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

0842 GMT - The centerpiece of Shell's updated strategy remains its plan to grow free cash flow a share by 10% a year through 2030, Berenberg analysts write. Buybacks are central to this target and Shell's executives gave extended visibility on their plans, the analysts write. Shell also increased the shareholder payout ratio to between 40% and 50% of cash flow from operations over the cycle. Its current quarterly buyback of $3.5 billion is equivalent to 7% of its market cap annually, the analysts add. Shares trade up 0.6% at 2,782.00 pence. (adam.whittaker@wsj.com)

0831 GMT - Renk Group's guidance for 2025 is in line with consensus, Jefferies says in a research note. The German tank-gearbox maker backed its midterm outlook, though this doesn't take into account potential upside from increased EU defense spending. The impact of higher military investment will be a key focus for investors, as well as the ability to ramp up production under increased demand, analyst Chloe Lemaire and associate Ben Brown say. Margins in the vehicle mobility solutions unit will also be eyed, they say. The market will want to know what drove the segment's strong fourth-quarter margin performance, and whether this will normalize going forward. Shares are now up 1% at 44 euros. (elena.vardon@wsj.com)

0829 GMT - Avon Technologies' medium-term opportunity looks bright as NATO allies increase investment in defense, Shore Capital analyst Jamie Murray says in a note. The British manufacturer of gas masks and helmet's order momentum has been positive on higher-than-expected demand for all its core products, he says. Two NATO customers purchased respirators from Avon Technologies for the armed forces of Ukraine and two European navies signed a 12-year framework for rebreathers. However, the first half of the company's fiscal year will be affected by costs associated with the closure of its California factory, the analyst says. Shares are up 7.9% at 14.78 pounds. (helena.smolak@wsj.com)

0826 GMT - Vistry's 1Q performance, typified by a 0.59 sales rate per site per week which is below last year's, feels light when compared to its peers, Quilter Cheviot analyst Oli Creasey says in a note. The housebuilder has said this is due to low volumes in the partner-funded business, but believes 2025's volumes will eventually be similar to 2024's over the course of the year, he says. "While there was no commentary, we wonder if the slowdown in partner-funded sales is a result of last year's profit warnings - companies may be reluctant to go into business with a partner whose finances are not in good shape," Creasey says. Shares are down 7.25% at 601.50 pence.(anthony.orunagoriainoff@dowjones.com)

0819 GMT - Hong Kong's Hang Seng Index closed 0.6% higher at 23483.32, led by consumer and property stocks. Investors await the Chinese commerce ministry's press conference on Thursday for details of possible stimulus measures. Pop Mart International and Haidilao International jumped 11% and 6.1%, respectively, after posting 2024 results. Among advancers on the benchmark index, Shenzhou International Group rose 13% and China Resources Mixc Lifestyle Services added 11%. Meanwhile, Nongfu Spring fell 8.3% and China Merchants Bank lost 5.5%. (amanda.lee@wsj.com)

0803 GMT - The dollar rises slightly but trades within a relatively tight range against a basket of currencies amid uncertainty over U.S. tariffs. "Perhaps we need to wait for a bit of tariff clarity or next week's U.S. jobs report to finally see these recent tight ranges break down," Pepperstone strategist Michael Brown says in a note. Month-end and quarter-end flows are also "continuing to muddy the waters quite significantly." Investors are likely to buy the dollar to rebalance their portfolios after the currency's recent weakness. The DXY dollar index rises 0.1% to 104.310. (renae.dyer@wsj.com)

0749 GMT - Singapore developers' returns on equity are poised to rise on tailwinds, including margin expansion, DBS Group Research's Derek Tan says in a research report. Property development margins are expected to widen in the coming quarters, driven by robust sales and easing interest costs, exceeding initial expectations, the analyst says. Strong sales from recent property launches suggest developers could possibly enjoy lower overall funding requirements, the analyst says. With the Singapore Overnight Rate Average lower by 1 percentage point on-year, developers' financing costs could be lower than underwriting assumptions. DBS' top pick among developers is UOL Group, with a buy rating and a target price of S$8.40. UOL Group's shares are 0.7% higher at S$5.84. (ronnie.harui@wsj.com)

