Hang Seng Index Extended Losses to Fourth Consecutive Session, China Manufacturing Shifts, Shrinks, and Elongates Amid Tariff Wars

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.

Stocks On Wall Street Deepen Losses as Investors See No End In Sight for Tariff War

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.

Stocks On Wall Street Deepen Losses as Investors See No End In Sight for Tariff War

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.

European Markets Attempt to Rebound, UK Retail Sales Growth Slowed In February

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.

European Markets Attempt to Rebound, UK Retail Sales Growth Slowed In February

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.

U.S. Movers: Asana, Oracle, Quanex Building Products, Vail Resorts

Oracle Corp. dropped 3.3% to $143.90 after the database and cloud applications developer reported results for the fiscal third quarter of 2025.

Revenue increased 6% to $14.13 billion from $13.28 billion, net income surged 22% to $2.94 billion from $2.40 billion, and diluted earnings per share rose to $1.02 from 85 cents a year ago.

Cloud services and license support revenues were up 10% to $11.0 billion, and cloud license and on-premise license revenues were down 10% to $1.1 billion.

"Oracle signed sales contracts for more than $48 billion in the third quarter," said CEO Safra Catz. "We have now signed cloud agreements with several world-leading technology companies, including OpenAI, xAI, Meta, NVIDIA, and AMD.”

The company expects that its $130 billion sales backlog will help drive a 15% increase in the overall revenue in the next fiscal year beginning this June, and the company plans to expand both its AI training and AI inferencing businesses in the near future.

Oracle proposed a quarterly cash dividend of 50 cents per share, up 25% from the current 40 cents per share, payable on April 23 to stockholders on record as of April 10.

Vail Resorts Inc. surged 2.9% to $158.0 after the ski resort owner and operator reported results for the fiscal second quarter of 2025.

Revenue increased to $1.14 billion from $1.08 billion, net income jumped to $245.55 million from $219.30 million, and earnings per diluted share rose to $6.56 from $5.76 a year ago.

The company guided for the full-year net income to be between $257.0 million and $309.0 million, compared to $230.4 million in 2024.

Asana Inc. plunged 26.4% to $12.27 after the provider of the enterprise work management platform reported results for the fiscal fourth quarter of 2025.

Revenue increased to $188.33 million from $171.13 million, net loss shrank to $62.30 million from $62.40 million, and loss per diluted share narrowed to 27 cents from a loss of 28 cents a year ago.

The company guided for the first quarter of 2026 revenue to be between $184.5 million and $186.5 million, up 7% to 8% from $172.4 million a year ago, and non-GAAP net income per share of 2 cents, compared to a non-GAAP net loss per share of 6 cents in the same quarter in 2025.

Non-GAAP operating profit is expected to be between $2.0 million and $3.0 million, with a 1% to 2% operating margin, compared to a non-GAAP operating net loss of $15.8 million in the first quarter of 2025.

For the full year, Asana estimated revenue to be between $782.0 million and $790.0 million, up 8% to 9% from $723.88 million, and non-GAAP net income per share between 19 cents and 20 cents, compared to a non-GAAP loss per share of 13 cents in 2025.

Quanex Building Products Corp. eased 0.6% to $20.30 after the provider of fenestration, hardware, cabinetry, solar, refrigeration, security, and outdoor products reported results for the fiscal first quarter of 2025.

Net sales surged to $400 million from $239.2 million, net income swung to a loss of $14.9 million from a profit of $6.2 million, and loss per diluted share was 32 cents compared to a profit of 19 cents a year ago.

The company repurchased 150,000 shares for $3.7 million at an average price of $24.66 per share during the quarter, and as of January 31, approximately $59.1 million remained under the existing authorization.

Quanex estimated for the full year net sales to be between $1.84 billion and $1.86 billion, up from $1.28 billion a year ago, which would yield adjusted EBITDA between $270 million and $280 million, up from $182.4 million in 2024.

U.S. Movers: Asana, Oracle, Quanex Building Products, Vali Resorts

Oracle Corp. dropped 3.3% to $143.90 after the database and cloud applications developer reported results for the fiscal third quarter of 2025.

