Five-Week Rally On Wall Street Falters, Retailers In Focus Ahead of Earnings

Barry Adams
20 May, 2025
New York City

Wall Street indexes struggled to build on the six-day rally, and widely followed indexes registered fractional gains in Monday's trading. 

The S&P 500 index decreased 0.1%, and the Nasdaq Composite declined 0.2% in Tuesday's trading, as investors assessed the impact of tariffs on the broader economy. 

The S&P 500 index gained about 20% over the last 27 trading sessions after the Trump administration and China paused the implementation of newly announced tariffs. 

Despite the easing of tensions for now, retailers and importers are bracing for uncertainties and disruptions at ports as Asian manufacturers race to meet the rebound in U.S. orders ahead of the August deadline.  

Leading retailers are scheduled to report their quarterly reports this week, including updates from Lowe’s Companies, Dollar Tree, Ross Stores, Burlington Stores, and Deckers Outdoor.

Benchmark indexes reversed morning losses to close fractionally higher as investors overlooked the latest downgrade of the U.S. debt as the federal government is poised to balloon by at least $3 trillion over the next four years of the Trump administration. 

Donald Trump, during the presidential campaign in 2024, repeatedly reminded voters that his administration's economic policies would wipe out the entire federal government debt at the end of his second term. 

The U.S. federal government debt stands at $36 trillion, and the latest budget proposal discussed by the U.S. House of Representatives is likely to add at least $3 trillion to $4 trillion. 

U.S. Stock Movers 

Home Depot Inc. increased 2.2% to $388.0 after the home improvement retailer reiterated its full-year guidance. 

The specialty retailer estimated full-year sales to increase 2.8%, driven by a 1% increase in comparable same-store sales. 

8x8 Inc. fell 1.7% to $1.80, and the voice over IP services provider reported a 2% decline in revenue and sharply higher losses in its latest fiscal year. 

Toll Brothers edged up 0.2% to $106.30 ahead of the home builders' quarterly results later in the day. 

European Markets Attempt to Rebound Amid Trade and Geopolitical Uncertainties

Bridgette Randall
20 May, 2025
London

European markets traded higher following lackluster trading in the previous session, and bond yields edged higher for the second consecutive day. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged up amid ongoing geopolitical uncertainties and constantly shifting U.S. trade policy. 

Investors reacted to the latest batch of earnings, including results from Vodafone, Greggs, Smiths, Diploma, and Swiss Life. 

So far in this earnings season, corporate results have surpassed market expectations, but several leading companies have withdrawn their outlook because of the uncertainties surrounding the U.S. trade policy.  

Europe Indexes and Yields

The DAX index increased by 0.1% to 23,956.59, the CAC-40 index edged higher by 0.1% to 7,895.11, and the FTSE 100 index advanced 0.3% to 8,722.40.

The yield on 10-year German bonds inched lower to 2.56%, French bonds decreased to 3.23%, UK gilts moved down to 4.64%, and Italian bonds edged lower to 3.58%.

The euro increased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 83.26 Swiss cents.

Brent crude decreased $0.19 to $65.35 a barrel, and the Dutch TTF natural gas was higher by €0.40 to €35.50 per MWh.

Europe Movers

Vodafone Group plc rose 2% to 73.91 pence after the UK-based wireless telecom operator swung to a full-year operating loss of €411 million, driven by impairment charges of €4.5 billion for Germany and Romania.

Swiss Life Holding AG decreased 0.9% to CHF 808.0, despite the company reporting higher premium and fee income. 

Diploma PLC soared 16.3% to 4.930 pence after the UK solutions provider to industrial and life sciences end markets revised higher its annual outlook. 

Greggs PLC rose 7% to 2,150.0 pence after the bakery chain reiterated its full-year outlook. Sales in the 20-week period increased 7.4% to £784 million. 

European Markets Attempt to Rebound Amid Trade and Geopolitical Uncertainties

Bridgette Randall
20 May, 2025
London

European markets traded higher following lackluster trading in the previous session, and bond yields edged higher for the second consecutive day. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged up amid ongoing geopolitical uncertainties and constantly shifting U.S. trade policy. 

Investors reacted to the latest batch of earnings, including results from Vodafone, Greggs, Smiths, Diploma, and Swiss Life. 

So far in this earnings season, corporate results have surpassed market expectations, but several leading companies have withdrawn their outlook because of the uncertainties surrounding the U.S. trade policy.  

Europe Indexes and Yields

The DAX index increased by 0.1% to 23,956.59, the CAC-40 index edged higher by 0.1% to 7,895.11, and the FTSE 100 index advanced 0.3% to 8,722.40.

The yield on 10-year German bonds inched lower to 2.56%, French bonds decreased to 3.23%, UK gilts moved down to 4.64%, and Italian bonds edged lower to 3.58%.

