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

0955 ET - Global air passenger numbers are expected to grow at a slower rate this year than in recent years due to the war in the Middle East and subsequent higher energy prices, the International Air Transport Association says. Traffic--measured in revenue passenger kilometers--is forecast to grow by 2.1% year-on-year in 2026, the association says. Middle East traffic is expected to fall 11.4%, while Europe, Asia Pacific and North America are expected to grow 2.8%, 5.1% and 0.8%, IATA says. However, African traffic is expected to grow 10% this year. "The sharp increase in oil prices and the even greater surge in fuel costs weigh on both our industry and the macroeconomic environment," the body says. (ian.walker@wsj.com)

0953 ET - Adobe's decision to accelerate new user acquisition through a focus on its freemium offerings looks like a long-term bet, with JPMorgan analysts warning it could take time to see how the strategy will play out. "Our impression is that, fundamentally, Adobe is consciously choosing to invest to capture a larger, long-term opportunity presented by the proliferation of AI, with the trade-off being near-term ARR dollars," the analysts say. In the shorter term, investors will likely remain skeptical and wait for the strategy to actually flow through to results as AI-related uncertainties and fears persist, they say. JPMorgan cuts the price target to $340 from $420. Adobe is off 8% in early trading. (kelly.cloonan@wsj.com)

0939 ET - Analysts see logic in Adobe's move to focus on its freemium tier, given AI has led to increased competitive pressure in the creative industry. "With the rise of Canva and AI Labs, Adobe has found itself in competition/co-opetition with a wider set of providers for creative's attention than any point in recent history," Stifel analysts say in a note. But while the strategy shift has the potential to put users on a path to paid conversion, it removes some visibility, the Stifel analysts say. Mizuho analysts reiterate that point. "While we very much understand the rationale for ADBE's strategic shift, this also raises the level of uncertainty by introducing substantial changes to monetization," they say in a note. Adobe is off 8% in early trading. (kelly.cloonan@wsj.com)

0938 ET - Gold prices extend gains in afternoon trading on hopes for a peace deal in the Middle East after President Trump called off planned strikes on Iran. "The drop in U.S. Treasury yields is weighing on the U.S. dollar somewhat, as rate hike expectations for the Fed have been pushed back on the hope that a U.S.-Iran deal is around the corner," says Raffi Boyadjian, market analyst at brokerage XM. "A 25-bps [basis points] rate increase is now not fully priced in until March 2027." Gold futures in New York rose 2.7% to $4,445.20 a troy ounce, though they remain on track for a weekly loss of 6% as risks of escalation in the conflict and U.S. consumer price data weighed heavily on bullion this week. (giulia.petroni@wsj.com)

0927 ET - The euro has proved relatively stable despite geopolitical tensions, but the balance of risks is stacking up against the exchange rate, HSBC analysts say in a note. "Crucially, the monetary outlook favors the dollar." While the market prices further European Central Bank interest rate rises, HSBC expects cuts in 2027. Rate differentials could therefore swing in favor of the dollar, particularly if the Federal Reserve shifts to signaling policy tightening, they say. The euro's underlying position is also weakening due to structural headwinds, they say. The eurozone's current account surplus has narrowed as its manufacturing competitiveness deteriorates. Political risk could also rotate back to Europe as the April 2027 French election approaches, they say. The euro falls 0.1% to $1.1565. (renae.dyer@wsj.com)

0925 ET - With the wealth created through SpaceX's IPO, a new report from Redfin says current and former employees could hypothetically pool their money to buy an estimated 40% of all homes in San Antonio. San Antonio is the closest major U.S. metro area to the company's Starbase, TX headquarters. Another couple of hypothetical scenarios: employees could buy an estimated 15% of all homes in Houston, one of the largest housing markets in the country, or every single home in McAllen, Texas. McAllen is much smaller than the other markets, but only 80 miles away from Starbase, and employees would have about $74 billion left over, the report adds. (jessica.coacci@wsj.com)