Revenue increased 6% to $14.13 billion from $13.28 billion, net income surged 22% to $2.94 billion from $2.40 billion, and diluted earnings per share rose to $1.02 from 85 cents a year ago.

Cloud services and license support revenues were up 10% to $11.0 billion, and cloud license and on-premise license revenues were down 10% to $1.1 billion.

"Oracle signed sales contracts for more than $48 billion in the third quarter," said CEO Safra Catz. "We have now signed cloud agreements with several world-leading technology companies, including OpenAI, xAI, Meta, NVIDIA, and AMD.”

The company expects that its $130 billion sales backlog will help drive a 15% increase in the overall revenue in the next fiscal year beginning this June, and the company plans to expand both its AI training and AI inferencing businesses in the near future.

Oracle proposed a quarterly cash dividend of 50 cents per share, up 25% from the current 40 cents per share, payable on April 23 to stockholders on record as of April 10.

Vail Resorts Inc. surged 2.9% to $158.0 after the ski resort owner and operator reported results for the fiscal second quarter of 2025.

Revenue increased to $1.14 billion from $1.08 billion, net income jumped to $245.55 million from $219.30 million, and earnings per diluted share rose to $6.56 from $5.76 a year ago.

The company guided for the full-year net income to be between $257.0 million and $309.0 million, compared to $230.4 million in 2024.

Asana Inc. plunged 26.4% to $12.27 after the provider of the enterprise work management platform reported results for the fiscal fourth quarter of 2025.

Revenue increased to $188.33 million from $171.13 million, net loss shrank to $62.30 million from $62.40 million, and loss per diluted share narrowed to 27 cents from a loss of 28 cents a year ago.

The company guided for the first quarter of 2026 revenue to be between $184.5 million and $186.5 million, up 7% to 8% from $172.4 million a year ago, and non-GAAP net income per share of 2 cents, compared to a non-GAAP net loss per share of 6 cents in the same quarter in 2025.

Non-GAAP operating profit is expected to be between $2.0 million and $3.0 million, with a 1% to 2% operating margin, compared to a non-GAAP operating net loss of $15.8 million in the first quarter of 2025.

For the full year, Asana estimated revenue to be between $782.0 million and $790.0 million, up 8% to 9% from $723.88 million, and non-GAAP net income per share between 19 cents and 20 cents, compared to a non-GAAP loss per share of 13 cents in 2025.

Quanex Building Products Corp. eased 0.6% to $20.30 after the provider of fenestration, hardware, cabinetry, solar, refrigeration, security, and outdoor products reported results for the fiscal first quarter of 2025.

Net sales surged to $400 million from $239.2 million, net income swung to a loss of $14.9 million from a profit of $6.2 million, and loss per diluted share was 32 cents compared to a profit of 19 cents a year ago.

The company repurchased 150,000 shares for $3.7 million at an average price of $24.66 per share during the quarter, and as of January 31, approximately $59.1 million remained under the existing authorization.

Quanex estimated for the full year net sales to be between $1.84 billion and $1.86 billion, up from $1.28 billion a year ago, which would yield adjusted EBITDA between $270 million and $280 million, up from $182.4 million in 2024.

Europe Movers: Domino's Pizza, Henkel, Maison du Monde, Persimmon, Volkswagen

Persimmon Plc. gained 0.2% to 1,197 pence after the UK-based house builder reported higher revenue in fiscal 2024.

Revenue increased to £3.30 billion from £2.77 billion, total income jumped to £266.0 million from £230.1 million, and earnings per diluted share rose to 82.7 pence from 79.5 pence a year ago.

The company built 10,664 new homes during the year, up 7% from 9,922 in 2023, and the average selling price of the new homes was £268,499, up 5% from £255,752 a year ago.

The company announced a cash dividend of 60 pence per share, unchanged from 2023.

Persimmon targeted between 11,000 and 11,500 new home completions in 2025.

Volkswagen AG surged 1.6% to €112.80 after the German vehicle manufacturer reported higher revenue in the fiscal 2024.