The euro increased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 83.26 Swiss cents.

Brent crude decreased $0.19 to $65.35 a barrel, and the Dutch TTF natural gas was higher by €0.40 to €35.50 per MWh.

Europe Movers

Vodafone Group plc rose 2% to 73.91 pence after the UK-based wireless telecom operator swung to a full-year operating loss of €411 million, driven by impairment charges of €4.5 billion for Germany and Romania.

Swiss Life Holding AG decreased 0.9% to CHF 808.0, despite the company reporting higher premium and fee income. 

Diploma PLC soared 16.3% to 4.930 pence after the UK solutions provider to industrial and life sciences end markets revised higher its annual outlook. 

Greggs PLC rose 7% to 2,150.0 pence after the bakery chain reiterated its full-year outlook. Sales in the 20-week period increased 7.4% to £784 million. 

Europe Movers: Diploma, Smiths, Vodafone

Inga Muller
20 May, 2025
Frankfurt

Vodafone Group traded up 0.8% to 73.06 pence after the UK-based wireless telecom operator reported fiscal year 2025 results.

Revenue edged up to €37.45 billion from €36.72 billion, net income swung to a loss of €4.17 billion from a profit of €1.14 billion, and earnings per share swung to a loss of 15.94 cents from a profit of 4.21 cents a year ago.

The company proposed a dividend of 4.5 cents per share for fiscal year 2025, down from 9.0 cents per share in the previous year.

In addition, the telecom company completed a share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Spain and authorized a new share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Italy.

The total capital returns to shareholders in fiscal year 2025 were €3.7 billion.

Vodafone declared a final dividend of 2.25 cents per share payable on August 1 to shareholders on record on June 6.

Diploma PLC soared 14.6% to 4.840 pence after the UK solutions provider to industrial and life sciences end markets reported half-year 2025 results.

Revenue surged to £728.5 million from £638.3 million, profit jumped to £95.8 million from £57.7 million, and diluted earnings per share rose to 71.2 pence from 43.0 pence a year ago.

The company estimated full-year revenue to grow 8%, revised higher from its previous forecast of 6% increase, compared to £1.36 billion a year earlier.

Smiths Group plc advanced 1.5% to 2,084 pence after the UK engineering company released a third-quarter trading update.

“Revenue accelerated to 10.6%, leading to organic revenue growth for the nine-month period of 9.6%,” the company said in a release to investors.

The engineering company estimated full-year revenue to increase towards the top end of its 6% to 8% guidance range and continues to expect margin expansion of 40 to 60 basis points.

To date, the company has completed £260 million of its £500 million share buyback and remains on track to complete the program by the end of the calendar year.

Europe Movers: Diploma, Smiths, Vodafone

Inga Muller
20 May, 2025
Frankfurt

Vodafone Group traded up 0.8% to 73.06 pence after the UK-based wireless telecom operator reported fiscal year 2025 results.

Revenue edged up to €37.45 billion from €36.72 billion, net income swung to a loss of €4.17 billion from a profit of €1.14 billion, and earnings per share swung to a loss of 15.94 cents from a profit of 4.21 cents a year ago.

The company proposed a dividend of 4.5 cents per share for fiscal year 2025, down from 9.0 cents per share in the previous year.

In addition, the telecom company completed a share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Spain and authorized a new share buyback program of up to €2.0 billion of the proceeds from the sale of Vodafone Italy.

The total capital returns to shareholders in fiscal year 2025 were €3.7 billion.

Vodafone declared a final dividend of 2.25 cents per share payable on August 1 to shareholders on record on June 6.

Diploma PLC soared 14.6% to 4.840 pence after the UK solutions provider to industrial and life sciences end markets reported half-year 2025 results.

Revenue surged to £728.5 million from £638.3 million, profit jumped to £95.8 million from £57.7 million, and diluted earnings per share rose to 71.2 pence from 43.0 pence a year ago.

The company estimated full-year revenue to grow 8%, revised higher from its previous forecast of 6% increase, compared to £1.36 billion a year earlier.

Smiths Group plc advanced 1.5% to 2,084 pence after the UK engineering company released a third-quarter trading update.

“Revenue accelerated to 10.6%, leading to organic revenue growth for the nine-month period of 9.6%,” the company said in a release to investors.

The engineering company estimated full-year revenue to increase towards the top end of its 6% to 8% guidance range and continues to expect margin expansion of 40 to 60 basis points.

To date, the company has completed £260 million of its £500 million share buyback and remains on track to complete the program by the end of the calendar year.

Japan Signals Challenges In Lowering U.S. Tariffs On Vehicle Imports

Akira Ito
20 May, 2025
Tokyo

Stock market indexes in Tokyo lacked direction amid a lack of domestic news, and the yen edged higher. 

