Earnings Spotlight: Corporate Gains and Market Dynamics

Last week featured a packed calendar of major economic releases and corporate earnings, providing a mixed picture of global growth and market sentiment. Flash PMIs across the Eurozone, UK, and US highlighted weakening demand and fragile business confidence, while labor market data and retail sales figures offered pockets of resilience. In equities, strong earnings from major tech and industrial names helped fuel a broad market rally, even as macro uncertainties persisted. Commodities were mixed, with oil prices sliding and silver outperforming gold.

Major Economic Indicators and Events in Review

Wednesday, April 23

10:15 am – Eurozone: Flash PMI (EUR)

Eurozone business activity was broadly unchanged in April, with the HCOB Composite PMI slipping to a four-month low of 50.1. New orders fell at the fastest rate in 2025 so far, weighing on sentiment, which dropped to its lowest level since late 2022. Services output contracted slightly, while manufacturing posted modest gains. Employment stagnated, cost pressures eased, and firms continued to reduce inventories. Despite some resilience in manufacturing, overall growth momentum remains fragile amid weak demand and persistent uncertainty.

EURUSD declined 0.95% compared to the previous day.

11:30 am – UK: Flash PMI (GBP)

UK private sector activity declined in April for the first time in 18 months, with the Flash Composite PMI falling to 48.2—a 29-month low. Weaker demand, especially from international markets, weighed heavily on both services and manufacturing, as new export orders saw the sharpest drop since May 2020. Rising input costs, driven by higher National Insurance contributions and wage increases, added further strain. Business optimism fell to its lowest since late 2022, raising concerns over recession risks and intensifying pressure on the Bank of England to consider interest rate cuts.

GBPUSD advanced by 0.96% from the previous day.

16:45 – USA: Flash PMI (USD)

US business activity growth cooled sharply in April, with the S&P Global Flash Composite PMI falling to a 16-month low of 51.2. Weaker service sector demand, slowing exports, and growing economic uncertainty weighed on sentiment, pushing business confidence to one of its lowest levels since the pandemic. While manufacturing output showed slight improvement, selling prices surged at the fastest pace in over a year, driven by tariffs and rising labor costs. The mixed signals raise concerns for the Federal Reserve as inflation pressures persist amid a weakening economy.

USDJPY increased by 1.35% from the previous day’s closing price.

Thursday, April 24

15:30 – USA: Unemployment Claims (USD)

Initial jobless claims rose by 6,000 to 222,000 in the week ending April 19, with the four-week average easing slightly to 220,250. The insured unemployment rate held steady at 1.2%, while continued claims fell by 37,000 to 1.84 million.

EURUSD ticked higher by 0.66% from the previous day.

Friday, April 25

09:00 am – UK: Retail Sales m/m (GBP)

Retail sales volumes in Great Britain rose 0.4% in March 2025, marking the third consecutive monthly increase, supported by strong non-food and online sales boosted by good weather. Quarterly sales climbed 1.6% compared to late 2024, while food store sales declined. Online spending grew 2.0% month-over-month, raising the share of online sales to 26.8%.

GBPUSD ticked lower by 0.24% from the previous daily session.

15:30 – Canada: Retail Sales m/m (CAD)

Retail sales in Canada fell 0.4% to $69.3 billion in February 2025, driven mainly by declines in motor vehicle and parts dealers. Core retail sales, excluding autos and fuel, rose 0.5% on strength in food and beverage retailers. E-commerce sales edged down 0.3%, representing 6.3% of total retail trade. Seven provinces recorded declines, led by Quebec and British Columbia.

USDCAD recorded a minor 0.06% uptick from the previous trading day.

