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

0341 GMT - China's export growth likely slowed in September, according to Citi analysts in a research note. Total cargo throughput unexpectedly saw a decline in the last week of September, as Typhoon Ragasa hit, with unfavorable base effects kicking in, the analysts note. Citi now expects 5.5% on-year export growth for the whole month. China's new trade strategy could be emerging, as the ministry of commerce announced measures to manage electric vehicle exports through licenses ahead of Beijing's release of its 15th Five-Year Plan, they note. (tracy.qu@wsj.com)

0317 GMT - The Malaysian ringgit may stay below 4.20 against the U.S. dollar next week, Kenanga economists say in a note. A softer dollar and positive sentiment surrounding Malaysia's 2026 budget, due next Friday, supports this outlook, they say. They also note that a U.S. government shutdown could continue for at least a week, putting additional pressure on the dollar. Historical shutdowns have typically led to a steeper U.S. yield curve and a weaker dollar. However, without major directional drivers apart from FOMC minutes, investors may remain selective instead of broadly selling the greenback, they add. Kenanga expects USD/MYR to face resistance at 4.22 and support at 4.20 in the short term. USD/MYR is 0.2% higher at 4.2130. (yingxian.wong@wsj.com)

0305 GMT - The iron-ore market might be nicely balanced now, but downside risk for prices is building, says Panmure Liberum analyst Tom Price. "In coming months, we'll see Xi-led steel production cuts in China, the first ore deliveries from Simandou, and an old-fashioned seasonal pullback," Price tells WSJ. He says unusual stability in prices of late reflects China's subdued steel demand balancing iron ore's supply growth. "We suspect too, that 'CMRG'--China's ore trade watch dog--has spooked the speculators out of this trade," Price says. He adds that the recent "noisy CMRG-BHP face-off may mark the start of China's 20-year-old dream--to impose its will on seaborne iron ore pricing." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0304 GMT - The Singapore dollar consolidates against its U.S. counterpart in the Asian session, as traders assess the potential impact of the U.S. government shutdown. President Trump has warned that a prolonged shutdown could lead to federal firings and project cuts--as well as signaling readiness to use the shutdown to push for spending cuts aimed at Democratic priorities, CIMB's research analysts say in a report. "With key economic data releases suspended, Fed policy assessment remains clouded," they say. USD/SGD is little changed at 1.2897, according to FactSet data. (ronnie.harui@wsj.com)

0302 GMT - Trip.com likely maintained strength in 3Q, Jefferies analysts say in a research note. They project Trip.com's 3Q total revenue to have risen 14% on year, driven by strong domestic revenue and improvement in outbound travel. The analysts add that inbound travel to China is still at an early stage, with potential to expand further. Jefferies keeps a buy rating on the stock with a target price of HK$659.00. Shares are last at HK$576.50. (tracy.qu@wsj.com)

0257 GMT - Malaysian banks are expected to remain resilient despite softer loan growth and narrower net interest margins from the 25bps interest rate cut, Kenanga IB analyst Clement Chua says in a note. The gap in net interest income could be offset by higher fair value gains from fixed income due to falling Malaysian Government Securities yields, along with sequentially stronger average daily trading volumes, which are expected to boost fees and wealth management revenue, he says. Chua doesn't expect any further changes to the policy rate throughout 2025. He pegs AMMB as his 4Q top pick for strong earnings drivers and dividend yield. He also likes Hong Leong Bank for asset quality and improved dividend payout and Malayan Banking for solid domestic footing. Kenanga maintains an overweight rating on Malaysia's banking sector. (yingxian.wong@wsj.com)

0249 GMT - Palm oil prices rise in early Asian trade, supported by softer estimates of Malaysian palm oil output, AmInvestment Bank says in a note. Preliminary data indicate that production has slowed, it says. Technical analysis suggests that crude palm oil futures could hover around MYR4,400/ton, and the price adjustment may provide an opportunity to initiate a long position, it adds. AmInvestment Bank sees support for crude palm oil futures at 4,384 ringgit a ton and resistance at 4,479 ringgit a ton. The Bursa Malaysia Derivatives December contract is 19 ringgit higher at 4,465 ringgit a ton. (yingxian.wong@wsj.com)