The Nikkei 225 Stock Average and the broader Topix index closed nearly unchanged after a volatile session, and investors awaited earnings results later in the week. 

Ongoing negotiations between Japan and the U.S. are not likely to yield a sharp decrease in the U.S. tariff rates, especially on the vehicle imports. 

Japan's top negotiator, Ryosei Akazawa, is likely to meet the U.S. Trade Representative, Jamieson Greer, on Friday for the third round of high-level talks; however, the plans are tentative. 

The U.S. has slapped additional 25% tariffs on vehicles imported from Japan, but it is not clear if there are any additional duties on parts and assemblies. 

Moreover, Japanese companies are looking to accelerate their plans to produce more vehicles at their factories in the U.S. and Mexico, but the lack of clarity on the final trade agreement is delaying the plan of action. 

For now, Toyota Motor, Honda Motor, and Nissan Motor are likely to face at least $500 of increased costs per vehicle sold in the United States, according to a preliminary study conducted by Ticker.com. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 0.04% to 37,483.36, and the broader Topix index declined 0.1% to 2,735.52. 

The yen edged higher to 144.42 against the U.S. dollar as global investors continue to purchase Japanese assets after Moody's Rating, the last of the three major rating agencies, stripped U.S. debt of its top rating. 

Toyota Industries Corp. increased 8.6% to ¥17,940.0 amid local reports speculating that the company is set to be acquired by Akio Toyoda, Chairman of Toyota Motor, for $41.5 billion. 

Japan Signals Challenges In Lowering U.S. Tariffs On Vehicle Imports

Akira Ito
20 May, 2025
Tokyo

Stock market indexes in Tokyo lacked direction amid a lack of domestic news, and the yen edged higher. 

The Nikkei 225 Stock Average and the broader Topix index closed nearly unchanged after a volatile session, and investors awaited earnings results later in the week. 

Ongoing negotiations between Japan and the U.S. are not likely to yield a sharp decrease in the U.S. tariff rates, especially on the vehicle imports. 

Japan's top negotiator, Ryosei Akazawa, is likely to meet the U.S. Trade Representative, Jamieson Greer, on Friday for the third round of high-level talks; however, the plans are tentative. 

The U.S. has slapped additional 25% tariffs on vehicles imported from Japan, but it is not clear if there are any additional duties on parts and assemblies. 

Moreover, Japanese companies are looking to accelerate their plans to produce more vehicles at their factories in the U.S. and Mexico, but the lack of clarity on the final trade agreement is delaying the plan of action. 

For now, Toyota Motor, Honda Motor, and Nissan Motor are likely to face at least $500 of increased costs per vehicle sold in the United States, according to a preliminary study conducted by Ticker.com. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average decreased 0.04% to 37,483.36, and the broader Topix index declined 0.1% to 2,735.52. 

The yen edged higher to 144.42 against the U.S. dollar as global investors continue to purchase Japanese assets after Moody's Rating, the last of the three major rating agencies, stripped U.S. debt of its top rating. 

Toyota Industries Corp. increased 8.6% to ¥17,940.0 amid local reports speculating that the company is set to be acquired by Akio Toyoda, Chairman of Toyota Motor, for $41.5 billion. 

U.S. Movers: 8x8, Trip.com

Scott Peters
20 May, 2025
New York City

Trip.com Group Ltd. eased 0.4% to $66.81 after the Chinese travel service provider reported first-quarter 2025 results.

Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income decreased to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share eased to 6.09 yuan from 6.38 yuan a year ago.

Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.

Overall reservations on the company’s international reservation platform increased by over 60%, with inbound travel bookings surging by around 100% year-over-year.

Outbound hotel and air ticket bookings have grown to more than 120% of the pre-pandemic level for the same period in 2019.

The company had repurchased 1.6 million ADSs for a total of $84 million as of May 16.   

8x8 Inc. surged 2.8% to $1.85 after the provider of an integrated platform for customer communication reported fourth-quarter 2025 results.

Revenue declined to $177.04 million from $179.41 million, net loss shrank to $5.40 million from a loss of $23.59 million, and diluted loss per share narrowed to 4 cents from a loss of 19 cents a year ago.

Service revenue in the quarter edged down to $171.6 million from $172.5 million a year earlier.

The company guided first-quarter revenue to be between $175 million and $182 million, compared to $178.1 million, and non-GAAP diluted earnings per share between 7 cents and 9 cents, compared to 8 cents a year ago, respectively.

For the full fiscal year 2026, the company estimated revenue between $702 million and $724 million, compared to $715.07 million, and non-GAAP diluted earnings per share between 34 cents and 37 cents, compared to 36 cents a year ago, respectively.

U.S. Movers: 8x8, Trip.com

Scott Peters
20 May, 2025
New York City

Trip.com Group Ltd. eased 0.4% to $66.81 after the Chinese travel service provider reported first-quarter 2025 results.

