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

1014 GMT - Mitchells & Butlers' new CFO Time Jones is unlikely to bring with him near-term capital-allocation changes, but the pub operator's spending strategy could undergo an evolution, Jefferies analysts say. With the U.K.-listed company becoming less reliant on debt to fund its operations and assets, it is well-placed to gain market share in a cost-pressured sector, Jefferies says in a note. The stock is no longer trading at a pandemic-related discount and has returned to a normal valuation benchmark, it adds. Shares are up 8.6%, at 278 pence. (anthony.orunagoriainoff@dowjones.com)

1002 GMT - Traders are bracing for chaos once trading of futures and options trading on the CME goes back to normal. Some executed trades were not reflected in the clearing system, leaving traders unable to confirm transactions to clients, says a trader at a Malaysian brokerage. He expects to have to clear a heavy backlog of work once everything is back online. "This is first time I experience a trading halt that is almost or going to be whole day long," with no estimated recovery time, he adds. Once trading resumes, there will be "a hell of a lot of work" to tackle, he expects. (yingxian.wong@wsj.com)

0946 GMT - Trading in financial markets around the globe remains subdued due to the outage at the Chicago Mercantile Exchange and reduced activity following the Thanksgiving holiday in the U.S., Capital.com's Kyle Rodda says in a note. Trading of futures and options on the CME was halted on Friday, with the exchange citing a cooling issue at a data center vendor. "A glitch at the CME only compounded what was a session of low activity--by halting it entirely in several major markets, including U.S. futures." European markets have also opened "in subdued fashion," Rodda says. (miriam.mukuru@wsj.com)

0941 GMT - Mitchells & Butlers' stock price dropped 12% since the mid-summer, driven by market worries about how the U.K. budget might negatively affect the hospitality sector's costs and consumer spending, Goodbody analyst Fintan Ryan says in a note. Still, these concerns have now been largely assuaged, suggesting the market overreacted to the cost concerns, he says. The pub operator has reiterated its cost inflation outlook of around 130 million pounds. While, no material changes to consensus Ebit of 330 million pounds are expected, adjusted EPS consensus of 30.7 pence could tick higher as the company has reduced borrowing, saving money on interest payments, Ryan says. Shares are up 26 pence, or 10%, at 282 pence, and are up 15% in the year to date. (anthony.orunagoriainoff@dowjones.com)

0913 GMT - Moncler's namesake brand looks set to experience an acceleration next year after two years of volatile trends, analysts at JPMorgan say in a note. This is mainly on the back of a boost in the company's U.S. expansion and continuing growth in China. Into the fourth quarter, the peak season for the Italian high-end fashion group, Moncler is showing strong momentum across markets, the analysts say. Moncler's Stone Island brand should reach an inflection point and start growing in 2026, the analysts add. JPMorgan upgrades the stock to overweight from a neutral rating. Shares rise 1.8%. (andrea.figueras@wsj.com)

0908 GMT - Salvatore Ferragamo has been showing some progress with its brand revamp plan, J.P. Morgan analysts say in a note to clients. The Italian luxury-fashion company has been pursuing a lengthy turnaround plan aiming to regain consumer appeal. After being negative on the turnaround prospects for some years, some of the strategic actions are starting to drive better traction, the analysts say. The company's retail sales sequential improvement in the third quarter was one of the best in the sector, they say. The results were back to positive territory for the first time since 2022, they add. J.P. Morgan upgrades the stock to neutral from an underweight rating. Shares trade 4.2% higher. (andrea.figueras@wsj.com)

0840 GMT - Burberry might have stabilized, but it hasn't reached an inflection point yet, JPMorgan analysts say in a note. The British luxury group has been implementing a number of strategic measures to revitalize the business after months of sales declines. "We think consensus might be too optimistic on the improvements expected at Burberry for next year and beyond," the analysts say. The luxury fashion space will become more competitive next year, as major brands come to market with the offer from the new designers, they add. JPMorgan downgrades its rating the stock to underweight from a neutral rating. Shares are down 2%. (andrea.figueras@wsj.com)

0805 GMT - A takeover by Deutsche Boerse of Allfunds would be strategic but still raises some questions, RBC Capital Markets says after the German stock-exchange group said it was in talks to buy the Amsterdam-listed funds services provider. The transaction would double Deutsche Boerse's funds-services division--which represent 10% of its top line--and boost its earnings growth profile, while increasing its exposure to recurring buy-side revenues, analyst Ben Bathurst writes. "We can foresee some pushback around capital discipline, given the 33% bid premium, and deal synergies are likely to be an important factor here," he notes. The timing is surprising given that the valuation differential between the companies has shrunk in recent months, but there is industrial and financial logic to the deal, he says. (elena.vardon@wsj.com)

0751 GMT - Entain's reliance on the U.K. market will trigger significant downgrades, Berenberg analysts Jack Cummings and Luka Trnovsek write in a note. The London-listed sports-betting and gambling group--owner of Ladbrokes and Coral--has flagged a 200 million-pound annualized impact before mitigation. With around 25% mitigation, Entain expects a hit of 100 million pound in 2026 and of 150 million pounds in 2027, they note. The absence of higher taxes on land-based gambling provides limited relief, they say. Berenberg cuts its Ebitda forecasts, aligning with the company's guidance by reducing 2026 and 2027 estimates by 100 million pounds and 150 million pounds, which drives deeper earnings per share downgrades. Shares closed at 7.70 pounds on Thursday.( najat.kantouar@wsj.com)

0742 GMT - Pony AI will likely turn profitable in 2028, UOB Kay Hian analysts write in a note. The company's coming earnings will be driven by robotaxi fleet expansion and hardware cost reduction, they say. The company's fleet expansion will help boost its gross margin. Meanwhile, Pony AI's management expects a further 20% cost reduction next year, which will also help support the company's profitability. Pony AI's pivot to an asset-light method and collaboration with Sunlight Mobility will also help support the company's earnings growth, they add. UOB Kay Hian maintains its buy rating on the stock with target prices at $26.10 and HK$203.60. Shares last at $13.45 and HK$107.00. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0723 GMT - Most European beverage stocks are trading at lower valuations than their averages over the past five, ten and 15 years after another challenging year of share-price performances, but this seems justified, Deutsche Bank's Mitch Collett says. "The sector is cheap for a reason. Earnings growth has been weak for an extended period and structural concerns are building. Disappointing delivery in 2025 only added to these concerns," the analyst says in a research note. The sector's low valuations means stocks could go up next year, particularly those that can deliver growth and face less structural headwinds, he adds. Deutsche Bank lifts its recommendation on Heineken to buy from hold, and lowers its recommendation on Bud brewer Anheuser-Busch InBev to hold from buy. (adria.calatayud@wsj.com)

0723 GMT - Li Auto's earnings will likely remain under pressure next year, given its sluggish fourth-quarter revenue and sales guidance, says Morningstar analyst Vincent Sun in a note. The vehicle recall of its MEGA model, which Morningstar estimates lowered gross profit by around CNY1 billion, resulted in an operating loss for 3Q, he notes. The company's management expects volume growth to resume next year with the resolution of the battery supply bottleneck and new generation plug-in hybrid model launches, he says. However, competition will likely pressure Li Auto's sales volume growth while the contribution from battery models remains low, he says. Morningstar cut Li Auto's vehicle sales volume forecast by 15% to 17% between 2025 to 2029. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

November 28, 2025 05:14 ET (10:14 GMT)

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