The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day. Macquarie says there's lots to like about Charter Hall Retail REIT except its stock is approaching a two-year high. The bank downgrades Charter Hall Retail REIT to neutral from outperform. "Charter Hall Retail REIT Loses Bull as Stock Nears 2-Year High -- Market Talk," at 2324 GMT, incorrectly stated Macquarie's prior rating as underperform.

2122 ET - Press Metal Aluminium's 2Q core earnings could be a record high, driven by stronger average LME aluminum prices, Hong Leong IB analyst Brian Chin says in a note. He tips 2Q core earnings around 750 million to 800 million ringgit, 24%-32% higher sequentially and 47%-56% higher on year. Aluminum prices are expected to remain supported by a supply deficit in 2026, while still subdued alumina prices should continue to support smelting margins, he reckons. However, prices could moderate as new capacity comes online in 2027, with a potential market surplus and a hawkish Fed posing risks, he adds. Hong Leong cuts Press Metal's target price to 8.34 ringgit from 8.77 ringgit, while maintaining a hold rating on the stock. Shares are 0.6% higher at 7.98 ringgit.(yingxian.wong@wsj.com)

2111 ET - Even James Hardie's upgraded earnings guidance appears conservative to Macquarie. Building-products company James Hardie raised FY 2027 adjusted Ebitda guidance to US$1.536 billion-US$1.625 billion. Macquarie forecasts US$1.637 billion. "We expect some late-FY27 recovery in activity, aided by multi-family pipelines and top-of-market R&R [repair and remodel] momentum," the bank says. Macquarie projects so-called commercial synergies to become a key driver of the company's share-price performance. "The evolution of supply chain and channel strategy, manufacturing efficiencies and the impact of sales integration (combined with expanded distributor relationships) all support this narrative," it says. Macquarie has an outperform rating on James Hardie's Australian shares. It raises its price target to A$47.10 from A$41.20. The stock is down 1.3% at A$42.63. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2015 ET - Japanese stocks are higher in early trade after weak U.S. jobs data diminished prospects for the Fed's potential rate increases. Electronics and metals stocks are leading gains. Ibiden is up 7.4%, Furukawa Electric is up 8.8%, and Sumitomo Metal Mining is 5.7% higher. The dollar is at 157.88 yen, down from Y158.30 as of Friday's Tokyo stock market close. Investors are closely watching Japanese corporate results as well as developments in the Middle East. The Nikkei Stock Average is up 1.2% at 66376.25. (kosaku.narioka@wsj.com; @kosakunarioka)

2005 ET - Naver's earnings could remain under pressure from artificial-intelligence spending until 2Q 2027, when its AI data center starts generating revenue, NH Investment & Securities' Ahn Jae-min says. The South Korean internet company has eased concerns about potential cash-flow constraints by securing $9 billion in financing from U.S. private-equity firm Brookfield to build a 200-megawatt data center by 2028 under its "AI factory" project, the analyst notes. NH expects the AI project to generate revenue of 560 billion won in 2027 and 6.4 trillion won by 2030, while its operating profit is projected to rise from 31.7 billion won to 720.5 billion won over the same period. (kwanwoo.jun@wsj.com)

2000 ET - Pathology services provider Integral Diagnostics's preliminary result for FY 2026 looks disappointing. Integral signaled annual revenue of A$788 million-A$790 million. That fell short of consensus hopes for A$799 million. Operating Ebitda of A$164 million-A$165 million missed market expectations for A$169 million. "While we had flagged downside risks to consensus numbers in our preview note, we expect the operating miss to be taken negatively by the market," says RBC Capital Markets. It had an outperform call and A$2.85/share price target on Integral entering this week. Integral ended Friday at A$2.18. (david.winning@wsj.com; @dwinningWSJ)

1955 ET - Nick Scali's bull at Macquarie stays focused on the medium term while also putting the spotlight on the defensiveness of the Australian furniture retailer's balance sheet. Macquarie sees limited opportunity for earnings growth over FY 2027, predicting a 0.4% fall. "However, we see value in Nick Scali on a 1-3 year view," Macquarie says. U.K. growth is slow, but the product and gross-margin strategy is working. Its brand and market share in Australia and New Zealand are relatively robust, supported by continued advertising and no discounting. Meanwhile, Nick Scali is net cash to the tune of A$35 million and its dividend is growing. Macquarie highlights the option of doing more M&A, such as a third brand in Australia and small 4-5 store networks in the U.K. It retains an outperform call on Nick Scali. (david.winning@wsj.com; @dwinningWSJ)

1945 ET - Japanese stocks may rise after weak U.S. jobs data lowered expectations for potential rate increases by the Federal Reserve. Nikkei futures are up 1.0% at 66375 on the SGX. The dollar is at 157.85 yen, down from Y158.30 as of Friday's Tokyo stock market close. Investors are focusing on Japanese corporate earnings as well as developments in the Middle East. The Nikkei Stock Average fell 0.1% to 65606.71 on Friday. (kosaku.narioka@wsj.com)

1929 ET - Macquarie is confident the worst is behind Warehouse, leading it to upgrade the New Zealand-based retailer's stock to outperform, from neutral. "Warehouse has moved beyond a pure turnaround story and is now an early stage earnings recovery opportunity," Macquarie says. It believes FY25 represented the low point of profitability as margin pressure, operational disruption and weak consumer demand drove earnings to cyclical lows. FY26 has provided the first evidence that management's recovery strategy is gaining traction, Macquarie says. Costs are lower and inventory is being managed better. Macquarie also highlights stronger execution in Noel Leeming and Warehouse Stationery. Its FY27 EPS forecast rises 7%, and its price target lifts 12% to NZ$0.84/share. Warehouse is unchanged at NZ$0.58 today. (david.winning@wsj.com; @dwinningWSJ)

1924 ET - Macquarie says there's lots to like about Charter Hall Retail REIT except its stock is approaching a two-year high. The bank downgrades Charter Hall Retail REIT to neutral, from underperform, even as its FY26-28 operating EPS compound annual growth rate of 3.5% appeals. Macquarie also likes its dividend yield of 7%. Charter Hall Retail REIT ended last week at A$4.23, above Macquarie's A$4.18/share price target.(david.winning@wsj.com; @dwinningWSJ)

1900 ET - Australian earnings calendar really kicks off this week, with major companies reporting, including Westpac and Commonwealth Bank of Australia. The market will also hear from Suncorp, Transurban, Origin Energy, Insurance Australia Group and Telstra. Investors will be watching for evidence that strong share prices are supported by improving earnings and outlooks, particularly across the banks, infrastructure and energy sectors, says Greg Boland, analyst Moomoo Australia and New Zealand. The share market is expected to open modestly higher on Monday, with futures pointing to a 0.4% gain, as investors look ahead to Tuesday's interest-rate decision from the Reserve Bank of Australia, he adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)

1826 ET - Charter Hall Retail REIT's earnings guidance looks conservative to Jefferies. The Australian mall owner signaled operating EPS would be at least 27.3 Australian cents per unit in FY27. That would represent growth of 3.5%. Jefferies upgrades its FY27 EPS forecast by 2% to 28.0 cents. "A conservative FY27 guide with additional earnings and net tangible assets upside to come from further CCRF deployment and the September CPI rent review," analyst Andrew Dodds says. CCRF is the Charter Hall Convenience Retail Fund, which owns 24 shopping centers and 15 Bunnings warehouses. Jefferies lifts its price target by 13% to A$4.77/share. Charter Hall Retail REIT ended last week at A$4.23. "With valuation appealing and highly secure income growth on offer, we remain Buy rated," Jefferies says.