Net revenue jumped to 13.83 billion yuan from 11.90 billion yuan, net income climbed to 4.28 billion yuan from 4.31 billion yuan, and diluted earnings per share rose to 6.09 yuan from 6.38 yuan a year ago.

Accommodation reservation revenue increased 23%, transportation ticketing sales edged up 8%, packaged-tour sales climbed 7%, and corporate travel revenue jumped 12% from a year ago, respectively.

Overall reservations on the company’s international OTA platform increased by over 60%, with inbound travel bookings surging by around 100% year-over-year.

Outbound hotel and air ticket bookings have grown to more than 120% of the pre-pandemic level for the same period in 2019.

The company had repurchased 1.6 million ADSs for a total of $84 million as of May 16.   

8x8 Inc. surged 2.8% to $1.85 after the provider of an integrated platform for customer communication reported fourth-quarter 2025 results.

Revenue declined to $177.04 million from $179.41 million, net loss shrank to $5.40 million from a loss of $23.59 million, and diluted loss per share narrowed to 4 cents from a loss of 19 cents a year ago.

Service revenue in the quarter edged down to $171.6 million from $172.5 million a year earlier.

The company guided first-quarter revenue to be between $175 million and $182 million, compared to $178.1 million, and non-GAAP diluted earnings per share between 7 cents and 9 cents, compared to 8 cents a year ago, respectively.

For the full fiscal year 2026, the company estimated revenue between $702 million and $724 million, compared to $715.07 million, and non-GAAP diluted earnings per share between 34 cents and 37 cents, compared to 36 cents a year ago, respectively.

Stock Movers: HDFC Bank, ICICI Bank, Gujarat Gas, HEG, BEL, Power Grid, PI Industries, Zydus Wellness

Arun Goswami
20 May, 2025
Mumbai

HDFC Bank Ltd. increased 0.3% to ₹1,944 after the financial services provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.

Consolidated revenue in the March quarter decreased to ₹1,20,268.8 crore from ₹ 1,24,391.4 crore, and after-tax profit increased to ₹18,834.9 crore from ₹ 17,622.4 crore, and diluted earnings per share rose to ₹24.52 from ₹23.12 a year ago.

For the fiscal year 2025, revenue inched higher to ₹ 4,70,915.9 crore from ₹4,07,994.8 crore, after-tax profit soared to ₹70,792.2 crore from ₹64,062 crore, and diluted earnings per share advanced to ₹92.39 from ₹90.01 a year ago.

The company's board recommended a dividend of ₹22 per share.

ICICI Bank Limited advanced 0.1% to ₹1,450.85 after the financial services provider reported profit soaring 16% in the fiscal fourth quarter. 

Consolidated revenue in the March quarter inched higher to ₹79,747.8 crore from ₹67,181.7 crore, and after-tax profit advanced to ₹13,502.2 crore from ₹11,675.2 crore, and diluted earnings per share rose to ₹18.84 from ₹16.32 a year ago.

For the fiscal year 2025, revenue edged higher to ₹294,586.9 crore from ₹236,037.7 crore, after-tax profit increased to ₹51,029.2 crore from ₹44,256.4 crore, and diluted earnings per share soared to ₹71.14 from ₹61.96 a year ago.

The company's board recommended a dividend of ₹11 per share.

Gujarat Gas Ltd. gained 3.1% to ₹481.35 despite the gas distribution company reporting a 30% plunge in quarterly profit from a year ago.

Consolidated revenue in the March quarter advanced to ₹4,363.3 crore from ₹4,324.9 crore, and after-tax profit inched down to ₹287.9 crore from ₹410.5 crore, and diluted earnings per share declined to ₹4.18 from ₹5.96 a year ago.

For the fiscal year 2025, revenue edged higher to ₹17,393 crore from ₹16,399.1 crore, after-tax profit soared to ₹1,148.3 crore from ₹1,143.7 crore, and diluted earnings per share decreased to ₹16.68 from ₹16.61 a year ago.

The company's board recommended a final dividend of ₹5.82 per share.

HEG Ltd. dropped 5% to ₹502.65 after the graphite electrode manufacturer swung to a loss in the latest quarter.

Consolidated revenue in the March quarter edged down to ₹580.2 crore from ₹611.2 crore, and after-tax income swung to a loss of ₹61.7 crore from a profit of ₹35.2 crore, and diluted income per share swung to a loss of ₹3.20 from a profit of ₹1.82 a year ago.

For the fiscal year 2025, it declined to ₹2,279.4 crore from ₹2,536.6 crore, after-tax profit decreased to ₹101.3 crore from ₹231.5 crore, and diluted earnings per share fell to ₹5.25 from ₹12 a year ago.

