- Bridgette Randall
- 22 Jan, 2025
- London
European markets advanced in Wednesday's trading and extended weekly gains ahead of rate decisions by the European Central Bank next week.
Benchmark indexes in Paris, Frankfurt, Milan, and London edged higher amid a rate cut of at least 25 basis points at the end of the policy meeting on January 30.
The policy committee lowered its key lending rate range by 100 basis points in 2024, and investors are anticipating additional rate cuts totaling 100 basis points in 2025.
However, any rate cut after the imminent meeting is not certain amid rising geopolitical uncertainty and trade tensions with the U.S. and China.
Moreover, inflation outlook in the eurozone is likely to be revised higher as the services sector inflation is likely to accelerate in the months ahead, and last year's lower energy price base is also going to contribute to inflationary forces.
Europe Indexes and Yields
The DAX index moved higher by 1.02% to 21,256.10; the CAC-40 index jumped 0.67% to 7,823.06; and the FTSE 100 index rose by 0.38% to 8,580.43.
The yield on 10-year German bonds inched lower to 2.48%, French bonds eased to 3.25%, the UK gilts declined to 4.60%, and Italian bonds edged lower to 3.57%.
The euro edged up to $1.04; the British pound inched higher to $1.23; and the U.S. dollar was lower to 90.59 Swiss cents.
Brent crude increased $0.33 to $79.71 a barrel, and the Dutch TTF natural gas fell by €0.90 to €46.23 per MWh.
Europe Stock Movers
Adidas Group gained 6.5% to €259.20 after the German sportswear company reported a surge in fourth-quarter sales and swung to a profit from a loss a year ago.
Schaeffler AG plunged 12.4% to €3.97 after the German car-parts supplier said fiscal year 2024 results fell short of company's estimates.
Barry Callebaut AG slumped 6% to CHF1.08 as the Swiss-Belgian chocolate maker and cocoa processor expects annual sales volume to fall by a low single-digit percentage, after previously forecasting flat cocoa sales volume for the year.
EasyJet Plc dropped 4.4% to £488.89 pence after the UK-based discount airline posted a slight decline in losses in the fiscal first quarter despite an increase of 7% in passenger count.
Alstom fell 0.5% to €20.71 despite the French railroad engineering company achieved 8% increase in new orders totaling €4.3 billion in the latest quarter.
Porsche Automobil Holding SE added 0.3% to €37.11 after the German sports car maker reiterated its profit margin range between 14% and 15% while working to reduce its footprint in China.
Porsche will post financial results on March 12.
Renault traded unchanged at €48.17 after the French car maker named Duncan Minto as its new chief financial officer, elevating the executive who has overseen finances at its Alpine sports-car brand since October 2023.
- Bridgette Randall
- 22 Jan, 2025
- London
European markets advanced in Wednesday's trading and extended weekly gains ahead of rate decisions by the European Central Bank next week.
Benchmark indexes in Paris, Frankfurt, Milan, and London edged higher amid a rate cut of at least 25 basis points at the end of the policy meeting on January 30.
The policy committee lowered its key lending rate range by 100 basis points in 2024, and investors are anticipating additional rate cuts totaling 100 basis points in 2025.
However, any rate cut after the imminent meeting is not certain amid rising geopolitical uncertainty and trade tensions with the U.S. and China.
Moreover, inflation outlook in the eurozone is likely to be revised higher as the services sector inflation is likely to accelerate in the months ahead, and last year's lower energy price base is also going to contribute to inflationary forces.
Europe Indexes and Yields
The DAX index moved higher by 1.02% to 21,256.10; the CAC-40 index jumped 0.67% to 7,823.06; and the FTSE 100 index rose by 0.38% to 8,580.43.
The yield on 10-year German bonds inched lower to 2.48%, French bonds eased to 3.25%, the UK gilts declined to 4.60%, and Italian bonds edged lower to 3.57%.
The euro edged up to $1.04; the British pound inched higher to $1.23; and the U.S. dollar was lower to 90.59 Swiss cents.
Brent crude increased $0.33 to $79.71 a barrel, and the Dutch TTF natural gas fell by €0.90 to €46.23 per MWh.
Europe Stock Movers
Adidas Group gained 6.5% to €259.20 after the German sportswear company reported a surge in fourth-quarter sales and swung to a profit from a loss a year ago.
Schaeffler AG plunged 12.4% to €3.97 after the German car-parts supplier said fiscal year 2024 results fell short of company's estimates.
Barry Callebaut AG slumped 6% to CHF1.08 as the Swiss-Belgian chocolate maker and cocoa processor expects annual sales volume to fall by a low single-digit percentage, after previously forecasting flat cocoa sales volume for the year.
EasyJet Plc dropped 4.4% to £488.89 pence after the UK-based discount airline posted a slight decline in losses in the fiscal first quarter despite an increase of 7% in passenger count.
Alstom fell 0.5% to €20.71 despite the French railroad engineering company achieved 8% increase in new orders totaling €4.3 billion in the latest quarter.
Porsche Automobil Holding SE added 0.3% to €37.11 after the German sports car maker reiterated its profit margin range between 14% and 15% while working to reduce its footprint in China.
Porsche will post financial results on March 12.
Renault traded unchanged at €48.17 after the French car maker named Duncan Minto as its new chief financial officer, elevating the executive who has overseen finances at its Alpine sports-car brand since October 2023.
- Akira Ito
- 22 Jan, 2025
- Tokyo
Stock market indexes in Tokyo advanced to two-week highs amid recovering sentiment ahead of rate decisions on Friday.
The Nikkei 225 index soared 1.6%, and the broader TOPIX advanced about 1% following the rise in overnight trading in tech stocks.
Artificial intelligence-linked stocks were in focus again after Softbank announced it would be part of a joint venture to develop data centers for artificial intelligence infrastructure in the U.S.
Stargate, a joint venture of OpenAI, Softbank, and Oracle, announced its plans to invest $100 billion to build and develop a network of data centers across the U.S.
The news received widespread publicity in the U.S., but leading tech companies, including Google, Microsoft, Amazon, and Meta Platforms, are already working on similar projects with deeper financial and technological resources.
