The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1051 GMT - Fund managers say investing in global semiconductors is the most overcrowded trade across global markets, Bank of America's Global Fund Manager Survey finds. Close to three quarters of money managers surveyed say that semiconductor stocks are the most crowded trade in May, up from around 25% in April. Last month, fund managers said the most crowded trade was betting that oil prices would rise. Semiconductor stocks have soared this year as investors bet supply bottlenecks will drive up prices of memory chips crucial to artificial-intelligence expansion. The iShares Semiconductor ETF is up over 63% year-to-date. However, the gauge fell 7.2% over the last two sessions--its worst two-day streak since April 2025.(josephmichael.stonor@wsj.com)

1048 GMT - Praram 9 Hospital's earnings could be supported by stronger patient inflows from the Middle East, say DBS Group Research's Sasikarn Udomvej in a note, adding the improvement is likely to be significant in 2Q. The Thai hospital operator expects revenue contribution from this segment to exceed prior levels, the analyst says, adding revenue from Qatar could notch a new high on strong demand for heart and neurology services. The analyst stays cautious about the company's revenue growth guidance of low-to-mid single-digit, citing uncertainty around the U.S.-Iran war. DBS lowers its target price to 22.00 baht from 23.00 baht while retaining a buy rating on the stock, which closed 0.6% higher at THB16.00. (megan.cheah@wsj.com)

1014 GMT - Investor stock-market exuberance returned this month as fund managers recorded the biggest monthly increase in their allocations to stocks on record, according to Bank of America's Global Fund Manager survey. The proportion of money managers who bet that stocks would outperform other assets jumped by 40% in May--the largest rise on record. The increase follows a sharp decrease in equity allocations last month after market sentiment soured on the fallout from the U.S.-Iran war. Investor sentiment recovered to February 2026 levels, with fund managers increasingly drawn to riskier assets. As stock allocations increased, allocations to cash--a traditional safe-haven asset--saw their largest monthly drop since February 2024, the survey found. (josephmichael.stonor@wsj.com)

1009 GMT - Pessimism on global growth drops, with global investment sentiment in May recovering to its highest level since February, Bank of America's global fund manager survey says. Currently only 4% of investors predict a "hard landing" of the economy--or a sharp economic slowdown or even recession--, the survey says. The survey also reveals a record jump in investors expecting double-digit EPS growth while concerns over Iran are subdued, with 66% expecting the bottleneck with the Strait of Hormuz to end in the next few months, BofA says in a press release accompanying the survey. (emese.bartha@wsj.com)

0951 GMT - Diploma PLC's performance reflects consistent execution, RBC Europe analysts Andrew Brooke and Karl Green write in a note. The industrial-supply company delivered higher revenue for the first half, mainly driven by a double-digit percentage organic growth in its controls unit. Overall, results remain robust and momentum continues at the company's existing operations, they say. Shares are up 4.8% at 69.45 pounds. (najat.kantouar@wsj.com)

0948 GMT - Singapore's benchmark FTSE Straits Times Index gained 1.5% to close at a record high of 5072.34, fueled by gains in bank stocks. Index heavyweights DBS Group and Oversea-Chinese Banking Corp. hit record highs Tuesday. Their momentum was likely aided by interest-rate expectations as the market now anticipates the Federal Reserve to maintain its policy rates this year, says an RHB Research analyst in an email. This could support interest rates in Singapore and help alleviate pressure on banks' net interest margin, the analyst says. OCBC's recent strong results and DBS's upbeat guidance could also be supporting the lenders' shares. DBS rose 2.0% and OCBC added 1.7%, while the third major locally listed bank, United Overseas Bank, climbed 1.2%. (megan.cheah@wsj.com)

0947 GMT - Malaysia's inflation is expected to exceed 2.0% from May, as Middle East-linked supply pressures continue to lift fuel and food costs, UOB economists Julia Goh and Loke Siew Ting say in a note. Malaysia's headline inflation rose to 1.9% in April, while UOB expects full-year 2026 inflation to average 2.0%. The latest inflation and GDP data support a cautious stance by Bank Negara Malaysia amid external headwinds and second-round inflation risks, they say. They expect the overnight policy rate to remain at 2.75% until clearer shifts emerge in global and domestic conditions. (yingxian.wong@wsj.com)

0936 GMT - Standard Chartered investors will be encouraged by the bank's forecasts for earnings-per-share increase, UBS analysts write. The bank said it expects growth in the high teens through 2028, confirming it is "still a high growth company," the analysts write. A narrowing of the bank's income-to-cost ratio might provoke some concern among investors. But if Standard Chartered sustains the growth of its wealth division, the bank could be a premium growth company, a status that isn't currently accounted for in its stock price, the analysts say. Standard Chartered shares slip 0.9% after the bank's update Tuesday morning.(josephmichael.stonor@wsj.com)

0907 GMT - Diploma PLC's results show the industrial-supply company's momentum continues to build up, Berenberg analysts write in a note. The company lifted its fiscal 2026 expectations for the second time, as revenue and key earnings metrics came in higher for the first half. The London-listed company's sustainable growth model continues to stand out, they say. "Diploma's culture and model give us high conviction in the group's ability to deliver sustainable mid-teens-plus free cash flow per share and earnings growth over the long term," they add. Shares are up 3.8% at 68.75 pounds. (najat.kantouar@wsj.com)

0850 GMT - Currys PLC enters fiscal 2027 from a position of strength and is clearly winning profitable market share, analysts at Panmure Liberum write in a note. The U.K. retailer reported like-for-like sales growth of 4% for fiscal 2026 ended May 2. "Momentum from peak trading has continued, with management reporting little observable impact from the Middle East," they say. The group said it expects pretax profit to be around 191 million pounds, 18% higher on year, up from a prior forecast between 180 million pounds and 190 million pounds. The recent share price pullback presents a buying opportunity for the stock, they say, adding that there is upside to forecasts and to shareholder returns should geopolitical pressures ease. Shares are up 10%. (andrea.figueras@wsj.com)

0847 GMT - German businesses are hoping for a swift agreement among EU institutions on the U.S. trade deal ahead of talks Tuesday evening, according to DIHK, the German Chamber of Commerce and Industry. Agreements with the U.S. must be consistently implemented, given the threat of further tariffs and legal uncertainty even if those agreements are in part unsatisfactory, DIHK says. The current deal can help stabilize relations for the time being and buy time that Europe should use to pursue further trade agreements and partnerships, and to reduce strategic dependencies, it says."The asymmetrical nature of the EU-U.S. deal must not become a benchmark for European trade policy." (sarah.sloat@wsj.com)

0845 GMT - A former director rejoining City Developments' board could add strategic depth and operational oversight to the Singapore property company as it undergoes a strategic business review, says DBS Group Research's Tabitha Foo in a note. Kwek Leng Peck, who served on the CDL board from 1987 to 2020, has over four decades of experience in the wider Hong Leong Group that owns CDL. "His return comes at a pivotal time as CDL evaluates capital allocation, portfolio optimization and longer-term value-unlocking initiatives," the analyst says. She notes the market value of Hong Leong Asia, where he currently serves as chairman, has increased significantly, given stronger earnings momentum and disciplined capital allocation. DBS retains its buy rating and S$12.00 target price. Shares rise 4.6% to S$8.20.(megan.cheah@wsj.com)

(END) Dow Jones Newswires

May 19, 2026 06:51 ET (10:51 GMT)

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