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

0953 GMT - ING's stock faltered in autumn and winter but has now regained some momentum on hopes that its net interest income will stabilize, Deutsche Bank says in a note. The Dutch lender's results are expected to show a bottoming out of net interest income--the difference between what banks earn from loans and what they pay out on client deposits--in the second quarter, analysts write. "We expect volume growth to be the primary driver, combined with some further savings rate cuts in 2026 and a material improvement in 2027 as the replicating portfolio turns into a strong tailwind again." DB lifts its target price on the hold-rated stock by 21% to 19 euros. Shares are up 15% year to date. (elena.vardon@wsj.com)

0952 GMT - Rio Tinto's choice of iron ore boss Simon Trott as its next CEO suggests it will focus on operational performance ahead, Wilson Asset Management portfolio manager Matthew Haupt tells WSJ. Haupt reckons that the appointment of Trott will be well-received by investors. "Rio needs operational focus as its portfolio is largely set now, so he's the perfect candidate," he says. Rio Tinto's London shares trade little changed at 4,428 pence. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0941 GMT - Ericsson's sales guidance implies a 2%-11% miss to third quarter EBITA consensus, Barclays analysts write. The company delivered better-than-expected second-quarter margins. However, adjusting for licensing catch​-​up payments, margins are broadly in line, the analysts say. Cloud software and services benefited from favorable product mix helped the margin result. The results are despite material currency headwinds and a one percentage-point tariff impact. This shows Ericsson continues to execute on its cost cutting and navigating the current environment, they say. "Despite this we continue to feel network gross margins have peaked which will create a tough setup for the coming quarters." Shares fall 3.6%. (dominic.chopping@wsj.com)

0930 GMT - President Trump's secondary tariffs on Russia would hurt buyers in Asia and Europe if implemented, potentially tightening global LNG markets further, according to Rabobank. "China and Japan are among the top importers of Russian pipeline and LNG volumes, while European buyers--from France and Spain to Hungary--also heavily rely on Russian flows," says Florence Schmit. While Russian pipeline gas has accounted for just 3% of Europe's supply mix so far this year, Russian LNG still made up nearly 14% of all LNG imports. However, "the imposition of such a tariff rate is incredibly unlikely, as it would send energy prices soaring if buyers were to refrain from purchasing Russian volumes," the energy strategist says. (giulia.petroni@wsj.com)

0928 GMT - Trustpilot's earnings margin guidance upgrade might reflect missed growth targets, Panmure Liberum analysts Sean Kealy and Jonathan Barrett write in a note. The London-listed review website for businesses now expects its full-year adjusted Ebitda margin to be 14%, up from a previous forecast of a 2 percentage-point improvement from last year's 11.4%. While this appears positive, higher margins can sometimes result from weaker growth, they say. In Trustpilot's case, Ebitda tends to improve slightly when sales fall short, as commissions paid to the sales team are lower, they add. Shares are up 11.2% at 281 pence. (najat.kantouar@wsj.com)

0926 GMT - China's food delivery battle could weigh on full-service restaurants' sales, Jefferies analysts say in a research note. June retail sales missed expectations mostly because of a slowdown in catering sales, which were affected by both the liquor ban as well as the "takeaway price war," the analysts say. China's full-service restaurants are likely to remain under pressure, while leading quick-service restaurants, tea houses and coffee shops are likely to benefit from platform subsidies, they note. (tracy.qu@wsj.com)

0920 GMT - A potential merger between Rio Tinto and Glencore feels more of a stretch than ever, RBC Capital Markets analyst write. Media reports have noted a potential tie up between the two mining giants. With Simon Trott being announced as Rio Tinto's new CEO, some merger activity could happen but market watchers should expect to wait at least 6 months for any deals, the analysts write. Shares trade up 0.1% at 4,430.00 pence. (adam.whittaker@wsj.com)

0907 GMT - Rio Tinto's incoming CEO Simon Trott will have several significant strategic decisions to make, RBC Capital Markets analysts write. The key one is whether the miner will delay replacement projects across its Pilbara assets to keep the iron ore market balanced and prices elevated, they write. This would however lower its market share and increase unit costs. He will also have to decide his capital allocation priorities given the company's large pipeline of lithium projects and iron ore replacement mines that need financing over the next ten years, the analysts add. Rio Tinto's London shares trade up 0.2% at 4,434.50 pence.(adam.whittaker@wsj.com)

0902 GMT - Rio Tinto appointing Simon Trott as CEO has come as a surprise given recent media commentary on the board's preferred type of candidate, RBC Capital Markets analysts write. Commentary that the board wanted someone who could control costs implied the CEO of its aluminium business Jerome Pecresse was the front-runner, they write. Its preference for someone who was open to transformative deals also made its chief commercial officer Bold Baatar a strong contender, they add. Rio Tinto's London shares trade up 0.2% at 4,434.50 pence. (adam.whittaker@wsj.com)

0854 GMT - Nvidia shares are rising Tuesday premarket after the tech giant said it received assurances from the Trump administration that it could sell its H20 artificial-intelligence chip in China. Nvidia shares closed 0.5% lower at $164.07 on Monday. Shares are up 4.5% at $171.51 Tuesday premarket. The U.S. had restricted sales of the chips in April, costing Nvidia billions of dollars. Nvidia's announcement that it could sell the chips comes days after Chief Executive Jensen Huang met President Trump. Nvidia said it would be allowed to sell H20 chips after licenses are granted by the Commerce Department. (mauro.orru@wsj.com)

0854 GMT - Trustpilot's momentum is likely to continue, Peel Hunt's Jessica Pok and Melanie Yang write in a note. Share price of the London-listed review website for businesses has been fairly flat lately, as investors remain cautious due to weaker performance, they say. However, the company delivered robust bookings for the first half of the year. This is an encouraging sign, and the positive trend is expected to continue, they add. Shares are up 13.7% at 287.60 pence. (najat.kantouar@wsj.com)

0851 GMT - Ericsson delivered decent second-quarter results, but the outlook is more mixed, Kepler Cheuvreux analyst Sebastien Sztabowicz writes. Sales were 6% below consensus, but margins and adjusted EBITA were stronger than expected. Ericsson acknowledged increased uncertainties in the coming months, particularly related to tariffs and the global economy. The company sees lower-than-normal seasonality in networks and normal seasonality in cloud software and services in the third quarter, potentially leading to flat or slightly lower organic sales in the quarter, Sztabowicz says. This leaves third-quarter sales guidance around 6% below consensus. However, Ericsson expects continued strong adjusted gross margin in the networks business of 48%-50%, despite U.S. tariffs. Shares fall 3.5%. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

July 15, 2025 05:53 ET (09:53 GMT)

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