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

0201 GMT - Hong Kong shares fluctuate between modest gains and losses after opening slightly higher. China's April official manufacturing PMI falls into the contractionary territory as hefty U.S. tariffs on Chinese goods start to hurt the country's economy. Insurance stocks are leading the gainers. China Life Insurance is 3.0% higher and AIA Group rises 5.3%. PetroChina rises 2.4% after its 1Q net profit increased 2.3%. BOC Hong Kong is up 2.75% after reporting higher 1Q operating profit. China Merchants Bank drops 5.3% and Industrial and Commercial Bank of China is 4.2% lower. The benchmark Hang Seng Index is 0.1% lower at 21977.95. The Hang Seng Tech Index rises 0.3%. (sherry.qin@wsj.com)

0159 GMT - iFAST Corp.'s ePension division, its key growth driver, is poised for growth this year, DBS Group Research's Lee Keng Ling says in a research report. Growth in its Hong Kong business was weighed down in 1Q by higher investments in this division, the analyst says. The digital banking and wealth management platform has reduced its 2025 pre-tax profit guidance for the Hong Kong business by 24%, while maintaining its revenue guidance, the analyst notes. DBS cuts its 2025 and 2026 earnings estimates for iFAST by 15% and 11%, respectively. It lowers the stock's target price to S$9.22 from S$10.88, with an unchanged buy rating. Shares are 1.4% lower at S$6.21. (ronnie.harui@wsj.com)

0153 GMT - Chinese shares are mostly higher in early trading, with the Shanghai Composite Index flat at 3285.71. The Shenzhen Composite Index adds 0.5% to 1912.36 and ChiNext Price Index gains 0.7%. Investors are digesting the latest China PMI data, which signaled weaker-than-expected manufacturing activity. Among major stocks, technology companies are leading the gains. Beijing Kingsoft Office Software gains 3.6% and iFlytek is 2.2% higher. Banks are lower, with the Bank of China gaining 2.1% and Bank of Communications rising 1.1%. (tracy.qu@wsj.com)

0140 GMT - CIMB Group's Indonesian unit may continue to benefit from robust loan growth and a shift toward higher-yielding assets as Bank Indonesia signals potential rate cuts, Hong Leong IB analysts say in a note. Management is focused on expanding fixed-rate loans such as hire purchase, unsecured, and personal financing, despite ongoing tight liquidity conditions, they note. Asset quality is expected to remain stable, with minimal tariff-related risks and sufficient loan loss buffers, they say, and forecast credit costs to trend closer to 1 ppt. Given its current valuation and solid ROE outlook, Hong Leong sees the recent share price weakness as a buying opportunity and maintains a buy rating and MYR9.20 target price. Shares are 1.0% higher at MYR7.09. (yingxian.wong@wsj.com)

0113 GMT - Aussie grocer Coles posted 3Q supermarket sales slightly ahead of what was expected by Jefferies' analysts Michael Simotas and Naveed Fazal Bawa. They describe it as a "solid outcome" given that it was a relatively demanding comparison that was being cycled from the prior year. Overall, 3Q supermarket sales of A$9.4 billion was 0.5% ahead of Jefferies estimates. And on a holiday adjusted basis, the Jefferies analysts say supermarket comparable sales grew 3.2%, above the 2.2% that they expected. They caution that the supermarket figures are unlikely to change consensus estimates moving forward, and that costs associated with a simplification program at Coles's liquor business could drive a small downgrade. Jefferies has a hold rating on Coles. (mike.cherney@wsj.com)

0111 GMT - Singapore's FTSE Straits Times Index edges 0.2% higher to 3814.29, tracking Wall Street's gains overnight. The main theme has been risk-on, Commerzbank Research analysts say in a research report. Investors have cheered on President Trump's latest tariff relief for automakers, the analysts say. Also, Commerce Secretary Lutnick said a trade deal with an unnamed country is close to being announced, the analysts add. Among the best performers on the benchmark index, DBS rises 1.2%, Yangzijiang Shipbuilding adds 1.35%, and City Developments is up 0.6%. Meanwhile, Jardine Matheson Holdings falls 2.1% and Thai Beverage sheds 2.0%. (ronnie.harui@wsj.com)

