The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1000 GMT - Danish offshore wind farm group Orsted will benefit from a pivot away from fossil fuels in Europe and cooling regulatory pressure in the U.S., analysts at Bank of America write. "The war in the Middle East will create impetus for fossil fuel independence in Europe, with offshore wind a key potential beneficiary," the analysts write. Orsted shares fell heavily last year as the Trump administration turned on offshore wind. But the risk of policy action against Orsted's U.S. operations has meaningfully decreased, the analysts say. Moreover, the EU Council emphasized the need for faster renewables deployment in a recent communique, the analysts note. Orsted shares surge 6.9%, while the broader European utilities sector gains 1.8%.(josephmichael.stonor@wsj.com)
0958 GMT - Novo Nordisk's first-quarter results could be solid, with a strong beat for the Wegovy treatment in oral form and a 2026 guidance reiteration, J.P. Morgan analysts write in a research note. "Overall, we anticipate a solid set of results, slightly ahead of consensus on adjusted operating profit and adjusted EPS." However, the bank still thinks that consensus is significantly too high, particularly at the operating profit level. JPM says that a 5% cut to consensus is required just to get to the top-end of the Danish drugmaker's guidance range, so even with a strong oral Wegovy result it sees the potential for consensus numbers to come down following the results. Shares rise 0.6% to 229.80 Danish kroner. (dominic.chopping@wsj.com)
0952 GMT - Investment in European utilities companies in 2027 will be twice 2019 levels, boosting earnings growth in the sector, Jefferies analysts write. The projected increase implies an annualized growth rate of 14%, the analysts say. Earnings growth can often lag investments because of regulatory challenges and cost inflation. But a greater proportion of capital expenditure will be directed toward more dependable assets rather than renewable projects, the analysts say. As a result, the analysts are more confident that increased spending will feed through into earnings growth quickly. A basket of European utilities stocks climbs 1.85%--the fastest rising European sector Monday.(josephmichael.stonor@wsj.com)
0947 GMT - There is an equal chance of a Pernod Ricard tie-up with Brown-Forman falling through as there is of it succeeding, Citi analysts Simon Hales and Filippo Falorni write in a note to investors. The two drinks groups said last week they are in talks over a combination that would create a cross-Atlantic booze giant. But any deal would have to contend with Pernod Ricard's stretched balance sheet, Hales and Falorni say, with the Absolut vodka maker reporting more than 10 billion euros in net debt last year. There are revenue and cost benefits to be netted in the longer term, Citi's analysts say. But "with the near-term financial logic far from compelling, we see the probability of a deal being finalized as 50/50," they say. (joshua.kirby@wsj.com; @joshualeokirby)
0948 GMT - European blue-chip indexes turn positive in morning trade after opening in the red. Utilities and energy stocks push the Stoxx 600 up 0.5%, while surging aluminum prices help metals miners gain. Rio Tinto is up 3.5% in London as the U.K.'s FTSE 100 climbs 0.6%. Oil majors BP and Shell also support the London index. Meanwhile, the CAC 40 edges up 0.2% as defense group Thales climbs 3.15%. The energy-sensitive DAX trades flat in Germany after falling close to 0.3% at the open. Premier indexes in Spain and Italy gain 0.5% and 0.2%, respectively. Banks remain weak however, with a basket of European banking stocks down 0.3%.(josephmichael.stonor@wsj.com)
0946 GMT - China's artificial intelligence sector offers better value as growth will be much higher than in the U.S., Jefferies analysts say in a research note. China's AI capital expenditure from 2023 to 2026 is 14% of the U.S., but its market capitalization is only 8%, the analysts say, noting this implies further upside for China. That said, some of the longer-term gap narrowing may be from U.S. de-rating. U.S. and China could see a widening of the sector's market cap if OpenAI's and Anthropic's potential initial public offerings are done at higher-than-expected levels in the near term. (tracy.qu@wsj.com)
