The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0751 GMT - Aviva delivered a solid first-quarter update, RBC Capital Markets analyst Mandeep Jagpal says in a research note. The British insurer and asset manager's general insurance undiscounted combined operating ratio improved, as did its wealth net flows, Jagpal says. However, outside of its wealth business, there were notably lower sales in the businesses of bulk purchase annuity, individual protection and health, he says. Margins in retirement were notably weaker as well, the analyst adds. Shares trade 1.2% lower at 6.10 pounds. (nina.kienle@wsj.com)
0741 GMT - Gold prices hold above $4,700 a troy ounce, but remain pressured by expectations of higher-for-longer interest rates following the latest U.S. inflation data. "Gold extended losses after U.S. wholesale inflation accelerated in April to its fastest pace since 2022, while Treasury yields climbed toward their highest levels since July, weighing on non-yielding assets," says Soojin Kim from MUFG. In early European trading, gold futures in New York are up 0.2% to $4,718 a troy ounce. Meanwhile, silver falls 1.4% to $88.12 an ounce and platinum is down 2.1% to $2,150.60 an ounce. (giulia.petroni@wsj.com)
0741 GMT - Spire Healthcare shareholder Toscafund is betting a takeover bid for the price at which Australia's Ramsay Health Care failed to win over enough investors in the U.K. healthcare provider will work five years later. "While Ebitda is now 50% higher, the investment story has been somewhat volatile, impacted by [National Health Service] demand uncertainty and government-driven cost increases," RBC analysts say in a research note. Toscafund proposed a cash bid of 250 pence a share, the price of Ramsay's offer in 2021. Back then, the deal fell short of the required majority when Spire shareholders voted. Lack of NHS commissioning drove Spire shares from a one-year peak of about 250 pence in September to 150.40 pence as of Wednesday's close, according to RBC. Spire shares jump 41% to 212 pence. (adria.calatayud@wsj.com)
0738 GMT - Alibaba's cloud unit is likely to maintain its strong momentum, according to Morgan Stanley in a research note. "Cloud margin is seen expanding notably in the next two quarters, driven mainly by ramp-up of high margin [mobility as a service] revenue," MS says. It estimates cloud revenue growth at 42% for the fiscal first quarter of 2027 and 45% for fiscal 2027. The cloud unit's margin is expected to rise to 11.0% in the fiscal first quarter. MS raises the target price for its ADRs to US$190.00 from US$180.00. Its ADRs last closed at US$145.81. (tracy.qu@wsj.com)
0738 GMT - National Grid is relatively immune to knock-on effects stemming from the conflict in the Middle East, Hargreaves Lansdown's Aarin Chiekrie writes. He cites its limited exposure to wholesale energy prices and the fact that its revenues are positively linked to inflation. This provides a natural hedge to otherwise challenging dynamics, Chiekrie says. Even higher interest rates shouldn't pose too much of a worry, he adds. Roughly 80% of the U.K. utility company's debt is locked in at fixed rates, he explains. The scale of its investment plan poses some risks but so far it has made good progress, he says. Shares rise 1.2% to 1,291.50 pence.(adam.whittaker@wsj.com)
0731 GMT - European indexes all gain at the open, with the Europe-wide Stoxx 600 index trading 0.3% higher. The index is being led by the technology sector following U.S. markets, which were driven by a tech-stock rally led by Nvidia. In London, Burberry shares are down 4.3% after the luxury group announced earnings and said that Chair Gerry Murphy will be stepping down. 3i is leading the index fallers--down 18%--after reporting weaker-than-expected results from its key investment, Action. London's FTSE 100 index is up 0.3%, Germany's industrial heavy DAX climbs 1%, while France's CAC 40 rises 0.4%. (ian.walker@wsj.com)
0725 GMT - Bitcoin rises slightly but stays below $80,000 after falling to a one-week low in the previous session. Higher-than-expected U.S. inflation data for April on Tuesday reduced the prospect of interest-rate cuts by the Federal Reserve, denting risk appetite and boosting the dollar. However, a rally in Nvidia fuelled fresh records for the S&P 500 and Nasdaq overnight as chief executive Jensen Huang joined other prominent U.S. companies at a high-stakes China summit. Bitcoin edges up 0.1% to $79,725 after falling as low as $78,728 on Wednesday, LSEG data show.(renae.dyer@wsj.com)
0720 GMT - Tencent's 1.4 billion-user network and proprietary data should help preserve its market position in an AI-driven world, even without a leading AI model of its own, Morningstar analyst Ivan Su writes in a note. He says the company's latest earnings call showed management is focusing on embedding AI across its platforms rather than competing directly in the AI-model race. Su highlights that Tencent's key advantage lies in its strong network effects, and layering AI features on top of its applications should retain its strengths. "A marginally better model won't pull users away from entrenched messaging and payment ecosystems," he adds. Morningstar maintains its fair-value estimate of HK$800.00 and views shares as significantly undervalued, as the market has overstated the competition from ByteDance. Shares are last at HK$461.00. (jason.chau@wsj.com)
0714 GMT - Alibaba Group is likely to benefit from a positive outlook for its cloud business, according to J.P Morgan in a research note. The company's cloud external revenue rose over 40% during fiscal 4Q, it notes. This has "establish[ed] AliCloud as China's largest disclosed AI+ cloud franchise at industry-leading growth with a visible margin path," it says, adding that risks linger, as profitability remains under pressure. J.P. Morgan raises target price of Alibaba's ADRs to US$205.00 from US$200.00. Its ADRs last traded at US$145.81. (tracy.qu@wsj.com)
0705 GMT - Flutter Entertainment's second-quarter guidance appears overly conservative, Berenberg analysts Jack Cummings and Luka Trnovsek write in a note. The New York-listed gambling and betting group behind the FanDuel, PokerStars and Paddy Power brands is meeting its full-year guidance and should deliver a 5% to 9% beat to its second quarter outlook, they say. ( najat.kantouar@wsj.com)
0704 GMT - 3i Group's 750 million-pound buyback is likely to be trumped by a weaker-than-expected performance at retailer Action, the investment group's key holding, RBC Capital Markets' Manjari Dhar and Richard Chamberlain say in a research note. The full-year results from 3i Group included an update on Action's recent performance that points to weaker trends for like-for-like growth and profitability, RBC says. This comes against the background of concerns about growing competition and spending pressures among low-income consumers, the analysts say. "We think that Action has left itself with a lot to do in [the second half] to meet its guidance," they add. While the buyback could limit the hit for 3i Group, the results will likely be taken negatively, according to RBC. (adria.calatayud@wsj.com)
0656 GMT - Burberry reported a strong set of results, as execution of its turnaround strategy is firmly on track, Citi analysts say in a note. The British luxury group said that sales for its fiscal fourth quarter climbed 5% on year on a comparable-store basis. This marks an acceleration for the fifth consecutive quarter, the analysts write. "We expect a positive market reaction." The group reported a solid performance in China and the Americas, as well as a beat in gross margin and profit, they add. Citi reiterates its buy recommendation on the company's stock. Shares closed at 1,162.50 pence. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
May 14, 2026 03:52 ET (07:52 GMT)
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