1.2 pence in 2023.

Hill & Smith Plc. surged 8.9% to 1,884 pence after the UK-based provider of sustainable infrastructure and transport reported increased revenue in 2024.

Revenue jumped 3% to £855.1 million from £829.8 million, profit rose to £84.3 million from £68.8 million, and diluted earnings per share rose to 93.9 pence from 85.0 pence a year ago.

The company proposed a 14% increase in the final dividend to 32.5 pence per share, payable on July 4 to shareholders on the register as of May 30.

After the final dividend, the total dividend for the year is 49 pence per share, up from 43 cents per share in 2023.

The company paid a total of £34.5 million in dividends during 2024, up from £28 million in 2023.

Hill & Smith said that it is “confident of another year of good progress in 2025,” driven by its proven M&A strategy, and seeing attractive growth opportunities in its business in India.

“Our US businesses delivered around 76% of group underlying operating profit in 2024 and we expect the strong trading momentum to continue in 2025,” as the overall market’s trade tensions do not pose any significant threats, the company said in a release to investors.

Rheinmetall AG surged 9.6% to €1,265 after the German armored vehicle, weapon, and ammunition maker reported increased revenue in fiscal 2024.

Revenue jumped 36% to €9.75 billion from €7.18 billion, operating income climbed 61% to €1.48 billion from €918 million, and earnings per share rose to €16.51 from €12.32 a year ago.

Sales in the defense business, which accounts for around 80% of group sales,  increased by 50% during the year.

The company proposed a dividend of €8.10 per share, compared to €5.70 per share in 2023.

Rheinmetall guided for fiscal 2025 group sales to grow between 25% and 30% and the operating margin to be approximately 15.5%, compared to 15.2% in 2024.

In the defense business, the company estimated sales growth between 35% and 40% in 2025.

“This outlook does not yet take into account the improvement in market potential that is expected to arise in the markets that are particularly relevant for Rheinmetall in Europe, Germany, and Ukraine as a result of the geopolitical developments in recent weeks,” the company said in a release to investors.

Deliveroo Plc. dropped 7.1% to 115.74 pence despite the food and retail products delivery platform operator reporting sales growth in fiscal 2024.

Revenue increased to £2.07 billion from £2.03 billion, profit edged up to £2.9 million from a loss of £31.8 million, and diluted earnings per share were zero compared to a loss of 1 cent a year ago.

Sales in the U.K. and Ireland rose to £1.25 billion from £1.21 billion, and international sales declined to £817.5 million from £821.0 million a year earlier.

Total orders increased 2% to 296 million from 290 million, and average order size rose 3% £25.1 from £24.30 a year ago, respectively. 

During the year, the company purchased 22.6 million shares for a total of £30 million, including transaction costs of £0.2 million, and held by the earnings before tax.

The company announced a new stock repurchase commenced in August 2024 to purchase for a maximum of £150 million.

During the year, 61.1 million shares were purchased for £90.0 million, including transaction costs of £0.6 million, and 60 million of these shares were cancelled at a cost of £88.5 million and a nominal value of £0.3 million.

Deliveroo guided fiscal 2025 adjusted EBITDA to be between £170 million and £190 million, compared to £130 million in 2024, as the company makes targeted investments to capture future growth opportunities.

The growth in transaction value is expected to increase at “a high single digit” in 2025.

Hugo Boss AG dropped 2.2% to €37.16 despite the German clothing, leather goods, and accessories retailer reporting higher sales in fiscal 2024.

Sales increased to €4.31 billion from €4.20 billion, net income edged down to €225.95 million from €242.53 million, and earnings per share fell to €3.09 from €3.74 a year ago.

The company paid a dividend of €1.40 per share, up from €1.35 per share in 2023.

Hugo Boss guided for fiscal 2025 sales to range between €4.2 billion and €4.4 billion, a 2% increase or decrease said from last year, and EBIT is expected to reach €380 to €440 million euros, up 5% to 22% from €360.82 million in 2024.

Expectations of Higher Rates In Japan Kept Tokyo Market Sentiment In Check

Market sentiment in Tokyo dampened amid rapidly escalating trade tensions with the U.S., and the yen continued its advance. 

The Nikkei 225 Stock Average edged down a fraction, and the broader TOPIX advanced 0.1% as investors worried about the looming U.S. trade tariffs.

The yen closed at 147.5 against the U.S. dollar after Bank of Japan Governor Kazuo Ueda reaffirmed the central bank's plans to shrink its balance sheet. 

The central bank is prepared to raise rates following strong wage growth and rising consumption, permitting policymakers to end long-overdue ultra-loose monetary policy.

Japanese exporters are bracing for higher U.S. tariffs on electrical and electronic goods, vehicles, and semiconductor equipment as the Trump administration expands the list of countries and industries. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average closed down 0.1% to 36,790.03, and the broader TOPIX edged up 0.1% to 2,698.36, and both indexes erased the session's gains.

Mitsubishi Electric Corp. increased 1.3% to ¥2,757.0, and the company said it plans to expand its missile and cross-domain operations as Japan expands its arms production and defense capabilities. 

Semiconductor equipment makers were in focus in Tokyo's trading, following a rebound in advanced chipmaker stocks in New York in overnight trading. 

Tokyo Electron decreased 0.1% to ¥21,320.0, Disco Corp. soared 5.2% to ¥34,430.0, and Advantest Corp. jumped 3.7% to ¥7,830.0.

Japan Steel Works soared 6.2% to ¥5,933.0, despite the looming U.S. tariffs on Japanese exports. 

