The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0514 GMT - Ping An Insurance's 2025 operating profit after tax was likely boosted by dividend income from large China banks, say CGS International analysts in a note. They expect the insurer to post around 4% rise in 2025 operating profit after tax as these banks' ex-dividend dates fell in December. Ping An made sizable buys of Chinese lenders' shares in 2025 and these holdings should increasingly drive dividend income, they note. Asset management and property and casualty insurance were also likely tailwinds, the analysts add. Still, they cut their 2025-2027 EPS estimates as Ping An might book a convertible-bond mark-to-market loss. CGSI cuts its H-share target price to HK$82.00 from HK$90.00 but retains its add rating. Shares rise 1.0% to HK$60.075.(megan.cheah@wsj.com)
0216 GMT - At least one Bank of Japan policy board member is concerned about the risk of the central bank falling "behind the curve," according to its January meeting minutes. "Japan's real policy interest rate was at the lowest level globally, and since foreign exchange market participants pay attention to real interest rate differentials, it was also necessary from a forward-looking perspective for the bank to adjust the significantly negative real policy interest rate relatively early," the minutes quoted the member that proposed to raise rates to 1.0% at the meeting. While the minutes don't identify speakers by name, Hajime Takata called for a rate hike to 1.0% at the January meeting and was defeated by a majority vote.(megumi.fujikawa@wsj.com)
0147 GMT - The top 30 constituents of Malaysia's benchmark Kuala Lumpur Composite Index are likely to remain unchanged at the upcoming June review, MBSB Research analyst Royce Tan Seng Hooi says in a note. Sunway Healthcare has entered the index, replacing QL Resources following its recent listing. As a spin-off from index constituent Sunway, Sunway Healthcare qualified for immediate inclusion as its market capitalization exceeded that of the smallest existing KLCI constituent, he notes. Mr D.I.Y. Group (M) faces the highest risk of removal, based on current market capitalization, while United Plantations could be a potential replacement, he says. IOI Corp. may also be at risk if it fails liquidity requirements, he adds. (yingxian.wong@wsj.com)
0044 GMT - National Australia Bank gets a new bear at Morgan Stanley, where it is seen as the local lender with most to lose from a broader economic slowdown. Lowering his recommendation to underweight from equal-weight, analyst Richard E. Wiles tells clients in a note that the probability of both earnings downgrades and trading multiple de-ratings across the sector is rising. The investment bank's macro team sees tightening fiscal policy and a global energy shock as threats to economic growth. Wiles says that NAB's larger exposure to small- and medium-sized enterprises makes it the most vulnerable. Target price falls 8.5% to A$39.80. Shares are up 1.6% at A$43.45. (stuart.condie@wsj.com)
2009 GMT - Labor-market performance is the central force influencing Canada's mortgage-arrears rate, Bank of Canada research suggests. A new paper from BOC estimates that a 1.0-percentage-point rise in the unemployment rate leads to an increase of 0.10 ppts in the mortgage-arrears rate after one year. In Canada, a mortgage is considered in arrears when payments are overdue by 90 days. The paper notes that mortgage debt accounts for over 70% of all household liabilities. The latest mortgage-arrears data, via the Canadian Bankers Association, suggest 0.26% of Canadian mortgages are in arrears as of the end of 2025, up from a low of 0.14% in the fall of 2022. In that timeframe, Canada's unemployment rate rose to 6.8% from 5.1%. (paul.vieira@wsj.com; @paulvieira)
1747 GMT - Ecolab is better positioned to meet data center builder demands for enhanced cooling systems after its $4.75 billion acquisition of CoolIT Systems from KKR, according to Stifel in a note. CoolIT, a pure-play data center liquid cooling company, complements Ecolab's $1.8 billion acquisition of water treatment company Ovivo's electronics business, the analysts say. Adding CoolIT "should allow ECL to enhance its 'Cooling-as-a-Service' offering by combining CoolIT's engineering technology with ECL's expertise in water, chemistry, fluid management, digital monitoring, and global scale," the analysts add. "The combination of CoolIT (liquid cooling) and Ovivo (water circularity) now allows ECL to offer end-to-end water solutions across both microelectronics and data centers." Ecolab is up 1.7%.(elias.schisgall@wsj.com)
