The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0944 GMT - London-listed copper miner Antofagasta has better medium-term growth prospects than its peers, J.P. Morgan analysts write as they upgrade the stock to overweight from neutral and raise its target price to 4,500 pence from 3,400 pence. The miner can grow its output by up to 30% by 2028 as its Centinela second concentrator project progresses, they add. This growth is relatively lower-risk than peers given it relies on expanding existing projects, they write. A tug of war for copper between the U.S. and China will keep prices elevated while supply-side risks could continue to tighten the market, the analysts write. Shares rise 0.2% to 3,877 pence. (adam.whittaker@wsj.com)
0935 GMT - Budweiser Brewing Co. APAC's China segment volume could recover in 2H, thanks to a low base, DBS Group Research analysts say in a note. China's beer production declined in April and May on weaker demand and poor weather, which the analysts say likely resulted in a midsingle-digit drop in Bud APAC's 2Q China sales volume. Still, the repositioning of some products as premium should support the brewer's average selling prices, they add. Its expanding channels and potentially warmer weather should prop up demand, too. DBS cuts its 2026-2027 earnings projections by 7%-10% on softness in Chinese sales and slower South Korea sales growth. It lowers the target price to HK$8.20 from HK$9.30 but maintains a buy rating, noting that the stock's valuation has priced in near-term weakness. Shares close at HK$6.23. (megan.cheah@wsj.com)
0930 GMT - U.K. house builders could be set for a lackluster summer season, Jefferies analysts say in a note. May's mortgage approvals are down, and discussions over potential changes to the stamp duty property tax are stifling demand, Jefferies says. Moreover, until there is more information on the housing policy of the potential new prime minister, stocks in the sector might suffer, the brokerage says. Still, it's a great time for investors to buy in before the rest of the market catches on as company stocks sell at around 60% of what their real-world physical assets are worth on paper, Jefferies says. Barratt Redrow shares are up 2.1%, followed by Vistry, up 1%, and MJ Gleeson, up 0.2%. (anthony.orunagoriainoff@dowjones.com)
0925 GMT - Sky's deal to acquire ITV's media-and-entertainment division appears to be a win-win for both parties, AJ Bell's Dan Coatsworth writes in a note. Comcast's Sky has agreed to buy ITV's media-and-entertainment unit for up to about $2.14 billion, a deal that allows the U.S. media group to take control of one of the most-watched broadcasters in the U.K. "ITV's shareholders should benefit from the separation in several ways. The company will return 950 million pounds to investors, although it hasn't said how this will be done," he says. Meanwhile, Sky sees this as an opportunity to reach a wider audience and secure more attractive deals with advertisers, he adds. ITV shares are up 1.9% at 83.30 pence.(najat.kantouar@wsj.com)
0922 GMT - The Electrolux investment case will be driven by pending deals with Chinese appliance maker Midea, rather than news on tariff refunds, Citi says. After a Supreme Court ruling that tariffs imposed under the International Emergency Economic Powers Act were illegal, eligible U.S. importers can claim refunds for duties paid. Citi has increased its 2026 EBIT estimate for the Swedish appliance company by 450 million Swedish kronor, reflecting a $27 million refund in the first quarter and the bank's estimate of a similar benefit for the second quarter. "While tariffs are important, we think the equity story will be far more driven by the pending JV creations with Midea." Margins could structurally improve from the lower cost base, but full financial visibility will be needed to really re-rate the shares. Shares fall 0.4% to 28.10 kronor. (dominic.chopping@wsj.com)
0918 GMT - China's industrial artificial-intelligence developers will benefit from first-mover advantage in the sector, HSBC analysts write in a note. HSBC sees fast adoption of AI in industrial automation, given decent value add and quality data available, they write. The development of large AI models could eventually translate into demand for more robots that improve work efficiencies in areas like assembly and anomaly detection, they say. AI should also accelerate dexterous-hand training, benefiting supplier Shenzhen Zhaowei Machinery, they add. HSBC initiates coverage on Zhaowei's Hong Kong-listed shares at buy with a target price of 105 Hong Kong dollars. It has a hold rating on its A shares and trims its target price to 90 yuan from 114 yuan. Zhaowei's H shares closed at HK$56.85 while its A shares closed at 95.38 yuan. (kimberley.kao@wsj.com)
0914 GMT - Whitbread's FY 2031 targets are clear, but delivery requires a near-term reset that includes lowering profit expectations and growth forecasts, Panmure Liberum analyst Anna Barnfather says in a note. This is as branded restaurant exits, disruption from its accelerated growth plan and the expedited recycling of its property portfolio drive forecast cuts, Barnfather says. Adjusted pretax profit consensus for FY 2029 remains below FY 2026's 483 million pounds and understates the medium-term benefit of eliminating restaurant losses, among other items, she says. A sustained strengthening of its U.K. performance through the second half would increase confidence that structural supply tailwinds remain supportive to the budget hotel chain, she says. "Swifter progress in eliminating restaurant losses or securing business rate relief would offer upside," she says. Shares are down 0.3% at 2,407 pence. (anthony.orunagoriainoff@dowjones.com)RBC Capital Markets analyst Ruairi Cullinane expects easyJet shares to rise after the budget carrier agreed in principle to Castlelake's sweetened takeover offer. "EasyJet Shares to Rise on Takeover Agreement With Castlelake -- Market Talk," at 0702 GMT, incorrectly cited Citi analysts.
0903 GMT - France's TotalEnergies' 2026 earnings per share could be hit by lower oil prices, Baader Helvea's Frederic Lorec writes. The brokerage lowers this year's Brent crude forecast to $87 a barrel from a prior $95 a barrel forecast. This brings its EPS forecast down to $12.4 from $13.7 previously. Shares rise 0.3% to 67.16 euros.(adam.whittaker@wsj.com)
0902 GMT - There may be more upside surprises for China's real estate market in 2H, say HSBC Global Research analysts in a note. June sales were modest but the number of companies delivering sales growth expanded to China Overseas Land and Investment, China Resources Land and Jinmao in the first half of 2026, from only Jinmao in 2025, they say. Improving fundamentals may boost market sentiment and investors should focus on key positives for the months ahead after the share-price correction, including an easier sales base comparison in 2H, land sales picking up and continued demand for high-end projects, HSBC says. Secondary market activity also remains resilient, supporting liquidity and signaling steady underlying demand, the bank adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
0852 GMT - ITV selling its media and entertainment business to Comcast's Sky for up to about $2.14 billion is positive, Bernstein analysts write. It will leave ITV with its crown-jewel studio business, they add. The unit is highly sought-after and has been growing revenue in recent years, they add. Shares rise 1% to 82.55 pence. (adam.whittaker@wsj.com)
0850 GMT - UOB-Kay Hian's strong revenue growth is likely to be sustained this year, thanks to stronger trading momentum in Singapore and Hong Kong, says DBS Group Research's Rui Wen Lim in a note. The Singapore company is evolving into a broader financial-services group with its wealth-management services, she says. Its position as one of the city-state's largest retail brokerages means it should benefit from stronger trading activity amid Singapore's equities development program, she adds. Its 2026 commission income and trading income are likely to grow roughly 29% and 34%, respectively. DBS starts its coverage of UOB-Kay Hian with a buy rating and target price of 4.80 Singapore dollars, noting the shares offer around 4.0% forward dividend yield. Shares rise 2.8% to S$3.99. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
July 06, 2026 05:44 ET (09:44 GMT)
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