The company's board recommended a dividend of ₹1.8 per share.

Bharat Electronics Ltd. edged higher 0.1% to ₹364 after the electronic products and systems manufacturer reported an 18% rise in its earnings in the latest quarter.

Consolidated revenue increased to ₹9,344.2 crore from ₹8,789.5 crore, net income rose to ₹2,127.1 crore from ₹1,796.7 crore, and diluted earnings per share advanced to ₹2.91 from ₹2.46 a year ago.

For the fiscal year 2025, revenue edged higher to ₹24,511.1 crore from ₹20,938.38 crore, after-tax profit soared to ₹5,322.7 crore from ₹3,985.2 crore, and diluted earnings per share jumped to ₹7.28 from ₹5.45 a year ago.

The company's board recommended a final dividend of 90 paise per share.

Power Grid Corporation of India Limited declined 0.03% to ₹304 after the power transmission company approved a final dividend despite the decline in earnings in the fiscal fourth quarter.

Consolidated revenue in the March quarter advanced to ₹12,590.8 crore from ₹12,305.4 crore, and after-tax profit inched down to ₹4,142.9 crore from ₹4,166.3 crore, and diluted earnings per share fell to ₹4.40 from ₹4.67 a year ago.

For the fiscal year 2025, revenue edged higher to ₹47,459.4 crore from ₹46,913.1 crore, after-tax profit declined to ₹15,521.4 crore from ₹15,573.2 crore, and diluted earnings per share decreased to ₹16.39 from ₹17.36 a year ago.

The company's board recommended a final dividend of ₹1.25 per share.

PI Industries Ltd. rose 0.2% to ₹3,770.75 despite the  agriscience and chemical company reporting an 11% decrease in quarterly profit from a year ago.

Consolidated revenue in the March quarter inched higher to ₹1,860.5 crore from ₹1,798.9 crore, after-tax profit edged down to ₹330.5 crore from ₹369.5 crore, and diluted earnings per share declined to ₹21.78 from ₹24.35 a year ago.

For the fiscal year 2025, revenue edged higher to ₹8,322 crore from ₹7,873.5 crore, after-tax profit decreased to ₹1,660.2 crore from ₹1,681.5 crore, and diluted earnings per share fell to ₹109.42 from ₹110.83 a year ago.

The company's board recommended a final dividend of ₹10 per share.

Zydus Wellness Ltd. advanced 1.9% to ₹1,867.60 after the generic pharmaceutical’s maker reported a 28% rise in net income in the latest quarter.

Consolidated revenue in the March quarter inched higher to ₹913.9 crore from ₹786.6 crore, and after-tax profit advanced to ₹171.9 crore from ₹150.3 crore, and diluted earnings per share rose to ₹27.01 from ₹23.62 a year ago.

For the fiscal year 2025, revenue edged higher to ₹2,722.5 crore from ₹2,341.7 crore, after-tax profit increased to ₹346.9 crore from ₹266.9 crore, and diluted earnings per share soared to ₹54.52 from ₹41.94 a year ago.

The company's board recommended a final dividend of ₹6 per share.

Stock Movers: HDFC Bank, ICICI Bank, Gujarat Gas, HEG, BEL, Power Grid, PI Industries, Zydus Wellness

Arun Goswami
20 May, 2025
Mumbai

HDFC Bank Ltd. increased 0.3% to ₹1,944 after the financial services provider reported a slight increase in revenue and a marginal decline in net income in the March quarter.

Consolidated revenue in the March quarter decreased to ₹1,20,268.8 crore from ₹ 1,24,391.4 crore, and after-tax profit increased to ₹18,834.9 crore from ₹ 17,622.4 crore, and diluted earnings per share rose to ₹24.52 from ₹23.12 a year ago.

For the fiscal year 2025, revenue inched higher to ₹ 4,70,915.9 crore from ₹4,07,994.8 crore, after-tax profit soared to ₹70,792.2 crore from ₹64,062 crore, and diluted earnings per share advanced to ₹92.39 from ₹90.01 a year ago.

The company's board recommended a dividend of ₹22 per share.

ICICI Bank Limited advanced 0.1% to ₹1,450.85 after the financial services provider reported profit soaring 16% in the fiscal fourth quarter. 

Consolidated revenue in the March quarter inched higher to ₹79,747.8 crore from ₹67,181.7 crore, and after-tax profit advanced to ₹13,502.2 crore from ₹11,675.2 crore, and diluted earnings per share rose to ₹18.84 from ₹16.32 a year ago.

For the fiscal year 2025, revenue edged higher to ₹294,586.9 crore from ₹236,037.7 crore, after-tax profit increased to ₹51,029.2 crore from ₹44,256.4 crore, and diluted earnings per share soared to ₹71.14 from ₹61.96 a year ago.

The company's board recommended a dividend of ₹11 per share.