0936 GMT - Novartis's first-quarter earnings are set to drop on year, as generic competition and its acquisition of Avidity hit margins, Bank of America analysts say in a research note. Bank of America expects the Swiss pharmaceutical company to report first-quarter core EPS of $2.07, down 10% on year at constant currency and short of consensus estimates of $2.13. The analysts say their forecast for Novartis's quarterly sales of $13.3 billion is in line with consensus estimates, but they anticipate worse generic pressure and the recently closed Avidity deal to dilute margins. Novartis seems likely to reiterate its full-year guidance and continue to signal an inflection point for growth in the second half, the analysts add. Shares rise 0.5%. (adria.calatayud@wsj.com)
0935 GMT - Higher energy prices bode well for medium-term growth at Vestas, JPMorgan analysts write. "We believe higher energy prices and concerns over energy security are positive for wind energy demand, as evident by both the UK and Germany stepping up their ambitions for wind." Higher energy prices could also put pressure on the U.S. administration to allow more renewable projects, the bank adds. The Danish wind turbine company has no active projects or manufacturing in the Middle East and therefore its direct exposure to the region is negligible. However, the company could see a higher-than-average indirect impact from higher shipping costs and supply chain effects, particularly those located in Asia. Also, a longer duration conflict would likely have some impact on project execution, in the bank's view. Shares rise 1.9%. (dominic.chopping@wsj.com)
0922 GMT - Tianqi Lithium's steady capacity growth is likely to underpin increases in production volume this year, say DBS Group Research analysts in a note. This comes as its mines' and facilities' production capacities are ramping up, the analysts say. The analysts expect lithium prices to remain elevated in 2026, driven by robust demand for energy storage. This should improve Tianqi's profitability, they say, citing higher average-selling prices and better scale effects from new capacity. DBS retains its buy rating and HK$77.00 target price on Tianqi's Hong Kong-listed shares. It also maintains its 77.00 yuan target price on the company's Shenzhen-listed shares. Tianqi's H shares closed 0.1% higher at HK$47.80, while its A shares closed 1.2% lower at 57.24 yuan. (megan.cheah@wsj.com)
0916 GMT - Gas is likely to remain a structural growth driver for PetroChina, DBS Group Research writes in a note. China's energy transition efforts and domestic supply security priorities are likely to drive its gas business segment, with management guiding for increased spending this year to support upstream and gas infrastructure expansion, DBS says, noting PetroChina's resilient business model supports a stable outlook. Net profit for 2025 was impacted by 14% lower realized oil prices, but encouraging improvements to the performance in other segments help offset some profit decline and helped the oil giant outperform its rivals, DBS says, noting, "PetroChina remains a safer proxy to oil price leverage." DBS retains a buy rating on the stock, which closed 1.6% higher in Hong Kong. (kimberley.kao@wsj.com)
0850 GMT - Just Eat Takeaway can start getting back toward pandemic-era levels of growth in orders, says the boss of its new owner, Dutch investment firm Prosus. Prosus wants the food-delivery firm, which it acquired in a 4.1 billion euro deal inked last year, to book annual order growth of 20% by the end of the decade, CEO Fabricio Bloisi tells the Financial Times in an interview. That would reverse current negative trends in total orders, which fell 5% on year in 2024 in a downturn following a pandemic-era boom in demand for home-delivery services. Bloisi says Prosus aims to drive growth through methods including the use of artificial intelligence to suggest orders, and more personalized marketing. ((joshua.kirby@wsj.com; @joshualeokirby))
0841 GMT - The Bank of Thailand is unlikely to lower interest rates soon, OCBC Group Research writes in a note. OCBC had previously penciled in another 25bp rate cut this year, but now expects the central bank to stand pat. Authorities scrapped a diesel price cap recently and will instead deploy targeted support measures for vulnerable groups, leading OCBC to raise its headline CPI forecast to 2.1% from 0.6%, though still within the BOT's 1%-3% inflation target range. This suggests the bar to raise rates will be high, OCBC notes, as it trims its GDP growth forecast to 1.5% from 2.0% for 2026, to reflect higher energy prices dampening household consumption spending. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
March 30, 2026 06:00 ET (10:00 GMT)
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