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

0902 GMT - The EU-India free-trade agreement is unlikely to have a major impact on sentiment toward India equities, BNP Paribas's William Bratton says. While the deal is a positive development, direct exports to foreign countries are not an important driver of Indian corporate earnings, minimizing the impact of the pact, he writes in a note. A turnaround would require addressing the drivers of the market's current underperformance, which Bratton lists as: a lack of investment themes, India's fading potential as a manufacturing substitute to China, and lackluster macroeconomic momentum weighing on earnings expectations. Foreign investors have been net sellers of Indian equities every month since July 2025, a trend Bratton expects to continue as a trade deal with the U.S. remains in limbo and uncertainties persist. (jason.chau@wsj.com)

0851 GMT - Sage's results were good but fell short of convincing investors that AI can be a sustainable growth driver, J.P. Morgan Cazenove analysts write in a note. The London-listed accounting-software specialist's shares initially jumped after reporting first-quarter results Tuesday, but later reversed to end 5% lower, the analysts say. Software companies need to deliver results that clearly counter the long-held view that AI is a headwind to growth and demonstrate instead that it is a durable tailwind, they say. While Sage Intacct--the company's cloud-accounting software--has performed well in recent quarters and supported growth, this hasn't been enough to change investor perceptions of longer-term AI risk. Shares are up 0.8% at 9.98 pounds.(najat.kantouar@wsj.com)

0842 GMT - Singapore Technologies Engineering's latest order figures strengthens its growth and margin outlook, says DBS Group Research in commentary. The Singapore engineering group's 2025 contract wins reached S$18.7 billion, and the DBS analysts estimate the order backlog will rise to S$34 billion. They note defense-sector contracts are leading orders, which is positive for margins, given that defense contracts typically boasts low-teens margins, compared with single-digit margins across the other segments. These support DBS's projection of high-single-digit revenue growth over 2025-2027. DBS maintains its buy rating and S$10.20 target price. Shares rise 0.3% to S$9.47. (megan.cheah@wsj.com)

0841 GMT - Volvo's fourth-quarter group adjusted EBIT was 15% ahead of consensus, driven by stronger truck and construction-equipment earnings, JPMorgan analysts write. Truck earnings, with a 9.5% margin in the fourth quarter, exceeded consensus on higher deliveries, while construction-equipment margins surprised positively at 14%, reflecting a strong product and market mix and improved service business. Order intake was above expectations in general and Volvo raised end-market volume forecasts. The ordinary dividend of 8.5 kronor a share and extra dividend of 4.5 kronor a share equate to a 4% yield, with the total payout of 13 kronor short of consensus expectations for a total payout of around 14.5 kronor a share. "We do not expect big changes to consensus estimates," the analysts say. Shares rise 2.3%. (dominic.chopping@wsj.com)

0832 GMT - The euro turns lower after surging above $1.20 on Tuesday to hit its highest level against the dollar since 2021, but it could rise further still, Barclays strategists say in a note. The dollar slumped after President Trump was asked if the dollar had declined too much and said: "No, I think it's great." This added to dollar weakness due to the possibility of joint U.S.-Japanese intervention to support the yen. The euro "has some more room to widen by historic standards," despite looking expensive on valuation metrics and in trade-weighted terms. This expensive valuation could curtail its gains in the medium term, however, they say. The euro falls 0.4% to $1.1991, having surged to $1.2078 on Tuesday, LSEG data show. (jessica.fleetham@wsj.com)

0823 GMT - Luxury stocks fall across the board after sector heavyweight LVMH reported results that Jefferies analysts say might make investors cautious. Shares in LVMH drop 7.7%, leading the sector losses. Gucci owner Kering falls 5.3%, and Salvatore Ferragamo--which released its own year-end update on Tuesday--is down 5.8%. Moncler and Burberry shed more than 3%, while Richemont, Swatch and Brunello Cucinelli fall 2% or more. LVMH's results were no eureka moment for the luxury sector, Jefferies analysts say in a note. Year-to-date swings to luxury stocks suggest their performance is linked to earnings expectations and caution might prevail after LVMH's update, Jefferies says. (adria.calatayud@wsj.com)