Tech companies in Silicon Valley were skeptical, citing the shaky nature of the alliance with limited technological resources.
Softbank chief executive Masayoshi Son, prone to hyperbole, has not always been reliable in following up with his grand announcements in the past.
Investors are widely anticipating the Bank of Japan to hold interest rates steady at the end of the policy meeting on Friday.
The Japanese yen traded in a tight range and closed nearly unchanged at 155.61 against the U.S. dollar.
Japan Stock Movers
The Nikkei 225 Stock Average increased 1.6% to 39,646.25, and the broader TOPIX advanced 0.9% to 2,737.19.
Tokyo Electron advanced 1.7% to ¥27,490.0, Advantest Corp. gained 4% to ¥9,819.0, Disco Corp. soared 11.5% to ¥52,140.0, and SoftBank Group jumped 10.5% to ¥10,230.0.
Diversified trading companies approached one-year lows amid worries about the slowing exports and weakening yen over the last nine months.
Marubeni Corp. declined 0.2% to ¥2,249.50, Mitsui & Co. decreased 0.3% to ¥3,055.0, Itochu Corp. dropped 1% to ¥7,075.0, and Mitsubishi Corp. fell 0.4% to ¥2,452.0.
Shipping companies extended recent losses to 18% and dropped to four-month lows.
Mitsui O.S.K. Lines Ltd. fell 1.5% to ¥5,003.0, Kawasaki Kisen Kaisha Ltd. decreased 1.1% to ¥1,931.0, and Nippon Yusen KK dropped 1.7% to ¥4,705.0.
- Akira Ito
- 22 Jan, 2025
- Tokyo
Stock market indexes in Tokyo advanced to two-week highs amid recovering sentiment ahead of rate decisions on Friday.
The Nikkei 225 index soared 1.6%, and the broader TOPIX advanced about 1% following the rise in overnight trading in tech stocks.
Artificial intelligence-linked stocks were in focus again after Softbank announced it would be part of a joint venture to develop data centers for artificial intelligence infrastructure in the U.S.
Stargate, a joint venture of OpenAI, Softbank, and Oracle, announced its plans to invest $100 billion to build and develop a network of data centers across the U.S.
The news received widespread publicity in the U.S., but leading tech companies, including Google, Microsoft, Amazon, and Meta Platforms, are already working on similar projects with deeper financial and technological resources.
Tech companies in Silicon Valley were skeptical, citing the shaky nature of the alliance with limited technological resources.
Softbank chief executive Masayoshi Son, prone to hyperbole, has not always been reliable in following up with his grand announcements in the past.
Investors are widely anticipating the Bank of Japan to hold interest rates steady at the end of the policy meeting on Friday.
The Japanese yen traded in a tight range and closed nearly unchanged at 155.61 against the U.S. dollar.
Japan Stock Movers
The Nikkei 225 Stock Average increased 1.6% to 39,646.25, and the broader TOPIX advanced 0.9% to 2,737.19.
Tokyo Electron advanced 1.7% to ¥27,490.0, Advantest Corp. gained 4% to ¥9,819.0, Disco Corp. soared 11.5% to ¥52,140.0, and SoftBank Group jumped 10.5% to ¥10,230.0.
Diversified trading companies approached one-year lows amid worries about the slowing exports and weakening yen over the last nine months.
Marubeni Corp. declined 0.2% to ¥2,249.50, Mitsui & Co. decreased 0.3% to ¥3,055.0, Itochu Corp. dropped 1% to ¥7,075.0, and Mitsubishi Corp. fell 0.4% to ¥2,452.0.
Shipping companies extended recent losses to 18% and dropped to four-month lows.
Mitsui O.S.K. Lines Ltd. fell 1.5% to ¥5,003.0, Kawasaki Kisen Kaisha Ltd. decreased 1.1% to ¥1,931.0, and Nippon Yusen KK dropped 1.7% to ¥4,705.0.
- Li Chen
- 22 Jan, 2025
- Hong Kong
Stock market indexes in China and Hong Kong turned lower amid uncertainties linked to trade tensions with the U.S. and Europe.
The Hang Seng index plunged 1.6%, and the CSI index declined 1% after Internet and artificial intelligence-linked companies dropped between 2% and 8%.
Market sentiment was on the decline after the U.S. unveiled a private sector initiative to build and develop infrastructure for the rapid escalation to implement artificial intelligence technologies.
Stargate, a joint venture between OpenAI, Oracle, and SoftBank, announced its plan to invest at least $100 billion to build data centers.
The announcement garnered widespread publicity in the tech world, but similar joint ventures in the past have failed to live up to the promises and generally end up unwinding with no measurable results.
However, JD.com, Alibaba Group, NetEase, Tencent Holdings, Baidu.com, and Bilibili plunged between 2% and 6%.
Stock market indexes in China and Hong Kong are likely to be volatile in the months ahead, as the incoming U.S. presidential administration is expected to announce several policies to thwart fast-rising China's advanced technology exports.
Despite the tough talk, trade sanctions and trade barriers have generally failed to stem exports from Japan, South Korea, and China over the last two decades.
China Stock Movers
The Hang Seng index plunged 1.6% to 19,787.49, and the mainland-focused CSI 300 index decreased 1% to 3,792.61.
Country Garden Holdings dropped 14% to HK $0.49 and erased nearly half of the gain in the previous session after the financially troubled residential property developer resumed trading.
China Vanke decreased 3.3% to HK $5.22, China Resources Land fell 2.2% to HK $23.25, Henderson Land Development dropped 1.6% to HK $22.0, and Sun Hung Kai Properties eased 1% to HK $70.75.
- Li Chen
- 22 Jan, 2025
- Hong Kong
Stock market indexes in China and Hong Kong turned lower amid uncertainties linked to trade tensions with the U.S. and Europe.
The Hang Seng index plunged 1.6%, and the CSI index declined 1% after Internet and artificial intelligence-linked companies dropped between 2% and 8%.
Market sentiment was on the decline after the U.S. unveiled a private sector initiative to build and develop infrastructure for the rapid escalation to implement artificial intelligence technologies.
