The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1000 GMT - U.K. house builder Bellway is being affected by sector headwinds, including the conflict in the Middle East, Interactive Investor analyst Victoria Scholar says in a note. The war in Iran and the ensuing economic uncertainty will likely affect consumer confidence and add pressure in terms of build-cost inflation as the energy shock looks set to push up construction costs such as labor and materials, Scholar says. Furthermore, the Bank of England's monetary policy paralysis has affected shares as they have fallen over 25% since the start of the year on the back of inflation fears, the prospect of higher-for-longer interest rates, and worsening mortgage affordability, Scholar says. Shares are down 8.8% at 19.49 pounds. (anthony.orunagoriainoff@dowjones.com)
0948 GMT - Spanish beauty group Puig's potential business combination with Estee Lauder doesn't seem compelling from a portfolio-construction perspective, Jefferies analysts write. A possible deal would increase exposure to prestige fragrance and skincare as both come off of peak growth rates, the analysts say. Furthermore, an agreement would add complexity to U.S. cosmetic company Estee Lauder as it continues to work through its own turnaround, they say. Shares in Puig are up 13% while Estee Lauder stock is less than 1% higher in premarket trade. (andrea.figueras@wsj.com)
0950 GMT - Airbus expects a limited impact from the conflict in the Middle East in the near term, Berenberg analysts write in a research note following a dinner event with the European plane maker's CFO. The Middle East accounts for 11% of Airbus's scheduled aircraft deliveries between 2026 and 2030, they note. However, prolonged disruption to regional air traffic could pose a threat to supply chains and increase the risk of customers deferring orders, they say. Airbus has buffer stocks of aluminum and the company said it is well protected from near-term price rises, the analysts note. Airbus shares trade 1.9% lower at 163.26 euros. (mauro.orru@wsj.com)
0948 GMT - (Dow Jones) Continental shares are oversold and newsflow suggesting that the sale of its ContiTech business is progressing at a reasonable valuation range is positive, Citi analysts write. Bloomberg reported that the ContiTech business is potentially being valued at between 3.5 billion and 4 billion euros, which is below Citi's valuation of 4.6 billion euros. However, a sale at the mid-point would still leave the remaining Continental business trading at a valuation below key peers Michelin and Pirelli, offering compelling upside. The bank thinks recent share price weakness in Continental had effectively discounted any such sale even happening on account of recent uncertainty in raw material prices and availability, rates and valuations. Citi rates Continental at buy with a 78 euro target price. Shares fall 1.1% to 59.10 euros. (dominic.chopping@wsj.com)
0941 GMT - S4 Capital is set to continue to benefit from last year's cost-cutting actions in 2026, which should help it mitigate a revenue shortfall from client caution, Jefferies's Giles Thorne and Weng Lum Khoo say in a research note. The U.K. advertising company had already provided an update on its year-end performance in January, and its 2026 guidance points to a better outlook for the business as it right-sizes its operations and increases profitability, the analysts say. "Indeed, the cost-saving measures in 2025 are expected to fully annualize in 2026, which should help cushion the impact of client caution amid the uncertain economic environment," they add. Shares jump 19%. (adria.calatayud@wsj.com)
0933 GMT - Kingfisher has strong EPS growth prospects given the likely structural growth in digital and trade, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note. The home-improvement company has developed a stronger digital and trade offering in the U.K. which can now be developed in other markets, the analysts say. They highlight longer-term margin drivers from marketplace, trade, retail media, better buying and use of AI. Kingfisher's shares have fallen markedly since the start of the Iran conflict mostly due to higher interest-rate expectations, but its direct exposure to the Middle East is very low, the analysts say. Shares are down 0.3% at 295.40 pence. (anthony.orunagoriainoff@dowjones.com)
0913 GMT - Nintendo's share-price drop was likely driven by a media report that the company reduced production of its Switch 2 console for the March quarter, according to Morningstar director Kazunori Ito. The output cut, if true, would be unsurprising, he says. Nintendo had indicated that December-quarter sales in Europe and the U.S. fell short of expectations. Ito notes that the console business faces headwinds, including slowing consumer demand and rising memory costs. But Morningstar isn't concerned about the Switch 2's long-term prospects, as Nintendo is expected to release more exclusive titles to encourage users of the original Switch to move to the new platform, he says. Nintendo shares close 4.8% lower. (jason.chau@wsj.com)
0849 GMT - European equity indexes are mostly lower in volatile early trade as the recovery sparked Monday by President Trump's more conciliatory comments falters. Energy-sensitive industrial and construction stocks lag as oil prices remain elevated. The Europe-wide Stoxx 600 edges down 0.05%. The industrial-heavy German DAX falls 0.6%, as industrial and chemicals companies drop while software company SAP loses 4.8% after an analyst downgrade. The U.K'.s FTSE 100 is flat as miners and industrials weigh on the index. In Paris, the CAC 40 is flat as gains for luxuries--sector bellwether LVMH is up 0.9%--are countered by falling industrials. Blue-chip indexes in Italy and Spain fall by 0.3% and 0.1%, respectively. (josephmichael.stonor@wsj.com)
0839 GMT - China Aviation Oil (Singapore) could post a modest net profit growth this year on higher costs and likely flat associate contributions, CGS International analysts write in a note. The brokerage forecasts the company's 2026 net profit to expand 4% to US$115 million. China Aviation Oil reported a 42% jump in 2025 net profit. The jet-fuel trader is likely to maintain an expansion in gross margin, though could be offset by rising procurement and freight costs. Associate contributions is expected to remain flat, as higher inventory capacity may be offset by weaker refueling volumes if oil prices remain high throughout the year. CGSI maintains an add rating on the stock, but raises the target price to S$2.68 from S$2.63. Shares are 3.7% lower at S$2.08. (amanda.lee@wsj.com)
0833 GMT - CPU servers are gaining traction from inference-related workloads, Daiwa analysts say in a research note. Agentic AI applications such as OpenClaw and other similar AI tools are likely to drive higher-than-expected inference demand, they note. The adoption of AI agents could lead to higher token demand, as local agents need to interact with large language models more frequently to complete tasks and automate routine workflows, they say. The GPU and HBM combination is unlikely to be the most efficient solution for all inference use cases, they say, adding that ASIC- and CPU-based server solutions may play a more important role. Daiwa retains a positive view on Taiwan's data-center hardware sector, supported by continued hyperscaler capex growth. (sherry.qin@wsj.com)
0827 GMT - Alibaba Group's latest chip is unlikely to have a major impact on the company's overall revenue, Morningstar's Chelsey Tam says in a commentary. The launch of XuanTie C950 is a positive development for China's efforts to achieve self-reliance in advanced technology, Tam says. The chip could also improve supply-chain resilience amid scarce computing power and lower overall costs. But Tam notes that Alibaba's T-Head chip business generated revenue of more than 10 billion yuan in 2025, a fraction of the company's total revenue last year. Capacity constraints also make it hard for the company to increase chip production drastically, she adds. (tracy.qu@wsj.com)
0806 GMT - Bitcoin rises marginally following a recovery in U.S. and Asian stocks overnight after President Trump said the U.S. would postpone strikes on Iranian energy infrastructure. Trump said Monday the attacks would be halted for five days after constructive talks, allowing risk sentiment to rebound and boosting cryptocurrencies. However, Iran denied that such negotiations were held, keeping uncertainty elevated and limiting gains in bitcoin and other cryptocurrencies. Bitcoin edges up 0.5% to $71,267, LSEG data show. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 06:00 ET (10:00 GMT)
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