The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0838 GMT - J.D. Wetherspoon's earnings show little to cheer for as rising costs have made the pub operator struggle to keep its head above water, Interactive Investor analyst Richard Hunter says in a note. Its operating margin has fallen to 4.86% from 6.3%, with pretax profit slumping 32% despite a 5.7% rise in revenue to 1.09 billion pounds. However, if customer numbers continue to rise, and with food becoming more important to revenue, there could be some glimmers of light yet to come, Hunter says. "A further heavy slump for the shares at the open reflects the caution, with the market consensus of the shares as a hold increasingly vulnerable to a downgrade," he says. Shares are down 10% at 559 pence. (anthony.orunagoriainoff@dowjones.com)
0834 GMT - Swedish miner Boliden faces growing risks to its top line from declining metals prices as the Middle East conflict raises global growth concerns, RBC analyst Marina Calero writes. "We see increasing downside risk in Boliden's commodity basket (30% copper, 27% zinc, 18% silver) as lower growth expectations start to get priced in." Energy accounted for 11% of Boliden's cost base in 2025, but thanks to its mostly underground asset base and fixed-electricity contracts, it is better placed than peers to withstand an energy shock, Calero says. Near-term catalysts from project ramp-ups should also prevent material underperformance versus peers. RBC downgrades Boliden to sector perform from outperform and lowers its price target to 600 Swedish kronor from 750 kronor. Shares rise 1.2% to 565.40 kronor. (dominic.chopping@wsj.com)
0831 GMT - European stocks mostly rise at the open as all sectors gain except for energy. The Europewide Stoxx 600 climbs 0.75%. The German DAX rises 1.1% after falling sharply at the last close, with industrial and chemicals stocks rallying as oil prices slip. Semiconductor company Infineon gains 5.2% after an analyst upgrade. The CAC 40 is 0.8% higher in Paris, led by a 3.4% gain for steelmaker ArcelorMittal. London's FTSE 100 rises 0.5%, with gains checked by losses for oil majors. Spain's IBEX 35 and the Italian FTSE MIB climb 1.4% and 1%, respectively, as banks and construction companies rally. (josephmichael.stonor@wsj.com)
0822 GMT - Hongkong Land's purchase of a stake in Suntec REIT looks strategically aligned to Citi analysts. The Singapore-listed property company's 10.8% stake buy in the REIT could have caught some investors by surprise, the analysts write . They note that the consideration is around a 16% discount to net asset value and is yield-accretive. Suntec REIT holds stakes in assets that Hongkong Land also owns, which ensures familiarity while matching with Hongkong Land's strategy to deploy capital into income-producing commercial assets in Singapore, the analysts add. Suntec REIT's continuing strategic review could lead to initiatives that support Hongkong Land's plans in Singapore, they add. Citi retains its buy rating and US$9.88 target price. Shares fall 3.0% to US$8.03. (megan.cheah@wsj.com)
0816 GMT - Norsk Hydro is well-placed to take advantage of elevated aluminum prices, RBC analyst Marina Calero writes. With the Middle East conflict showing no signs of de-escalating, supply risks are mounting. The region is home to 9% of global production, and the closure of the Strait of Hormuz makes it challenging, if not impossible, to export production and import raw materials. RBC now assumes no production at Norsk Hydro's Qatar joint venture this year. However, the Norwegian company is blessed with low-cost hydropower, stands to benefit from higher aluminum prices and European premiums, and its energy division could see windfall prices. RBC upgrades its rating on Norsk Hydro to outperform from sector perform and lifts its price target to 95 Norwegian kroner from 85 kroner. Shares rise 2.9% to 88.04 kroner. (dominic.chopping@wsj.com)
0746 GMT - KKR isn't immune to the headwinds facing the private-credit market, writes Morningstar's Greggory Warren in a note. Issues around liquidity in private-credit funds are likely to hit fundraising efforts and lead to increased redemption requests in the medium term, he says. While the alternative asset manager's exposure to private credit is far less than that of its peers Blue Owl and Ares, the company has enough private-credit exposure to weigh on it for the next several years, he adds. Morningstar cuts its fair-value estimate on KKR to $115 from $140, citing likely lower fundraising and higher redemptions for KKR's credit and liquid strategies segment. However, its shares are still moderately undervalued even with the fair-value estimate change, the analyst adds. Shares last closed flat at $90.60.(megan.cheah@wsj.com)
