The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1126 GMT - European stocks do a 180 after President Trump heralded successful talks with Iran "regarding a complete and total resolution to our hostilities" regarding the Middle East conflict. Blue-chip indexes had fallen into correction territory in early trade as oil prices climbed further. But after Trump's Truth Social post, indexes surged into the green. The Europe-wide Stoxx 600 index pivoted to a 1.5% gain, while the industrial-heavy German DAX surges 2.5% higher after falling over 2% earlier in the session. France's CAC 40 jumps 2.6%. In London, the FTSE 100 gains 0.5%, though losses for oil majors that had been supported by higher energy prices weigh on the index. Spain's IBEX 35 is 1.9% higher, while the Italian FTSE MIB jumps 2.1%. (josephmichael.stonor@wsj.com)
1102 GMT - Novo Nordisk's Wegovy weight-loss pill launch continues to impress, UBS analyst Matthew Weston writes. Latest data show there were 89,279 total prescriptions for the Wegovy pill in its tenth week of launch, up 10% on the week, UBS says. There is also no material evidence that the pill is taking market share from the injectable market, it adds. The bank says sales volumes have risen due to the lower price point compared with the Wegovy injection, which is a positive as the company's guidance assumed more limited volume growth for the injectable product amid competition from the pill. Focus points later in the year will be Medicare obesity coverage from July, the high dose Wegovy launch and competitive dynamics from Eli Lilly's obesity pill launch. Shares fall 2.2%. (dominic.chopping@wsj.com)
1102 GMT - A merger between Tesla and SpaceX could see Tesla shares tumble between 20% and 25%, Future Fund's Gary Black said in a post on X. The Elon Musk-led companies are rumored to be considering a merger. If the carmaker buys SpaceX and issues new equity, its investors will see their shares diluted as the new joint entity would trade at a lower price-to-earnings multiple than Tesla does now, Black says. "Stocks trading separately on their own multiples and growth prospects almost always trade at higher multiples vs two companies merged together." Tesla shares fall 2.8% premarket. (josephmichael.stonor@wsj.com)
1046 GMT - European luxury companies could be hurt by the Middle East war, but to varying degrees, RBC Capital Markets analyst Piral Dadhania writes. The sector will face fallout from the conflict including a decline in purchasing power, travel disruptions, and supply chain issues, the analyst says. Recent stock price declines reflect fears that the war will continue to weigh on demand and earnings in the second and third quarters, the analyst says. Despite these challenges, Dadhania sees Hermes, Moncler and EssilorLuxottica as attractive opportunities due either to limited Middle East exposure or high margins. Swatch, Richemont and Kering face higher risks to earnings. (andrea.figueras@wsj.com)
1013 GMT - Saga PLC's path is clearer after the travel business was unified under a single leadership team and the insurance division was simplified into a pure brokerage, Peel Hunt analysts say. The specialized provider of vacations and insurance for consumers over the age of 50 has growth potential in its existing and new products and benefits from a stable balance sheet and declining debt levels, Peel Hunt says. Its well-invested cruise businesses will be the main value-driver in the near term, while the insurance, holidays and money divisions have the potential to grow significantly over the medium term, it says. Peel Hunt upgrades its stock recommendation to buy from hold, and raises its target price to 700 pence from 120 pence. Shares are down 2.1% to 472.50 pence and are up 21% in the year to date. (anthony.orunagoriainoff@dowjones.com)
0945 GMT - XPeng's business plan is well-positioned for the auto market this year, supported by its relatively strong product pipeline and dual powertrain strategy, Nomura analysts write in a note. At the same time, the company is actively exploring opportunities in physical AI to boost long-term growth, they note. Given the current market dynamics and XPeng's product pipeline, Nomura lowers its shipment forecast for 2026 to 2027. The company plans to further increase its R&D investment in physical AI, which might impact near-term profitability, but support its long-term growth outlook, Nomura says. The brokerage maintains a buy rating for the stock but lowers its target price to HK$94 from HK$113. Shares last at HK$71.60.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
