The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1135 GMT - A prolonged conflict in the Middle East could cause copper equities to fall, RBC Capital Markets analysts write. Global economic growth forecasts might be downgraded as a result of the war and could push copper prices lower, they write. Investors might look for an exit given the stocks' exposure to global economic growth, they write. Cost inflation from higher fuel and electricity prices would also hurt miners' earnings, they say. The copper market could flip into a surplus as second-half production recovers with mine ramp-ups, they add. (adam.whittaker@wsj.com)
1132 GMT - Agentic commerce is still in the early innings, but companies are slowly assembling building blocks needed to help retailers roll out AI agents that help shoppers find products, provide customer support and let people order food at restaurants, Mizuho says in a note. Analyst David Bellinger says Google on Thursday showed off several new agentic shopping features including multi-item cart capabilities and deepening access to retailer catalogs, inventories and real-time pricing. "This is again a good development, in our view," he says. "Management teams seem to be buying in," he adds, noting that companies including Walmart, Target, Wayfair, Chewy, Home Depot and Lowe's stand to benefit from their ties to Google. (connor.hart@wsj.com)
1127 GMT - Richemont continues to enjoy significant brand momentum and should be able to tackle current market challenges, analysts at Bernstein say in a note. The Swiss luxury-goods company has a diversified geographical footprint, they say. Richemont reports relatively detailed geographical exposure, with the Middle East representing between 8% and 10% of group revenue in the nine months through Dec. 31, the brokerage says. Local spending in the region has experienced a slight impact from the war in Iran, but contrary to expectations, business hasn't ground to a complete halt, Bernstein says. "That said, tourist spending has likely slowed to a trickle," the analysts say. Some 20% to 30% of Richemont's reported Middle East revenue is derived from tourist spending, they add. Shares are up 0.7%. (andrea.figueras@wsj.com)
1113 GMT - Copper prices are on track for a weekly loss of nearly 5%, pressured by concerns over global economic growth due to soaring energy prices as the Middle East war drags on. In afternoon trading, three-month LME copper falls 0.7% to $12,132.50 a metric ton. Analysts at Commerzbank say prices are also pressured by rising production from China. "Data from China shows that copper production continues to run at full speed," says Thu Lan Nguyen. "At the same time, global copper inventories on the exchanges remained stable at high levels." (giulia.petroni@wsj.com)
1109 GMT - DHL Group shares trade at an attractive entry point after recent weakness, Citi analysts Chloe Fu and Arthur Truslove write. The disruption in the Middle East is likely positive for DHL as supply tightens and the company has the ability to pass on costs, they say. "We are 4% ahead of consensus on 2026 EPS due to benefits in the Express division." If DHL's Time Definite International delivery volumes stabilize at current levels, the structurally improved cash flow can support over a 7% total shareholder yield, comprised of 4% dividend and 3% buyback yield. Citi lifts its target price to 52 euros from 47 euros and keeps at buy. Shares rise 1.8% to 44.74 euros. (dominic.chopping@wsj.com)
1106 GMT - Torrid's fourth-quarter results are ahead of expectations, and the plus-size apparel company issues full‑year guidance modestly above consensus, William Blair analysts say in a research note. The company says its turnaround plan is starting to bear fruit, as it closes underperforming stores and is seeing positive results from newly launched sub-brands. While Torrid's initial outlook is encouraging, the efficacy of its turnaround hinges on whether newly-launched products continue to resonate with shoppers, the analysts say. "A limited track record on new product and worsening fundamentals keep us more cautious, noting a handful of false starts over the last two years," they write. Shares climb 16% premarket Friday. (connor.hart@wsj.com)
1103 GMT - U.K. banks are underperforming so far in 2026 as investors balk at higher valuations and macroeconomic concerns weigh on the sector, AJ Bell's Russ Mould writes. After a five-year bull run, some U.K. banks are down steeply so far this year. Though inflation spurred by conflict in the Middle East could support banks' income, "any economic slowdown due to higher energy prices could lead to an increase in loan losses that offsets the extra interest income," Mould writes. Investment banks' troubles are compounded by private credit concerns, with Barclays and Standard Chartered 18% and 15% lower for the year, respectively. NatWest is down 18% for the year, though HSBC--which has significant operations in Asia--is flat. (josephmichael.stonor@wsj.com)
1055 GMT - AutoCanada's transition year could stretch longer than investors might hope. The company is entering a "show me period" after a disappointing 4Q in which revenue slipped, profitability tightened and segment performance was uneven, RBC's Sabahat Khan says. The company has to prove that its strategic initiatives can deliver steadier, improved earnings, Khan writes. Part of the challenge is the market backdrop: A weaker consumer is choosing cheaper products, while Canadian EV tax credits that pulled demand forward in 2024 are ending. Gross profit per unit--a key metric--is expected to remain weak through the first half of 2026, with 12-18 months before full recovery. "We remain on the sidelines until there is improved visibility to an inflection in underlying results," Khan says. (adriano.marchese@wsj.com)
1052 GMT - Novartis has made a meaningful move with its proposed acquisition of a breast-cancer drug candidate developed by Synnovation Therapeutics for up to $3 billion, Vontobel's Stefan Schneider says in a research note. The deal supports the Swiss pharmaceutical company's oncology strategy by complementing its pipeline in that therapeutic area, according to Vontobel. "Novartis has already an asset that helps patients with this type of breast cancer. Thus, adding a next generation asset to its pipeline is a meaningful move, in our view," Schneider says. Shares in Novartis rise 0.4% to 117.32 Swiss francs. (adria.calatayud@wsj.com)
1032 GMT - With Unilever in talks to separate its food business and combine it with McCormick, Marmite might be disposed of another way, says AJ Bell's Dan Coatsworth. "There is a real chance that McCormick might not want Marmite longer term," he says, adding that it doesn't fit into McCormick's portfolio. The spread is more niche outside the U.K., South Africa or Australia, he adds. Meanwhile, McCormick is likely primarily interested in sauces and spices from Unilever, including Knorr seasonings and Hellmann's Mayonnaise. However, Unilever could consider Associated British Foods, Kraft Heinz or Premier Foods as logical buyers for Marmite. Shares are up 0.8% at 46.09 pounds. (aimee.look@wsj.com)
0909 GMT - Smiths Group issues a slightly light outlook, RBC Capital Markets' Mark Fielding writes. To account for the sale of Smiths Detection, the U.K. engineering company now expects organic revenue growth of 3% to 4% over the full year. This compares with expectations of 4.2% growth, he says. Its headline operating margin is forecast at 20%, which is just below the 20.7% RBC expected, he adds. Organic growth for the first half of the fiscal year was also slightly lower than expected, he says. Shares fall 5.7% to 22.16 pounds. (adam.whittaker@wsj.com)
0859 GMT - Unilever's potential divestiture of its food business would be strategically sound, analysts at Bernstein say. The U.K. group said it is in talks with U.S. spice maker McCormick after receiving a takeover offer for the unit. Unilever is possibly the most complex consumer packaged goods business in the world, with a hugely diverse geographical and category footprint, the analysts write. This diversification made sense in the 1990s and early 2000s, but the operating model in the industry has changed, they say. "The benefits of scale across categories no longer outweigh the drawbacks of complexity," Bernstein adds. "That said, the timing of these discussions comes as something of a surprise," the brokerage says. About a month ago, Unilever's CEO Fernando Fernandez said that the group had no urgency to act on a food divestiture, they say. Shares rise 1.3%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
March 20, 2026 07:35 ET (11:35 GMT)
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