Stargate, a joint venture between OpenAI, Oracle, and SoftBank, announced its plan to invest at least $100 billion to build data centers.
The announcement garnered widespread publicity in the tech world, but similar joint ventures in the past have failed to live up to the promises and generally end up unwinding with no measurable results.
However, JD.com, Alibaba Group, NetEase, Tencent Holdings, Baidu.com, and Bilibili plunged between 2% and 6%.
Stock market indexes in China and Hong Kong are likely to be volatile in the months ahead, as the incoming U.S. presidential administration is expected to announce several policies to thwart fast-rising China's advanced technology exports.
Despite the tough talk, trade sanctions and trade barriers have generally failed to stem exports from Japan, South Korea, and China over the last two decades.
China Stock Movers
The Hang Seng index plunged 1.6% to 19,787.49, and the mainland-focused CSI 300 index decreased 1% to 3,792.61.
Country Garden Holdings dropped 14% to HK $0.49 and erased nearly half of the gain in the previous session after the financially troubled residential property developer resumed trading.
China Vanke decreased 3.3% to HK $5.22, China Resources Land fell 2.2% to HK $23.25, Henderson Land Development dropped 1.6% to HK $22.0, and Sun Hung Kai Properties eased 1% to HK $70.75.
- Arun Goswami
- 22 Jan, 2025
- Mumbai
Benchmark indexes on Dalal Street rebounded as investors reviewed the latest batch of mixed corporate earnings.
The Sensex index increased by 0.5% to 76,193.26, and the Nifty index advanced by 0.29% to 23,083.30.
On the Mumbai stock exchange, 100 stocks traded at their 52-week highs, and 65 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.78%, and the Indian rupee hovered near the record low and traded at 86.56 against the U.S. dollar.
Dixon Technologies (India) Ltd. decreased 13.8% to ₹15,132.95 despite the company reporting a sharp jump in profit in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹10,460.2 crore from ₹4,820.6 crore, net income jumped to ₹216.2 crore from ₹97.1 crore, and diluted earnings per share rose to ₹35.64 from ₹16.21 a year ago.
Oberoi Realty Ltd. declined 7.2% to ₹1,856.8 despite the company reporting a surge in profit in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹1,460.3 crore from ₹1,082.9 crore, net income jumped to ₹618.4 crore from ₹360.2 crore, and diluted earnings per share expanded to ₹17.01 from ₹9.91 a year ago.
PNB Housing Finance decreased 1.6% to ₹898.15 despite the company reporting a 43% increase in the fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹1,943.1 crore from ₹1,756 crore, after-tax profit rose to ₹483.3 crore from ₹338.4 crore, and diluted earnings per share jumped to ₹18.53 from ₹13 a year ago.
KEI Industries Ltd. increased 2.74% to ₹4,033.60 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹2,480.8 crore from ₹2,073.5 crore, net income jumped to ₹164.8 crore from ₹150.7 crore, and diluted earnings per share rose to ₹18.85 from ₹16.67 a year ago.
ICICI Prudential Life Insurance Company Ltd. declined 1% to ₹635.90 after the company reported mixed results in the December quarter.
Consolidated revenue in the December quarter decreased to ₹4,516.5 crore from ₹26,647.8 crore, after-tax profit expanded to ₹324.9 crore from ₹226.9 crore, and diluted earnings per share expanded to ₹2.25 from ₹1.58 a year ago.
UCO Bank decreased 1% to ₹44.07 despite the company reporting a sharp rise in revenue and earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹7,405.9 crore from ₹6,412.7 crore, net income jumped to ₹638.8 crore from ₹502.8 crore, and diluted earnings per share rose to 54 paisa from 42 paisa a year ago.
Stock faced selling pressure after the bank announced its plans to raise as much as ₹2,000 crore from institutional investors.
Eimco Elecon (India) Ltd. plunged 10% to ₹1,883.85 after the company reported a decline in earnings and revenues in the December quarter.
Consolidated revenue in the December quarter decreased to ₹48.6 crore from ₹52.3 crore, after-tax profit declined to ₹6.19 crore from ₹7.54 crore, and diluted earnings per share fell to ₹10.73 from ₹13.08 a year ago.
Tanla Platforms Ltd. declined 6.5% to ₹619.70 after the company reported a decline in net income in the December quarter.
Consolidated revenue in the December quarter edged up to ₹1,009.82 crore from ₹1,007.6 crore; after-tax profit declined to ₹118.51 crore from ₹140.13 crore, and diluted earnings per share fell to ₹8.81 from ₹10.42 a year ago.
- Arun Goswami
- 22 Jan, 2025
- Mumbai
Benchmark indexes on Dalal Street rebounded as investors reviewed the latest batch of mixed corporate earnings.
The Sensex index increased by 0.5% to 76,193.26, and the Nifty index advanced by 0.29% to 23,083.30.
On the Mumbai stock exchange, 100 stocks traded at their 52-week highs, and 65 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.78%, and the Indian rupee hovered near the record low and traded at 86.56 against the U.S. dollar.
Dixon Technologies (India) Ltd. decreased 13.8% to ₹15,132.95 despite the company reporting a sharp jump in profit in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹10,460.2 crore from ₹4,820.6 crore, net income jumped to ₹216.2 crore from ₹97.1 crore, and diluted earnings per share rose to ₹35.64 from ₹16.21 a year ago.
Oberoi Realty Ltd. declined 7.2% to ₹1,856.8 despite the company reporting a surge in profit in the fiscal third quarter.
Consolidated revenue in the December quarter increased to ₹1,460.3 crore from ₹1,082.9 crore, net income jumped to ₹618.4 crore from ₹360.2 crore, and diluted earnings per share expanded to ₹17.01 from ₹9.91 a year ago.
PNB Housing Finance decreased 1.6% to ₹898.15 despite the company reporting a 43% increase in the fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹1,943.1 crore from ₹1,756 crore, after-tax profit rose to ₹483.3 crore from ₹338.4 crore, and diluted earnings per share jumped to ₹18.53 from ₹13 a year ago.
KEI Industries Ltd. increased 2.74% to ₹4,033.60 after the company reported fiscal third quarter results.
