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

0956 GMT - Thai Airways' operating profit is likely to grow through 2028, DBS Group Research analysts write in a note. Its plan to grow its fleet to 128 aircraft by end-2028 from 80 at end-2025 provides a visible multiyear earnings growth runway, they say. The new aircraft deliveries will support higher frequencies, the restoration of suspended routes and entry into new destinations across Asia and Europe, the analysts add. They note the airline's comprehensive restructuring last year after the pandemic, including an operational overhaul and balance sheet recapitalization. This transformation hasn't yet been reflected in valuations, and there is rerating potential given the airline's solid fundamentals, the analysts add. DBS initiates stock coverage with a buy rating and a target price of 8.70 baht. Shares rise 9.9% to 6.65 baht. (kimberley.kao@wsj.com)

0954 GMT - Global air passenger demand fell 2.2% in May due to the war in the Middle East, the International Air Transport Association says. Demand was lead by Africa, and Latin America and Caribbean, where numbers grew 6.6% and 6.1% respectively as measured in revenue passenger kilometers. However, Middle East passenger demand fell 28.4% in the month but improved compared with April's 46.6% drop. Demand in Asia-Pacific was down 1.4%, but up 2.7% in Europe, the industry body says. "While the recent sharp drop in oil prices is an encouraging development, the challenges created by the war will likely persist for some time," IATA's Director General Willie Walsh says. (ian.walker@wsj.com)

0950 GMT - Vonovia's share price has failed to recover meaningfully even as interest rate pressures have eased, J.P.Morgan analysts say in a research note. Usually when borrowing costs fall, the German real estate company's shares rise, the analysts say. However, this hasn't happened, with prices staying weak and suggesting that investors remain pessimistic, they add. A lasting recovery would require tangible progress on strategic priorities such as disposals and stronger rental growth, alongside rising contributions from non-rental businesses, the analysts say. Overall, shares are undervalued but lack near-term factors to push for an improved valuation, they add. Shares trade 1.8% higher at 21.57 euros. (nina.kienle@wsj.com)

0925 GMT - The 2H outlook for Indonesia's equity market still seems positive, according to DBS senior investment strategist Joanne Goh. "We think that the cheap valuations or the low valuations in Indonesia should be quite supportive of [the] market's recovery," she says at a briefing. Indonesia is also expected to maintain its emerging-market status from MSCI in November, which would lift investor sentiment. Goh notes that authorities have been given more time to further improve on market reforms and address governance concerns. DBS has an end-2026 target of 8000 for the Jakarta Composite Index, which closes 3.05% lower at 5643.19. (amanda.lee@wsj.com)

0914 GMT - Lenovo is expected to meet its revenue targets, which are well above previous forecasts, Morningstar analyst Jing Jie Yu says. He sees its Infrastructure Solutions Group as the key growth driver as artificial-intelligence server demand continues to exceed expectations, with Lenovo's ability to secure chip supplies ahead of smaller rivals positioning it to capture most of the demand. Lenovo is also poised to benefit from rising AI investments in China. While Apple's price increase may weigh on PC demand, Lenovo's brand strength should help offset weaker volumes through price increases. However, its margin outlook may be challenging as ISG's pricing power from the current chip shortage is temporary. Morningstar raises its fair value estimate to 23.30 Hong Kong dollars from HK$15.50. The stock last closed at HK$23.02. (jason.chau@wsj.com)

0912 GMT - Siemens's valuation over the longer term could be supported by several factors, Citi analysts say in a research note. These include the planned spinoff of its stake in Healthineers and its consensus forecasts for fiscal 2027 remaining too conservative at the moment, the analysts say. Meanwhile, upcoming third-quarter results in August are unlikely to significantly lift the company's valuation, with management reaffirming its outlook since the last quarterly results, the analysts say. Digital industries orders are anticipated to broadly meet market expectations, while the smart infrastructure and mobility units could deliver modest upside thanks to strong demand and recent contract wins, Citi says. Shares trade 2.8% higher at 276.8 euros. (nina.kienle@wsj.com)