Gujarat Gas Ltd. gained 3.1% to ₹481.35 despite the gas distribution company reporting a 30% plunge in quarterly profit from a year ago.

Consolidated revenue in the March quarter advanced to ₹4,363.3 crore from ₹4,324.9 crore, and after-tax profit inched down to ₹287.9 crore from ₹410.5 crore, and diluted earnings per share declined to ₹4.18 from ₹5.96 a year ago.

For the fiscal year 2025, revenue edged higher to ₹17,393 crore from ₹16,399.1 crore, after-tax profit soared to ₹1,148.3 crore from ₹1,143.7 crore, and diluted earnings per share decreased to ₹16.68 from ₹16.61 a year ago.

The company's board recommended a final dividend of ₹5.82 per share.

HEG Ltd. dropped 5% to ₹502.65 after the graphite electrode manufacturer swung to a loss in the latest quarter.

Consolidated revenue in the March quarter edged down to ₹580.2 crore from ₹611.2 crore, and after-tax income swung to a loss of ₹61.7 crore from a profit of ₹35.2 crore, and diluted income per share swung to a loss of ₹3.20 from a profit of ₹1.82 a year ago.

For the fiscal year 2025, it declined to ₹2,279.4 crore from ₹2,536.6 crore, after-tax profit decreased to ₹101.3 crore from ₹231.5 crore, and diluted earnings per share fell to ₹5.25 from ₹12 a year ago.

The company's board recommended a dividend of ₹1.8 per share.

Bharat Electronics Ltd. edged higher 0.1% to ₹364 after the electronic products and systems manufacturer reported an 18% rise in its earnings in the latest quarter.

Consolidated revenue increased to ₹9,344.2 crore from ₹8,789.5 crore, net income rose to ₹2,127.1 crore from ₹1,796.7 crore, and diluted earnings per share advanced to ₹2.91 from ₹2.46 a year ago.

For the fiscal year 2025, revenue edged higher to ₹24,511.1 crore from ₹20,938.38 crore, after-tax profit soared to ₹5,322.7 crore from ₹3,985.2 crore, and diluted earnings per share jumped to ₹7.28 from ₹5.45 a year ago.

The company's board recommended a final dividend of 90 paise per share.

Power Grid Corporation of India Limited declined 0.03% to ₹304 after the power transmission company approved a final dividend despite the decline in earnings in the fiscal fourth quarter.

Consolidated revenue in the March quarter advanced to ₹12,590.8 crore from ₹12,305.4 crore, and after-tax profit inched down to ₹4,142.9 crore from ₹4,166.3 crore, and diluted earnings per share fell to ₹4.40 from ₹4.67 a year ago.

For the fiscal year 2025, revenue edged higher to ₹47,459.4 crore from ₹46,913.1 crore, after-tax profit declined to ₹15,521.4 crore from ₹15,573.2 crore, and diluted earnings per share decreased to ₹16.39 from ₹17.36 a year ago.

The company's board recommended a final dividend of ₹1.25 per share.

PI Industries Ltd. rose 0.2% to ₹3,770.75 despite the  agriscience and chemical company reporting an 11% decrease in quarterly profit from a year ago.

Consolidated revenue in the March quarter inched higher to ₹1,860.5 crore from ₹1,798.9 crore, after-tax profit edged down to ₹330.5 crore from ₹369.5 crore, and diluted earnings per share declined to ₹21.78 from ₹24.35 a year ago.

For the fiscal year 2025, revenue edged higher to ₹8,322 crore from ₹7,873.5 crore, after-tax profit decreased to ₹1,660.2 crore from ₹1,681.5 crore, and diluted earnings per share fell to ₹109.42 from ₹110.83 a year ago.

The company's board recommended a final dividend of ₹10 per share.

Zydus Wellness Ltd. advanced 1.9% to ₹1,867.60 after the generic pharmaceutical’s maker reported a 28% rise in net income in the latest quarter.

Consolidated revenue in the March quarter inched higher to ₹913.9 crore from ₹786.6 crore, and after-tax profit advanced to ₹171.9 crore from ₹150.3 crore, and diluted earnings per share rose to ₹27.01 from ₹23.62 a year ago.

For the fiscal year 2025, revenue edged higher to ₹2,722.5 crore from ₹2,341.7 crore, after-tax profit increased to ₹346.9 crore from ₹266.9 crore, and diluted earnings per share soared to ₹54.52 from ₹41.94 a year ago.

The company's board recommended a final dividend of ₹6 per share.

China Lowers Rates for First Time In Seven Months , CATL Jumps 12% In Hong Kong Listing

Li Chen
20 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced after the People's Bank of China delivered its first rate cut in seven months. 

The Hang Seng index soared 1.3%, and the mainland-focused CSI 300 index advanced 0.6% after the central bank cut its 1-year and 5-year rates. 