Consolidated revenue in the December quarter increased to ₹2,480.8 crore from ₹2,073.5 crore, net income jumped to ₹164.8 crore from ₹150.7 crore, and diluted earnings per share rose to ₹18.85 from ₹16.67 a year ago.
ICICI Prudential Life Insurance Company Ltd. declined 1% to ₹635.90 after the company reported mixed results in the December quarter.
Consolidated revenue in the December quarter decreased to ₹4,516.5 crore from ₹26,647.8 crore, after-tax profit expanded to ₹324.9 crore from ₹226.9 crore, and diluted earnings per share expanded to ₹2.25 from ₹1.58 a year ago.
UCO Bank decreased 1% to ₹44.07 despite the company reporting a sharp rise in revenue and earnings in the December quarter.
Consolidated revenue in the December quarter increased to ₹7,405.9 crore from ₹6,412.7 crore, net income jumped to ₹638.8 crore from ₹502.8 crore, and diluted earnings per share rose to 54 paisa from 42 paisa a year ago.
Stock faced selling pressure after the bank announced its plans to raise as much as ₹2,000 crore from institutional investors.
Eimco Elecon (India) Ltd. plunged 10% to ₹1,883.85 after the company reported a decline in earnings and revenues in the December quarter.
Consolidated revenue in the December quarter decreased to ₹48.6 crore from ₹52.3 crore, after-tax profit declined to ₹6.19 crore from ₹7.54 crore, and diluted earnings per share fell to ₹10.73 from ₹13.08 a year ago.
Tanla Platforms Ltd. declined 6.5% to ₹619.70 after the company reported a decline in net income in the December quarter.
Consolidated revenue in the December quarter edged up to ₹1,009.82 crore from ₹1,007.6 crore; after-tax profit declined to ₹118.51 crore from ₹140.13 crore, and diluted earnings per share fell to ₹8.81 from ₹10.42 a year ago.
- Alexander Garcia
- 21 Jan, 2025
- Miami
Stock market indexes in New York extended gains of the session in late afternoon, and bond yields edged higher amid rate path uncertainty.
The S&P 500 index gained 0.7%, and the Nasdaq Composite jumped 0.4% as investors looked ahead to the release of key earnings this week and the Federal Reserve's rate decisions.
The Federal Reserve is widely anticipated to hold rates steady at the end of a two-day meeting on January 28, but investors are still holding out for rate cuts totaling 100 basis points in 2025.
Investors have raised expectations of earnings growth for the fourth quarter of 2024 after retailers generally confirmed a strong holiday season and banks reported blowout earnings.
3M, Charles Schwab, and D.R. Horton advanced after the companies released their earnings, and investors looked ahead to the release of earnings from Netflix, American Airlines Group, United Airlines, Abbott Laboratories, and Johnson & Johnson.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.6% to 6,030.30, the Nasdaq Composite rose 0.3% to 19,687.59, and the Russell 2000 index inched up by 1.5% to 2,309.94.
The yield on 2-year Treasury notes edged higher to 4.27%, 10-year Treasury notes inched down to 4.57%, and 30-year Treasury bonds declined to 4.81%.
WTI crude oil decreased $0.90 to $75.55 a barrel, and natural gas prices edged down 2 cents to $3.79 a thermal unit.
Gold decreased by $17.81 to $2,727.41 an ounce, and silver rose by $0.02 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high.
U.S. Stock Movers
D.R. Horton Inc. gained 3.9% to $153.35 in pre-market trading after the home builder posted a 1% decrease in revenue in the fiscal first quarter 2025 ending in December.
Net income plunged 11% from a year ago to $844.9 million, and diluted earnings per share eased to $2.61 from $2.82 a year ago.
The company closed sales of 19,059 homes, while net sales orders amounted to 17,837 homes.
D.R. Horton repurchased 6.8 million shares of common stock for $1.1 billion and paid cash dividends totaling $128.5 million.
The home builder declared a quarterly cash dividend of 40 cents per share payable on February 14 to shareholders on record February 7.
Costco Wholesale Co edged up 0.1% to $944.50 after the membership warehouse club operator's workers' union of 18,000 workers voted to strike at the end of January if management fails to meet their demands.
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits, which is a 135% increase since 2018.
European Passenger Car Sales Flat In 2024, UK Jobless Rate Jumps to Multi-Month High
European markets struggled to stay above the flatline in Tuesday's trading, and bond yields edged lower, tracking the yields on the U.S. Treasury notes.
Benchmark indexes in Paris, Frankfurt, and London lacked direction as investors reviewed the latest jobless report in the UK, construction update, and passenger car sales in the EU.
Market sentiment in the eurozone has been weak amid a list of worries hobbling enthusiasm as investors reviewed the latest batch of corporate results.
The incoming U.S. presidential administration has delayed placing trade tariffs on manufactured goods from the EU, Canada, China, and Asia to February, but the looming uncertainty continues to weigh on the market.
Eurozone Construction Decline Halted after 10-Month Slide
In the euro area, construction output in November 2024 rose by 1.4% from a year ago and by 0.9% in the European Union, boosted by construction of buildings.
Compared to October 2024, construction in the currency bloc expanded by 1.3%, according to data released by Eurostat on Monday.
Construction activity was higher in Italy and Spain, but slower in France and Germany.
On an annual basis, the highest increases in construction were recorded in Spain, Bulgaria, and Belgium, while the largest decreases were observed in Romania, Poland, and Slovenia.
EU Car Sales Barely Advanced in 2024
The passenger car market in the European Union expanded by 5.1% in December 2024, the European Automobile Manufacturers' Association reported on Tuesday.
Vehicle sales rebounded from a 1.9% decline in November, following the strength in Spain and France, two of the largest markets in the region.
Sales rose sharply in Spain by 28.8%, in France by a modest 1.5%, but fell in Germany by 7.1% and in Italy by 4.9%.
Battery electric car sales in December fell by 10.2% to 144,367 units and held its market share steady around 15.9%, due to significant decreases in sales in Germany by 38.6% and France by 20.7%.
Petrol car sales dropped by 1.8% to 269,260 units, and the diesel car market declined by 15%.