Revenue increased to €324.66 billion from €322.28 billion, earnings before tax slumped to €16.81 billion from €23.10 billion, and diluted earnings per share fell to €21.36 from €31.79 a year ago.

The company guided 2025 operating margin to be between 5.5% and 6.5%, compared to 5.9% in 2024.

Henkel AG dropped 0.6% to €86.72 after the German consumer goods company reported results for fiscal 2024.

Sales increased 2.6% to €21.6 billion from €21.5 billion, operating profit jumped 20.9% to €3.1 billion from €2.56 billion, and earnings per share rose 25.1% to €5.36 from €4.35 a year ago.

The company proposed a dividend increase of 10.3% to €2.04 per share.

In addition, Henkel will implement a new share buyback program of up to €1 billion.

The company guided for the full year “a slow start” into the year and acceleration in the course of the year, with organic sales growth between 1.5% and 3.5%.

EBIT margin is expected to be between 14% and 15.5%, and earnings per share are estimated to grow in “the low to high single-digit percentage” range.

Domino's Pizza Group Plc. increased 1.6% to 297.60 pence after the UK-based pizza chain reported results for fiscal 2024.

Revenue decreased to £664.5 million from £679.8 million, profit declined to £90.2 million from £115.0 million, and diluted earnings per share inched up to 22.8 pence from 22.7 pence a year ago.

Comparable sales edged up 0.7% and advanced 3% in the fourth quarter.

During the year, the company opened 54 new stores across 21 different franchise partners, with record store openings in Ireland.

The company paid a full-year dividend of 11.0 pence per share, up 4.8% from 10.5 pence a year ago, and proposed a final dividend of 7.5 pence per share.

The cumulative announced returns via dividends and share buybacks amounted to £500 million since March 2021.

Domino’s Pizza guided for fiscal 2025 capital investment to be £25 million and net debt at year-end to be between £260 million and £280 million.

Maisons du Monde SA traded flat at €3.44 after the French furniture and décor retailer reported lower sales in fiscal 2024.

Revenue declined to €1.03 billion from €1.16 billion, net income swung to a loss of €115.4 million from a profit of €8.6 million, and loss per share was €2.99 compared to a profit of 21 cents a year ago.

Comparable sales dropped 10.2% to €969.1 million from €1.08 billion in 2023.

The company increased its cost savings target to more than €100 million over 3 years, compared to €85 million previously estimated, of which roughly €60 million is in the two-year period to 2026.

Europe Movers: Domino's Pizza, Henkel, Maison du Monde, Persimmon, Volkswagen

Persimmon Plc. gained 0.2% to 1,197 pence after the UK-based house builder reported higher revenue in fiscal 2024.

Revenue increased to £3.30 billion from £2.77 billion, total income jumped to £266.0 million from £230.1 million, and earnings per diluted share rose to 82.7 pence from 79.5 pence a year ago.

The company built 10,664 new homes during the year, up 7% from 9,922 in 2023, and the average selling price of the new homes was £268,499, up 5% from £255,752 a year ago.

The company announced a cash dividend of 60 pence per share, unchanged from 2023.

Persimmon targeted between 11,000 and 11,500 new home completions in 2025.

Volkswagen AG surged 1.6% to €112.80 after the German vehicle manufacturer reported higher revenue in the fiscal 2024.

Revenue increased to €324.66 billion from €322.28 billion, earnings before tax slumped to €16.81 billion from €23.10 billion, and diluted earnings per share fell to €21.36 from €31.79 a year ago.

The company guided 2025 operating margin to be between 5.5% and 6.5%, compared to 5.9% in 2024.

Henkel AG dropped 0.6% to €86.72 after the German consumer goods company reported results for fiscal 2024.

Sales increased 2.6% to €21.6 billion from €21.5 billion, operating profit jumped 20.9% to €3.1 billion from €2.56 billion, and earnings per share rose 25.1% to €5.36 from €4.35 a year ago.

The company proposed a dividend increase of 10.3% to €2.04 per share.

In addition, Henkel will implement a new share buyback program of up to €1 billion.

The company guided for the full year “a slow start” into the year and acceleration in the course of the year, with organic sales growth between 1.5% and 3.5%.