The People's Bank of China cut its 1-year loan prime rate by 10 basis points to 3.0% from 3.10%, and the 5-year loan prime rate by the same amount to 3.50%. 

The central bank last cut its lending rates by 25 basis points in October amid a push for a broad easing to support the target growth rate of 5%.

Earlier in the month, central bank governor Pan Gongsheng announced the central bank's commitment to lower rates and reserve requirement ratio to revive growth. 

China's central planners and policymakers stepped up efforts to support economic growth and ease pain for export-linked companies after the U.S. president announced unilateral import taxes on all countries, with the heaviest burden on Greater China. 

Despite the rollback in sky-high 115% tariffs for the next 90 days, as many as 150,000 small businesses in China are likely to suffer severe financial stress to adjust to a sharp fall in demand and a rebound in orders to ship in the next 90 days. 

China Indexes and Stocks 

The Hang Seng index  jumped 1.3% to 23,642.50, and the mainland-focused CSI 300 index rose 0.6% to 3,901.01. 

Contemporary Amperex Technology completed its HK$35.7 billion, or $4.6 billion, public offering in Hong Kong with an offer price of HK$263 per share. 

CATL's offering was the largest public offering in Hong Kong so far in 2025, and the company controls about 38% of the global market for batteries for electric vehicles. 

The company sold 136 million shares, including a 17.7 million share option for brokers, and retail investors acquired 7.5% of shares and global funds purchased the remaining 92.5%, according to a company filing with the Hong Kong Stock Exchange. 

The company's retail tranche of the public offering was oversubscribed by 102 times, according to local brokers in Hong Kong.  

The company plans to use most of its proceeds to invest a manufacturing plant in Hungary. 

The company's offering is the largest since Kuaishou Technology in February 2021 was priced at HK $115 per share and raised $5.3 billion.  

China Lowers Rates for First Time In Seven Months , CATL Jumps 12% In Hong Kong Listing

Li Chen
20 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced after the People's Bank of China delivered its first rate cut in seven months. 

The Hang Seng index soared 1.3%, and the mainland-focused CSI 300 index advanced 0.6% after the central bank cut its 1-year and 5-year rates. 

The People's Bank of China cut its 1-year loan prime rate by 10 basis points to 3.0% from 3.10%, and the 5-year loan prime rate by the same amount to 3.50%. 

The central bank last cut its lending rates by 25 basis points in October amid a push for a broad easing to support the target growth rate of 5%.

Earlier in the month, central bank governor Pan Gongsheng announced the central bank's commitment to lower rates and reserve requirement ratio to revive growth. 

China's central planners and policymakers stepped up efforts to support economic growth and ease pain for export-linked companies after the U.S. president announced unilateral import taxes on all countries, with the heaviest burden on Greater China. 

Despite the rollback in sky-high 115% tariffs for the next 90 days, as many as 150,000 small businesses in China are likely to suffer severe financial stress to adjust to a sharp fall in demand and a rebound in orders to ship in the next 90 days. 

China Indexes and Stocks 

The Hang Seng index  jumped 1.3% to 23,642.50, and the mainland-focused CSI 300 index rose 0.6% to 3,901.01. 

Contemporary Amperex Technology completed its HK$35.7 billion, or $4.6 billion, public offering in Hong Kong with an offer price of HK$263 per share. 

CATL's offering was the largest public offering in Hong Kong so far in 2025, and the company controls about 38% of the global market for batteries for electric vehicles. 

The company sold 136 million shares, including a 17.7 million share option for brokers, and retail investors acquired 7.5% of shares and global funds purchased the remaining 92.5%, according to a company filing with the Hong Kong Stock Exchange. 

The company's retail tranche of the public offering was oversubscribed by 102 times, according to local brokers in Hong Kong.  

The company's offering is the largest since Kuaishou Technology in February 2021 was priced at HK $115 per share and raised $5.3 billion.  

U.S. Treasury Yields Spike, Stocks Slide, Dollar Weakens After Moody's Downgrade

Barry Adams
19 May, 2025
New York City

Wall Street indexes turned lower after yields on the U.S. Treasuries advanced following a credit rating downgrade by Moody's Ratings. 

The S&P 500 index declined 0.7%, and the Nasdaq Composite dropped 1.1% in early trading amid rising bond yields. 

The yield on 10-year U.S. Treasury notes increased 6 basis points to 4.55%, and the 30-year Treasury notes advanced to 5.02% in Monday's trading. 

The yield on 10-year bonds jumped to the highest since mid-February, and 30-year bonds advanced to the highest since October 2023, following the belated downgrade by Moody's. 

Market sentiment was cautious, despite Moody's U.S. credit rating downgrade lagging by years the decisions by the other two major agencies.