0247 GMT - Krungthai Card's valuation seems more attractive after a share-price correction, Thanachart Securities' Rawisara Suwanumphai says in a research report. The provider of credit card services and personal loans is fundamentally strong, which warrants a premium over peers given its superior balance sheet, profitability and market dominance, the analyst says. The company is also the most profitable stock in Thailand's banking and finance sectors, offering estimated return on assets of 7.3% and return on equity of 16.7% in 2027. The brokerage upgrades the stock to buy from sell, but lowers the target price to THB36.00 from THB40.00 to partly reflect a valuation base-year rollover. Shares last closed at THB30.75. (ronnie.harui@wsj.com)

0155 GMT - VS Industry's earnings outlook is clouded by compressed margins, Maybank IB analyst Lucas Sim says in a note. The company has guided that in order to sustain business volumes, it agreed to compromise on margins for customers, he notes. While margins are unlikely to recover in the near term, top-line growth should remain stable, which could support gradual margin recovery through operating leverage. Sim cuts hisFY 2026-FY 2028 earnings estimates on the company by 9%-18%, citing a weaker-than-expected outlook following the company briefing. Maybank cuts VS Industry to hold from buy and trims the target price to MYR0.61 from MYR0.71. Shares are 0.8% lower at MYR0.60. (yingxian.wong@wsj.com)

0133 GMT - Tenaga Nasional is positioning itself as a key candidate to serve as developer-owner-operator for Malaysia's nuclear energy projects, TA Securities analyst Hafriz Hezry says in a note. The utility giant sees nuclear as an inevitable part of the energy mix, with the first plant targeted by 2031 and over 3 GW in capacity by 2034, he notes. Nuclear offers a viable replacement for coal, supports energy security and complements renewables in meeting rising demand from transport electrification, industry and data centers, he says. He sees the development of nuclear energy as a potential medium- to long-term growth driver for Tenaga, alongside efforts to decarbonize its generation portfolio. TA Securities maintains a buy rating on Tenaga and keeps its target price at MYR15.80. Shares are 0.1% lower at MYR13.44. (yingxian.wong@wsj.com)

0129 GMT - Budweiser APAC's 3Q revenue will likely decline amid weakness in China, Deutsche Bank analyst Han Zhang says. China sales volumes were likely weighed down by a multitude of headwinds, including an alcohol ban for official meals plus slow industry-wide growth. Average selling price could also slip, says Zhang, citing factors like the company's shift to in-home sales, including increasing promotions for certain premium brands. The brewer likely did better in South Korea, with DB seeing scope for a rise in revenue thanks to price hikes and stronger premium sales. All told, DB cuts its 2025-2027 forecasts for the company by about 5% on average to reflect volume weakness in China and South Korea. It cuts the stock's target to HK$11.50 from HK$12.00 but maintains a buy rating. (jason.chau@wsj.com)

0029 GMT - The Nikkei Stock Average rises 0.7% to 45260.76, tracking Wall Street gains overnight on the back of OpenAI's recent funding deal and stunning valuation. Increasing valuations in artificial intelligence have given equities a boost, Sucden Financial's Research team says in commentary. Top performers on Japan's benchmark index include Hitachi, which climbed 7.6%, Capcom, which rose 4.8%, and SoftBank Group, which added 3.8%. Asahi Group shares are 0.2% lower in early trade after the company said earlier this week that it was hit by a cyberattack, leading to the suspension of shipments in Japan. USD/JPY is at 147.29, compared with 147.26 as of late Thursday in New York. Investors may also pay attention to Saturday's election for the leadership of Japan's ruling Liberal Democratic Party. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

October 02, 2025 23:41 ET (03:41 GMT)

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