Commodities

1. Crude Oil
   1. Crude oil prices decreased by 1.37% over the past week
2. Brent Oil
   1. Brent was down 1.54% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with a 0.25% weekly decrease
4. Silver
   1. XAGUSD increased by 1.09% from the last week

Stock Market

1. S&P 500 increased by 4.33%
2. DJIA was up 2.33%
3. NASDAQ 100 advanced by 6.27%

Top Gainers

1. Odyssey Marine Exploration, Inc. (OMEX) 259.52%
2. Cantor Equity Partners, Inc. (CEP) 191.67%
3. WW International, Inc. (WW) 191.31%

Top Losers

1. Greenlane Holdings, Inc. (GNLN) -94.92%
2. Creative Global Technology Holdings Limited (CGTL) -74.75%
3. Intensity Therapeutics, Inc. (INTS) -70.84%

Company Earnings (April 21 – 25)

Tuesday, April 22: GE (GE Aerospace)

Tuesday, April 22: TSLA (Tesla Inc)

Wednesday, April 23: T (AT&T Inc)

Thursday, April 24: GOOGL (Alphabet Inc.)

Thursday, April 24: INTC (Intel Corporation)

Thursday, April 24: MRK (Merck & Co., Inc.)

GE Aerospace reported a robust start to 2025, with Q1 orders rising 12% and revenue up 11% year-over-year to $9.9 billion. Adjusted earnings per share surged 60%, supported by strong growth in commercial services and supply chain improvements. The company continues to offset tariff impacts through cost control and operational efficiencies. GE Aerospace reaffirmed its full-year guidance, citing a $140 billion commercial services backlog and ongoing strategic investments in US manufacturing and advanced engine development. Despite macroeconomic uncertainty, management remains confident in delivering its 2025 financial targets.

GE shares rose by 9.15% from the previous week.

Tesla reported its lowest quarterly revenue in three years, with Q1 sales down 9% to $19.3 billion. Despite the decline, profitability exceeded expectations, with automotive gross margins coming in higher than forecast. Investor concerns have grown over Elon Musk’s political alignment with President Trump, which has led to backlash and weakening global sales. Tesla stock has dropped over 50% from its December 2024 peak, though it showed gains in after-hours trading.

TSLA shares climbed 18.06% compared to the previous week.

AT&T reported first-quarter net income of $4.35 billion, or 61 cents per share, with adjusted earnings of 51 cents, slightly missing analyst expectations. Revenue came in at $30.63 billion, surpassing forecasts. The company reaffirmed its full-year earnings outlook, projecting between $1.97 and $2.07 per share.

T shares ended the week down 1.25%.

Alphabet posted robust Q1 2025 earnings, with revenue up 12% year-over-year to $90.2 billion and net income surging 46% to $34.5 billion, driven by strength in Google Search and Cloud services. CEO Sundar Pichai highlighted AI advancements with Gemini 2.5 and growing AI user engagement. The company raised its dividend by 5% and authorized a $70 billion stock buyback, reinforcing its long-term growth strategy.

GOOGL shares advanced 7.14% from last week’s close.

Intel posted better-than-expected Q1 2025 results, with adjusted earnings of 13 cents per share and revenue of $12.67 billion, driven by growth in AI and data center segments. However, despite progress in cost-cutting and AI PC momentum, margins fell, and the company guided for flat earnings in Q2, sending shares lower in after-hours trading.

INTC shares posted a 5.92% gain week-over-week.

Merck reported Q1 2025 earnings of $2.22 per share, beating expectations by 3.26%, while revenue of $15.53 billion slightly declined from last year. The company has consistently outperformed earnings estimates over the past four quarters.

MRK shares moved up by 6.08% from a week ago.

Conclusion

Markets wrapped up a busy week balancing pockets of resilience against lingering macroeconomic concerns. While soft PMI readings and cautious labor data underscored slowing global momentum, robust earnings from major corporates helped fuel strong gains across equities. Commodity markets remained mixed, and retail sales painted a nuanced picture of consumer strength across regions. As earnings season continues and central banks weigh their next moves, investor focus will likely stay sharp on incoming data and policy signals in the weeks ahead.