The S&P Global removed the U.S. debt from its highest rating in 2011, and Fitch Ratings lowered its rating by one notch in 2023. 

The U.S. federal government debt has ballooned  to $36 trillion, and the debt is likely to jump by another $3.5 trillion if the Republican Party-controlled Congress passes the current budget proposal. 

The U.S. federal government debt has been on a tear, regardless of which party gains control of the White House or the U.S. Congress, and the federal debt is estimated to jump to 135% of the U.S. GDP in 2035. 

"Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat. In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher," Moody's Ratings added in its note. 

The agency estimated federal debt to increase to around 134% of GDP and 9% of GDP by 2035, up from 98% and 6.4% in 2024, respectively.  

The U.S. economy is already under pressure from Trump tariffs, and most households are struggling to make ends meet after housing, food, and transportation costs continue to advance. 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.6% to 5,925.06, the Nasdaq Composite edged down 0.7% to 19,069.68, and the Russell 2000 index declined 1.4% to 2,082.93.

The yield on 2-year Treasury notes edged higher to 4.03%, 10-year Treasury notes increased to 4.55%, and 30-year Treasury bonds advanced to 5.04%.

WTI crude oil decreased $0.07 to $62.42 a barrel, and natural gas prices edged lower by $0.16 to $3.17 a thermal unit.

Gold increased by $27.21 to 3,231.58 an ounce, and silver edged up by $0.07 to $32.35.

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.80 to 100.29 and traded at a two-year high.

U.S. Stock Movers 

Banks led the decliners on Wall Street after the yield on 30-year U.S. Treasury bonds crossed 5%.  

JPMorgan Chase & Company declined 0.7% to $265.70, Wells Fargo dropped 0.9% to $75.48, Citigroup decreased 1.3% to $74.76, and Bank of America eased 1.4% to $44.08. 

In Monday's trading, retailers lacked direction amid growing worries that consumers may retrench from spending amid rising cost of living and high levels of economic uncertainty rooted in Trump tariffs.

Walmart Inc. dropped 1.7% to $96.53, Target Corp. decreased 1.5% to $97.10, Home Depot fell 1% to $377.0, Macy's declined 1.3% to $12.08, and Amazon.com Inc. traded down 2% to $201.39. 

U.S. Treasury Yields Spike, Stocks Slide After Moody's Downgrade

Barry Adams
19 May, 2025
New York City

Wall Street indexes turned lower after yields on the U.S. Treasuries advanced following a credit rating downgrade by Moody's Ratings. 

The S&P 500 index declined 0.7%, and the Nasdaq Composite dropped 1.1% in early trading amid rising bond yields. 

The yield on 10-year U.S. Treasury notes increased 6 basis points to 4.55%, and the 30-year Treasury notes advanced to 5.02% in Monday's trading. 

The yield on 10-year bonds jumped to the highest since mid-February, and 30-year bonds advanced to the highest since October 2023, following the belated downgrade by Moody's. 

Market sentiment was cautious, despite Moody's U.S. credit rating downgrade lagging by years the decisions by the other two major agencies.

The S&P Global removed the U.S. debt from its highest rating in 2011, and Fitch Ratings lowered its rating by one notch in 2023. 

The U.S. federal government debt has ballooned  to $36 trillion, and the debt is likely to jump by another $3.5 trillion if the Republican Party-controlled Congress passes the current budget proposal. 

The U.S. federal government debt has been on a tear, regardless of which party gains control of the White House or the U.S. Congress, and the federal debt is estimated to jump to 135% of the U.S. GDP in 2035. 

"Over the next decade, we expect larger deficits as entitlement spending rises while government revenue remains broadly flat. In turn, persistent, large fiscal deficits will drive the government's debt and interest burden higher," Moody's Ratings added in its note. 

The agency estimated federal debt to increase to around 134% of GDP and 9% of GDP by 2035, up from 98% and 6.4% in 2024, respectively.  

The U.S. economy is already under pressure from Trump tariffs, and most households are struggling to make ends meet after housing, food, and transportation costs continue to advance. 

U.S. Stock Movers 

Banks led the decliners on Wall Street after the yield on 30-year U.S. Treasury bonds crossed 5%.  

JPMorgan Chase & Company declined 0.7% to $265.70, Wells Fargo dropped 0.9% to $75.48, Citigroup decreased 1.3% to $74.76, and Bank of America eased 1.4% to $44.08. 

In Monday's trading, retailers lacked direction amid growing worries that consumers may retrench from spending amid rising cost of living and high levels of economic uncertainty rooted in Trump tariffs.

Walmart Inc. dropped 1.7% to $96.53, Target Corp. decreased 1.5% to $97.10, Home Depot fell 1% to $377.0, Macy's declined 1.3% to $12.08, and Amazon.com Inc. traded down 2% to $201.39.