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

0255 GMT - Fujikura could benefit from a "third earnings driver," SMBC Nikko Securities analysts say in a research report. Over 50% of the Japanese company's recent upward revision in this fiscal year's operating-profit guidance stems from sales growth for optical components and materials that don't require optical fiber, the analysts note. The brokerage didn't anticipate the emergence of this "third earnings driver"--optical components and materials that don't require optical fiber. This supplements optical cables and wiring materials. The brokerage lifts this fiscal year's operating-profit forecast for Fujikura to 318 billion yen from 230 billion yen. It raises the stock's target price to 7,400 yen from 5,300 yen with an unchanged outperform rating. Shares are 1.7% higher at 6,423 yen. (ronnie.harui@wsj.com)

0225 GMT - The Singapore dollar consolidates against its U.S. counterpart ahead of major U.S. economic data releases later today. Markets are focused on core PCE data, say strategists at OCBC. "A hotter print may fuel another leg higher in broader USD and USD/SGD while softer or in line print may see a breather," the strategists say. Based on technical analysis, the U.S. dollar's daily momentum against the Singapore dollar is bullish, but the relative strength index rose into overbought territory, they note. Hence, "some moderation in the recent upmove is likely in the near term," they add. The U.S. dollar is little changed at 1.2968 Singapore dollars, LSEG data show. (ronnie.harui@wsj.com)

0217 GMT - Trip.com delivers a solid 1Q earnings report and guides for revenue growth to slow by 3%-8% in 2026, but this isn't a big surprise to Citi. Its analysts point to an oil-price surge and rectifications to operations due to an ongoing investigation by Chinese regulators. The company's revenue and adjusted operating profit both beat consensus estimates, with revenue growth likely due to the strong bookings of the its website and resilient China travel demand, Citi says. Citi maintains a buy rating on its ADRs and a target price of US$82.00. ADRs last closed at US$46.30. (megan.cheah@wsj.com)

0136 GMT - Jumbo Interactive's former bulls at Morgan Stanley see limited scope for the stock to rerate until organic growth picks up and key overhangs are resolved. Lowering their recommendation on the lottery ticket retailer to equal-weight from overweight, MS analysts tell clients in a note that they see uncertainty over how the U.K. taxes prize draws weighing on the stock. They point out that the sector is also under increased scrutiny in the U.K. and that legislative intervention is possible. On top of this, they also want a resolution to negotiations with Lottery Corp. MS cuts its target price 42% to 8.40 Australian dollars. Shares are down 16% at A$6.47. (stuart.condie@wsj.com)

0134 GMT - Malaysian banks are expected to remain a key gauge of investor sentiment ahead of a potential early general election, given their large weighting in the local stock market and strong institutional ownership, says TA Securities analyst Li Hsia Wong in a note. While sector fundamentals remain sound, she expects political uncertainty and potential foreign fund outflows to weigh on valuations as election speculation intensifies. The current backdrop appears less supportive than during the previous election, amid slower loan growth, softer corporate activity and rising competition for deposits, she says. TA downgrades the sector's rating to neutral from overweight, citing rising election-related valuation risks despite still-solid fundamentals. Public Bank remains TA's preferred pick for its defensive qualities.(yingxian.wong@wsj.com)

0123 GMT - Recent scrutiny of Australia's audit sector may have materially lifted the bar for Corporate Travel Management's auditor to sign off on the travel agent's accounts, RBC analyst Wei-Weng Chen warns. Chen points out that the ASX-listed company expects to lodge its accounts for fiscal 2025 and the first half of its current fiscal year in August, but has yet to provide a date for finalization of its fiscal 2026 report. He tells clients in a note that issues appear to be widening at CTM, with margins and local revenues now flagged as concerns. RBC has a last-published underperform rating on the stock and a target price of 15.00 Australian dollars. Shares have been halted at A$16.07 since August. (stuart.condie@wsj.com)

