The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1009 GMT - Bloomsbury Publishing's succession plan shouldn't come as a surprise, Peel Hunt's Jessica Pok and Melanie Yang write in a note. The London-listed publishing company outlined a five-year leadership succession as founder and CEO Nigel Newton becomes executive chairman. "Investor concerns have centered on leadership succession and Nigel Newton's future role," they note. However, the succession plan provides greater transparency when it comes to leadership continuity, they say. Shares are down 3% at 6.09 pounds. ( najat.kantouar@wsj.com)
0935 GMT - Rubis's profit upgrade is a positive surprise, Bernstein analysts Guillaume Delaby and Gareth Williams write. The French energy group reported an 18% rise in earnings before interest, taxes, depreciation and amortization for the first half of the year and raised its guidance on the metric to between 775 million and 825 million euros from 740 million to 790 million euros previously. "While activity may soften in 2H26, it is now unlikely to soften as much as we had feared following the company's 1H26 pre-earning call," the analysts say. Bernstein has an outperform rating on the stock and 38.70-euro target price. Shares are up 5.2% at 35.62 euros. (ian.walker@wsj.com)
0934 GMT - ASML Holding's share price already reflects a sizeable chunk of risks that could arise for the Dutch semiconductor-equipment maker should there be more export restrictions to China, UBS analysts write in a research note. "While AI demand and macro risks remain important topics, we believe attention is increasingly centred on the forthcoming Trump-Xi meeting," analysts say. They point out the summit could act as a near-term clearing event for the stock. China is expected to account for roughly 17% of ASML's revenue in 2027 and about 15% in 2028, analysts estimate. ASML shares trade 0.7% higher at 1,510.40 euros. (mauro.orru@wsj.com)
0932 GMT - Europe's distillers need stable trading relationships with big export markets, even if newer markets are growing, a trade association says. Exports of European spirits like cognac, vodka, gin and whisky fell by 6% in value in 2025 compared with a year prior, according to a report from SpiritsEurope. Trade with the U.S. and China, the sector's most important buyers, were hit by tariffs and weak macroeconomics, the association notes. Growing markets like India and some African countries meanwhile gained in share. SpiritsEurope trade director Pauline Bastidon calls on EU authorities to maintain stable trading relationships with established partners and pull down trade barriers. "At the same time, we need to open new opportunities through ambitious trade agreements, trade diplomacy and promotion, while recognizing that new markets cannot replace traditional growth engines overnight," Bastidon says. (joshua.kirby@wsj.com; @joshualeokirby)
0918 GMT - Rightmove demonstrates clear platform superiority compared with peers and may yet prove to be a leader in agentic AI, Jefferies analysts say. Following its November strategy update, the property website is investing heavily in core utility and technology, expanding its data/AI team to 50 full-time roles and increasing product release, Jefferies says. It has successfully transitioned into a pro-investment stance, with capital allocated accordingly and decent evidence of execution, Jefferies says. "It retains a highly priced back-book and an operating free cashflow margin profile that has the taint of over-earning. But execution, thus far, of the new mission has been good," the analysts say. Jefferies upgrades its rating on the stock to hold from underperform. Shares are up 1.5% at 493.40 pence. (anthony.orunagoriainoff@dowjones.com)
0914 GMT - Kion Group's sales should recover to around 6% growth next year, Citi analysts write as they upgrade the stock to buy from neutral, and increase the target price to 62 euros from 46 euros. Citi says a potential inflection in the industrial truck demand cycle should drive shares in the near term. "Improving German macro data, including from the infrastructure bill, points to acceleration in industrial trucks into 2027," the analysts say. Shares in the German industrial truck supplier are up 6.4% at 48.20 euros and leading the Stoxx 600 index risers. (ian.walker@wsj.com)
0906 GMT - ASML Holding is poised to benefit from Taiwan Semiconductor Manufacturing Co.'s plans to use its high numerical aperture technology to make advanced semiconductors toward the end of the decade, UBS analysts write in a note to clients. "This provides important validation of the commercialization timeline and supports potential high NA revenue contributions for ASML beginning in 2029-30," analysts say. The Dutch semiconductor-equipment maker is working with TSMC to transition to a larger-format photomask, a high-precision master template or stencil that contains the circuit pattern for an integrated circuit. The companies expect the shift to 12-inch masks from 6-inch masks to increase productivity and lower chip-making costs. ASML shares trade 0.1% higher at 1,501.60 euros. (mauro.orru@wsj.com)
0840 GMT - Sentiment towards Chinese AI stocks may take time to recover, but long-term investors could consider rebuilding their exposure given a strong earnings outlook, Julius Baer analyst Richard Tang writes in a note. China's 2Q earnings per share grew 24% on year while 1H grew 14% on year, in which the profit growth of onshore companies was notably higher than offshore, Tang adds. The earnings results underpins the bank's constructive view on Chinese equities. The global environment of higher rates is likely to support value stocks more than growth stocks, Tang says. This sentiment may spill over to China, particularly offshore stocks, even though Chinese rates are following a different path from those in most other major markets, Tang adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
0840 GMT - Auto Trader is seen as a sector leader of the agentic artificial intelligence future, Jefferies analystsGiles Thorne and Weng Lum Khoo say. The digital-automotive marketplace's massive trove of proprietary data is a key shield against the rise of general AI. The online car marketplace relies on its AI-powered "Co-Driver" system to deliver deep, real-time market insights, Jefferies says. "The conditions are there to accelerate product ARPR [average revenue per retailer] growth into fiscal 2028, with growth potential thereafter remaining good," the analysts say. Jefferies upgrades its rating on the stock to buy from hold and raises its target price to 640 pence from 545 pence. Shares are up 2.6% at 518.60 pence. (anthony.orunagoriainoff@dowjones.com)
0835 GMT - Shares of European semiconductor companies are in negative territory after solid gains on Monday that were fueled by jumps in South Korea's SK Hynix and Samsung Electronics. Shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 0.2% and 2.3%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 4.5%. German chip maker Infineon Technologies declined 3.5%. STMicroelectronics shares fell 2.4%. Meanwhile, the E-mini Nasdaq 100 futures contract edged 0.2% lower, pointing to a weak opening for tech stocks in the U.S. after Labor Day. (mauro.orru@wsj.com)
0817 GMT - Novartis's latest clinical-trial failure suggests the company might need more dealmaking to deliver on its ambition for steady growth beyond 2030, Jefferies analysts say in a research note. The Swiss drugmaker maintained its 2025-30 sales guidance as it said its neuromuscular drug del-desiran missed the main goal in a late-stage study. However, no comment was provided on the ambition to grow by mid-single percentage digits beyond 2030, the analysts say. Even with the recent success of a new multiple-sclerosis pill, it will be challenging to get confidence on the company's growth for the 2030s without del-desiran and del-brax, two drugs Novartis acquired from Avidity Biosciences, Jefferies says. As a result, dealmaking will likely remain part of Novartis's story, the analysts add. Shares fall 10%. (adria.calatayud@wsj.com)
0807 GMT - European energy stocks trade higher Tuesday morning as oil continues to gain on fears of prolonged supply disruptions in the Middle East. Brent, the global oil benchmark, rises 1.8% to $98.74 a barrel, while WTI futures are up 3.1% to $94.32 a barrel. This pushes Britain's BP up 1.4% and Shell 0.9% higher. Norway's Equinor gains 1.3% and Italy's Eni rises 1.1%. Spain's Repsol climbs 1%.
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