0852 GMT - Bitcoin could fall further as concerns about possible interest-rate rises by the U.S. Federal Reserve result in capital outflows from institutional instruments such as bitcoin, ActivTrades' Saverio Berlinzani says in a note. "Bitcoin could drop to the previous significant low of $49,443 seen in August 2024, though other analysts believe the psychological and technical support level around $60,000 might hold," Berlinzani says. Bitcoin falls 1.7% to $59,167, having reached a 21-month low of $58,075 on Thursday last week, LSEG data show. (miriam.mukuru@wsj.com)

0839 GMT - Abivax's data for its experimental ulcerative colitis treatment shows improved safety and better efficacy and should reassure investors, Stifel analysts write. Negative side effects in the trial were limited, with no new concerns raised. Evidence from the trial supports a favorable benefit-to-risk profile ahead of the company's submission of the drug to regulators in the fourth quarter of 2026, the analysts say. The drug also performed well among patients with difficult-to-treat ulcerative colitis, suggesting more patients could benefit from the drug than previously thought, the analysts note. Paris-listed Abivax shares surge 30%, leading Europe's Stoxx 600. (josephmichael.stonor@wsj.com)

0839 GMT - New rules on cryptocurrencies announced by the U.K.'s Financial Conduct Authority should provide stronger consumer protection and reduce scams but doesn't completely remove risks, AJ Bell's Dan Coatsworth says in a note. "Investors will still need to ensure they understand that crypto prices often exhibit wild swings and that the asset class is driven purely by speculation," he says. Crypto firms operating in the U.K. will need to undertake stress tests to prove they can withstand market shocks and hold adequate capital as a financial buffer in the case of losses as part of the FCA's new rules. (renae.dyer@wsj.com)

0835 GMT - JL Mag Rare-Earth's 2Q and 1H gross margins are likely to keep expanding thanks to its strategic inventory positioning from late last year and surging rare earth prices in 1H, say Citi analysts in a note. The rare-earth magnet maker is likely to benefit from higher orders during the peak season, with customer Tesla likely scheduling a humanoid robot launch later this year, they note. This should provide a substantial and immediate boost to JL Mag's business of supplying to the humanoid robot sector. The company is likely to issue a positive profit alert for 1H, given its low base for gross margins, Citi says. The bank has a 90-day upside catalyst watch on the Hong Kong-listed stock and retains its buy rating and HK$38.20 target price. The H-shares closed 3.2% higher at HK$16.63. (megan.cheah@wsj.com)

0826 GMT - Any successful takeover bid from Castlelake for easyJet will likely need to exceed 6.50 pounds a share, with around 7 pounds a more realistic level, RBC Capital Markets analyst Ruairi Cullinane says in a research note. This implies a roughly 20% upside, Cullinane adds. However, if takeover talks fail, shares could fall by a similar amount, as much of the recent rally has been driven by bid speculation, the analyst says. Longer term, value emerges only gradually as earnings improve, with the stock becoming more attractive from 2029 onward, the analyst adds. RBC cuts its stock recommendation to sector perform from outperform and raises its price target to 6 pounds from 4.05 pounds. Shares trade 1.4% lower at 574 pence. (nina.kienle@wsj.com)

0817 GMT - Shares in U.K. housebuilders tumble following a Zoopla report showing agreed-upon home sales fell in June. This is as higher mortgage rates and political uncertainty slashed buyer demand by 15% on year. Compounding the sector's woes is a potential 4.5 billion-pound class-action lawsuit over alleged anticompetitive behavior, according to RBC Capital Markets. "The claim is difficult to prove, and we note that the CMA's recent investigation into housebuilders did not conclude that the Competition Act had been infringed," the analysts say. Persimmon shares are down 3.4%, Barratt Redrow trades 3% lower and Bellway shares fall 2.5%. (anthony.orunagoriainoff@dowjones.com)

(END) Dow Jones Newswires

June 30, 2026 05:56 ET (09:56 GMT)

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