0121 GMT - Nikkei futures are showing a bullish bias, StoneX's Matt Simpson says in commentary. "The daily chart shows that momentum is curling higher after Tuesday's shakeout," the senior market analyst notes. "A Rickshaw man doji [pattern] formed between the 10- and 20-day [exponential moving averages] on Wednesday, and momentum extended higher overnight into the U.S. close," Simpson says. "Bulls could be seeking dips," he says. However, "the monthly R2 pivot sits just above 71500 and could provide initial resistance," the analyst adds. Nikkei futures are 2.4% higher at 71260 on the Osaka Stock Exchange. (ronnie.harui@wsj.com)

0111 GMT - Petronas Chemicals' earnings outlook isn't expected to weaken immediately even as petrochemical prices normalize, says TA Securities analyst Luqman Anwar in a note. While petrochemical prices are unlikely to return to their April-May peaks, supply disruptions linked to the U.S.-Iran conflict could keep regional markets relatively tight and support product margins through 2026, he says. However, this support could fade as Middle East exports recover and capacity additions are made in China. Anwar expects petrochemical spreads and margins to weaken from 2027 onwards. TA Securities downgrades the stock's rating to sell from buy, and cuts target price to 4.32 ringgit from 6.56 ringgit. Shares are 1.7% lower at 4.03 ringgit. (yingxian.wong@wsj.com)

0107 GMT - Axiata's core net profit is projected to rise 46% on year in 2026, followed by 18%-21% increase in 2027 and 2028, driven mainly by contributions from associates XLSmart and CelcomDigi, CIMB Securities analyst Choong Chen Foong says in a note. Axiata is also forecast to offer an attractive dividend yield of about 5.6%-6.6% over the period, he says. Ongoing efforts to monetize tower unit Edotco could further strengthen Axiata's balance sheet and increase dividend paying capacity, although the transaction may be completed at a lower valuation than previously expected, he adds. CIMB resumes coverage on Axiata with a buy rating and 2.55 ringgit target price. Shares are 0.5% higher at 1.99 ringgit.(yingxian.wong@wsj.com)

0026 GMT - Japanese stocks are higher in early trade on possible dip-buying interest following the Nikkei's second straight session of losses on Wednesday. "For now, though, this still looks more like a reset in sentiment than the start of a broader market breakdown," said Zaheer Anwari, co-founder and CEO at The Revacy Fund, in an email. Among the top gainers, Kokusai Electric is up 9.5%, Advantest is up 8.2%, and Rohm is 7.7% higher. The dollar is at 161.77 yen, compared with Y161.81 late Wednesday in New York. The Nikkei Stock Average is up 2.7% at 71083.84. (ronnie.harui@wsj.com)

0017 GMT - Macquarie cuts its earnings outlook for Woodside Energy and Santos through 2028 after lowering expectations for oil prices following U.S.-Iran peace talks. It now projects an average Brent crude oil price of US$64.00 per barrel in 2027. That represents a 14% cut to its prior forecast. It says energy flows through the Strait of Hormuz are key. "We expect heavy oversupply in 2027," Macquarie says. Restocking demand is a key swing factor. For Woodside, its EPS forecast for 2026 falls 18% on slightly lower 2H prices and higher costs. Its 2027 and 2028 EPS views decline 30% and 9.8%, respectively. For Santos, its 2026 EPS forecast drops by 8.1%, with falls of 34% and 5.3% in the following two years, respectively. Santos is Macquarie's pick among large-cap Australian energy companies. (david.winning@wsj.com; @dwinningWSJ)

2354 GMT - Baby Bunting's profit warning doesn't surprise Morgan Stanley much. That's because of the weak consumer backdrop and trading updates from other retailers. Baby Bunting expects an annual profit of A$16 million-A$17 million, representing an around 11% cut to prior guidance at the midpoint. Sales of up to A$555 million also missed consensus forecasts. Analyst James Bales says the earnings downgrade was driven by softer sales across non-refurbished stores, plus the impact of store closures. "We see these headwinds as temporary and expect growth to reaccelerate in FY27," MS says. It had an overweight call and A$3.60/share price target on Baby Bunting ahead of the update. Baby Bunting ended Wednesday at A$1.47. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

June 24, 2026 22:55 ET (02:55 GMT)

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