Plug-in hybrid car sales rose by 4.9%.
Hybrid-electric car sales increased 33.1% in December, with market share expanding to 33.6% from 26.5% a year ago, exceeding petrol car registrations for the fourth consecutive month.
For the full year 2024, overall car sales rose annually by 0.8% to 10.6 million units, and the battery-powered vehicle market share was 13.6%.
UK Unemployment Rate Highest Since May 2024
The UK unemployment rate in the three months to November was estimated at 4.4%, the highest level since May 2024, and above the 4.3% recorded for the three-month period to October, the Office for National Statistics showed on Tuesday.
Wage growth in the third quarter remained high, but falling vacancies signal a decrease in pay pressures.
Average earnings excluding bonuses climbed 5.6% in the three months to November from a year ago, slightly faster than the forecast of 5.5%.
Earnings, including bonuses, also rose 5.6% annually, which was in line with expectations set by some economists.
Europe Indexes and Yields
The DAX index edged higher by 0.2% to 21,041.52; the CAC-40 index rose 0.5% to 7,770.95; and the FTSE 100 index edged higher by 0.2% to 8,548.29.
The yield on 10-year German bonds decreased to 2.49%, French bonds eased to 3.29%, the UK gilts declined to 4.66%, and Italian bonds edged lower to 3.61%.
The euro was higher at $1.03; the British pound inched higher to $1.22; and the U.S. dollar was lower at 91.06 Swiss cents.
Brent crude decreased $0.34 to $79.44 a barrel, and the Dutch TTF natural gas fell by €2.10 to €49.83 per MWh.
Europe Stock Movers
Banks led gainers in trading on European exchanges after bond yields edged lower and the euro and the pound stabilized near two-year lows.
Barclays gained 0.8% to 294.15 pence, HSBC advanced 0.1% to 826.30 pence, UniCredit decreased 0.5% to €42.87, BNP Paribas declined 0.2% to €62.83, and Societe Generale fell 0.6% to €62.83.
Essentra PLC declined 0.7% after the engineering company reported trading and share buyback updates.
The company estimated flat sales and reiterated its previous operating earnings outlook.
Premier Foods jumped nearly 3% to 184.33 pence after the food products maker estimated annual profit near the top end of the range estimated by analysts.
Japan Indexes Struggled to Rise In Cautious Trading Amid Worries Related to Trade, Economy, and Rate Path
Benchmark indexes in Tokyo lost early momentum after domestic economic growth and corporate earnings worries dominated market sentiment.
The Nikkei 225 declined 0.3%, and the TOPIX edged down a fraction after an early rally in the market failed to broaden beyond tech stocks.
Export-sensitive stocks led gainers after the newly appointed U.S. presidential administration delayed the promised implementation of additional and tougher tariffs to February.
Despite the delay, Japanese corporations are bracing for a sharp escalation in U.S. trade barriers, and large automotive and electronics companies are ramping up supply chain diversification away from China to Vietnam, Mexico, India, and the ASEAN region.
Moreover, market sentiment was muted ahead of the Bank of Japan's rate decision at the end of the policy meeting next week, and last week policy officials signaled the possibility of the increase in the reference rate to 0.5%, the highest since the 2008 global financial crisis.
The yen weakened to 156.75 against the U.S. dollar, as currency traders estimated that the Bank of Japan will delay its first rate cut in 2025 after the ending of spring wage negotiations in March.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 0.3% to 39,027.98, and the broader TOPIX index declined 0.03% to 2,713.50.
Tokyo Electron increased 1.4% to ¥27,035.0, Advantest Corp. gained 0.8% to ¥9,440.0, and Disco Corp., the precision tool maker for semiconductor production, jumped 5.8% to ¥9,440.0.
Nintendo Co. Ltd. advanced 1.6% to ¥9,044.0, and the game console maker struggled to erase an 8% decline last week after the company delayed the release of the Switch 2 console.
Metaplanet Inc. dropped 14.2% to ¥4,235.0 after the bitcoin-centric company soared 30% in the previous two trading days.
Metaplanet has catapulted 24-fold in the last 52 weeks of trading after the company restructured its diverse operations and focused on bitcoin-related activities in Japan.
China and Hong Kong Indexes Advanced, Country Garden Resumed Trading After 9-Month Suspension
Stock market indexes in China lacked direction, but foreign investors bid up stocks in Hong Kong in the hopes of improving relations with the U.S.
The Hang Seng index jumped as much as 1%, and the mainland-focused CSI 300 index edged slightly higher.
Tech stocks, electric vehicle makers, and residential property developers advanced in Hong Kong trading after the newly appointed U.S. presidential administration delayed the ban on TikTok by 75 days.
Investors remained cautious amid uncertainties about the possible additional and tougher trade barriers targeting manufactured goods made by China-owned companies.
Investors are hoping that the electric vehicle makers, shipping companies, solar panel and component makers, and renewable energy products companies will be able to find ways to sustain recent export growth in 2025.
China Stock Movers
The Hang Seng index increased 0.9% to 20,103.25, and the mainland-focused CSI 300 index gained 0.02% to 3,830.57.
Residential property developers traded higher after Country Garden Holdings resumed trading following a nine-month suspension.
Country Garden Holdings jumped 23% to HK $0.60 after the embattled property developer released a proposal to restructure its $11 billion of liabilities to foreign investors.
Longfor Group Holdings gained 2.8% to HK $10.16, China Resources Land advanced 1.9% to HK $23.85, China Vanke Co. Ltd. soared 10.1% to HK $5.45, and Henderson Land Development decreased 0.4% to HK $22.45.
BYD increased 1.6% to HK $279.40, Li Auto advanced 4.9% to HK $93.80, and Geely Automobile Holding jumped 2.9% to HK $14.72.
- Alexander Garcia
- 21 Jan, 2025
- Miami
Stock market indexes in New York extended gains of the session in late afternoon, and bond yields edged higher amid rate path uncertainty.
The S&P 500 index gained 0.7%, and the Nasdaq Composite jumped 0.4% as investors looked ahead to the release of key earnings this week and the Federal Reserve's rate decisions.
