The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0814 GMT - Chinese social-media company Newborn Town could face some short-term headwinds, Citi analysts say in a research note. They highlight the company's first-half revenue guidance, which triggered a 6% drop in the share price the following day. With revenue from social networking 3% below Citi's estimate for 1H, the analysts think the market may demand more evidence on the monthly active user trend for key social-networking products, as well as updates on new product releases for the social-networking business. "Additional concerns over visibility for short-drama monetization and AI investment target may drive near-term stock-price volatility," they say. Citi keeps a buy rating but lowers the target price to HK$13.00 from HK$16.00 given the sector's derating. Shares fall an additional 5.8% to HK$8.18. (tracy.qu@wsj.com)
0811 GMT - News that Ipsen's Bylvay drug missed the goal in a rare liver disease study is a small negative for the French drugmaker, which saw the trial as a high-risk event, RBC Capital Markets' Harry Sephton says in a note. The company said Bylvay in biliary atresia failed to meet the primary goal of a late-stage clinical trial. Biliary atresia likely accounted for half of Ipsen's 700 million-euro peak sales estimate for Bylvay, but this indication probably represented a small proportion of consensus forecasts of 420 million for the drug's 2032 sales, RBC says. Moreover, Ipsen executives previously flagged there was a high hurdle for approval in this disease, the analysts say. Shares fall 3.8%. (adria.calatayud@wsj.com)
0751 GMT - The oil market is increasingly focused on the resilience of physical crude flows rather than whether the Strait of Hormuz reopens, Rystad Energy says. While supply disruptions since March have been absorbed through inventory drawdowns, alternative export routes and spare production capacity are diminishing, leaving the market more exposed to prolonged outages. "The direction of prices will ultimately depend on three factors: whether crude flows into Asia can be maintained, whether refiners can adapt to a changing mix of crude grades and how geopolitical developments unfold," says Janiv Shah, VP of commodity markets. Rystad's base case is an interim deal that restores trade but stops short of resolving the nuclear issue or curbing Iran's maritime leverage. Markets would still price in a geopolitical-risk premium while Gulf oil inventories are cleared, export operations recover and confidence in shipping routes is rebuilt. (giulia.petroni@wsj.com)
0746 GMT - Havas delivered a solid set of results with no surprises, but the company's consistency doesn't seem to be reflected in its stock price, Berenberg analysts say in a research note. The Amsterdam-listed advertising group is delivering on its strategy, with steady top-line growth and a gradual improvement in profitability, the analysts say. Moreover, the company is busy on the pitch front and executives suggested a strengthening commercial pipeline should make up for the loss of the Sanofi U.S. media account next year, they add. Nevertheless, Havas's shares trade at a discount to peers going through restructuring, according to Berenberg. "In our view, consistency is what will drive the re-rating," the analysts say. Shares jump 7.4%. (adria.calatayud@wsj.com)
0744 GMT - Anglo American's share price rise was triggered by Teck Resources' beat to consensus expectations, Berenberg analysts write. The two companies are combining to create one of the world's largest miners. While Anglo American's operational performance was decent, its 2.9% share increase on Thursday was more driven by Teck's earnings, they say. Significantly, Teck showcased another quarter of operational progress at the historically problematic Quebrada Blanca mine, the analysts say. Teck's management also made encouraging comments on Chinese regulatory approval for the deal, and said the merger is set to complete between September 2026 and March 2027, they add. Shares rise 2.6% to 3,725 pence. (adam.whittaker@wsj.com)
0731 GMT - European equity indexes largely edge higher in early trading after sharp selling in the last session, as oil pares some recent gains. Banks and software stocks jump as the Europe-wide Stoxx 600 rises 0.2%. Software giant SAP bounces 4.2% after posting higher-than-expected cloud revenue, helping the German DAX to rise 0.3%, though Volkswagen loses 1.6% after cutting its revenue forecast. The CAC 40 edges 0.2% higher in Paris as banks strengthen, though Carrefour falls 5.8% after earnings. London's FTSE 100 edges up 0.1%, led by Relx rising 3.3%. The Dutch AEX gains 0.1%. Banks push Spain's IBEX 35 and Italy's FTSE MIB to rise 0.7% and 0.5%, respectively.(josephmichael.stonor@wsj.com)
