Global Equities Roundup: Market Talk

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

1020 ET - Air Liquide has room for some incremental improvements should activist investor Elliott Management push for them, and could announce a share buyback at an event with investors next month, analysts at Bernstein say in a research note. Press reports indicated Elliott has taken a stake in the French supplier of industrial gases. Elliott declined to comment, and Air Liquide didn't respond to a request for comment. "There isn't an obvious traditional activist playbook for Air Liquide," Bernstein says. The company has worked on cutting costs and improving profitability and has a record order backlog, the analysts say. The recent acquisition of DIG Airgas means Air Liquide's balance sheet is less underutilized than in the past, they add. However, Air Liquide likely has room for a 6 billion-euro buyback, according to Bernstein. Shares rise 2.2%. (adria.calatayud@wsj.com)

1014 ET - Novartis's trial results for a multiple sclerosis drug are in line with a blue-sky scenario, UBS analysts say in a research note. The Swiss drugmaker's results from two late-stage studies point to a greater reduction in annualized relapse rates with its Rhapsido compared to Sanofi's Aubagio, with no liver safety issues, the analysts say. These results suggest Novartis's drug might be at least a best-in-class oral medicine for the disease, according to UBS. UBS estimates that there's a 50% probability the drug's sales for relapsing multiple sclerosis reach $4.5 billion. Novartis shares jump 6.2%. (adria.calatayud@wsj.com)

0958 ET - UBS Group's negotiations over capital backing for foreign subsidiaries continue to wane as an issue, Jefferies' Joseph Dickerson and Theo Massing say. The Swiss Senate's Economic Affairs and Taxation Committee on Monday recommended allowing UBS to support foreign subsidiaries with 50% CET1 and 50% AT1 or other qualifying capital, down from the originally proposed 100% CET1. "The legislative process remains ongoing, but we expect investor focus to increasingly shift from capital uncertainty to [return on tangible equity] improvement & capital returns," the analysts say. Shares are down 1.5%. (michael.hennessey@wsj.com)

0932 ET - Spanish banks are trading at varied valuations that are difficult to justify based on current trends, Citi analysts say. For example, CaixaBank trades in line with the domestic peer average, despite having stronger market share momentum and a better earnings sensitivity profile, the U.S. bank says. By comparison, Unicaja Banco trades at a demanding 8% premium to the average despite weaker commercial momentum, Citi says. "Among the domestic banks, the franchises that we view as most geared to higher interest rates and strongest commercial momentum have not outperformed peers despite the rise in rates and improving earnings outlook," Citi says. Citi has buy recommendations on all Spanish banks, excluding Unicaja and Banco de Sabadell, which have neutral recommendations. BBVA was the standout performer in the second quarter of 2026, Citi adds. (michael.hennessey@wsj.com)

0911 ET -- Groupe Dynamite is being carried along by a number of tailwinds, which should materialize into strong 2Q growth, says TD Cowen's Brian Morrison. The analyst points to the retailer's ongoing brand heat, store optimization, pricing power, e-commerce initiatives as strong drivers of momentum. He also says that operating leverage, and its "open-to-buy strategy continue to support attractive top-and-bottom line growth." Morrison says the momentum is generating strong free cash flow which is supporting a share-repurchase program, and ahead of Groupe Dynamite's 2Q results scheduled for Sept. 10, he forecasts 23% year-over-year revenue growth backed by 10.8% same-store sales growth. He also projects a 42% rise in earnings per share. (adriano.marchese@wsj.com)

0857 ET - Orsted shares offer significant value at current levels, with the business maturing into an operating portfolio providing strong free cash flow yields, RBC Capital Markets analyst Alexander Wheeler writes. The company's portfolio maintains an average government-subsidy support of around 12 years, and while there is lower visibility on future growth, a strong balance sheet provides opportunities for growth and/or higher shareholder returns. The bank upgrades the stock to outperform from sector perform and raises its price target to 180 Danish kroner from 120 kroner. Shares rise 2.1% to 138.75 kroner. (dominic.chopping@wsj.com)

0824 ET - For Lululemon, second-quarter financial results likely won't move the needle much, Jefferies analysts say. The company is dealing with the same challenges as it has for the past several quarters, without significant positive or negative changes, the analysts say. Store checks have shown a return to normal product assortment with persistently sluggish brand momentum, as competitors including Alo and Vuori continue to take market share, the analysts say. Lululemon's new chief executive doesn't start until after the earnings report, so investors will be waiting to buy or sell until they hear her new plan, the analysts say. (katherine.hamilton@wsj.com)

0815 ET - The dollar's rise has been relatively muted in response to Federal Reserve Chairman Kevin Warsh's speech on Friday, where he warned of a potential need to raise interest rates if inflation didn't return back down to target, says MUFG's Derek Halpenny. This makes sense given investor's caution ahead of U.S. jobs data on Friday and inflation figures next week, where weak numbers could make a rate hike on Sept. 16 look less likely, he says. The Fed's September decision "remains a close call" ahead of these key data. "With an elevated degree of uncertainty given the busy month of central bank meetings, the dollar buying has been curtailed," Halpenny says. The DXY dollar index rises 0.2% to 99.633. (jessica.fleetham@wsj.com)

0732 ET - European stocks extend losses through the European morning after eurozone inflation rose for a third-straight month in August, bolstering investor expectations of an ECB rate hike next week. The Europe-wide Stoxx 600 trades down 0.7% after opening flat. Losses are most sharp among energy-intensive industries, as Brent crude oil and benchmark gas contracts each rise by around 2%. A basket of European auto stocks falls 2.1%, while an aerospace and defense gauge is down 2.5%. London's FTSE 100 trades 0.8% lower as metals miners slide, while the CAC 40 trades down 0.4% after initially gaining Tuesday. The industrial-heavy DAX falls 1.1%, dragged by a 3.2% decline for Rheinmetall. ASML is flat after opening higher, taking steam out of the Dutch AEX, which falls 0.4%. (josephmichael.stonor@wsj.com)

0716 ET - Lloyds Banking Group is best placed to benefit from the current market environment, BofA Securities analysts say. The U.K. bank's strategy to grow non-interest income is positive in an increasingly competitive U.K. market, the analysts add. Lloyds's confidence in reaching its 20% return on tangible equity target--even in a less favorable rate environment--is also positive, BofA says. "We believe management would be able to deliver on its strategic plan in the medium term," the analysts say. BofA raises its recommendation on the stock to buy from neutral, and increases the price target to 140 pence from 130 pence. Shares are down 0.1% at 109.80 pence, but have risen 11% year to date. (michael.hennessey@wsj.com)

0716 ET - Barclays has reduced further upside due to higher competition for U.K. deposits and potentially increased cost pressures from 2027, BofA Securities analysts say. A higher U.S. interest-rate environment in the near term could also stifle fee income in the U.S. consumer business, the analysts add. "While we still appreciate the US capital markets optionality, particularly in the context of an AI-related capex cycle, [investment banking] incomes are lumpier by nature, and a higher IB revenue would likely drive costs higher as well," BofA says. BofA lowers its net interest income expectations by 1% for 2027 and 2028. It downgrades its recommendation for Barclays to neutral from buy and cuts the price target to 580 pence from 615 pence. Shares are down 3.5%. (michael.hennessey@wsj.com)

0702 ET - Palm oil prices ended higher, thanks to strength in soybean oil prices and persistent concern over El Nino affecting long-term output, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The trader sees crude palm oil prices facing resistance at 4,850 ringgit a ton and finding support at 5,050 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery ended MYR79 higher at MYR4,973 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

September 01, 2026 10:20 ET (14:20 GMT)