The Federal Reserve is widely anticipated to hold rates steady at the end of a two-day meeting on January 28, but investors are still holding out for rate cuts totaling 100 basis points in 2025.
Investors have raised expectations of earnings growth for the fourth quarter of 2024 after retailers generally confirmed a strong holiday season and banks reported blowout earnings.
3M, Charles Schwab, and D.R. Horton advanced after the companies released their earnings, and investors looked ahead to the release of earnings from Netflix, American Airlines Group, United Airlines, Abbott Laboratories, and Johnson & Johnson.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.6% to 6,030.30, the Nasdaq Composite rose 0.3% to 19,687.59, and the Russell 2000 index inched up by 1.5% to 2,309.94.
The yield on 2-year Treasury notes edged higher to 4.27%, 10-year Treasury notes inched down to 4.57%, and 30-year Treasury bonds declined to 4.81%.
WTI crude oil decreased $0.90 to $75.55 a barrel, and natural gas prices edged down 2 cents to $3.79 a thermal unit.
Gold decreased by $17.81 to $2,727.41 an ounce, and silver rose by $0.02 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high.
U.S. Stock Movers
D.R. Horton Inc. gained 3.9% to $153.35 in pre-market trading after the home builder posted a 1% decrease in revenue in the fiscal first quarter 2025 ending in December.
Net income plunged 11% from a year ago to $844.9 million, and diluted earnings per share eased to $2.61 from $2.82 a year ago.
The company closed sales of 19,059 homes, while net sales orders amounted to 17,837 homes.
D.R. Horton repurchased 6.8 million shares of common stock for $1.1 billion and paid cash dividends totaling $128.5 million.
The home builder declared a quarterly cash dividend of 40 cents per share payable on February 14 to shareholders on record February 7.
Costco Wholesale Co edged up 0.1% to $944.50 after the membership warehouse club operator's workers' union of 18,000 workers voted to strike at the end of January if management fails to meet their demands.
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits, which is a 135% increase since 2018.
European Passenger Car Sales Flat In 2024, UK Jobless Rate Jumps to Multi-Month High
European markets struggled to stay above the flatline in Tuesday's trading, and bond yields edged lower, tracking the yields on the U.S. Treasury notes.
Benchmark indexes in Paris, Frankfurt, and London lacked direction as investors reviewed the latest jobless report in the UK, construction update, and passenger car sales in the EU.
Market sentiment in the eurozone has been weak amid a list of worries hobbling enthusiasm as investors reviewed the latest batch of corporate results.
The incoming U.S. presidential administration has delayed placing trade tariffs on manufactured goods from the EU, Canada, China, and Asia to February, but the looming uncertainty continues to weigh on the market.
Eurozone Construction Decline Halted after 10-Month Slide
In the euro area, construction output in November 2024 rose by 1.4% from a year ago and by 0.9% in the European Union, boosted by construction of buildings.
Compared to October 2024, construction in the currency bloc expanded by 1.3%, according to data released by Eurostat on Monday.
Construction activity was higher in Italy and Spain, but slower in France and Germany.
On an annual basis, the highest increases in construction were recorded in Spain, Bulgaria, and Belgium, while the largest decreases were observed in Romania, Poland, and Slovenia.
EU Car Sales Barely Advanced in 2024
The passenger car market in the European Union expanded by 5.1% in December 2024, the European Automobile Manufacturers' Association reported on Tuesday.
Vehicle sales rebounded from a 1.9% decline in November, following the strength in Spain and France, two of the largest markets in the region.
Sales rose sharply in Spain by 28.8%, in France by a modest 1.5%, but fell in Germany by 7.1% and in Italy by 4.9%.
Battery electric car sales in December fell by 10.2% to 144,367 units and held its market share steady around 15.9%, due to significant decreases in sales in Germany by 38.6% and France by 20.7%.
Petrol car sales dropped by 1.8% to 269,260 units, and the diesel car market declined by 15%.
Plug-in hybrid car sales rose by 4.9%.
Hybrid-electric car sales increased 33.1% in December, with market share expanding to 33.6% from 26.5% a year ago, exceeding petrol car registrations for the fourth consecutive month.
For the full year 2024, overall car sales rose annually by 0.8% to 10.6 million units, and the battery-powered vehicle market share was 13.6%.
UK Unemployment Rate Highest Since May 2024
The UK unemployment rate in the three months to November was estimated at 4.4%, the highest level since May 2024, and above the 4.3% recorded for the three-month period to October, the Office for National Statistics showed on Tuesday.
Wage growth in the third quarter remained high, but falling vacancies signal a decrease in pay pressures.
Average earnings excluding bonuses climbed 5.6% in the three months to November from a year ago, slightly faster than the forecast of 5.5%.
Earnings, including bonuses, also rose 5.6% annually, which was in line with expectations set by some economists.
Europe Indexes and Yields
The DAX index edged higher by 0.2% to 21,041.52; the CAC-40 index rose 0.5% to 7,770.95; and the FTSE 100 index edged higher by 0.2% to 8,548.29.
The yield on 10-year German bonds decreased to 2.49%, French bonds eased to 3.29%, the UK gilts declined to 4.66%, and Italian bonds edged lower to 3.61%.
The euro was higher at $1.03; the British pound inched higher to $1.22; and the U.S. dollar was lower at 91.06 Swiss cents.
Brent crude decreased $0.34 to $79.44 a barrel, and the Dutch TTF natural gas fell by €2.10 to €49.83 per MWh.
Europe Stock Movers
Banks led gainers in trading on European exchanges after bond yields edged lower and the euro and the pound stabilized near two-year lows.
Barclays gained 0.8% to 294.15 pence, HSBC advanced 0.1% to 826.30 pence, UniCredit decreased 0.5% to €42.87, BNP Paribas declined 0.2% to €62.83, and Societe Generale fell 0.6% to €62.83.
Essentra PLC declined 0.7% after the engineering company reported trading and share buyback updates.
The company estimated flat sales and reiterated its previous operating earnings outlook.
Premier Foods jumped nearly 3% to 184.33 pence after the food products maker estimated annual profit near the top end of the range estimated by analysts.