Kawasaki Heavy Industries gained 1.9% to ¥8,870.0, and IHI Corp. increased 2.9% to ¥10,605.0 amid expectations of rising orders from the defense ministry as the Japanese government plans to spend about 44 trillion yen on modernizing its military. 

Expectations of Higher Rates In Japan Kept Tokyo Market Sentiment In Check

Market sentiment in Tokyo dampened amid rapidly escalating trade tensions with the U.S., and the yen continued its advance. 

The Nikkei 225 Stock Average edged down a fraction, and the broader TOPIX advanced 0.1% as investors worried about the looming U.S. trade tariffs.

The yen closed at 147.5 against the U.S. dollar after Bank of Japan Governor Kazuo Ueda reaffirmed the central bank's plans to shrink its balance sheet. 

The central bank is prepared to raise rates following strong wage growth and rising consumption, permitting policymakers to end long-overdue ultra-loose monetary policy.

Japanese exporters are bracing for higher U.S. tariffs on electrical and electronic goods, vehicles, and semiconductor equipment as the Trump administration expands the list of countries and industries. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average closed down 0.1% to 36,790.03, and the broader TOPIX edged up 0.1% to 2,698.36, and both indexes erased the session's gains.

Mitsubishi Electric Corp. increased 1.3% to ¥2,757.0, and the company said it plans to expand its missile and cross-domain operations as Japan expands its arms production and defense capabilities. 

Semiconductor equipment makers were in focus in Tokyo's trading, following a rebound in advanced chipmaker stocks in New York in overnight trading. 

Tokyo Electron decreased 0.1% to ¥21,320.0, Disco Corp. soared 5.2% to ¥34,430.0, and Advantest Corp. jumped 3.7% to ¥7,830.0.

Japan Steel Works soared 6.2% to ¥5,933.0, despite the looming U.S. tariffs on Japanese exports. 

Kawasaki Heavy Industries gained 1.9% to ¥8,870.0, and IHI Corp. increased 2.9% to ¥10,605.0 amid expectations of rising orders from the defense ministry as the Japanese government plans to spend about 44 trillion yen on modernizing its military. 

China Indexes Extended Losses to Fifth Consecutive Session, Two Sessions Failed to Shed More Light On Stimulus Measures

Stock market indexes in China and Hong Kong declined for the fifth session in a row amid escalating global trade tensions and a lack of clarity about the stimulus implementation plan.

The Hang Seng index declined as much as 1%, and the mainland-focused CSI 300 index dropped 0.4% after the European Union announced its retaliatory tariffs on U.S. imports. 

The constantly changing U.S. trade policy and chaotic administration of the Trump administration are driving Chinese companies to look for markets elsewhere. 

Chinese companies are rapidly adjusting to the U.S. trade policy uncertainty, and the leadership in Beijing is altering its trade stance with the European Union, ASEAN region, India, and South America. 

Moreover, investors were disappointed after the ending of Two Sessions failed to provide additional clarity on the fiscal implementation plans that were announced several months ago.

Despite bold announcements of fiscal measures to support the property market, revive consumer confidence, and tackle elevated local government debts, little progress has been made in implementation plans.

China Indexes and Stocks 

The Hang Seng index decreased 0.9% to 23,389.09, and the mainland-focused CSI 300 index fell 0.4% to 3,910.60. 

Technology and property developers led the decliners for the fifth session in a row amid worries about rising trade tensions. 

Alibaba Group Holding decreased 2.5% to HK $131.40, Tencent Holdings declined 1.2% to HK $506.0, and JD.com Inc. increased 0.1% to HK $156.90.

Longfor Group decreased 10.6% to HK $10.60, China Vanke Co. Ltd. dropped 2.5% to HK $5.86, and Sun Hung Kai Properties fell 0.9% to HK $74.95.

China Indexes Extended Losses to Fifth Consecutive Session, Two Sessions Failed to Shed More Light On Stimulus Measures

Stock market indexes in China and Hong Kong declined for the fifth session in a row amid escalating global trade tensions and a lack of clarity about the stimulus implementation plan.

The Hang Seng index declined as much as 1%, and the mainland-focused CSI 300 index dropped 0.4% after the European Union announced its retaliatory tariffs on U.S. imports. 

The constantly changing U.S. trade policy and chaotic administration of the Trump administration are driving Chinese companies to look for markets elsewhere. 

Chinese companies are rapidly adjusting to the U.S. trade policy uncertainty, and the leadership in Beijing is altering its trade stance with the European Union, ASEAN region, India, and South America. 

Moreover, investors were disappointed after the ending of Two Sessions failed to provide additional clarity on the fiscal implementation plans that were announced several months ago.

Despite bold announcements of fiscal measures to support the property market, revive consumer confidence, and tackle elevated local government debts, little progress has been made in implementation plans.

China Indexes and Stocks 

The Hang Seng index decreased 0.9% to 23,389.09, and the mainland-focused CSI 300 index fell 0.4% to 3,910.60. 

Technology and property developers led the decliners for the fifth session in a row amid worries about rising trade tensions. 

Alibaba Group Holding decreased 2.5% to HK $131.40, Tencent Holdings declined 1.2% to HK $506.0, and JD.com Inc. increased 0.1% to HK $156.90.

Longfor Group decreased 10.6% to HK $10.60, China Vanke Co. Ltd. dropped 2.5% to HK $5.86, and Sun Hung Kai Properties fell 0.9% to HK $74.95.