0110 GMT - Malaysia's benchmark Kuala Lumpur Composite Index is 0.2% higher at 1519.02. The KLCI is likely to consolidate above the 1500 psychological level amid better sentiment and lack of new catalysts, Apex Securities says in a note. Gold stocks may attract interest given higher prices, while oil and gas sentiment may stay weak on falling Brent prices, the brokerage reckons. It pegs the KLCI's support at 1500 and resistance at 1530. Among the gainers, YTL Corp. adds 1.6% and Sime Darby is up 1.0%. Meanwhile, Press Metal Aluminium is 0.2% lower and Nestle (Malaysia) is down 0.4%. (yingxian.wong@wsj.com)

0046 GMT - Treasury Wine bull UBS remains upbeat on the Australia-based vintner after export data painted a somewhat mixed picture. Quarter-on-quarter growth to the key China market was mixed, with the December 2024 quarter up on the September 2024 quarter, but the March 2025 quarter was down on the December 2024 quarter. UBS says that reflects quarterly demand variations, with Chinese New Year volumes skewed to the December quarter. For now, UBS retains its buy rating, saying that Treasury's ability to deliver on growth guidance for its Penfolds luxury brand, for which China is an important market, will be a key driver of the stock price. UBS sees Treasury rising to A$14/share in the next year, compared to A$8.95/share in recent trade. (mike.cherney@wsj.com)

0045 GMT - The recent sell off in Sandfire Resources shares has unlocked a buying opportunity for investors, according to Morgans. Sandfire's stock fell more than 30% between March 24 and April 9, although it has recovered around half of those losses since then. Sandfire's copper operations in Spain and Botswana were both affected by weather in 3Q, although the company continued to generate cash that allowed its net debt to come down. "We previously rated Sandfire a Hold as we saw its share price has trading at full value," says analyst Annabelle Sleeman. "However the recent sell off created by potential tariff headwinds and macroeconomic uncertainty has created a buying opportunity." Morgans upgrades Sandfire to Add.(david.winning@wsj.com; @dwinningWSJ)

0040 GMT - Morgans says its confidence in Mineral Resources' ability to execute at its Onslow iron-ore project over the next six months has increased following its latest quarterly report. MinRes says the upgrade to the Onslow haul road remains on schedule to be completed in 1Q of FY 2026. It also expects the project to reach its nameplate capacity of 35 million tons/year in the same period. Analyst Annabelle Sleeman raises MinRes to add, from hold. "We caution that MinRes remains a high-risk investment with debt still elevated, combined with our bearish view of the lithium market and neutral view of the iron ore market," Morgans says. "However, we now see it as undervalued." (david.winning@wsj.com; @dwinningWSJ)

0033 GMT - Jefferies is bullish about IGO as the investment thesis in the Australian mining company becomes increasingly clear. IGO's spending commitments on the first train of its Kwinana lithium hydroxide plant is tailing off and it has mothballed plans for an expansion. At the same time, production from IGO's Chemical Grade Plant 3 looms. IGO expects first concentrate from the CG3P in the three months through December. "This will deliver a clearer pathway for shareholder distributions," analyst Mitch Ryan says. "However, as IGO approaches Nova's end of life, ongoing soft lithium markets, and limited mandate for M&A, we expect IGO's strategy and value-accretive growth pathway to remain a focus." IGO today said production from the Nova nickel mine will cease at the end of 2026. (david.winning@wsj.com; @dwinningWSJ)

0027 GMT - The departure of oOh!media CEO Cathy O'Connor after four years at the helm doesn't unsettle bull Jefferies much. "Whilst leadership change is rarely welcome, we see oOh!media with its suite of 35,000 assets as particularly well-placed to navigate the medium term," analyst John Campbell says. Advertising spending in Australia appears to be near a trough. Also, oOh!media is likely to expand its share of the outdoor advertising market from 2026, Jefferies says. O'Connor plans to remain with oOh!media until 2H of 2025 while the company searches for her successor. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 29, 2025 22:01 ET (02:01 GMT)

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