EBIT margin is expected to be between 14% and 15.5%, and earnings per share are estimated to grow in “the low to high single-digit percentage” range.

Domino's Pizza Group Plc. increased 1.6% to 297.60 pence after the UK-based pizza chain reported results for fiscal 2024.

Revenue decreased to £664.5 million from £679.8 million, profit declined to £90.2 million from £115.0 million, and diluted earnings per share inched up to 22.8 pence from 22.7 pence a year ago.

Comparable sales edged up 0.7% and advanced 3% in the fourth quarter.

During the year, the company opened 54 new stores across 21 different franchise partners, with record store openings in Ireland.

The company paid a full-year dividend of 11.0 pence per share, up 4.8% from 10.5 pence a year ago, and proposed a final dividend of 7.5 pence per share.

The cumulative announced returns via dividends and share buybacks amounted to £500 million since March 2021.

Domino’s Pizza guided for fiscal 2025 capital investment to be £25 million and net debt at year-end to be between £260 million and £280 million.

Maisons du Monde SA traded flat at €3.44 after the French furniture and décor retailer reported lower sales in fiscal 2024.

Revenue declined to €1.03 billion from €1.16 billion, net income swung to a loss of €115.4 million from a profit of €8.6 million, and loss per share was €2.99 compared to a profit of 21 cents a year ago.

Comparable sales dropped 10.2% to €969.1 million from €1.08 billion in 2023.

The company increased its cost savings target to more than €100 million over 3 years, compared to €85 million previously estimated, of which roughly €60 million is in the two-year period to 2026.

Nikkei 225 In Tokyo Extended YTD Losses to 6% Amid Tariff and Rate Path Uncertainties

Stock market indexes in Tokyo extended losses following losses in overnight trading in New York. 

The Nikkei 225 stock average decreased 0.5% and extended losses to 15% from the nine-month peak in July 2024.

The Topix fell more than 1% and extended losses to 10% over the nine-month period after domestic investors scaled back amid stretched valuation worries and rising trade tensions with the U.S. 

Market sentiment deteriorated further in Tuesday's trading after the Cabinet Office lowered its economic growth estimate for the fourth quarter. 

Japan's GDP growth in the fourth quarter was revised to an annual pace of 2.2% from the previous estimate of 2.8% after private consumption stalled and overwhelmed the rising spending by the government and businesses. 

Japan's indexes extended weekly losses in Tuesday's trading following another down day in New York in overnight trading, amid growing fears of a sharp slowdown in economic activities driven by the Trump administration's trade policy uncertainty. 

The tech-heavy Nasdaq Composite plunged 4%, and the broader and large-cap-focused S&P 500 index declined 2% in overnight trading.

The Nasdaq Composite is now in the correction territory after peaking in mid-February.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average declined 0.5% to 36,793.11, and the broader TOPIX index decreased 1.1% to 2,670.72.

The yen edged higher to 147.05 against the U.S. dollar, and currency traders held out for another rate hike later in the month. 

Banks, vehicle makers, machinery exporters, and semiconductor equipment companies led the decliners in Tokyo. 

Mitsubishi UFJ Financial Group dropped 1.4% to ¥1,893.0, IHI Corp. declined 1.2% to ¥10,150.0, Toyota Motor fell 2.6% to ¥2,754.50, Marubeni Corp. eased 1.4% to ¥2,370.50, and Tokyo Electron decreased 0.5% to ¥21,370.0.

Nikkei 225 In Tokyo Extended YTD Losses to 6% Amid Tariff and Rate Path Uncertainties

Stock market indexes in Tokyo extended losses following losses in overnight trading in New York. 

The Nikkei 225 stock average decreased 0.5% and extended losses to 15% from the nine-month peak in July 2024.

The Topix fell more than 1% and extended losses to 10% over the nine-month period after domestic investors scaled back amid stretched valuation worries and rising trade tensions with the U.S. 

Market sentiment deteriorated further in Tuesday's trading after the Cabinet Office lowered its economic growth estimate for the fourth quarter. 