0856 GMT - A striking part of the market response to the Middle East crisis has been the poor performance of some safe havens, says Thomas Mathews at Capital Economics. It might not be surprising that government bonds sold off in the face of an inflationary shock, but gold's struggles are arguably more surprising due to its usual role as a hedge in such situations. Gold slid during the Asia session, wiping year-to-date gains. The weakness could be partly due to the bond market's own troubles, Mathews says. "But its woes may also reflect that it had begun to fare, in some respects, more like a 'risky' asset, and the war may have taken some of the froth out of it." If that's the case, a full rebound isn't guaranteed even if the mood improves. (fabiana.negrinochoa@wsj.com)
0832 GMT - Salzgitter backing its outlook despite the conflict in the Middle East is a small positive in a weak market, Jefferies analysts say in a research note. The German steel company confirmed its guidance for Ebitda in the range of 500 million to 600 million euros and earnings before taxes between 75 million to 175 million euros. Nevertheless, the Ebitda outlook remains below the 663 million euro Visible Alpha consensus estimate, which wasn't updated post the pre-release in early February, the analysts say.Shares trade 6.9% lower at 33.24 euros. (nina.kienle@wsj.com)
0827 GMT - European stocks fall sharply as investors react to fresh U.S. and Iranian threats to energy assets in the Middle East. The Europe-wide Stoxx 600 index falls 1.7%, down 11% from its pre-war February levels as all sectors fall. Germany's DAX slides 1.9%, led by oil-sensitive industrial stocks fall sharply. Rheinmetall is down 2.7% while Siemens Energy falls 3.9%. The U.K.'s FTSE 100 and the French CAC 40 both fall around 1.5%. Miners that had cushioned falls in the London index last week themselves fall in early trade. Industrial giant Rolls-Royce is 4.6% lower, while steelmaker ArcelorMittal is down 3.3%. In Madrid, the Ibex 35 tumbles 2%, and the Italian FTSE MIB is 1.7% lower. (josephmichael.stonor@wsj.com)
0824 GMT - London's miners slide in opening trade as inflation fears cause metal prices to tumble. President Trump has threatened to "obliterate" Iranian power infrastructure if the Strait of Hormuz doesn't fully reopen. Iranian reprisals could further disrupt oil flows, pushing fuel prices higher and triggering inflation. This might result in interest-rate hikes. Higher interest rates can damp metal demand and weaken the appeal of nonyielding assets, like gold. New York gold futures drop 7.8% to $4,216.90 a troy ounce, while silver falls 7.7% to $64.29 an ounce. LME copper futures fall 0.8%, while aluminum is down 0.3%. Precious metal miner Hochschild Mining loses 5.15%, while peers Fresnillo and Endeavour Mining are down just under 4%. Copper miner Antofagasta drops 3.3%. (adam.whittaker@wsj.com)
0817 GMT - Hong Kong shares closed in the red Monday, with the benchmark Hang Seng Index ending 3.5% lower at 24382.47. Asia's heavy reliance on Middle Eastern energy has left markets reeling from the fallout of the war in Iran, says WRISE Private Singapore's Jude Lin in an email. The deliberate targeting of critical energy infrastructure across the Gulf has also spooked investors and driven the market into a definitive risk-off mode, he adds. Among the Hang Seng Index's constituents, Laopu Gold led the losses, closing 8.6% lower ahead of its earnings release. China Hongqiao ended 8.1% lower, while AIA fell 7.8%. (megan.cheah@wsj.com)
0813 GMT - The Middle East conflict has started to affect Japan's closely watched annual wage negotiations, clouding the outlook for whether the positive cycle of higher pay leading to more spending and mild inflation will continue. Some oil-related firms have requested a delay in finalizing wage talks in the wake of heightened geopolitical risks, a labor union official says. Preliminary data from Japan's largest labor union group shows its members secured wage increases of 5.26% on average. That is slightly higher than the 5.25% gain recorded in the final results for last year, but lower than the preliminary 2025 figure of 5.46%. (megumi.fujikawa@wsj.com)
(END) Dow Jones Newswires
March 23, 2026 07:26 ET (11:26 GMT)
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