0740 GMT - Nordic markets are seen opening slightly higher, with IG calling the OMXS30 up 0.1% at around 2644. The performance of the world's stock markets was mostly positive yesterday, SEB analysts say in a note. Russia and Ukraine agreed on a ceasefire in the Black Sea, but the Kremlin put conditions on the ceasefire, SEB says. However, there were signs that the strength of the U.S. economy is waning, SEB says. U.S. consumer confidence fell for the fourth month running, while Moody's said the outlook for U.S. public finances has deteriorated further. Stock markets in Asia are rising today, while futures are pointing down in the U.S. and up in Europe. OMXS30 closed at 2641.38, OMXN40 at 2517.60 and OBX at 1459.60. (dominic.chopping@wsj.com)

0715 GMT - Chinese shares ended mixed as investors watched for the commerce ministry's press conference on Thursday for more details of possible stimulus measures. Multiple brokerages have grown more confident on Chinese equities, including Morgan Stanley, that raised its year-end forecasts for the Hang Seng Index, the CSI300, among other Chinese indexes. The benchmark Shanghai Composite Index ended flat at 3368.70 and Shenzhen Composite Index rose 0.4% to 2046.12. The ChiNext Price Index was 0.3% lower at 2139.90. Solar and tech stocks led gains, with Ningbo Deye Technology rising 5.7%. JA Solar Technology was up 3.95%. Huaqin Technology rose 3.8%. Meanwhile, bank stocks led losses, with China Merchants Bank falling 5.4% and Giga Device Semiconductor losing 2.0%. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0710 GMT - TotalEnergies is set to outperform its European rivals and the market underestimates the strength of its upstream business, Citi analysts write. The analysts expect 6% a year real growth in cash flow from operations (CFFO) through 2030--a figure well above those of key European peers and even on-par or slightly ahead of U.S. integrated oil companies, they write. Investors underappreciate the volume and margin growth across its upstream division, and the analysts forecast for CFFO from 2028 through 2030 to be 11% above a VisibleAlpha consensus. The analysts upgrade the stock rating to buy from neutral and raise share price target to 70 euros from 61 euros. Shares closed Tuesday at 59.35 euros. (adam.whittaker@wsj.com)

0655 GMT - Indocement Tunggal Prakarsa stands to benefit from its plan to increase alternative-fuel usage, CGS International analysts say in a research report, as the brokerage retains the stock's add rating. The cement producer expects further efficiencies from its Grobogan plant with a plan to raise alternative-fuel components to 8% in 1H 2025 from 1% in 2024, the analysts say. The Indonesian company said it's maintaining its 2025 Ebtida margin guidance of roughly 20%, while awaiting implementing regulation from the government on its over-dimension-over-load policy. However, the brokerage lowers the stock's target price to IDR7,700.00 from IDR8,100.00 to reflect higher weighted average cost of capital. Shares are 7.3% higher at IDR5,150.00. (ronnie.harui@wsj.com)

0640 GMT - Japanese stocks ended higher as concerns about U.S. tariffs subside for now. Electronics and videogame shares led the gains. Mitsubishi Electric added 3.5% and Nintendo climbed 5.2%. The Nikkei Stock Average rose 0.7% to 38027.29. Investors remain focused on any developments in U.S. trade and foreign policies and their implications for Japanese businesses. The 10-year Japanese government bond yield rose half a basis point to 1.580%. USD/JPY is at 150.55, compared with 149.91 as of Tuesday 5 p.m. Eastern time.(kosaku.narioka@wsj.com; @kosakunarioka)

(END) Dow Jones Newswires

March 26, 2025 04:43 ET (08:43 GMT)

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