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

1005 ET - Kering has a lot to prove with its next results as investors look eagerly for green shoots, analysts at UBS write in a note to clients ahead of 2Q results later this month. The French luxury group, owner of Gucci and other fashion brands, is aiming to turn things around after a rocky couple of years, and 2Q "will therefore be important in demonstrating progress on cost control and supporting confidence in the expected 2H acceleration," UBS says. "We remain on the sidelines awaiting clearer evidence of a sustainable recovery at Gucci," the Swiss bank adds, keeping a neutral rating on the stock. Shares are up 2.6% at 252.1 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0941 ET - Generali is likely to benefit from the new German private pensions as customers seek advice, given its strong distribution of agents, Berenberg analyst Michael Huttner writes. "Although the subsidies are simpler to calculate than for the old Riester product, savers will be able to mix and match different options," Huttner says. The new German private pensions--which are due to be launched on Jan. 1--are expected to unlock an extra 26 billion euros to 56 billion euros a year of annual savings flows in the mid-term, according to S&P. Shares are up 1.2% at 42.79 euros. Berenberg has a buy rating on the stock and a 71 euro target price. (ian.walker@wsj.com)

0940 ET - Richemont's strong performance can be attributed to some good management decisions, UBS analysts tell investors in a note. The Swiss luxury group behind Cartier and Van Cleef & Arpels has performed better than many peers in recent years, due in part to its stronger focus on jewelry over soft fashion. But strategic decisions including product expansion, pricing discipline and a focus on local consumers rather than tourists have also helped insulate Richemont against many of the travails buffeting luxury, UBS says. A conservative approach to margin expansion has meanwhile helped keep momentum going, the Swiss bank notes. "Our forecasts point to another strong quarter," the analysts say, ahead of fiscal first-quarter results for the group later this month. (joshua.kirby@wsj.com; @joshualeokirby)

0921 ET - Symrise is expected to see growth acceleration in the second half of the year, supported by easier on-year comparisons and new product launches, Deutsche Bank Research analysts say in a note. The German chemicals company should also benefit from innovation that will help sustain momentum into the third quarter, the analysts say. Meanwhile, second-quarter sales growth should come in strong, driven by a recovery in volumes and improving demand after a weak start to the year, they say. Results should also come in slightly ahead of market expectations, although margins are likely to remain under some pressure from currency movements and pricing, they add. Shares trade 1.5% higher at 90.96 euros. (nina.kienle@wsj.com)

0914 ET - EssilorLuxottica has plenty of untapped opportunity ahead in its advance into smartglasses, analysts at UBS write in a note. The Franco-Italian eyewear behemoth has seen questions raised around its partnership with Meta on several models of AI-equipped glasses, which some analysts say could dilute the Ray-Ban maker's margins and eat into core eyecare demand. But in reality, demand remains strong and there is scope to boost awareness of the category, UBS says. That suggests EssilorLuxottica shouldn't worry about new rivals entering the smartglasses market, the bank says. "Our long-standing view has been that greater competition is necessary to help build the category and accelerate adoption in the US and globally," the analysts say. (joshua.kirby@wsj.com; @joshualeokirby)

0912 ET - Sodexo isn't likely to return to attractive margin levels before 2028, Bernstein analyst Sabrina Blanc writes. The French food-services company reported a revenue beat for the third quarter and raised its full-year guidance. It also forecast an underlying operating profit margin for the fiscal year of between 3.2% and 3.4%. "We view these results as a positive, but remain cautious on Sodexo," Blanc says, adding that reorganizing, simplifying and re-energizing a group like Sodexo takes time. Sodexo plans to update investors on its midterm targets at an event on July 16. Shares are up 1.9% at 53.75 euros. (ian.walker@wsj.com)

0859 ET - The European steel sector is expected to benefit from the European Union's revised steel safeguard measures, as country-specific import quotas should create a more orderly market than previously feared, Deutsche Bank Research analysts say in a note. The new rules are expected to reduce low-cost imports, strengthen the position of established trading partners and provide greater support for steel prices and producers' profit margins, the analysts say. Although demand remains subdued and prices have softened during the seasonal summer slowdown, the analysts expect both to recover as inventories decline and demand improves later in the year. Deutsche Bank favors companies with strong exposure to a recovery in regional prices and expects the tighter import regime to improve industry profitability over the medium term, the analysts add. (nina.kienle@wsj.com)

0832 ET - Frasers Group's sale of Sports Direct Malaysia makes sense and provides over 100 million pounds of cash inflow for the company, Jefferies analysts Andrew Wade and Grace Gilberg write. The sporting goods retailer, majority owned by Mike Ashley, said late Wednesday it had sold the business to MAP Active for $150 million and that the two would enter into a long-term partnership. Shares are down 0.9% at 746.50 pence, but up 10% over the year to date. Jefferies has a buy rating on the stock and an 11 pound target price. (ian.walker@wsj.com)

0809 ET - Adyen's growth outlook next year and in 2028 is more positive now the acquisitions of Talon.One and Orb have been completed, Jefferies analysts Hannes Leitner and Charles Brennan write. The Amsterdam-based payments provider said Wednesday it completed the acquisitions and that it will now start integrating Talon.One's promotional engine and Orb's flexible billing. Jefferies says the deals diversify Adyen's value proposition against pressured payment take rates. The investment bank forecasts second-quarter total payment volume and net revenue to increase 22% to 409 billion euros and 680 million euros respectively. Shares are up 0.4% at 845.60 euros. Jefferies has a buy rating on the stock and 1,166 euro target price. (ian.walker@wsj.com)

0759 ET - Rentokil is catching up operationally with its U.S. pest control peer Rollins, Bernstein analysts write. The London-listed group's growth-focused model emphasizes local marketing and expanding customer reach through small, satellite branches, the analysts say. As a result, the company can return to 7% organic growth in a best-case scenario. Doing so would close the gap with Rollins, which is targeting 7% to 8% organic growth, they say. Atlanta-based Rollins is starting from a position of strength, the analysts say. Rentokil shares edge up 0.1%. (josephmichael.stonor@wsj.com)

0718 ET - Bitcoin rises to a one-week high as markets scale back expectations for interest-rate rises by the Federal Reserve slightly. The repricing comes after Fed Chair Kevin Warsh said Wednesday that inflation risks had eased. Markets responded to his comments by largely pricing out a July rate hike, though Warsh declined to offer forward guidance and reaffirmed the Fed's 2% inflation target, Nexo analyst Iliya Kalchev says in a note. "Today's [nonfarm] payrolls report will either reinforce or challenge that repricing." The data are due at 1230 GMT. Bitcoin rises 1.9% to as high as $61,323, according to LSEG. (renae.dyer@wsj.com)

0708 ET - LVMH can ride out this year's initial turbulence, UBS's Zuzanna Pusz and Robert Krankowski write in a note to investors. The luxury group has, like its peers, seen some volatility from the Middle East conflict in the first half of the year. But financial results for the half-year should show signs of improvement due to self-help measures and a better backdrop, Pusz and Krankowski say. "We remain confident management is taking the right steps to sustainably strengthen the position of the brands." Shares rise 1.9% to 490.20 euros.(joshua.kirby@wsj.com; @joshualeokirby)

(END) Dow Jones Newswires

July 02, 2026 10:05 ET (14:05 GMT)

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