The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1632 GMT - Europe should now prepare for more specific U.S. trade tariffs on individual industries after the Supreme Court ruled global tariffs illegal, ING economists Carsten Brzeski and Julian Geib write in a note to clients. The court ruled the tariffs applied under emergency powers weren't legitimate, a rebuff to President Trump's landmark tariff policy. But duties applied to individual sectors such as cars and pharmaceuticals aren't covered by those powers, ING says. Auto components and chemicals are among the likely next targets, the Dutch bank says. "Europe should not be mistaken," ING says. "This ruling will not bring relief." (joshua.kirby@wsj.com; @joshualeokirby)

1545 GMT - Shares in European automotive manufacturers and suppliers edge higher after the U.S. Supreme Court ruled President Trump's global tariffs are illegal. Shares of Jeep maker Stellantis are up 2.7% in Milan. In Germany, Volkswagen shares are up 0.8%, while Mercedes-Benz Group stock is up 0.7%. In France, Renault shares are up 0.9%. Shares of tiremaker Pirelli are up 0.3%. The sector had been one of the first casualties of tariffs early last year before a deal between the U.S. and the European Union restored some predictability. (mauro.orru@wsj.com)

0928 GMT - Aston Martin warned on 2025 earnings, but made no explicit comment on 2026 expectations versus consensus estimates, perhaps meaning there is no warning beyond 2025, Bernstein analysts write. The British car maker expects 2025 gross profit and adjusted EBIT to miss the lower end of consensus forecasts and also announced a 50 million-pound deal to sell naming rights for use by the F1 team. Total wholesale volumes were 2.7% below Bernstein's estimate, with a bigger miss on profitability driven by U.S. tariffs and other external impacts, despite a 16% reduction in operating costs. Liquidity of 250 million pounds at quarter end reflects positive fourth-quarter free cash flow, Bernstein adds. Current consensus expects a 2026 EBIT of 10 million pounds and a 57 million-pound free cash outflow. Shares fall 1.5%. (dominic.chopping@wsj.com)

0931 GMT - SIA Engineering's core operations are likely to remain under pressure into FY 2027, says DBS Group Research's Jason Sum in a note. While startup and information-technology-related costs have likely peaked, the drag from expenses could persist into FY 2027, the analyst says. He cites preparation for the Singapore aircraft-maintenance company's second hangar in Subang, Malaysia, set to come online in 2H FY 2027. Its new Philippine line maintenance unit likely also needs time to break even, he says. While SIA Engineering's bottomline growth remains supported by associate contributions and moderate margin expansion, the company's medium-term recovery seems mostly priced into its shares. DBS maintains its hold rating and S$4.00 target price. Shares closed 2.0% lower at S$3.50. (megan.cheah@wsj.com)

0508 GMT - SIA Engineering looks well-poised to ride growing demand for maintenance, repair and overhaul services, OCBC Group Research's Ada Lim says in a report. Its second hangar in Malaysia's Subang is expected to be operationally ready in 2H FY 2027 and will likely significantly increase its heavy maintenance capacity, the analyst says. The MRO services provider has also started line maintenance operations in Manila. OCBC likes that the Singapore-listed company has been actively investing in capacity expansion to benefit from increased MRO demand. It upgrades the stock to buy from hold and raises the fair value estimate to S$4.05 from S$3.68. Shares are 2.8% lower at S$3.47. (ronnie.harui@wsj.com)

0231 GMT - Airports of Thailand faces earnings hit from two headwinds, says Thanachart Securities' Saksid Phadthananarak in a research report. First, AOT plans to cut its 2026 passenger growth forecast to as low as 0% from 7% previously after seeing 6% decline in airline flight slot bookings for the period from late March to late October. Second, the airport operator's increase in its passenger service charge is likely to be delayed to July from April, the analyst adds. The brokerage cuts its earnings estimates for AOT by 17% for 2026, 8% for 2027, and 10% for 2028. It downgrades the stock's rating to sell from buy and lowers the target price to THB50.00 from THB55.00. Shares last closed at THB56.25. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 20, 2026 12:20 ET (17:20 GMT)

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