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

0802 GMT - Japanese equity markets have shown little to no disappointment that a meeting between Prime Minister Ishiba and President Trump didn't yield a trade deal, says Louis Chua at Julius Baer. Major indexes kept edging up after the meet, likely due to Trump citing "tough" negotiations with trading partners across Japan, China and the EU, Chua says. Equity market conditions are likely to stay in flux, with volatility rising as the end of the 90-day pause on "reciprocal" tariffs approaches. Especially affected will be overseas demand-oriented industries sensitive to tariffs, such as autos, auto parts, machinery, steel and aluminum. "We remain focused on corporate reform in Japan, and on stocks that are leveraged to the long-term structural trend of rising shareholder returns and value creation." (fabiana.negrinochoa@wsj.com)

0747 GMT - Whitbread's latest performance update could lead to another pretax profit consensus trim if the revenue per available room trends seen in 1Q persist in the remainder of the year, Jefferies analysts say in a note. "Outlook commentary talks to a positive booked position, but the market may look through this given RevPAR remains negative," Jefferies says. Shares are down 2.2% at 2,728 pence and are down 7.3% in the year to date. (anthony.orunagoriainoff@dowjones.com)

0743 GMT - Hays's downward forecast revision didn't come as a surprise given the uncertain political and economic situation, RBC analyst Karl Green says in a research note. The U.K. staffing group said it expects to report operating profit below market views for its fiscal 2025 due to weaker activity in permanent recruitment in the fourth quarter. The update was expected, as companies are posting fewer new job vacancies, Green adds. On top of that, even when companies are hiring, it is taking them longer to make decisions. This makes it clear that a recovery is unlikely any time soon, Green says. That said, the bank sees Hays's valuation as attractive for a recovery and believes further productivity improvements can boost the company's profitability going forward. Shares are down 13.5% at 60.75 pence. (maitane.sardon@wsj.com)

0743 GMT - China's sportswear sales still face uncertainties, Nomura analysts Jizhou Dong and Riley Jin say in a research note. Major international and domestic sportswear names have experienced further moderation in sales momentum in May-June, the analysts say, citing their channel checks. Nomura expects the weakened sales momentum to continue into 3Q, driven by lukewarm sales momentum in lower-tier cities and intensified competition. (tracy.qu@wsj.com)

0740 GMT - Danish brewer Carlsberg's recent share-price underperformance versus ABInBev and Heineken looks overdone, Citi analyst Simon Hales writes. Focus is on the weather in June and July, but the risk to earnings and full-year guidance is still skewed to the upside, he says. Second-quarter comparables in parts of central and eastern Europe are tough. However, a solid start to the period elsewhere, favorable weather in many western European markets, and an improving performance in Vietnam mean 2Q overall should be robust. The full-year contribution from recently acquired Britvic also offers upside potential. Meanwhile, noncore asset disposals could lead to an acceleration in reducing debt on the balance sheet. Citi reiterates its buy rating on the stock and opens a positive catalyst watch. Shares rise 0.7%. (dominic.chopping@wsj.com)

0725 GMT - Bumi Resources Minerals' stock looks attractive, UOB Kay Hian's Benyamin Mikael says in a research report. The miner has strong earnings growth over the next four years, potential mineral reserve increases and possible monetization of its Gorontalo mine in Indonesia. The Indonesian miner's gold sales volume should grow 17.9% from a year earlier to over 76,600 ounces in 2025, the analyst estimates. This growth is poised to be driven by higher gold grades in Indonesia's Palu and by the commencement of commercial operations of its third gold plant in 2H. The brokerage initiates stock coverage with a buy rating and a target price of IDR610.00. Shares are 3.2% lower at IDR428.00. (ronnie.harui@wsj.com)

0657 GMT - News that Nestle Chairman Paul Bulcke will step down next year and be replaced by Pablo Isla, former CEO of Zara owner Inditex, comes as no surprise, Vontobel's Jean-Philippe Bertschy says in a research note. The change marks the end of a significant chapter for the Swiss food giant as Bulcke has been with the company for nearly five decades, including nine years as CEO and another nine years as chairman, the analyst says. "Paul [Bulcke] turned 70 last year, and there were rumors in the market that either board member Pablo Isla or Luca Maestri could take over at the 2027 annual general meeting at the latest," Bertschy says. (adria.calatayud@wsj.com)

0652 GMT - Siemens Energy India stands to benefit from India's decarbonization trend, HDFC Securities analysts say in a research report. The separated energy business of Siemens captures maximum value among its peers, as it has products and solutions covering large markets such as decarbonization, power generation and clean energy, the analysts say. The demerged entity is also a transmission and distribution play that will likely be dominant in the near-to-medium term, with India's T&D investments having increased substantially over the past two years. The brokerage initiates stock coverage with a buy rating and a target price of INR3,000.00. (ronnie.harui@wsj.com)

0647 GMT - Chinese bubble-tea chain Chagee could benefit from industry tailwinds, Deutsche Bank's Han Zhang says in a research note. The analyst expects Chagee's net profit to post compound growth of 24% between 2025 and 2027, citing its well-protected leading premium position, a healthy pace of store openings domestically amid a rapidly growing tea industry and a gross-profit margin uptrend. She reckons that Chagee's gross merchandise value per store in China should normalize on a healthier pace of store openings and product innovation. DB initiates coverage on Chagee with a buy rating and sets its ADR target price at $40.50. The ADRs last ended flat at $28.30. (sherry.qin@wsj.com)

0627 GMT - Nordic markets are seen opening lower, with IG calling the OMXS30 down 0.4% at around 2449. The crisis in the Middle East continues with full force and the big question now is whether the U.S. will actively join Israel in the conflict, SEB analysts say in a note. As expected, the Fed left the policy rate unchanged at 4.25%-4.50% yesterday, with Chair Powell saying the central bank needs a few months before the rate can be cut. Stock markets in Asia have fallen overnight and futures indicate a decline in Europe ahead of the opening. U.S. markets are closed today. The Swiss Central Bank is expected to cut its key interest rate from 0.25% to 0% today, while Norges Bank and the Bank of England are seen on hold. OMXS30 closed at 2458.59, OMXN40 at 2374.80 and OBX at 1560.28. (dominic.chopping@wsj.com)

0554 GMT - Mega Lifesciences' strategic overseas push appears favorable, CGS International's Thanapol Jiratanakij says in a research report. The Thai pharmaceutical and supplement manufacturer's Indonesia plant is now ramping up and its Vietnam plant is expected to come online in 2028. The brokerage expects acceleration in the company's branded business sales growth, especially in the pharmaceutical segment, over the next three to five years. Also, its manufacturing presence in these countries would likely enhance the company's eligibility in local hospital bidding processes that prioritize domestic suppliers. The brokerage raises the stock's rating to add from hold, and keeps a target price of THB31.00. Shares are 1.0% lower at THB25.75. (ronnie.harui@wsj.com)

0551 GMT - Stelrad Group looks well-positioned to exceed its medium-term targets, Berenberg analysts Edward Prest and Robert Chantry write in a note. Over recent years, the specialist radiator manufacturer has become a leader in the U.K., continental Europe and Turkey, they say. Therefore, the group is likely to meet its medium-term growth targets and could go further, they add. "Management has a medium-term strategy to grow market share by 1%-2%, to increase the contribution per radiator above 21 pounds and the operating margin to 13%," they say. The German brokerage initiates coverage of the stock with a buy rating and a target price of 200 pence. Shares closed at 145 pence on Wednesday. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

June 19, 2025 04:02 ET (08:02 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.