The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
0737 GMT - The launch of Isar Aerospace's Spectrum carrying the German Space Agency's Microlauncher Competition CubeSats marks an important milestone for the European space industry, according to analysts at Berenberg. The launch was continental Europe's first commercial orbital success, they say. However, scaling sovereign launch capability will still take some time, so the most sensible option in the near term is for U.S. providers to bring capability to European territory instead, they note. (aimee.look@wsj.com)
0735 GMT - Gold prices fall after surprisingly strong U.S. jobs data and renewed Middle East tensions reinforced expectations that the Federal Reserve could raise rates next week. In early European trading, New York futures are down 0.8% to $4,442.40 a troy ounce. "Gold has remained volatile around $4,400 after recovering from July lows near $4,000 an ounce," says Soojin Kim from MUFG. "This week's U.S. inflation data will be critical in determining whether the Fed tightens policy at its Sept. 15-16 meeting, with persistent price pressures likely to remain a near-term headwind." According to CME Group's FedWatch tool, traders are now pricing in a 58% probability of a rate hike this month. (giulia.petroni@wsj.com)
0731 GMT - Oil prices extend gains in early European trading, with Brent crude topping $97 a barrel after the U.S. and Iran exchanged a series of fresh strikes over the weekend. The global oil benchmark is up 0.8% to $97.05 a barrel, while the U.S. gauge WTI rises 0.6% to $91.99 a barrel. "The oil market remains well-supported with little sign of peace between the U.S. and Iran," analysts at ING say. According to the firm, speculators became more bullish on Brent crude last week as renewed U.S.-Iran tensions heightened concerns over prolonged supply disruptions. But the increase in net-long positioning was driven mainly by short covering, suggesting traders were largely closing bearish bets rather than making aggressive new wagers on higher oil prices. (giulia.petroni@wsj.com)
0730 GMT - Repsol, Neste and OMV will be the main beneficiaries of sustained high refining margins, but all integrated oil companies should continue to deliver above-average profits in their downstream units, Barclays analyst Lydia Rainforth writes. Refining margins remain exceptionally tight and margins on diesel continue to accelerate, she says. Damage to refining infrastructure in the Middle East and Russia, and constrained feedstock availability for Asian and European refiners mean the backdrop remains supportive, she says. (adam.whittaker@wsj.com)
0727 GMT - Klinique Medical Clinic's 2026 revenue guidance is raised, but appears already priced in by the market, CGS International's Kasem Prunratanamala says in a research report. The medical aesthetic clinic operator raised its 2026 revenue target to 4.50 billion baht from THB4.15 billion, citing strong cash sales growth in July, the analyst notes. However, the brokerage leaves its 2026-2028 earnings forecasts unchanged, pending greater clarity on growth sustainability amid intensifying competition and geopolitical headwinds. While the company's operating momentum remains healthy, thanks to drivers including resilient same-store-sale growth, its recent share price strength already captures much of this positive news. The brokerage maintains the stock's hold rating and target price of THB28.00. Shares are 1.75% higher at THB29.00.(ronnie.harui@wsj.com)
0726 GMT - Doosan Fuel Cell could return to profit next year as new contract wins boost production and ease its fixed-cost burden, says NH Investment & Securities' Y.S. Jung. The analyst expects the South Korean firm's order backlog to exceed 250 megawatts of fuel cells following its recent 501-billion-won contract with HyAxiom to supply products to U.S. data centers. Doosan could win more contracts in the U.S., with its annual production capacity expected to rise to 350 megawatts in 2027, he adds. NH upgrades its rating on the stock to buy from hold and raises its target price by 71% to 58,000 won. Shares rose 14% to close at 49,900 won. (kwanwoo.jun@wsj.com)
