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

0907 GMT - VAT Group's sales projections for the second quarter are below expectations, Citi analysts write in a note to clients. The Swiss company--a key supplier to the semiconductor industry--forecasts sales between 265 million and 295 million Swiss francs for the current quarter. The midpoint at 280 million francs is below a Citi estimate of 315 million francs as well as Visible Alpha consensus of 303 million francs. VAT Group shares trade 1.6% lower at 557.20 Swiss francs. (mauro.orru@wsj.com)

0900 GMT - Historically low valuations for software stocks suggest the sector is likely to recover, UniCredit's Tobias Keller writes. The selloff earlier this year in software--despite improved earnings guidance--left "the gap between recently rebounding prices and strong earnings growth unusually wide." European software stocks extend a rally that began earlier this week, with a sector gauge rising 1.8% in morning European trade after gaining 1.9% in the last session. German software giant SAP is up 2.1%, while Wolters Kluwer gains 1.8%. U.K. group Sage is 0.9% higher. The sector is boosted by a broader rally in tech after Taiwan Semiconductor Manufacturing Co.'s strong first-quarter earnings.(josephmichael.stonor@wsj.com)

0848 GMT - Tesco's guidance for fiscal 2027 is a bit below consensus at the midpoint, but the wide range is understandable given broad uncertainty, RBC Capital Markets's analysts say in a note. The U.K. grocer gave a wider range than planned in order to reflect unpredictability from the war in the Middle East. Its fiscal 2026 sales and profits on a 52-week basis beat consensus expectations, the analysts add. Meanwhile, the company raised its expectations for free cash flow in the medium term. Shares are up 2.5%, or 12 pence, to 4.84 pounds. (aimee.look@wsj.com)

0843 GMT - Entain delivered a good first-quarter performance despite pressure from its sports results, Davy Research analysts Paul Ruddy and Tara Tabesh write in a note. The sports-betting and gambling group's consistency has improved significantly, they say. However, the valuation of the London-listed company, which houses British gambling brands Ladbrokes and Coral, appears too low, they add. Shares are up 5.7% at 618.40 pence.( najat.kantouar@wsj.com)

0842 GMT - Beijing is unlikely to cut the policy rate in the near term, according to UOB economist Ho Woei Chen in a research note. "With China's 1Q gross domestic product growth at the top of the official 4.5%-5.0% target, the likelihood of near-term rate cuts has diminished," the economist says. While UOB maintains its baseline forecast of a 10 bps cut to the policy interest rate, it pushes back the timing of the move to 3Q from 2Q, citing heightened uncertainties from developments in the Middle East. (tracy.qu@wsj.com)

0826 GMT - German shipbuilder TKMS is one of the few European defense companies that could see its shares credibly going up due to the Middle East conflict, MWB-Research's Jens-Peter Rieck says. The Frankfurt-listed company has no meaningful competitor in the Middle East, the market of conventional submarines is constrained, and TKMS has recently entered partnerships that would help it meet localization requirements without giving up control, Rieck says. Investors still underappreciate TKMS, he adds. Shares are down 1.3% at 84.50 euros. (cristina.gallardo@wsj.com)

0822 GMT - Informa's appointment of David Lynn as CEO of its inD partnership with Dubai World Trade Centre should reassure, Panmure Liberum's Johnathan Barrett writes in a note. The move by the London-listed events and academic-publishing group is likely to comfort investors as it signals that Informa is managing the business well despite a more complex backdrop than expected when the deal was completed, he says. Shares are up 0.4% at 819.80 pence. ( najat.kantouar@wsj.com)

0819 GMT - EasyJet's expectations of a significant increase of about 40% in its first-half pretax loss on-year underscores how 2026 is proving to be much more challenging than usual, Interactive Investor's Victoria Scholar says. The London-listed airline faces a double whammy from weaker demand caused by global travel disruption in March and higher costs due to rising jet fuel prices, Scholar notes. Weakening bookings suggest easyJet might not be able to increase prices by the end of the summer--as its CEO Kenton Jarvis had suggested--without pushing down demand, the analyst says. Shares are down 3% at 3.79 pounds. (cristina.gallardo@wsj.com)

0818 GMT - Shares of European semiconductor companies are on the rise after Taiwan Semiconductor Manufacturing Co. reported a strong first quarter. The world's largest contract chip maker--a bellwether for the industry and artificial-intelligence demand--logged 58% growth in net profit to 572.48 billion New Taiwan dollars ($18.12 billion). Revenue climbed 35% from a year earlier to 1.134 trillion New Taiwan dollars. Shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 1.9% and 1.4%, respectively. Shares of BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, are up 1.3%. German chip maker Infineon Technologies is up 0.9%. STMicroelectronics shares are up 0.4%. (mauro.orru@wsj.com)

0810 GMT - Current valuations of Malaysia's consumer sector have likely largely priced in near-term concerns of rising costs, TA Securities analyst Liew Yi Jiet says in a note. Inflation is being pushed up by rising global energy prices. However, consumer stable companies should withstand higher costs concerns, partly due to their pricing power and well-established distribution networks. "These factors enable selective cost pass-through and margin preservation, reinforcing the sector's appeal as defensive earnings play amid heightened geopolitical uncertainty and potential risk-off sentiment," the analyst says. TA Securities maintains its overweight rating on Malaysia's consumer sector. (amanda.lee@wsj.com)

0805 GMT - TSMC's robust results and guidance show that robust artificial-intelligence demand is more than offsetting cost pressures, says Josh Gilbert, market analyst at eToro. TSMC raised its full-year revenue growth outlook to above 30% from around 30% in U.S. dollar terms after its 1Q results. Although the Middle East conflict and energy shock pushed up chemical and gas prices, TSMC has the power to command premium pricing, he says. "Companies building out AI infrastructure are not pulling back on spending. If anything, they're accelerating," the analyst says. TSMC's results also should provide confidence heading into results from the likes of Amazon, Meta and Microsoft over the coming weeks, he says. Shares last ended at NT$2,085.00. (sherry.qin@wsj.com)

0755 GMT - Hays is highly focused on decreasing structural costs and boosting productivity to preserve some earnings power through what looks like the most protracted staffing-services downturn in living memory, RBC Capital Markets's Karl Green and Andrew Brooke say in a note. Although investor patience is wearing thin, the U.K. staffing company's decline in third-quarter net fees was a touch better than consensus, and a 2027 outlook that includes a range of scenarios linked to evolving geopolitics should be taken well by the market, the analysts say. "Though we prefer key peer Page on fundamentals, we think Hays also remains too cheap to ignore on a through-cycle basis." Shares are up 6.5% at 34.22 pence.(anthony.orunagoriainoff@dowjones.com)

(END) Dow Jones Newswires

April 16, 2026 05:07 ET (09:07 GMT)

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