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

0853 GMT - AJ Bell's earnings growth outlook remains strong, Deutsche Bank analysts David McCann and Jonas Dohlen say in a note. This is mostly driven by top-line growth and broadly-stable pretax profit margins, the analysts say. Despite revenue margin headwinds, the analysts say profit reflects a balance between short-term returns and future growth investments for the investment platform. "We still think the shares just about offer a growth at reasonable price investment case, and whilst the strong operating momentum continues, we are not going to get in the way of that favorable trend," the analysts say. Shares are up 1.9% at 623.50 pence and are up 36% over the past 12 months. (anthony.orunagoriainoff@dowjones.com)

0835 GMT - IMAX China shares posted their largest one-day percentage gain since 2023 after The Wall Street Journal reported that its parent company, IMAX, is exploring a sale. The New York-listed premium movie-screen company has approached other entertainment companies as potential buyers, the Journal said, citing people familiar with the situation. The sale process is in early stages and may not result in a deal, the people said. IMAX China is roughly 72% owned by IMAX, according to LSEG data. IMAX China's Hong Kong-listed stock ends 12% higher at HK$8.30 after surging as much as 13%. (megan.cheah@wsj.com)

0825 GMT - Europe needs to take coordinated action on the adoption of artificial intelligence to avoid any dependence on foreign infrastructure providers, according to Allianz Research. This includes the mobilization of sovereign wealth funds and development banks, as well as the implementation of a harmonized framework, it says. "Initiatives such as Mistral AI and sovereign computing capacity projects in France and Sweden are promising, albeit modest, counterweights." Without decisive measures, Europe might lose not only market share, but also strategic autonomy over the digital infrastructure of its economy, it says. (najat.kantouar@wsj.com)

0821 GMT - NetEase's focus on creating unique, irreplaceable experiences for both new and existing titles will enhance the games' lifetime value and market impact, Citi analysts say in a research note. As the game maker aims for more game innovation and bigger global exposure, each single new title may create a bigger impact in the market, despite potentially fewer titles, they say. Management believes greater AI utilization can accelerate the supply of live operations and meet growing demands from the gaming community, the analysts say. They view NetEase as a defensive play, citing "its rich, healthy and sustainable games portfolio, improving margin trajectory, and consistent shareholder returns." NetEase's Hong Kong-listed shares ended 5.7% higher at HK$181.50. (sherry.qin@wsj.com)

0757 GMT - European energy stocks fall on higher oil prices due to uncertainty over a peace deal between the U.S. and Iran, and the continued closure of the Strait of Hormuz. London's BP and Shell trade 0.8% and 0.2% lower, respectively, while France's TotalEnergies and Italy's Eni are down 0.65% and 0.7%, respectively. Brent crude is up 2.5% to $105.19 a barrel, while WTI futures are up 2% to $98.25 a barrel. (ian.walker@wsj.com)

0752 GMT - New game launches will be key for the re-rating of NetEase's shares, HSBC analysts say in a note. The bank now expects "Ananta" to be launched in early 2027 instead of 4Q this year and the next catalyst will be "Sea of Remnants," which could be launched in the summer. The brightest spot from its 1Q results is the strong gross margin expansion, thanks to the rising mix of self-developed PC games and mobile channel cost optimization, the analysts say. They think the revenue beat was likely driven by the recognition of deferred revenue accumulated in the past two quarters. HSBC lowers its target price for NetEase's ADRs to US$162.00 from US$170.00 due to the likely later-than-expected "Ananta" release. Its ADR ended 2.1% lower at US$114.34. (sherry.qin@wsj.com)

0749 GMT - Press Metal Aluminium could post 5%-15% higher profit sequentially in 1Q, driven by higher aluminum prices, RHB IB analyst Iftaar Hakim Rusli says in a note. He tips 1Q net profit around 650 million ringgit to 720 million ringgit. The company is entering a sweet spot of elevated aluminum prices and easing alumina costs, supporting expectations for a strong 2026 earnings upward cycle, he says. Supply disruptions in the Middle East are expected to keep the aluminum market in structural deficit through 2027, he reckons. While higher prices could trigger reduced buying or weaker demand in the near term, he expects limited substitutes and inelastic demand to cushion the impact. RHB maintains a buy rating on Press Metal and keeps its target price at 10.50 ringgit. Shares are 1.4% higher at 9.00 ringgit. (yingxian.wong@wsj.com)