0727 GMT - The recent re-escalation of the Middle East conflict could transform the energy supply disruption from a crude-routing problem to a broader supply-chain crisis, ANZ commodity strategists say in a research note. The oil market has avoided a more disorderly price response so far because of several buffers, including China's sharp reduction in crude imports, they say. However, the latest strikes raise concerns about whether these buffers can effectively keep the world supplied with oil, as a disruption to the Red Sea and Bab el-Mandeb shipping would undermine one of the market's most important workarounds, they note. ANZ maintains its end-Q3 2026 Brent crude forecast of $92 per barrel, but warns if regional supply disruptions intensify, Brent could rise towards $120 a barrel. (sherry.qin@wsj.com)
0725 GMT - Allianz's $2.1 billion deal to buy HSBC Holdings' Singapore insurance unit doesn't come cheap and might get a muted reaction from investors, Keefe, Bruyette & Woods's William Hawkins says in a note. The deal is expected to lead to a five percentage-point hit to the German insurer's solvency ratio and add less than 1% to its global earnings, according to KBW. Still, Allianz presumably sees value from adding a business with growth potential in a major regional hub that could benefit from integration with its other units, the analysts say. "We expect a muted reaction in the share price because this deal has been well trailed," they add. "Maybe Day 1 perception could be negative because of the near term dilution. At the margin, this could be a buying opportunity." Allianz shares rise 0.5%. (adria.calatayud@wsj.com)
0717 GMT - Bitcoin rises slightly as U.S. stock futures stabilize after sharp falls overnight. A jump in oil prices due to the U.S.-Iran conflict contributed to falls in equities and cryptocurrencies Thursday along with earnings from Tesla and Alphabet raising concerns about AI spending. Oil prices ease slightly Friday, although remain elevated, supporting expectations the Federal Reserve could raise interest rates this year. Bitcoin rises 0.6% to $65,509, LSEG data show. (renae.dyer@wsj.com)
0711 GMT - Sona BLW Precision Forgings' joint ventures with Denso open global opportunities in four-wheeler motors, Nomura analysts say in a research report. The Indian company unveiled two JVs with Denso for electric and hybrid powertrains. According to management commentary, the JVs' ambition remains global, as Sona BLW Precision Forgings is strong in motors while Denso is strong in controllers. With electric vehicles likely at an inflection point in India, one of the JVs is occurring at a very opportune time, the analysts say. Nomura raises the stock's target price to 848.00 rupees from 720.00 rupees, with an unchanged buy rating. Shares are 1.9% higher at 733.15 rupees. (ronnie.harui@wsj.com)
0702 GMT - Brent crude edges lower in early trading after settling above $100 a barrel, though prices remained on track for weekly gains of more than 12% as threats to Red Sea shipping stoked fears of further supply disruptions. The global oil benchmark falls 1.3% to $99.39 a barrel, while WTI futures slip 1.4% to $90.89 a barrel. "The key question is at what price level pressure begins to build on the Trump administration to return to the negotiating table," analysts at ING say. Based on previous price spikes during the early stages of the conflict, they say pressure to de-escalate would rise significantly if Brent approaches $120 a barrel. For Iran, the more pressing issue is not the level of oil prices, but how long the country can withstand a sharp drop in oil revenue under the U.S. blockade. (giulia.petroni@wsj.com)
0658 GMT - SAP's miss on earnings before interest and taxes and on-year margin compression are unpleasant surprises, J.P. Morgan analysts say in a research note. The German business-software company said its second-quarter margin was abnormal due to cost pressures and cost containment measures that are now in place, J.P Morgan says. However, "full-year EBIT guidance does require second-half EBIT growth to re-accelerate from the second-quarter level," the analysts say. (nina.kienle@wsj.com)
(END) Dow Jones Newswires
July 24, 2026 04:14 ET (08:14 GMT)
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