European shares held their losses on Thursday after European Central Bank eased borrowing rates as expected, while investors parsed corporate earnings to gauge the fallout of U.S. President Donald Trump s erratic trade plans.

Jerome Powell dismissed hopes of Fed intervention amid market turmoil, calling volatility a normal response to uncertainty. His comments triggered a market crash, with Nasdaq down 3% and Nvidia plunging 7%, as Trump renewed calls for rate cuts.

HDFC Securities reported an 18% YoY rise in FY25 profit to ₹1,125 crore, backed by strong income growth and tech upgrades. Equity volumes surged 24%, while the MTF portfolio grew 50%, reflecting digital transformation and operational efficiency.

The S&P 500 and the Nasdaq opened higher on Thursday, with focus on U.S.-Japan tariff talks, while a slump in UnitedHealth s shares dragged the Dow lower.

Infosys Q4 results: Infosys ADRs fell nearly 5% after Q4FY25 profit declined 12% YoY to ₹7,033 crore. While revenue rose 8%, weak constant currency growth and muted FY26 guidance dented sentiment. CEO highlighted strong cash flows and margin expansion despite macro headwinds.

Tata Elxsi Q4 Results: Tata Elxsi reported a 12% YoY decline in Q4FY25 net profit to ₹172.4 crore, citing weakness in its automotive segment. Revenue was flat at ₹908 crore. EBITDA stood at ₹208 crore with a 22.9% margin. A ₹75/share final dividend was declared.

The U.S. dollar rallied on Thursday after its recent weakness across peer currencies appeared exhausted for the time being, while the euro weakened slightly after the European Central Bank cut rates for the seventh time in a year.