0747 GMT - The Middle East crisis could spark a surge in semiconductor prices, according to Allianz Research. "Risks of energy shortages from the Middle East crisis could send prices even higher, given the already tight and extremely concentrated supply," it says. Additionally, a shortage of raw materials critical to semiconductor production, particularly helium, might affect factories, which could result in losses exceeding $10 billion per month, it adds. "Qatar accounts for a third of global production of helium, an upstream input of the AI supply chain that is also almost entirely shipped through Gulf terminals," Allianz Research says. (najat.kantouar@wsj.com)

0747 GMT - Games Workshop's performance for the fiscal year through the end of this month has been solid, but is unlikely to prompt changes to consensus estimates, Jefferies analysts Andrew Wade and Grace Gilberg say in a note. The retailer's pretax profit expectations for the fiscal year are around 4% ahead of consensus and represent a year of profit growth, the analysts say. Core revenue in the second half re-accelerated after a soft December, Jefferies notes. "We remain bullish on the growth opportunities ahead for the group," the analysts say. Shares are up 2.15% at 194.60 pounds and are up 23% over the past 12 months. (anthony.orunagoriainoff@dowjones.com)

0732 GMT - The container shipping industry is facing significant uncertainties around the timing of the Red Sea reopening, fuel costs and fuel availability, and global demand, Deutsche Bank analyst Harishankar Ramamoorthy writes. In addition, a record-high order book for new ships, around 38% of the current global fleet, creates oversupply risks. This makes it challenging to establish a firm or constructive view on the outlook for the industry, he adds. Maersk maintained its full-year 2026 Ebitda guidance of $4.5 billion to $7 billion, translating to a very wide range of EBIT at minus $1.5 billion to positive $1 billion. Hapag-Lloyd also maintained guidance with a very wide range of EBIT at minus $1.5 billion to positive $500 million. Maersk shares fall 1.2% while Hapag-Lloyd shares rise 1.2%. (dominic.chopping@wsj.com)

0721 GMT - European blue-chip stock indexes open in the green following gains in Asia and the U.S. Technology stocks surge, boosting the Europe-wide Stoxx 600 to a 0.6% gain. The Dutch AEX is 0.8% higher as the semiconductor stocks that dominate the index track gains for peers in Asia. ASML is up 2.05%. The industrial-heavy German DAX is 0.7% higher after the Dow closed at a fresh record. Analog semiconductor company Infineon gains 3.8%. STMicroelectronics gains 3.6%, helping the French CAC 40 to rise 0.6%. Luxuries also buoy the sector, with sector bellwether LVMH up 1.2%. London's FTSE 100 gains 0.4%. Telecoms group BT gains 2.4%. Italian FTSE MIB is 0.55% higher, while the Spanish IBEX 35 gains 0.5%. (josephmichael.stonor@wsj.com)

0717 GMT - Asia has become the global hub for trade in artificial intelligence-related products, according to Allianz Research. The region contributes to 65% of global exports and dominates the entire value chain, with seven of the top ten exporters representing 80% of global trade, it says. "China leads with a 18% share, followed by Taiwan (12%) and Hong Kong (11%). Singapore (7%), South Korea (6%), Malaysia (4%) and Japan (3%) also reinforce the region's strength," it adds. Meanwhile, the U.S., Germany and Mexico are the only non-Asian economies in this group, which underscores the strength of AI trade in Asia, it says. This leadership has grown over time as the competitive landscape has shifted in the region's favor, while advanced economies fall behind. (najat.kantouar@wsj.com)

(END) Dow Jones Newswires

May 22, 2026 04:53 ET (08:53 GMT)

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