The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0742 GMT - European energy stocks open slightly lower as oil prices fall back to prewar levels. Tanker traffic through the Strait of Hormuz is picking up and boost hopes that supplies from the region will bounce back. Brent crude falls 1% to $73.14 a barrel, while WTI futures are down 0.8% to $69.94 a barrel. Italy's Eni slides 1%. In London, BP drops 0.8% while Shell inches 0.5% lower. France's TotalEnergies is 0.7% lower.(adam.whittaker@wsj.com)

0722 GMT - Oil prices fall back to prewar levels as tanker traffic resumes through the Strait of Hormuz, raising hopes for a relatively quick recovery in Persian Gulf supplies. In early European trading, Brent crude falls 1.1% to $73.10 a barrel, while WTI futures are down 0.9% to $69.70 a barrel. "The market is likely extrapolating the swift, thus far, recovery of Mideast supply and already pricing expected future surpluses," analysts at Goldman Sachs say. "Beyond the spot-price selloff, the market is increasingly challenging its prior assumption that long-dated prices need to incorporate a sticky security premium." According to the bank, total Gulf oil exports have rebounded to 63% of normal levels, supported by increased tanker crossings through the Strait of Hormuz and a higher proportion of "visible" vessels that have resumed using their ship-tracking signals. (giulia.petroni@wsj.com)

1523 GMT - Gasoline consumption in Canada reached a record high in the first quarter, Desrosiers Automotive Consultants says. It finds there was 10.33 million cubic meters of domestic consumption, a 4.2% increase compared with the same period last year. Desrosiers managing partner Andrew King notes gas consumption was high at the start of the year, then prices spiked dramatically in March due to the conflict between the U.S. and Iran. "We will be tracking if this may work to dampen demand in the second quarter." (robb.stewart@wsj.com)

1448 GMT - Gulf stocks mostly fall as weaker oil prices weigh on regional sentiment, says Aqib E. Mehboob, head of research at Saudi-based BSF Capital. Dollar strength is also affecting markets through global risk appetite, foreign flows and funding conditions, he says. Oil prices are tumbling on signs that traffic through the Strait of Hormuz is recovering. Qatar's QE Index falls 0.8%, while Saudi Arabia's Tadawul All Share Index and Abu Dhabi's benchmark index each lose 0.3%. The Dubai Financial Market General Index rises 0.1%. (farhan.rafid@wsj.com)

1258 GMT - Rheinmetall shares are on pace for their worst day since October 1989, as investors react sharply to media reports that Germany is ditching plans to build a new warship model. Shares in the defense giant tumble 17.5% in afternoon European trade after Der Spiegel magazine and the Financial Times reported the German government is dropping a plan to build six F126 frigates. The project is one of the biggest in Rheinmetall's pipeline. Barring a recovery before the close, the market rout will wipe 9.36 billion euros off Rheinmetall's market value--its largest one-day market cap loss on record. Shares haven't dropped so steeply in percentage terms since Oct. 16, 1989, shortly before the fall of the Berlin Wall.(josephmichael.stonor@wsj.com)

1256 GMT - Oil prices extend losses after President Trump said Iran told the U.S. that it wasn't seeking or collecting tolls from ships sailing through the Strait of Hormuz. In afternoon European trade, Brent crude slides 2.8% to $74.62 a barrel, while WTI futures fall 3% to $71.06 a barrel. "No tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling the Strait of Hormuz," Trump said in a social-media post on Wednesday. The comment comes as traders grow increasingly optimistic that flows through Hormuz will gradually normalize and supply from major Gulf producers will recover soon. (giulia.petroni@wsj.com)

1200 GMT - FedEx's guidance is difficult to measure due to several structural changes to how the company reports its finances, Morgan Stanley analysts say. FedEx switched to a calendar-year reporting schedule, making it difficult to compare its forward outlook with previous guidance, the analysts say. The company's spinoff of FedEx Freight also complicates comparability, and investors are waiting until the newly independent company reports financials on Thursday to see how the freight industry performed. The analysts estimate FedEx's guidance for the second half of this calendar year is modestly below sell-side consensus estimates, which they say is contributing the stock's 6% decline premarket. They add that it will be difficult to pin down the normalized EPS level until the company issues 2027 guidance in January. (katherine.hamilton@wsj.com)

0930 GMT - FedEx margins are at a trough and will expand thanks to tech investments and efficiency savings, Jefferies' Stephanie Moore writes. The delivery group's margins are less than half those of its top competitor Old Dominion, the analyst writes. As a result of a fresh sales team and technology improvements that will increase the density of packaging in trucks, margins could expand by 350 basis points by 2029, Moore says. The company will also benefit from a broader growth uptick in the freight sector, she adds. Jefferies initiates its coverage of FedEx with a buy rating. FedEx after market close Tuesday reported a fall in profit for the latest quarter. Shares fall 7.2%.(josephmichael.stonor@wsj.com)

0857 GMT - Rheinmetall management should revise guidance for its naval business after reports that the German government scrapped a booking for six F-126 frigates with a value of 12 billion euros, MWB Research's Jens-Peter Rieck writes in a note to clients. Rheinmetall's naval segment was expected to generate revenue of about 5 billion euros in 2030, but Rieck lowers that estimate to about 3 billion euros to reflect the loss of F-126 sales and the reality of a shipyard running below capacity. "The F-126 frigate cancellation strips Rheinmetall of the crown jewel that justified the NVL acquisition and anchored 2030 Naval guidance," Rieck says. Rheinmetall shares trade 13% lower at 1,008.60 euros. (mauro.orru@wsj.com)

0844 GMT - Shares of European defense companies edge lower after reports that Germany is abandoning plans to build a new warship model. The Financial Times and Germany's Der Spiegel said Berlin was dropping plans to build six F126 frigates. In Germany, Rheinmetall shares are down 15%, with Renk Group down 4.8% and Hensoldt down 4.3%. France's Thales and Dassault Aviation are both down 2.4%. In Italy, Leonardo shares are down 4.2%. The U.K.'s BAE Systems is down 1.9%. (mauro.orru@wsj.com)

0832 GMT - Rheinmetall could miss its order intake target for the year after the German government scrapped a planned booking for six F126 frigates with a value of 12 billion euros, JPMorgan analysts write in a note to clients. The German arms maker is targeting orders intake of 80 billion euros this year and it expected the frigates order in the second quarter, they say. If Berlin doesn't replace the order with another contract, the analysts say it would be very unlikely for the company to hit its annual goal. "We think it is very unlikely that a large new naval contract could be awarded in a short time frame," they say. Rheinmetall shares trade 15% lower at 996.90 euros. (mauro.orru@wsj.com)

(END) Dow Jones Newswires

June 25, 2026 04:20 ET (08:20 GMT)

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