Japan's GDP growth in the fourth quarter was revised to an annual pace of 2.2% from the previous estimate of 2.8% after private consumption stalled and overwhelmed the rising spending by the government and businesses. 

Japan's indexes extended weekly losses in Tuesday's trading following another down day in New York in overnight trading, amid growing fears of a sharp slowdown in economic activities driven by the Trump administration's trade policy uncertainty. 

The tech-heavy Nasdaq Composite plunged 4%, and the broader and large-cap-focused S&P 500 index declined 2% in overnight trading.

The Nasdaq Composite is now in the correction territory after peaking in mid-February.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average declined 0.5% to 36,793.11, and the broader TOPIX index decreased 1.1% to 2,670.72.

The yen edged higher to 147.05 against the U.S. dollar, and currency traders held out for another rate hike late

Banks, vehicle makers, machinery exporters, and semiconductor equipment companies led the decliners in Tokyo. 

Mitsubishi UFJ Financial Group dropped 1.4% to ¥1,893.0, IHI Corp. declined 1.2% to ¥10,150.0, Toyota Motor fell 2.6% to ¥2,754.50, Marubeni Corp. eased 1.4% to ¥2,370.50, and Tokyo Electron decreased 0.5% to ¥21,370.0.

China Indexes Trim 2025 Rally Amid Changing Global Economic Outlook

Benchmark indexes in China and Hong Kong declined for the third consecutive session amid growing worries of a global economic slowdown. 

The Hang Seng index fell nearly 1%, and the mainland-focused CSI 300 index decreased 0.5% as investors dialed down export-led economic growth and persistent weak consumer sentiment. 

Investors worried that the Trump administration's chaotic administration of the U.S. economy is raising risks of an economic slowdown, shrinking global trade, and encouraging the Federal Reserve to keep higher interest rates for longer. 

The sharp sell-off on Wall Street in overnight trading saw the tech-heavy Nasdaq plunge nearly 4%, and the broader S&P 500 index declined 2% and deepened 2025's losses. 

Moreover, the gains in China's indexes also came to an abrupt halt this week, after the U.S. indexes extended losses in the fourth consecutive week. 

Last month, the euphoria surrounding the success of DeepSeek, raised hopes that more companies will be able to accelerate the adoption of artificial intelligence, and provide a new revenue stream. 

In addition, investors held out for additional stimulus measures after Beijing set an ambitious 2025 economic growth target of 5%. 

Tech stocks led the decliners in Hong Kong following steep losses in New York. 

China Indexes and Stocks 

The Hang Seng index dropped 0.9% to 23,565.26 and the mainland-focused CSI 300 index declined 0.5% to 3,909.45. 

Alibaba Group Holding decreased 1.6% to HK $132.40, JD.com dropped 2.4% to HK $158.40, and Tencent Holdings declined 0.8% to HK $512.50. 

Longfor Group fell 1.1% to HK $10.74, China Vanke decreased 2% to HK $6.07, Henderson Land Development Company gained 0.9% to HK $22.80, and Sun Hung Kai Properties gained 0.5% to HK $76.75.

Two new companies started trading in China and attracted strong interest from investors. 

Hanshow Technology soared 130% to 66.45 yuan, and the e-commerce software company sold 42.24 million shares in a public offering at a price of 27.50 yuan and listed its stock on the Shenzhen Stock Exchange. 

Yong Jie New Material soared 130% to 47.12 yuan in Shanghai trading after the aluminum alloy plate and foil products company priced its public offering at 20.60 yuan per share. 

China Indexes Trim 2025 Rally Amid Changing Global Economic Outlook

Benchmark indexes in China and Hong Kong declined for the third consecutive session amid growing worries of a global economic slowdown. 

The Hang Seng index fell nearly 1%, and the mainland-focused CSI 300 index decreased 0.5% as investors dialed down export-led economic growth and persistent weak consumer sentiment. 

Investors worried that the Trump administration's chaotic administration of the U.S. economy is raising risks of an economic slowdown, shrinking global trade, and encouraging the Federal Reserve to keep higher interest rates for longer. 