0732 GMT - Nordic markets are seen opening slightly higher, with IG calling the OMXS30 up 0.3% at around 2918. Pressure on markets eased somewhat late Thursday after Israel's prime minister said it will not hit further energy targets, that the war will end sooner than many think, SEB's Erik Meyersson writes. Brent oil fell to $108 a barrel yesterday, but this wasn't enough to prevent broad declines on stock markets, he says. Equity markets in Japan and large parts of Asia are closed but European and U.S. futures point higher. Friday sees the quarterly "triple-witching" event, when a large number of options linked to U.S. equities expire, Meyersson adds. OMXS30 closed at 2908.97, OMXN40 at 2414.18 and OBX at 1954.02. (dominic.chopping@wsj.com)
0722 GMT - Manulife US REIT may benefit from expected asset divestments, RHB Research's Vijay Natarajan says in a research report. The REIT is close to selling its Figueroa asset in the U.S. and aims to divest of two more office assets, with plans to recycle part of the proceeds into industrial, living and retail sectors, the analyst notes. The REIT's portfolio valuations are also stabilizing, suggesting the worst is over, barring a prolonged economic shock from the Middle East conflict. RHB Research maintains the REIT's neutral rating but trims the target price to US$0.06 from US$0.07, based on 0.3 times revised 2026 book value. Units are 3.3% lower at US$0.058. (ronnie.harui@wsj.com)
0712 GMT - Power Assets' investors should watch how the company plans to use proceeds from the sale of its stake in UK Power Networks, its largest British asset, says Morningstar's Lorraine Tan in a note. The Hong Kong-based utilities-investment company's priority is to reinvest the cash, she says. However, the company's track record shows that it previously paid out some the proceeds from a 2014 deal as dividends as it was unable to find a suitable target, the director notes. She reckons a special dividend is more likely, but prefers an acquisition that could provide growth, given that the company's shares and valuation could fall after the potential special dividend is paid. Morningstar raises its fair-value estimate to HK$59.00 from HK$53.00. Shares are down 0.8% at HK$61.675. (megan.cheah@wsj.com)
0708 GMT - Infineon is a major beneficiary of demand for power for AI, J.P. Morgan analysts say in a note. They raise their rating on the German company to overweight from neutral. Infineon, a maker of chips and tech for the green-power and automotive industries, is long established and unlikely to be disrupted by new competitors, JPM says. The worst of a decline in auto demand may be behind the company, the analysts say. JPM raises its target price on Infineon shares to 48 euros from 40 euros; shares last closed at 37.09 euros. (joshua.kirby@wsj.com; @joshualeokirby)
0655 GMT - Chularat Hospital faces a revenue hit in 2026 from Middle East tensions, CGS International's Kasem Prunratanamala says in a research report. At an analyst meeting, management expressed caution over its outlook owing to these tensions, noting potential spillover to Thailand's economy and domestic patient traffic. The Thai hospital's inpatient revenues are likely to fall 5% this year, the analyst estimates. The brokerage cuts its 2026 revenue growth forecast for the hospital to 1% from 4%, and lowers the stock's target price to THB1.95 from THB2.04. However, CGS International maintains the stock's add rating, supported by expected earnings recovery for the hospital in 2027-2028. Shares are 1.4% higher at THB1.45. (ronnie.harui@wsj.com)
0627 GMT - AIA Group's proposition for affluent customers is likely to set it apart from peers amid China's migration of wealth to long-term investment alternatives from property, says Morningstar's Iris Tan in a report. The Hong Kong-based insurer is tiering up from mass-affluent to high-net-worth clientele through its products and selective bank partnerships, she notes. She reckons the high-net-worth segment faces less competition from any digital disruptions to insurance. The segment also has greater resilience amid rate and currency volatility, as clients prioritize wealth preservation and risk diversification over guaranteed yields, compared with commoditized mass-market offerings, she says. Morningstar retains its HK$104 fair-value estimate, noting that the stock looks undervalued. Shares rise 3.5% to HK$85.70. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
March 20, 2026 04:38 ET (08:38 GMT)
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