The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0919 ET - Luxury sector could show improving trends in China and the U.S., but faces headwinds including the impact of the war in the Middle East, analysts at Bank of America say in a research note. The analysts expect a sequential improvement in the first quarter of 2026 compared with the last three months of last year. Despite this, "the latest unfolding of geopolitical events places more uncertainty on sector growth in the Middle East and Europe for the short term," BofA says. The analysts expect the war to have weighed on local demand in the Persian Gulf and on tourism spend from Middle East consumers in Europe, they say. BofA upgrades Richemont to buy from a neutral rating, as the Swiss company continues to deliver revenue growth well above sector peers. (andrea.figueras@wsj.com)
0916 ET - Artificial-intelligence isn't a significant risk to Spanish banks, Citi analysts write. Around 65% of the Spanish population use physical bank branches, something that AI can't replicate, the analysts say. Moreover, large Spanish banks have piled significant investment into their digital capabilities, with BBVA acquiring around 66% of its customers digitally, they say. Spain's older population--and the concentration of wealth among this demographic--also helps incumbent banks as older people are less likely to use AI tools, the analysts say. AI will also allow efficiency savings for banks, they add. (josephmichael.stonor@wsj.com)
0915 ET - Beverage company Molson Coors has exclusive commercialization rights for tonic and mixer company Fevertree's products in the U.S. The minimum royalties--a payment floor that the distributor has to pay the brand owner--from Molson Coors' regional distributors provide Fevertree with a buffer against rising energy costs, analysts at Panmure Liberum write in a note. Royalties will also provide a cushion against U.S. tariff exposure, the analysts add. Molson Coors' scale and marketing resources will help drive volume and market-share gains in the U.S., they write. "Importantly, earnings over the next three years are materially underpinned by the guarantees provided by Molson Coors," they add. Fevertree shares are up 8.2% at 816 pence. (aimee.look@wsj.com)
0911 ET - Dollarama is anticipating a slowdown in sales in fiscal 2027, signs that a challenging economic climate is affecting even lower income households in Canada. The discount chain expects same-store sales to slow to 3%-4% in fiscal 2027, down from 4.2% the prior year, suggesting lower-income households are feeling the strain of rising costs tied to U.S. trade tensions and higher oil prices. Typically, tighter household budgets drive more traffic to Dollarama, but the softer outlook marks a shift from the previous quarter. (adriano.marchese@wsj.com)
0851 ET - Bitcoin struggles for direction as uncertainty over the Iran war remains elevated. President Trump said Monday that the U.S. would postpone military strikes against Iranian energy infrastructure for five days after constructive talks but Iran denied any negotiations took place. Trump's comments helped calm global risk sentiment and boost cryptocurrencies, LMAX Group's Joel Kruger says in a note. "Looking ahead, the tone remains cautiously constructive." If global risk sentiment is supported and flows continue to stabilize, bitcoin appears well-positioned for further appreciation with ether likely to follow, he says. Bitcoin last trades flat at $70,894 after earlier gains, LSEG data show. Ether is flat at $2,163. (renae.dyer@wsj.com)
0828 ET - Estee Lauder's possible merger with Spanish group Puig would expand brand and market reach in largely complementary categories, Deutsche Bank analysts write in a note. The U.S. beauty group has a strong presence in skincare, makeup, and luxury fragrances, while Puig excels in perfume, cosmetics and some fashion brands, they say. The Spanish group's footprint in Latin America and Southern Europe could be seen as complementary to Estee Lauder's operations in North America and Asia, they add. A merger could also result in enhanced negotiating power, improved digital-marketing expertise and other efficiencies over time, Deutsche says. Still, the analysts await further details regarding a possible deal. The parties have for now said that no final decision has been made and no agreement has been reached. (andrea.figueras@wsj.com)
0825 ET - Canadians are putting more into their baskets at Dollarama, even as harsher winter weather kept some shoppers away. In 4Q consumers leaned into seasonal decor and long-shelf-life consumables, helping support sales despite weaker traffic. Same-store sales in Canada rose 1.5%, driven by a 3.1% increase in average spend per visit that offset a 1.6% decline in transactions. Dollarama says results were constrained by "unfavorable weather conditions negatively impacting store traffic during historically strong sales weeks." (adriano.marchese@wsj.com)
0750 ET - Nordea shares have had a decent run in the last year, but valuation now looks stretched versus fundamentals, Bank of America Securities analysts write. The net interest income picture is murkier, with management guiding for flat-to-down full-year 2026 net interest income on tighter margins. "We now think Nordea's business is more negatively geared to rates and more reliant on loan growth than previously expected." BofA sees high AI spending risks amid high competition and digitization in the Nordics, while the dividend yield remains below peers' with little scope to raise it. The bank downgrades Nordea to underperform from neutral and lowers its price target on the stock to 171 Swedish kronor from 182 kronor. Shares fall 1.9% to 164 kronor. (dominic.chopping@wsj.com)
0740 ET - Estee Lauder could face risks from a potential merger with Spanish group Puig, analysts at Deutsche Bank say in a note to clients. The Wall Street Journal reported on Monday that the U.S. company was in talks to buy Puig for a combination of cash and stock. Estee Lauder's shares closed down more than 7% after the news. "We understand and frankly share the market's concerns," they say. The analysts see "significant near-term execution risk," at a time when the group's own operations are "still in a relatively early transformation stage standalone." Both companies said that no final decision has been made and no agreement has been reached. Despite initial caution and skepticism, the analysts "await incremental details with an open mind." (andrea.figueras@wsj.com)
0738 ET - German software group SAP will have to up investment in order to compete with rapidly evolving artificial-intelligence agents, analysts at J.P. Morgan say. The required outlay will likely tighten margins and weigh on the group's earnings, they write in a note. "Change is fast approaching and incumbents, including SAP, will need to invest and evolve to give themselves the best chance of remaining relevant as the AI cycle unfolds." Moreover, the analysts expect SAP's revenue growth to slow as the company's cloud backlog diminishes, a factor that will likely weigh on the share price. The market "now demands acceleration to counter prevailing software bear arguments." SAP shares fall 3%. (josephmichael.stonor@wsj.com)
0733 ET - Shares in U.K. home builders fall after Bellway cut its guidance and the government announced a raft of measures to make new homes more environmentally friendly. Bellway expects lower margins than forecast earlier this year as economic uncertainty from the Middle East conflict weighs on demand and increases building costs--factors that will hurt all house builders. Meanwhile, developers will need to install solar panels and heat pumps in new homes under new government measures. "The detail of the planned rules appears to have unsettled housebuilders," Wealth Club's Jo Thorne says. Bellway shares fall 11%, while Crest Nicholson is down 5.7%. Taylor Wimpey and Barratt Redrow fall 2.2% and 1.1%, respectively.(josephmichael.stonor@wsj.com)
0716 ET - Transcontinental's remaining businesses will be what drives its success, if it returns sustained positive results, RBC's Drew McReynolds says in a report. With Packaging now divested and C$20-a-share returned to investors, the strategic spotlight shifts to retail services and printing, and media/educational publishing. The analyst says focus will now be on the extent to which the remaining asset mix can return to sustained positive revenue and EBITDA growth. This "remains the primary potential re-rating catalyst for the stock." He sees FY2027 as a realistic point for growth to turn upward, supported by further in-store marketing tuck-ins, the full benefit of post-packaging cost cuts, and benefits from smaller growth areas such as media and book printing. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
March 24, 2026 09:19 ET (13:19 GMT)
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