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

1845 ET - Australia's lowest-cost miners can benefit from better fuel efficiency versus rivals amid elevated oil prices, so long as demand for commodities they produce is resilient, Morgan Stanley says. The bank's order of preference among Australia's iron ore stocks is BHP followed by Deterra, Rio Tinto and Fortescue, says analyst Rahul Anand. For coal, Whitehaven is now MS's top pick, Anand says. He cites tight markets for high-calorific-value thermal coal, and gas-to-coal switching in North Asia. MS remains overweight South32 for base metals exposure. For lithium, the bank is constructive on demand but also reckons it could be the right time to take some profits, he adds. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1811 ET - Supermarkets are a good place for investors in Australia to hide in the current environment. That is Jefferies's view in the aftermath of sales updates from Coles and Woolworths. Coles's supermarket sales were as expected in 3Q. Its growth still lags Woolworths, but the gap is closing, analyst Michael Simotas says. He also notes a very different message to Woolworths on margins. "Definitive margin commentary is rarely provided in sales updates, but rhetoric suggests Coles will remain rational on price as inflation builds and the impact of direct cost impost (including fuel) to date is modest," Jefferies says. It favors Coles over Woolworths on valuation grounds. (david.winning@wsj.com; @dwinningWSJ)

1807 ET - IFM's decision not to engage with Atlas Arteria before making a takeover offer puzzles Jefferies. IFM is offering A$4.75/security in cash. But this could rise to A$5.10/security if IFM secures a relevant interest of 45% or more before the offer closes. It already owns some 35% of Atlas Arteria's stock. Analyst Anthony Moulder says it's an approach made only by those that are hostile from the outset. "We can appreciate IFM's patience has been tested given the performance of the security price of Atlas Arteria over the last few years, starting with the raising for the acquisition of the majority of Chicago Skyway," Jefferies says. "But the lack of engagement is perplexing." It views the offer as opportunistic. It's below Jefferies's A$5.43 price target and doesn't represent a premium for control. (david.winning@wsj.com; @dwinningWSJ)

1754 ET - Lotus Resources appears headed for another equity raise, two months after it rattled the tin with investors for A$79 million. That's the view of Ord Minnett after a March quarter it describes as shocking. "At steady state, we believe Lotus's future earnings would justify a price of A$2.75/share, but it needs to get there first, which we believe will need funding of A$100 million, perhaps some debt and more equity," analyst Matthew Hope says. Ord Minnett suggests Lotus will seek to raise equity in the September quarter. Until funding is resolved, the stock will be held at around A$1.00/share. That's the level of Ord Minnett's new target price, down 74% on before. It also downgrades the stock to hold, from speculative buy. Lotus ended last week at A$0.90. (david.winning@wsj.com; @dwinningWSJ)

1747 ET - Australian equities look set to resume their recent fall as local investors wait on the central bank's latest interest-rate decision. ASX futures are down by 0.3% ahead of Monday's session, suggesting the S&P/ASX 200 will head lower in early trade. The benchmark index is coming off a 0.7% gain, but that represented a modest bounce from a run of eight consecutive falls. With conflict in Iran driving a pickup in inflation, economists expect the Reserve Bank of Australia to announce its third interest-rate rise of 2026 when officials meet this week. National Australia Bank, which has already flagged higher loan impairments on the conflict's economic impact, is scheduled to report its first-half results Monday. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

May 03, 2026 18:45 ET (22:45 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.