1723 GMT - Victory Capital's bid for Janus Henderson relied on financing that was far from certain, says Janus Henderson. The offer would need $1.3 billion of cash from Victory's and Janus Henderson's balance sheets. "That is cash that may not be available in a downturn or as a result of deterioration in Janus Henderson's business due to key client and employee concerns about a transaction with Victory, Janus says. Additionally, the combined company would be drastically levered compared to its peers and there is risk that Victory's one financing bank pulls out, especially given the "likelihood of client and employee attrition resulting from Victory's hostile approach," Janus says. (nicholas.miller@wsj.com)
1717 GMT - Janus Henderson says that its clients were concerned about potential cuts Victory Capital would make after completing the merger between the two companies. "Achieving Victory's $500 million synergy target will require extensive cuts that will impair the Company's ability to retain investment professionals and maintain Janus Henderson's high standards of client service," Janus says. Investment staff responsible for over one-third of Janus' run-rate revenue threatened to resign if Janus agreed to a sale to Victory. "A firm that cannot retain its talent gives its clients no reason to stay," Janus says. Additionally, clients expressed concerns about Victory's service model, systems, risk management, compliance, back office and client services. (nicholas.miller@wsj.com)
1710 GMT - Janus Henderson has rebuffed Victory Capital's acquisition bid, citing risk of the deal's rejection from the company's clients. Key clients and distribution partners representing more than half of revenue run-rate have expressed "significant reservations about maintaining their relationships with Janus Henderson if it were to enter into a transaction with Victory," Janus Henderson says. Clients have said they would need to conduct extensive due diligence over the course of months to determine whether they would consider allowing the sale. Because of the high concentration of revenue run-rate among Janus clients, the disapproval of just a few key clients could've put the deal in doubt, Janus says. (nicholas.miller@wsj.com)
1536 GMT - The war in the Middle East is likely to result in wider credit spreads for European bank bonds, ING's Maureen Schuller says in a note. Uncertainties surrounding the war and its impact on global economies is expected to raise the risk premium on bank bonds, Schuller says. "The subordinated side of the bank bond spectrum remains most vulnerable to further adjustment, in our view." (miriam.mukuru@wsj.com)
1447 GMT - Goeasy's amended financing terms offer only limited relief, according to Graham Ryding of TD Cowen. The analyst says covenant waivers and revised terms on the revolver and securitization facility help the company manage its unusually large 4Q/25 charge-offs, but "funding for LendCare [secured loans] going forward looks compromised given these originations will be excluded now from the revolving credit and securitization facilities." Meanwhile the auto-loan securitization facility has been suspended, forcing receivables back onto Goeasy's balance sheet. Liquidity is at C$983 million, though most isn't accessible until mid-year, while a US$65 million note matures in May. Overall, Ryding says the agreements "provide some short term funding relief, but the outlook for funding LendCare looks compromised." (adriano.marchese@wsj.com)
1421 GMT - U.S. home prices were little changed from a month earlier in February, Redfin says, rising 0.1% on a seasonally adjusted basis. That's the slowest growth in seven months. Prices increased 1.9% year-over-year. Price growth is muted because it's the strongest buyer's market in recent history--for those who can afford to buy. There are a record 46% more home sellers than buyers, meaning the buyers who are in the market have negotiating power when it comes to price. Prices are still rising slightly, but this growth pales in comparison to recent years. Mortgage rates have ticked up in the past few weeks following months of declines, but Redfin still expects housing affordability to improve this year as income growth outpaces home price growth. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 25, 2026 04:20 ET (08:20 GMT)
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