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

0744 GMT - Thyssenkrupp's second-quarter results are a substantial miss, Morgan Stanley analysts say in a research note. The German steel and industrial company posted adjusted Ebitda and EBIT below consensus estimates with misses across all divisions, the analysts say. This was particularly pronounced in its Steel Europe business, weighed down by lower price realizations, they say. Shares trade 8.3% lower at 8.65 euros. (nina.kienle@wsj.com)

0739 GMT - RWE's adjusted net profit beat expectations by 5% but overall it was a fairly vanilla earnings report, Morgan Stanley analysts write. Adjusted Ebitda was broadly in line with consensus expectations, and weaker earnings in its offshore-wind division were as expected given the unfavorable wind conditions, they add. RWE reiterated its full-year guidance, which was to be expected, the analysts say. Overall, the results aren't expected to deliver material upgrades to consensus earnings-per-share expectations, they add. Shares trade down 3.2% 31.18 euros. (adam.whittaker@wsj.com)

0730 GMT - Sage Group's unchanged outlook is unlikely to capture investors' interest, Shore Capital analyst Martin O'Sullivan writes in a note. The accounting-software specialist's interim results were in line with the company-compiled consensus. But despite the company's reassuring narrative, the performance won't drive consensus earnings upgrades or any significantly greater enthusiasm in the stock, he says. Shares are down 5.3% at 1,210.50 pence. ( najat.kantouar@wsj.com)

0730 GMT - Although battery prices have bottomed at historical lows, a sustained rebound remains elusive, HSBC Global Research analysts write in a note. Battery prices are at trough levels with the average battery-cell price at around 245 yuan per kWh, and there might be limited further downside given improving EV demand in 2Q, they say. Suppliers' thin margins leave little room for prices to fall further. However, it is difficult for pricing to improve given universal pricing pressure from downstream EV customers amid still-excessive battery capacity, they say. CATL remains its preferred stock in its China battery supply chain coverage.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

0721 GMT - Shree Cement stands to benefit from likely robust cement demand, Axis Securities analysts say in a research report. Cement demand in India is projected to grow 6.5%-7.5% in FY 2026, driven by sustained momentum in infrastructure development, rural recovery, and real estate activity, the analysts say. Also, the cement producer's capacity expansion program is on track, with these strategic additions aimed at narrowing its gap with larger rivals and reinforcing its market position, the analysts say. Moreover, Shree Cement is prioritizing profitability over pure volume growth. The brokerage raises the stock's target price to INR33,960.00 from INR30,000.00 with an unchanged buy rating. Shares are 2.2% higher at INR31,314.25. (ronnie.harui@wsj.com)

0710 GMT - The results of Allianz look disappointing as its first-quarter solvency II ratio and its net income came in below consensus, Jefferies says in a research note. The difference between the German insurer's print and market expectations is due to heavier non-operating expenses and market movements in its asset management line, which were only partially offset by surprisingly high net flows, analyst Philip Kett writes. These non-operating items will be in focus, he notes. Shares open 3% lower.(elena.vardon@wsj.com)

0652 GMT - Shares in Germany's Merck KGaA are expected to underperform after the company slashed its 2025 outlook, Morgan Stanley analysts say in a note. The German pharma company lowered sales and earnings outlook due to challenging market conditions, geopolitical uncertainties and worsened foreign currency headwinds, they say. However, consensus is already close to the mid-point of the new guidance, they add. Its 1Q earnings topped expectations and its sales were in line with consensus, the analysts say. (helena.smolak@wsj.com)

0640 GMT - The U.K. economy should expect to slow as the year progresses, Capital Economics' Paul Dales says in a note to clients. GDP increased by 0.7% in the first quarter compared with the end of last year, a quicker rate of expansion than economists had estimated. But figures suggest a lot of activity was pulled into the year's first months in anticipation of U.S. trade tariffs and increases in domestic taxes, Dales says. Capital currently forecasts no growth for the British economy in the second quarter, but even low estimates could prove too high, Dales says. "2Q may well be weaker than widely expected...and the best part of the year may already be behind us." (joshua.kirby@wsj.com; @joshualeokirby)

0637 GMT - Tata Motors' Jaguar Land Rover unit is likely to face a tough year in FY 2026, Nomura analysts say in a research report. JLR is expected to face demand risks in near-term owing to price increases needed for U.K. and EU exports, given U.S. tariffs, the analysts say. The brokerage also factors in risks from weaker demand in the U.S., as the Indian automaker has pushed sales volumes ahead of the tariffs. Nomura lowers its EBIT margin estimates for Tata Motors to 6.1% from 8.1% for FY 2026 and to 8.3% from 8.9% for FY 2027. It also cuts the stock's rating to neutral from buy and the target price to INR799.00 from INR861.00. Shares are 2.7% higher at INR718.00. (ronnie.harui@wsj.com)

0633 GMT - Sterling shows little reaction even after data showed U.K. economic growth accelerated. The economy grew 0.7% on quarter in three months through March following an expansion of 0.1% in the previous quarter. The data are skewed by a huge rush of exports ahead of the imposition of U.S. tariffs in April, Pepperstone strategist Michael Brown says. That means there is "little point in placing much weight" on the data, particularly with economic momentum having waned considerably recently. Sterling rises 0.2% to $1.3293 compared with $1.3272 before the data, driven by a weaker dollar. The euro rises 0.1% to 0.8432 pounds, near levels before the data. (renae.dyer@wsj.com)

0627 GMT - Nordic markets may open slightly lower with IG calling the OMXS30 down 0.2% at around 2513. Optimism from the beginning of the week has faded somewhat, although U.S. stocks continued slightly higher yesterday, SEB analysts say in a note. Continued uncertainty about U.S. trade policy combined with concerns over U.S. national debt is dampening the euphoria after the 90-day pause in tariffs between the U.S. and China was announced on Monday, SEB adds. "Concerns about the national debt are once again increasing due to a renewed focus on the upcoming budget, which is feared to add significantly to the national debt." In line with waning optimism, Asian stock markets are mostly trading in the red and stock futures for both the U.S. and Europe indicate slightly negative openings. OMXS30 closed at 2517.96, OMXN40 at 2365.94 and OBX at 1450.47. (dominic.chopping@wsj.com)

0536 GMT - ComfortDelGro is poised to continue benefiting from recent acquisitions, CGS International's Jacquelyn Yow says in a research report. Its acquired entities--Addison Lee, A2B and CMAC Group--are expected to remain key growth drivers, supported by seasonally stronger ridership in 2Q-3Q and ramp-up in overseas bus contributions at improved margins, the analyst says. The brokerage maintains the stock's add rating mostly owing to the company's attractive 6% dividend yield and solid contributions from its U.K. operations. However, CGS International lowers its 2025-2027 core net profit forecasts for the company by roughly 6% to partly reflect a higher effective tax rate, and trims the target price to S$1.70 from S$1.80. Shares are 2.0% lower at S$1.49. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

May 15, 2025 03:44 ET (07:44 GMT)

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