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

0921 ET - European spirits industry group SpiritsEurope urges the European Union and the U.S. to keep negotiating toward a tariff exemption for alcoholic products. The trading partners missed an opportunity to eliminate levies in their trade deal, it says. European alcoholic products will be subject to a 15% baseline tariff when entering the U.S., according to a joint statement released by the EU and the U.S. "While we appreciate the progress made in de-escalating broader trade tensions, every month of delay in restoring the zero-for-zero tariff agreement for spirits holds back growth, investment and consumer choice on both sides of the Atlantic," SpiritsEurope's Herve Dumesny says in a statement. "We urge both sides to remain at the negotiating table and deliver a swift, full return to zero-for-zero." (adria.calatayud@wsj.com)

0920 ET - Coty was vague about its expectations for the first half of next year, but investors won't be pleased with the hints it did provide, say J.P. Morgan analysts. The beauty products company didn't give detailed guidance, instead saying it was targeting sequential improvement during the year and hoping to return to growth in the second half. The company said economic and tariff uncertainty was causing cautious ordering from retailers and more promotions. There is "little incentive, in our view, for investors to get ahead of a challenging first half," the analysts say. Shares fall 20% to $3.90 in pre-market trading. (nicholas.miller@wsj.com)

0914 ET - Walmart says it grew market share across all income cohorts in its latest quarter, with higher-income households leading the pack. "Customers are responding as we lean into value with more rollbacks, while also providing the convenience they desire," finance chief John David Rainey says on a call with analysts. He notes an improvement in general merchandise sales trends, reflecting strength in categories including fashion, media and gaming. At the same time, the retailer's ecommerce sales accelerated in the period, which Raniey attributes largely to faster delivery times. "Approximately one-third of deliveries from stores in recent weeks were fast delivery in three hours or less," he says. "And 20% of those deliveries arrived to our customers in 30 minutes or less." Walmart shares fall 2.5% premarket after posting mixed 2Q results. (connor.hart@wsj.com)

0908 ET - Shares in European cosmetics companies trade lower after U.S. peers Estee Lauder and Coty reported results that point to a challenging market backdrop for the industry. Shares in cosmetics giant L'Oreal fall 1.5%, Spain's Puig--owner of Charlotte Tilbury and Jean Paul Gaultier--drops 2.8% and Nivea parent Beiersdorf is down 2.3%. Estee Lauder and Coty on Wednesday reported sales declines for their most recent quarters, and guided for continued pressure on their top-lines in the near term. The outlooks provided by Estee Lauder and Coty act as a reminder that the beauty industry has become more volatile and unpredictable compared with prior years and that competition keeps intensifying, analysts at UBS say in a note. (adria.calatayud@wsj.com)

0903 ET - Walmart's 2Q report is a testament to the company's solid fundamentals, even if the recent quarter was hurt by higher-than-expected costs and charges, J.P. Morgan analysts say in a research note. Still, the retailer continues to grow its sales and market share, and it increased its fiscal-year outlook on an expectation for those trends to continue in the back half of the year. "Net-net, we see some potential small pressure on the shares, but the report in no way fundamentally alters the bull case, in our view," the analysts write. Walmart shares fall 2.9% premarket. (connor.hart@wsj.com)

0902 ET - Canadian retailer Groupe Dynamite should have a strong start of the year that will slow slightly in the second half, says RBC's Irene Nattel, chalking it up to the question-mark around tariffs. For 2025, Nattel estimates same store sales growth of 9.7%, above the high-end of the revised annual guidance range 7.5%-9.0%, "reflecting strong start to the year, with 1H +14% normalizing to +6% in H2 due to uncertainty around tariffs and consumer sentiment/spending." Nattel says the tariff situation remains fluid, which affects margins, but this should abate in 2H thanks to a "reduction of China receipts into the U.S. and with U.S. distribution center-related efficiencies starting in 3Q." (adriano.marchese@wsj.com)

0841 ET - The U.S. and EU's long-term goal must be to return to a lower tariffs rate, Hildegard Mueller, president of the German association of the automotive industry says in a comment. It is a positive sign for the European auto maker sector that the U.S. and the EU have finally agreed on a joint document regarding their customs agreement, she says. However, the tariffs that will soon apply at 15% will be significantly higher than the original 2.5%, Mueller says. Washington and Brussels disclosed details of a trade agreement on Thursday, with the EU saying that it would continue seeking for exemptions to the current levies. It is important that transatlantic trade isn't punished with tariffs, but rather facilitated, which will benefit both sides of the Atlantic, she adds. (nina.kienle@wsj.com)

0807 ET - The trade agreement between the U.S. and the EU is disappointing for the spirits industry in an unsteady time for the U.S. hospitality sector, President and CEO Chris Swonger of the Distilled Spirits Council says. Washington and Brussels disclosed details of a trade agreement under which alcoholic beverages from the EU will be subject to a 15% tariff in the U.S. "We are disappointed that this joint statement did not include permanent tariff-free trade for distilled spirits on both sides of the Atlantic," Swonger says. The hospitality sector is already facing a slowdown in sales of spirits, coupled with rising food and labor costs, he says. The trade association will continue engaging with the Trump administration to urge for additional negotiations with the 27-nation bloc. (andrea.figueras@wsj.com)

0750 ET - Walmart's U.S. comparable sales rose 4.6% in its latest quarter, growth that comes as other big-box retailers report more muted results. The retailer says it notched sales growth across key categories, such as grocery, health and wellness, and general merchandise. The company also reports "share gains across income brackets, led by upper-income households." Walmart says it is benefiting from its expanded ecommerce channels and quickened delivery speeds, and notes that its same-store sales growth came despite higher costs tied to tariffs. Total like-for-like inflation rose 1.1% in the recent quarter. Shares slip 2.5% in premarket trading. (connor.hart@wsj.com)

0748 ET - The U.K. preliminary purchasing managers index data for August is better than expected, boosting the growth outlook, Nomura economists say in a note. The U.K. flash composite PMI improved to 53 points in August from 51.5 points in July, while the U.K. flash services PMI rose to 53.6 points from 51.8 points in July. The interim U.K. PMI data is in line with the eurozone interim PMI data and indicates better-than-expected economic activity, the economists say. (miriam.mukuru@wsj.com)

0737 ET - Shares in European spirits producers fall further after the EU and U.S. disclosed details of a trade deal. According to the agreement, alcoholic beverages from the EU will be subject to a 15% tariff, despite the 27-nation-bloc's efforts to secure an exemption. Some other products from the EU will be exempt from President Trump's levies. The stocks of European distillers were already trading lower earlier in the session, and their losses deepen on the news. French liquor maker Pernod Ricard trades 2.4% lower, while peer Remy Cointreau slides 1.9%. Italian Aperol maker Davide Campari-Milano falls nearly 2%, while shares in Diageo drop 0.9%. (andrea.figueras@wsj.com)

0704 ET - Signs of robust business activity in the U.K. make it likelier the Bank of England will keep interest rates on hold for longer, Capital Economics' Ashley Webb writes in a note to clients. Activity accelerated this month, according to business surveys set out Thursday that suggested the British private sector is proving more dynamic than had been feared. For now, it remains probable that the BOE's policymakers will decide to follow this month's rate cut with another at November's meeting, Webb says. "But November's decision will be a close call," he says. (joshua.kirby@wsj.com; @joshualeokirby)

(END) Dow Jones Newswires

August 21, 2025 09:21 ET (13:21 GMT)

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