0724 GMT - Memory makers are poised for another quarter of gains, though growth is expected to cool as customers push back against further price increases, according to TrendForce. Global DRAM revenue surged 59.5% quarter-on-quarter to $154.7 billion in 2Q, the research firm says, as booming AI server demand and tight supply drove prices higher. TrendForce expects DRAM prices to rise another 13% to 18% this quarter, albeit at a slower pace. Samsung retained the top spot, while SK Hynix and Micron benefited from strong demand for AI-related products. Smaller suppliers also posted sharp revenue growth as shortages persisted in older-generation memory chips, it adds. (jie.yang@wsj.com)
0721 GMT - European indexes are mixed in quiet early trade. Healthcare and consumer-facing stocks struggle, though AI-related stocks gain as the release of OpenAI's latest model boosts sentiment. The Stoxx 600 loses 0.15%. London's FTSE 100 slips 0.2% as miners fall, while drinks group Diageo falls 1.75%. The German Dax is flat. Chip maker Infineon jumps 2.6%, but pharmaceutical technology group Qiagen loses 2%. In Paris, the CAC 40 also trades flat, as gains for AI-related stocks counter further falls for luxuries. LVMH loses 0.9%. Italy's FTSE MIB adds 0.4%, while the Spanish IBEX 35 trades flat. The semiconductor-heavy AEX is flat. ASML gains 1.7%, but sliding software stocks weigh on the index. (josephmichael.stonor@wsj.com)
0718 GMT - European energy majors start the week higher as attacks on vessels in the Strait of Hormuz escalate. Brent crude is up 1.1% to $97.37 a barrel and WTI rises 1% to $86.29 a barrel after the U.S. hit three Iranian oil tankers over the weekend. "With tanker traffic increasingly exposed to direct military action and restrictions around the strait potentially widening, risks to Gulf energy exports remain elevated, keeping a substantial geopolitical premium embedded in oil prices," MUFG's Soojin Kim writes. Spain's Repsol and Italy's Eni both rise around 1.2%. In London, BP gains 0.9% and Shell rises 0.45%. (adam.whittaker@wsj.com)
0710 GMT - Property earnings visibility in Malaysia could remain reasonably intact, driven by healthy project pipelines and unbilled sales, MBSB Research analyst Jessica Low Jze Tieng says in a note. Total property loan applications rose 11.2% on month to 62.9 billion ringgit in July, after school and public holidays disrupted activity in May and June, she notes. However, persistent inflationary pressures and higher household expenses are expected to keep buyers cautious, tempering property demand and sales momentum in the near term, she says. MBSB maintains a neutral rating on Malaysia's property sector, given no strong immediate catalysts that could significantly improve sector performance, pegging Matrix Concepts, IOI Properties and Mah Sing as its top picks. (yingxian.wong@wsj.com)
0703 GMT - An experimental Novartis medicine missed the target in a late-stage clinical trial, but the hit to the Swiss drugmaker's share price could be mitigated by investors' skepticism about the study, analysts at Citi say in a research note. The drug, pelacarsen, reduced the levels of a fatty particle in the blood known as Lp(a), but this didn't translate to clinical outcomes, Citi says. "We think market expectations of a positive trial were already cautious, with question marks around the magnitude of benefit and difficulty in commercialization even if the study had met the endpoint, which we think could limit the impact of the trial failure on the share price," the analysts say. (adria.calatayud@wsj.com)
0643 GMT - Share prices of Japanese energy suppliers are likely to reflect high shipping rates, Nomura's Masaharu Hirokane says in a research report. The market hasn't priced in structural change in energy suppliers, namely ships having to travel longer distances, caused by deterioration in the Middle East situation, the analyst says. Nippon Yusen K.K. will likely see profit growth in its energy business this fiscal year, as some of its crude oil tankers are poised to reflect higher contract rates for the Middle East to Far East route. Contract rates on this route have risen the most in crude oil tanker transport contracts, the analyst notes. Nomura raises the stock's target price to 8,800 yen from Y7,100 with an unchanged buy rating. Shares closed 3.7% higher at Y7,420.
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