Japan Indexes Struggled to Rise In Cautious Trading Amid Worries Related to Trade, Economy, and Rate Path
Benchmark indexes in Tokyo lost early momentum after domestic economic growth and corporate earnings worries dominated market sentiment.
The Nikkei 225 declined 0.3%, and the TOPIX edged down a fraction after an early rally in the market failed to broaden beyond tech stocks.
Export-sensitive stocks led gainers after the newly appointed U.S. presidential administration delayed the promised implementation of additional and tougher tariffs to February.
Despite the delay, Japanese corporations are bracing for a sharp escalation in U.S. trade barriers, and large automotive and electronics companies are ramping up supply chain diversification away from China to Vietnam, Mexico, India, and the ASEAN region.
Moreover, market sentiment was muted ahead of the Bank of Japan's rate decision at the end of the policy meeting next week, and last week policy officials signaled the possibility of the increase in the reference rate to 0.5%, the highest since the 2008 global financial crisis.
The yen weakened to 156.75 against the U.S. dollar, as currency traders estimated that the Bank of Japan will delay its first rate cut in 2025 after the ending of spring wage negotiations in March.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 0.3% to 39,027.98, and the broader TOPIX index declined 0.03% to 2,713.50.
Tokyo Electron increased 1.4% to ¥27,035.0, Advantest Corp. gained 0.8% to ¥9,440.0, and Disco Corp., the precision tool maker for semiconductor production, jumped 5.8% to ¥9,440.0.
Nintendo Co. Ltd. advanced 1.6% to ¥9,044.0, and the game console maker struggled to erase an 8% decline last week after the company delayed the release of the Switch 2 console.
Metaplanet Inc. dropped 14.2% to ¥4,235.0 after the bitcoin-centric company soared 30% in the previous two trading days.
Metaplanet has catapulted 24-fold in the last 52 weeks of trading after the company restructured its diverse operations and focused on bitcoin-related activities in Japan.
China and Hong Kong Indexes Advanced, Country Garden Resumed Trading After 9-Month Suspension
Stock market indexes in China lacked direction, but foreign investors bid up stocks in Hong Kong in the hopes of improving relations with the U.S.
The Hang Seng index jumped as much as 1%, and the mainland-focused CSI 300 index edged slightly higher.
Tech stocks, electric vehicle makers, and residential property developers advanced in Hong Kong trading after the newly appointed U.S. presidential administration delayed the ban on TikTok by 75 days.
Investors remained cautious amid uncertainties about the possible additional and tougher trade barriers targeting manufactured goods made by China-owned companies.
Investors are hoping that the electric vehicle makers, shipping companies, solar panel and component makers, and renewable energy products companies will be able to find ways to sustain recent export growth in 2025.
China Stock Movers
The Hang Seng index increased 0.9% to 20,103.25, and the mainland-focused CSI 300 index gained 0.02% to 3,830.57.
Residential property developers traded higher after Country Garden Holdings resumed trading following a nine-month suspension.
Country Garden Holdings jumped 23% to HK $0.60 after the embattled property developer released a proposal to restructure its $11 billion of liabilities to foreign investors.
Longfor Group Holdings gained 2.8% to HK $10.16, China Resources Land advanced 1.9% to HK $23.85, China Vanke Co. Ltd. soared 10.1% to HK $5.45, and Henderson Land Development decreased 0.4% to HK $22.45.
BYD increased 1.6% to HK $279.40, Li Auto advanced 4.9% to HK $93.80, and Geely Automobile Holding jumped 2.9% to HK $14.72.
- Scott Peters
- 21 Jan, 2025
- New York City
D.R. Horton Inc. gained 3.9% to $153.35 despite the home builder posted a 1% decrease in revenue in the fiscal first quarter 2025 ending in December.
Net income plunged 11% from a year ago to $844.9 million, and diluted earnings per share eased to $2.61 from $2.82 a year ago.
The company closed sales of 19,059 homes, while net sales orders amounted to 17,837 homes.
D.R. Horton repurchased 6.8 million shares of common stock for $1.1 billion and paid cash dividends totaling $128.5 million.
The home builder declared a quarterly cash dividend of 40 cents per share payable on February 14 to shareholders on record February 7.
Costco Wholesale Co edged up 0.1% to $944.50 after the membership warehouse club operator's workers' union of 18,000 workers voted to strike at the end of January if management fails to meet their demands.
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits, which is a 135% increase since 2018.
- Scott Peters
- 21 Jan, 2025
- New York City
D.R. Horton Inc. gained 3.9% to $153.35 despite the home builder posted a 1% decrease in revenue in the fiscal first quarter 2025 ending in December.
Net income plunged 11% from a year ago to $844.9 million, and diluted earnings per share eased to $2.61 from $2.82 a year ago.
The company closed sales of 19,059 homes, while net sales orders amounted to 17,837 homes.
D.R. Horton repurchased 6.8 million shares of common stock for $1.1 billion and paid cash dividends totaling $128.5 million.
The home builder declared a quarterly cash dividend of 40 cents per share payable on February 14 to shareholders on record February 7.
Costco Wholesale Co edged up 0.1% to $944.50 after the membership warehouse club operator's workers' union of 18,000 workers voted to strike at the end of January if management fails to meet their demands.
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits, which is a 135% increase since 2018.
- Barry Adams
- 21 Jan, 2025
- New York City
Wall Street indexes advanced in Tuesday's trading after investors returned from a three-day weekend, and bond yields edged lower.
The S&P 500 index gained 0.2%, and the Nasdaq Composite jumped 0.4% as investors looked ahead to the release of key earnings this week and the Federal Reserve's rate decisions.
The Federal Reserve is widely anticipated to hold rates steady at the end of a two-day meeting on January 28, but investors are still holding out for rate cuts totaling 100 basis points in 2025.
Investors have raised expectations of earnings growth for the fourth quarter 2024 after retailers generally confirmed a strong holiday season and banks reported blowout earnings.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 6,018.25, the Nasdaq Composite rose 0.4% to 19,675.02, and the Russell 2000 index inched up by 0.1% to 2,286.32.
