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

0846 GMT - Anta's potential consolidation of Puma China's retail and distribution business could deliver upside surprises, Citi analysts Xiaopo Wei and Brian Cho say in a note. Anta may seek to replicate its success in scaling Amer Sports in China with Puma, and there should be little push-back given the expansion aligns with Puma's interests. Investors may have underappreciated the positive contribution of Puma's China business on Anta, though sentiment has become more bullish given the smaller-than-expected deal size, a low likelihood of equity financing, and Anta's valuation discount to rival Li Ning. Citi maintains a buy rating with a HK$107 target price on Anta. Shares closed at HK$83.20. (jason.chau@wsj.com)

0845 GMT - Pop Mart's 2026 growth trajectory could normalize after the Labubu frenzy last year, HSBC analysts say in a research note. As supply scales and product availability improves, the "rush-to-buy" dynamic could fade, the analysts note. As a result, Pop Mart's overall growth could moderate, though continued global retail expansion, new member acquisition and new product launches could further support, they note. HSBC lowers its estimates for Pop Mart's revenue growth to 23.7% from 30.6%. "The Labubu risk," as HSBC describes the fading of its trademark product's popularity, may already be priced in after shares retreated from its peak, they add. HSBC maintains a buy call on Pop Mart but lowers its target price to HK$354.00 from HK$392.50. Shares last ended at HK$269.80. (sherry.qin@wsj.com)

0844 GMT - TUI Group's losses narrowing at its market and airline business is encouraging, given the competitive market, Barclays analysts say in a research note. The German travel operator estimates a 10 million-euro impact from the Jamaica hurricanes in its first quarter, and forecasts a further hit of between 5 million and 10 million euros in the second quarter, the analysts say.TUI said booked revenue in recent weeks slowed down due to colder weather in Europe, which Barclays finds counter-intuitive, but says it could reflect the impact on retail footfall for traditional offline bookings. Shares are down 4.6% at 8.92 euros. (cristina.gallardo@wsj.com)

0840 GMT - Ams-Osram's outlook appears soft, Vontobel analyst Mark Diethelm writes in a note. The Austrian electronics company signaled a transition year, facing several one-off charges, costs and higher raw-material prices, all of which are expected to weigh on profitability in 2026, he notes. Additionally, the company's forecast for first-quarter 2026 adjusted Ebitda is roughly 15% below consensus expectations, he says. Shares are up 6.6% at 8.745 Swiss francs. ( najat.kantouar@wsj.com)

0839 GMT - Banca Monte dei Paschi di Siena's fourth-quarter results look slightly disappointing, although the inclusion of Mediobanca blurs the picture, Keefe, Bruyette & Woods' Hugo Cruz and Ben Maher say in a research note. This was the first quarter of consolidation of Mediobanca within Monte Paschi's earnings and many one-off items related to the acquisition led to a messy set of results, the analysts say. Where comparisons are possible, though, the Italian bank's earnings missed expectations, they say. Net interest income fell short of consensus estimates, fees were also lower than expected and operating expenses were higher, according to KBW. Net profit was just shy of consensus views, KBW says. Shares fall 1.9%. (adria.calatayud@wsj.com)

0838 GMT - Gold prices edge lower in early trading but remain above the $5,000 mark as investors await the release of key U.S. economic data this week. New York futures are down 0.4% to $5,059 a troy ounce. "Despite the rebound, price action continues to look positioning-driven rather than fundamentally new, with volatility still acting as a deterrent to broader participation," analysts at Sucden Financial say. "High margin requirements and elevated hedging costs are limiting the return of more commercial flows." Meanwhile, silver futures fall 1% to $81.47 an ounce.(giulia.petroni@wsj.com)

0836 GMT - Bitcoin falls as confidence in cryptocurrencies remains weak after last week's selloff. While crypto prices have recovered from last week's lows, there still seems to be no rush to pick up coins on the cheap, IG analyst Chris Beauchamp says in a note. "Gold's recovery back above $5000 threatens to stymie any crypto rebound before it even gets going." The focus is back on traditional assets like oil and gold, while the wave of future commentary centers around artificial intelligence and not crypto, he says. Bitcoin falls 2.3% to $68,708, according to LSEG. It reached a 16-month low of $60,008 on Friday. (renae.dyer@wsj.com)

0835 GMT - TUI Group's performance update for the rest of fiscal 2026 shows a mixed picture, Mwb-Research analyst Oliver Wojahn says. The German travel operator's markets and airline business reported a slight declined in booked revenue for the winter and summer seasons. This shows that TUI faces tough competition and bookings may have also been impacted by the operator's strategy to reduce own-risk capacity, Wojahn says. Meanwhile, TUI has increased capacity in its hotels and resorts business, but this is only reluctantly being picked up by the market, Wojahn says. Overall, the balance sheet continued to improve, with net debt reduced to 3.6 billion euros, he adds. Shares are down 3.45% at 9.02 euros. (cristina.gallardo@wsj.com)

0834 GMT - Europe's blue-chip indexes open largely down as a rally in Asian stocks fails to extend to the continent. The French CAC 40 is one climber, gaining 0.5% as key luxury stocks rally. Kering surges just shy of 14% as sale trends pick up. In Milan, the FTSE MIB falls 0.3% despite gains for luxuries--Brunello Cucinelli is up 3%--as banks decline, with Banca MPS down 3.05% after earnings. Banks also drag Germany's DAX down 0.2%, with Allianz falling 2.5%. Automakers and chemicals companies in the index gain, however. In the U.K., oil supermajor BP tumbles 4.4% after pausing its share buyback program, while Standard Chartered is down 4.2% after the unexpected departure of its chief financial officer. The FTSE 100 slips 0.3%. Spain's IBEX 35 declines 0.2%, with financial stocks weighing on the index. (josephmichael.stonor@wsj.com)

0834 GMT - Shares in European luxury companies climb after Kering, the owner of Gucci and other high-end brands, reported improving fourth-quarter sales trends and said it aims to return to growth this year. Shares in Kering trade around 13% higher, having risen as much as 14% earlier, which would be the stock's biggest one-day percentage gain since October 2008 if maintained until close. French peer LVMH, which houses Louis Vuitton and Dior, jumps 1.4%, while shares in Hermes are up nearly 3%. Italian rivals Salvatore Ferragamo and Brunello Cucinelli rise 3.2% and 2.5%, respectively. Burberry trades 3.9% higher, while Switzerland's Richemont and Swatch rise more than 1.5%. (andrea.figueras@wsj.com)

0830 GMT - Jet2 is a more attractive stock for investors than TUI Group, Jefferies analysts say after the latter said booked revenue had slowed down for the winter and summer seasons. TUI, the German travel operator, posted first-quarter EBIT ahead of consensus and backed its 2026 guidance. But the analysts say they see reinvestment risk in most of TUI's business units. "We prefer share winners with well-invested propositions," they write in a research note. "Jet2 trades at a material discount to history, with a better-invested offer and clearer growth runway." Jet2 shares are down 1.5% at 12.45 pounds, while TUI shares fall 3.4% to 9.03 euros. (cristina.gallardo@wsj.com)

0829 GMT - London's precious metal miners fall in opening trade and metal prices weaken. In New York, gold futures are down 0.4% at $5,060 a troy ounce while silver slides 1.1% to $81.31 an ounce. Prices remain high despite the slight falls. Hochschild Mining is down 2.2% while Fresnillo drops 1.5%. Endeavour Mining is down just under 1%. Commodity giant Glencore and Anglo American both fall around 0.5%. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

February 10, 2026 03:46 ET (08:46 GMT)

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