0820 GMT - European indexes are mixed at the open, as gains for tech stocks buoyed by record orders for ASML are countered by tumbling luxury stocks. French and Italian indexes fall after LVMH painted a weak demand picture in an earnings release. The CAC 40 falls 0.8% as LVMH and Kering drop 7% and 5.2% respectively, while the Italian FTSE MIB slips 0.05% as Moncler and Brunello Cucinelli tumble. Both indexes are supported by dual-listed STMicroelectronics, which jumps 6.5% amid a broader tech surge. In the Netherlands, ASML shoots up 7.15%, while ASM International is up 4.3%. The U.K.'s FTSE 100 nudges up 0.1% and the German DAX trades flat as miners rally again and energy companies gain, though non-cyclical stocks slip. In Madrid, the IBEX 35 falls 0.4% as banks hand back some of Tuesday's gains. (josephmichael.stonor@wsj.com)

0807 GMT - Micron's facility expansion in Singapore will likely ripple through the semiconductor supply chain and lift sentiment in the chip industry, says Zavier Wong, market analyst at eToro, in commentary. Micron's new $24 billion investment "underlines the company's commitment to meeting accelerating AI-driven demand while managing capacity growth carefully to avoid oversupply," Wong says. While heavy capital expenditure always carries risks, the chip giant will need to maintain pricing discipline and deliver on capacity expansion, Wong says. If executed well, Micron should be "well-positioned to remain a core beneficiary of the AI-driven memory cycle over the years ahead," Wong adds. (kimberley.kao@wsj.com)

0805 GMT - Volvo's earnings report is positive, largely due to the better-than-expected margin performance in trucks and construction equipment and raised market outlooks for both divisions, RBC Capital Markets analyst Nick Housden writes. Volvo reported fourth-quarter sales that came in 1% above consensus, with adjusted EBIT 11% above, Housden says. Adjusted EBIT beat expectations in trucks by 5%, in construction equipment by 10% and in buses by 7%, while it missed by 7% in the Penta unit. Trucks order intake was down 12% on year at 53,700 versus consensus at 54,800. Truck deliveries of 56,700 were down 3% but 5% above consensus. "With North America truck demand likely to gain momentum through the year and with construction equipment in the early innings of a restocking phase, we think solid profitability can continue," Housden adds. Shares rise 3%. (dominic.chopping@wsj.com)

0738 GMT - ASML Holding's robust fourth-quarter orders and positive 2026 guidance point to an even stronger 2027, JPMorgan analysts write in a research note. They say 2027 estimates are likely to increase significantly after the Dutch chip-making equipment supplier booked 13.16 billion euros in orders, blowing past a Visible Alpha forecast of 6.95 billion euros. The analysts say they continue to believe that ASML will keep growing in the coming years and that estimates will increase even in 2028. (mauro.orru@wsj.com)

0729 GMT - SCG Packaging's earnings stand to benefit from lower old corrugated container costs, CGS International's Amornrat Cheevavichawalkul says in a research report. The analyst cites a media report that several container-board plants that were shut down last year have led to at least 10% reduction in global demand for old corrugated containers. This could sustain downward pressure on costs of old corrugated containers, the Thailand company's main raw material for packaging paper. The brokerage lifts its 2026-2027 EPS estimates for SCG Packaging by 13.2%-15.5% to reflect lower-than-expected OCC costs. It raises the stock's rating to add from hold and the target price to THB23.50 from THB18.50. Shares are 3.85% lower at THB20.00. (ronnie.harui@wsj.com)

0714 GMT - Mapletree Logistics Trust's latest results support DBS Group Research's view that the real-estate investment trust should return to distribution-per-unit growth soon. The REIT's 3Q DPU was ahead of DBS's estimate but in line with consensus, says analyst Derek Tan in a note. "We remain constructive about [the REIT's] resilient results, which we believe justifies the steady [recent] rise in share price," he says. Its China business remains the key data point to watch, he adds, noting that rent rates could stabilize in the coming quarters. Rent rates for the overall portfolio continue to grow, which highlights the positives of its pan-Asian platform, Tan says. DBS maintains its buy rating and S$1.55 target price on the trust, which is flat at S$1.37. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

January 28, 2026 04:02 ET (09:02 GMT)

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