The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1101 ET - Canadian uranium stocks climb after the U.S. government partners with Cameco-Brookfield Asset Management's Westinghouse Electric on a new plan to build at least $80 billion worth of new nuclear reactors across the U.S. The plan is aimed at meeting soaring energy demand from AI and electrification, and the initiative implies a significant boost for nuclear fuel demand, sending shares of NexGen Energy up 11% and Denison Mines higher by 10%. Cameco shares jump 20% on the news. (adriano.marchese@wsj.com)

1043 ET - With the U.S. nuclear power deal, Cameco gets clear visibility for uranium demand, as well as the trajectory for its co-owned Westinghouse Electric. National Bank of Canada's Mohamed Sidibe says the new $80 billion U.S. government partnership is designed to accelerate nuclear deployment and support the growth of AI infrastructure, with Westinghouse AP1000 technology at the core of the program. "This announcement materially increases visibility on Westinghouse's forward workload and Cameco's long-term fuel demand outlook," Sidibe says. The partnership structure grants the U.S. government a participation interest, entitling it to receive 20% of any cash distributions in excess of $17.5 billion made by Westinghouse after the participation interest vests. Westinghouse Electric is owned by Cameco and Brookfield Asset Management. Cameco surges 20%. (adriano.marchese@wsj.com)

1028 ET - Brookfield Asset Management and Cameco have a lined up a big deal, one that could see their company Westinghouse Electric go public before the end of the decade. Brookfield and Cameco announced that the U.S. government formed a partnership with Westinghouse to help build nuclear reactors. The plan is for the U.S. to build at least $80 billion of new reactors to fill the growing need for energy. TD Cowen's Craig Hutchison says the U.S. government will be granted a participation interest which, once vested, will entitle it to receive 20% of any cash distributions over $17.5 billion made by Westinghouse. He notes that if the participation interest has vested by January 2029, and if the valuation of Westinghouse is expected to be above $30 billion, the U.S. government will be entitled to require an IPO. (adriano.marchese@wsj.com)

0959 ET - The housing market in the San Francisco Bay area is picking up steam thanks to rising incomes, an AI boom and a return to the office, Redfin says. Pending home sales in San Francisco jumped 17.1% year-over-year to the highest September level since 2021 last month. In San Jose, the typical home that went under contract last month did so in 19 days, faster than any other major metro. San Francisco came in second place, at 21 days. San Francisco is one of just three major U.S. metros that saw homes sell faster than a year earlier in September. Nationwide, the typical home that went under contract sat on the market for 50 days. A drop in condo prices may be skewing overall prices downward in some parts of the Bay Area, Redfin says, (chris.wack@wsj.com)

0711 ET - TMX Group logged a steady third quarter, with the exchange operator's ongoing revenue diversification offsetting general economic concerns, Raymond James' Stephen Boland says. Revenue of C$419 million was ahead of C$409 million consensus forecast of analysts and the C$417 million Raymond James expected, while adjusted EPS at C$0.52 was slightly ahead of the C$0.49 consensus view and Raymond James's C$0.51 call. Boland says revenue was driven by a strong performance in several segments, including derivative trading, TMX Trayport, capital formation, and TMX VettaFi. Still, while Raymond James is sticking with an outperform recommendation, its target on the shares falls to C$59 from C$62.50. (robb.stewart@wsj.com)

0602 ET - With its latest acquisition, Barclays's management is sending a message: the bank is looking to grow its U.S. franchise, not shrink it, UBS says in a note. The group is buying U.S. personal loan origination platform Best Egg for $800 million. The U.S. business has been at the centre of investor debates in recent quarters, analysts Jason Napier and Sanjena Dadawala write. These focused on whether Barclays was the right owner of the U.S. consumer division due to its high capital requirements, smaller portfolio with the roll-off of the American Airlines contract, lower stress capital benefits and higher cost of capital, they add. The deal adds to the personal loan capabilities that Barclays offers to its 20 partnership customers in the card business, they say. Shares edge down 0.2% to 395 pence. (elena.vardon@wsj.com)