The yield on 2-year Treasury notes edged higher to 4.27%, 10-year Treasury notes inched down to 4.57%, and 30-year Treasury bonds declined to 4.81%.
WTI crude oil decreased $0.90 to $75.55 a barrel, and natural gas prices edged down 2 cents to $3.79 a thermal unit.
Gold decreased by $17.81 to $2,727.41 an ounce, and silver rose by $0.02 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high.
U.S. Stock Movers
D.R. Horton Inc. gained 3.9% to $153.35 in pre-market trading after the home builder posted a 1% decrease in revenue in the fiscal first quarter 2025 ending in December.
Net income plunged 11% from a year ago to $844.9 million, and diluted earnings per share eased to $2.61 from $2.82 a year ago.
The company closed sales of 19,059 homes, while net sales orders amounted to 17,837 homes.
D.R. Horton repurchased 6.8 million shares of common stock for $1.1 billion and paid cash dividends totaling $128.5 million.
The home builder declared a quarterly cash dividend of 40 cents per share payable on February 14 to shareholders on record February 7.
Costco Wholesale Co edged up 0.1% to $944.50 after the membership warehouse club operator's workers' union of 18,000 workers voted to strike at the end of January if management fails to meet their demands.
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits, which is a 135% increase since 2018.
- Barry Adams
- 21 Jan, 2025
- New York City
Wall Street indexes advanced in Tuesday's trading after investors returned from a three-day weekend, and bond yields edged lower.
The S&P 500 index gained 0.2%, and the Nasdaq Composite jumped 0.4% as investors looked ahead to the release of key earnings this week and the Federal Reserve's rate decisions.
The Federal Reserve is widely anticipated to hold rates steady at the end of a two-day meeting on January 28, but investors are still holding out for rate cuts totaling 100 basis points in 2025.
Investors have raised expectations of earnings growth for the fourth quarter 2024 after retailers generally confirmed a strong holiday season and banks reported blowout earnings.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.3% to 6,018.25, the Nasdaq Composite rose 0.4% to 19,675.02, and the Russell 2000 index inched up by 0.1% to 2,286.32.
The yield on 2-year Treasury notes edged higher to 4.27%, 10-year Treasury notes inched down to 4.57%, and 30-year Treasury bonds declined to 4.81%.
WTI crude oil decreased $0.90 to $75.55 a barrel, and natural gas prices edged down 2 cents to $3.79 a thermal unit.
Gold decreased by $17.81 to $2,727.41 an ounce, and silver rose by $0.02 to $30.58.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.09 to 109.05 and traded at a two-year high.
U.S. Stock Movers
D.R. Horton Inc. gained 3.9% to $153.35 in pre-market trading after the home builder posted a 1% decrease in revenue in the fiscal first quarter 2025 ending in December.
Net income plunged 11% from a year ago to $844.9 million, and diluted earnings per share eased to $2.61 from $2.82 a year ago.
The company closed sales of 19,059 homes, while net sales orders amounted to 17,837 homes.
D.R. Horton repurchased 6.8 million shares of common stock for $1.1 billion and paid cash dividends totaling $128.5 million.
The home builder declared a quarterly cash dividend of 40 cents per share payable on February 14 to shareholders on record February 7.
Costco Wholesale Co edged up 0.1% to $944.50 after the membership warehouse club operator's workers' union of 18,000 workers voted to strike at the end of January if management fails to meet their demands.
Costco recently reported $254 billion in annual revenue and $7.4 billion in net profits, which is a 135% increase since 2018.
- Inga Muller
- 21 Jan, 2025
- Frankfurt
European markets struggled to advance amid cautious trading ahead of rate decisions by the European Central Bank and looming trade tensions with China and the U.S.
Passenger car sales were flat in the European Union in 2024.
The DAX index edged lower by 0.02% to 20,958.25; the CAC-40 index rose 0.04% to 7,736.64; and the FTSE 100 index edged higher by 0.1% to 8,529.39.
The yield on 10-year German bonds decreased to 2.49%, French bonds eased to 3.29%, the UK gilts declined to 4.66%, and Italian bonds edged lower to 3.61%.
Essentra Plc dropped 0.3% to 122 pence after the global supplier of essential components and solutions purchased 11,500 ordinary shares at 25 pence each from broker Peel Hunt LLP.
After cancellation of these purchased shares, the company will have 286,625,244 ordinary shares at the same price, excluding 3,627,057 shares held in treasury.
The company estimated flat sales and reiterated its previous operating earnings outlook.
Kontron AG surged 5% to €19.37 after the Austrian technology group guided strong growth by 2025.
The IoT solutions provider expects revenue to increase more than 40% to between €1.9 billion and €2.0 billion.
In addition, EBITDA are expected to grow by over 50% on an annual basis to at least €220 million, exceeding the previous forecast of €190 million.
The company plans to publish the final results for fiscal year 2024 on March 27.
Premier Foods Plc jumped 3.8% to 185.73 pence after the U.K. food producer said third-quarter group sales rose 3.1% from a year ago.
Quarterly branded sales were up 4.6% from a year earlier, with a strong Christmas season.
Sales in the company’s sweet treats segment increased by 8.9%, as Mr Kipling sold 20% more mince pies, delivering its biggest ever quarter.
PostNL NV dropped 5.9% to €0.98 after the Dutch postal services company guided operating earnings in 2024 to range between €53 million or $54.64 million, well below its earlier forecast of around €80 million.
The company, which delivers parcels and letters across Belgium, the Netherlands and Luxembourg, estimated its annual free cash flow at about €12 million, above the previous estimate of break-even.
Traditional postal services in Europe are struggling to keep up with competition from other parcel locker operators such as Poland's InPost SA and the U.S.-based Amazon.com Inc.
PostNL will report its annual results in February.
Lanxess AG surged 5.1% to €25.78 after the German specialty-chemicals company saw strong pre-buying and guided fourth-quarter operating earnings of around €159 million or $163.4 million.
For the full-year 2024, the company’s adjusted operating earnings rose about 20% from the previous year to €614 million or $638.13 million.
Lanxess said it pans to release its full-year 2024 results on March 20.