The sharp sell-off on Wall Street in overnight trading saw the tech-heavy Nasdaq plunge nearly 4%, and the broader S&P 500 index declined 2% and deepened 2025's losses. 

Moreover, the gains in China's indexes also came to an abrupt halt this week, after the U.S. indexes extended losses in the fourth consecutive week. 

Last month, the euphoria surrounding the success of DeepSeek, raised hopes that more companies will be able to accelerate the adoption of artificial intelligence, and provide a new revenue stream. 

In addition, investors held out for additional stimulus measures after Beijing set an ambitious 2025 economic growth target of 5%. 

Tech stocks led the decliners in Hong Kong following steep losses in New York. 

China Indexes and Stocks 

The Hang Seng index dropped 0.9% to 23,565.26 and the mainland-focused CSI 300 index declined 0.5% to 3,909.45. 

Alibaba Group Holding decreased 1.6% to HK $132.40, JD.com dropped 2.4% to HK $158.40, and Tencent Holdings declined 0.8% to HK $512.50. 

Longfor Group fell 1.1% to HK $10.74, China Vanke decreased 2% to HK $6.07, Henderson Land Development Company gained 0.9% to HK $22.80, and Sun Hung Kai Properties gained 0.5% to HK $76.75.

Two new companies started trading in China and attracted strong interest from investors. 

Hanshow Technology soared 130% to 66.45 yuan, and the e-commerce software company sold 42.24 million shares in a public offering at a price of 27.50 yuan and listed its stock on the Shenzhen Stock Exchange. 

Yong Jie New Material soared 130% to 47.12 yuan in Shanghai trading after the aluminum alloy plate and foil products company priced its public offering at 20.60 yuan per share. 

India Movers: Alicon Castalloy, Crisil, Cords Cable Industries, Dynemic Products, ESAB India, Lords Chloro Alkali, Ramco Industries

Ramco Industries Ltd. dropped 0.9% to ₹232.40 despite the building materials manufacturing company reporting a three-fold increase in earnings in the December quarter.

Consolidated revenue increased to ₹347.5 crore from ₹336.5 crore, after-tax profit rose to ₹88.9 crore from ₹26.4 crore, and diluted earnings per share jumped to ₹10.27 from ₹3.16 a year ago.

Crisil Ltd. decreased 1% to ₹4,368.90 after the independent bond rating agency reported a marginal decline in revenue and a 30% increase in net income in the December quarter.

Consolidated revenue declined to ₹943.2 crore from ₹951 crore, net income rose to ₹224.7 crore from ₹210.1 crore, and diluted earnings per share advanced to ₹30.72 from ₹28.73 a year ago.

The company's board recommended a final dividend of ₹26 per share.

Dynemic Products Ltd. fell 3% to ₹268.05 despite the food colors maker reporting a three-and-a-half-fold increase in earnings in the December quarter.

Consolidated revenue increased to ₹95.6 crore from ₹71.6 crore, after-tax profit jumped to ₹4.4 crore from ₹1.2 crore, and diluted earnings per share rose to ₹3.60 from ₹1.04 a year ago.

Lords Chloro Alkali Ltd. plunged 0.7% to ₹137 after the chemical manufacturing company's net income swung to a profit in the December quarter.

Consolidated revenue advanced to ₹65.5 crore from ₹58.5 crore, net income swung to a profit of ₹1.3 crore from a loss of ₹3.2 crore, and diluted earnings per share rose to an income of 49 paisa from a loss of ₹1.29 a year ago.

ESAB India Ltd. declined 0.4% to ₹4,479.95 despite the welding and cutting specialist reporting a slight increase in revenue and net income in the December quarter.

Consolidated revenue increased to ₹340.8 crore from ₹302.5 crore, after-tax profit rose to ₹40.4 crore from ₹38 crore, and diluted earnings per share advanced to ₹26.24 from ₹24.66 a year ago.

Cords Cable Industries Limited decreased 1.8% to ₹165.55 despite the cable maker company reporting a 57% jump in its earnings in the December quarter.

Consolidated revenue advanced to ₹206.1 crore from ₹168.5 crore, net income jumped to ₹4.7 crore from ₹3 crore, and diluted earnings per share rose to ₹3.61 from ₹2.27 a year ago.