0438 ET - Shares in BNP Paribas fell after what Citi analysts described in a note to clients as a mixed set of results. This was driven by items that shouldn't repeat while the stronger capital ratio should reassure as it provides a buffer to absorb any potential future charges or to support growth, they note. The French bank's profit and revenue were a touch light compared with consensus expectations due to a lower result in its corporate and institutional bank, which booked a provision in its global markets division, and a heavier charge in its corporate centre. The lender reaffirmed all of its financial targets. Shares fall 2.8% to 67.26 euros. (elena.vardon@wsj.com)

0412 ET - Amundi's good third-quarter operational performance might be damped by uncertainty on the asset manager's financials stemming from the expiry of its distribution contract with UniCredit in June 2027, RBC Capital Markets says in a research note. The French firm is set to outline its targets to 2028 at an investor day on Nov. 18 but has said these projections will take into consideration the potential outcomes of this important agreement with UniCredit. "We view this as meaning a relatively cautious 2028 target," they note. The group reported assets under management broadly in line with expectations, benefiting from inflows and positive market movements in the quarter, which net management fees driving the third-quarter earnings beat. (elena.vardon@wsj.com)

0349 ET - Shares in BNP Paribas could fall at market open after the French bank posted third-quarter results which featured a strong capital ratio but weaker-than-expected operational results, Keefe, Bruyette & Woods says in a research note. "The wait and see environment in France together with the credit loss will raise some questions, in our view, and because of this, we believe shares will be under pressure first thing," analysts Thomas Hallett and Andrew Stimpson write. They describe the print as underwhelming as good performance in global markets and EuroMed was more than offset by weakness across banking, its vehicle leasing company Arval and some softness in France. (elena.vardon@wsj.com)

0341 ET - HSBC reported a good set of third-quarter results, J.P. Morgan Cazenove says in a research note. Figures came in ahead of expectations, and it raised its banking net interest income guidance. "We see the strong pre-provision operating performance and upgrade providing share price support in the short term, but we expect ongoing questions," analysts write in a research note. They point to the bank's capital allocation given its privatization of Hang Seng bank and its acquisition criteria. Questions also remain around litigation risk relating to the Madoff case, for which it took a hefty provision in the quarterly results. HSBC's standout performance in wealth management bodes well for peers Standard Chartered, UBS and Julius Baer given high levels of client activities and inflows, they add. (elena.vardon@wsj.com)

2254 ET - National Australia Bank's bull at Jefferies is looking to the lender's annual result announcement for details on how its business unit is holding up against increased competition. Analyst Andrew Lyons acknowledges concerns that NAB's traditional strength in business banking makes it more exposed than its peers to increased industry focus on the sector. Lyons' expectation for a 1.77% net interest margin for the second half of NAB's 2025 fiscal year compares with a consensus forecast of 1.73%. He tells clients in a note that he will be looking for any sign that competition is having an adverse margin impact. Jefferies lifts its target price 1.4% to A$46.16 and keeps a buy rating on the stock, which is up 2.4% at A$44.585. (stuart.condie@wsj.com)

2114 ET - CIMB Group's 3Q earnings will likely be solid, driven by resilient non-interest income and stable asset quality, TA Securities analyst Li Hsia Wong says in a note. However, net interest margin compression and slower loan growth may weigh on earnings slightly, she says. Cost discipline remains intact as management continues targeted cost-optimization efforts, especially in establishment and technology-related expenses, she reckons. Overall operating costs are likely to stay contained this year, though bonus accrual timing and other discretionary spending may cause slight on-quarter fluctuations in 3Q and 4Q, she adds. Wong thinks CIMB's capital accretion continues to be positive, offering a healthy buffer for business expansion and sustain shareholder returns. TA Securities maintains a buy rating on CIMB and keeps its target price at MYR8.45. Shares are unchanged at MYR7.45.(yingxian.wong@wsj.com)

(END) Dow Jones Newswires

October 28, 2025 12:20 ET (16:20 GMT)

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