0857 ET - Last week's selloff in cryptocurrencies likely marks the low in prices for this cycle, Standard Chartered's Geoff Kendrick says in a note. The SpaceX initial public offering could sound the end of crypto exchange traded funds selling, he says. A possible U.S.-Iran-U.S. war deal would also support cryptocurrencies if oil prices fall alongside Treasury yields, he says. Another potential positive catalyst would be bitcoin-hoarding firm Strategy announcing more bitcoin purchases next week, having unveiled renewed purchases on Monday. Strategy last week said it sold bitcoin holdings for the first time since 2022. Bitcoin rises 0.1% to $63,417 after reaching a 20-month low of $59,125 last Friday. Ether falls 0.3% to $1,664 after hitting a 14-month low of $1,506 Saturday.(renae.dyer@wsj.com)

0844 ET - The Bank of England is expected to leave rates unchanged next week, but will remain on guard, analysts at Santander say in a note. "Policymakers are likely to judge that existing monetary conditions remain sufficiently restrictive to continue to play for time while the precise threat of persistent inflation risks stemming from the Middle East shock is assessed," they say. For now, softer inflation and a weak labor market point to limited risks of second-round price growth effects, but this could change if the war in Iran drags on. "Ultimately, if crisis duration remains a dominant concern after the summer, we see a good chance of the BOE being forced to hike come September." (don.forbes@wsj.com)

0832 ET - Kongsberg Gruppen has delivered new financial goals, including a margin target that came in below expectations, Bank of America Securities analysts write. Kongsberg is targeting 100 billion Norwegian kroner of revenue in 2029 and 150 billion kroner in 2033, with an EBIT margin of over 16%. This is an upgrade versus previous targets, which had included the recently spun-off maritime business. The 2029 revenue target is roughly in line with consensus while the margin is below it, though management said this is a floor rather than a ceiling. "We think management is being cautious, particularly on the margin given performance over the past few years," the analysts say. BofA lifts its price objective to 465 kroner from 425 kroner and keeps its buy rating on the stock. Shares fall 1.3% to 298.10 kroner. (dominic.chopping@wsj.com)

0829 ET - A rising U.K. unemployment rate and sluggish wage growth are likely to minimize the risk of second-round inflation effects, economists at TD Securities say in a note. The labor market weakness is likely to allow the Bank of England to keep interest rates on hold at 3.75% for a longer period, rather than raise rates to tackle inflation, the economists say. (miriam.mukuru@wsj.com)

0828 ET - A strategy shift and further executive turnover are complicating Adobe's growth trajectory, Stifel says in a note. The company is pivoting to its freemium user growth, a move that makes sense as the rise of AI tools ramps up competition, the analysts say, but comes at the expense of near-term annual recurring revenue [ARR] upside and visibility. Adobe also announced plans for CFO Dan Durn to depart, adding more leadership uncertainty as its CEO is also expected to step down this year. In the latest results, the analysts say they viewed a modest ARR beat and raise as the base case, and that investors were looking for consistent upticks throughout the year to support sustainable double-digit growth. "That's now off the table in the near-term," the analysts say, cutting their rating stock to hold from buy. Adobe is off 7% premarket. (kelly.cloonan@wsj.com)

0825 ET - Dollarama's rebound in Canadian same-store sales growth eases the market's biggest concern: that the soft 4Q reflected fading consumer traction. Stifel's Martin Landry says in a report that the 5.6% increase in 1Q same-store sales, which topped Landry's expectations of 3.8% and consensus of 3.7%, "was reassuring and welcomed by investors," especially after the 1.5% growth in 4Q. The stronger performance supports his view that the prior softness was tied to weather rather than a loss of momentum. The recovery in Canada, combined with outperformance in its Dollarcity operations in LATAM, contribute to Stifel's increased target price of C$215, up from C$190. Dollarama is down 4.6% year-to-date at C$195.76. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

June 12, 2026 09:55 ET (13:55 GMT)

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