Alicon Castalloy Limited dropped 3.7% to ₹715, and the aluminum castings maker reported a 95% decline in profit in the December quarter.

Consolidated revenue decreased to ₹393 crore from ₹405.7 crore, after-tax profit dropped to ₹0.8 crore from ₹16.7 crore, and diluted earnings per share fell to 48 paisa from ₹10.28 a year ago.

Varroc Engineering Ltd. fell 1.1% to ₹428.05 after the automotive parts and components company reported a 19% increase in net income in the December quarter.

Consolidated revenue advanced to ₹1,879 crore from ₹1,720.9 crore, net income increased to ₹45.5 crore from ₹38.2 crore, and diluted earnings per share rose to ₹2.98 from ₹24.98 a year ago.

India Movers: Alicon Castalloy, Crisil, Cords Cable Industries, Dynemic Products, ESAB India, Lords Chloro Alkali, Ramco Industries

Ramco Industries Ltd. dropped 0.9% to ₹232.40 despite the building materials manufacturing company reporting a three-fold increase in earnings in the December quarter.

Consolidated revenue increased to ₹347.5 crore from ₹336.5 crore, after-tax profit rose to ₹88.9 crore from ₹26.4 crore, and diluted earnings per share jumped to ₹10.27 from ₹3.16 a year ago.

Crisil Ltd. decreased 1% to ₹4,368.90 after the independent bond rating agency reported a marginal decline in revenue and a 30% increase in net income in the December quarter.

Consolidated revenue declined to ₹943.2 crore from ₹951 crore, net income rose to ₹224.7 crore from ₹210.1 crore, and diluted earnings per share advanced to ₹30.72 from ₹28.73 a year ago.

The company's board recommended a final dividend of ₹26 per share.

Dynemic Products Ltd. fell 3% to ₹268.05 despite the food colors maker reporting a three-and-a-half-fold increase in earnings in the December quarter.

Consolidated revenue increased to ₹95.6 crore from ₹71.6 crore, after-tax profit jumped to ₹4.4 crore from ₹1.2 crore, and diluted earnings per share rose to ₹3.60 from ₹1.04 a year ago.

Lords Chloro Alkali Ltd. plunged 0.7% to ₹137 after the chemical manufacturing company's net income swung to a profit in the December quarter.

Consolidated revenue advanced to ₹65.5 crore from ₹58.5 crore, net income swung to a profit of ₹1.3 crore from a loss of ₹3.2 crore, and diluted earnings per share rose to an income of 49 paisa from a loss of ₹1.29 a year ago.

ESAB India Ltd. declined 0.4% to ₹4,479.95 despite the welding and cutting specialist reporting a slight increase in revenue and net income in the December quarter.

Consolidated revenue increased to ₹340.8 crore from ₹302.5 crore, after-tax profit rose to ₹40.4 crore from ₹38 crore, and diluted earnings per share advanced to ₹26.24 from ₹24.66 a year ago.

Cords Cable Industries Limited decreased 1.8% to ₹165.55 despite the cable maker company reporting a 57% jump in its earnings in the December quarter.

Consolidated revenue advanced to ₹206.1 crore from ₹168.5 crore, net income jumped to ₹4.7 crore from ₹3 crore, and diluted earnings per share rose to ₹3.61 from ₹2.27 a year ago.

Alicon Castalloy Limited dropped 3.7% to ₹715, and the aluminum castings maker reported a 95% decline in profit in the December quarter.

Consolidated revenue decreased to ₹393 crore from ₹405.7 crore, after-tax profit dropped to ₹0.8 crore from ₹16.7 crore, and diluted earnings per share fell to 48 paisa from ₹10.28 a year ago.

Varroc Engineering Ltd. fell 1.1% to ₹428.05 after the automotive parts and components company reported a 19% increase in net income in the December quarter.

Consolidated revenue advanced to ₹1,879 crore from ₹1,720.9 crore, net income increased to ₹45.5 crore from ₹38.2 crore, and diluted earnings per share rose to ₹2.98 from ₹24.98 a year ago.