Global Equities Roundup: Market Talk

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

0840 ET - The latest U.S. tariffs on German goods imports increase uncertainty and create additional bureaucracy, the DIHK German chamber of commerce's trade chief Volker Treier says. "Uncertainty is, of course, poison for business." The Trump administration on Friday imposed a new 10% tariff on European Union products it said was designed to combat forced labor. Neither the accusations of insufficient measures against forced labor nor claims of alleged overcapacity stand up to scrutiny, Treier says. "It's clear Washington is trying to enforce tariffs that were halted in court in February through other legal avenues". On the positive side, the new tariffs incorporate the existing most favored nation tariffs, which mean the tariff rate should be below 15% in future, he says. (edward.frankl@wsj.com)

0824 ET - European equities are exposed to a clutch of possible negative catalysts, Bank of America analysts write. The Europe-wide Stoxx 600 remains close to record highs, while expectations for European companies' margins are at all-time highs, the analysts say. "Much of the good news is already in the price. This leaves the market vulnerable to disappointment," they say. Potential downside risks include wobbles in the AI trade and continued escalation in the Middle East leading to higher energy prices. Moreover, the prospect of a higher interest-rate environment could prompt further European underperformance. The Stoxx 600 rises 0.5% Friday, and is up 8.5% for the year. (josephmichael.stonor@wsj.com)

0821 ET - CN Rail's operating data shows a network handling more freight and generating higher productivity in 2Q, but also facing rising costs. Gross and revenue ton-miles climbed, indicating stronger volumes, and train length, fuel efficiency and GTMs per average number of employee all rose. At the same time, car velocity fell. Cost pressures are also rising, with operating expenses per GTM rising 9% in the quarter. CN Rail says the quarter's volume strength and operational execution support its decision to lift its 2026 assumption to low single-digit revenue-ton-mile growth. (adriano.marchese@wsj.com)

0754 ET - WDP's merger with Argan ticks all the boxes financially, ING analyst Francesca Ferragina writes in a note. French warehouse specialist Argan and Belgian peer WDP agreed to create a 13 billion euros logistics real estate company through an all-share merger. The transaction doesn't represent any execution risk as all key shareholders unanimously supported the deal, Ferragina says. The merger also makes sense both strategically and financially, she adds. Through the deal, WDP is set to become the third-largest European logistics company behind rivals Prologis and CTP. This merger is another sign that scale is growing in importance in the European logistics sector, as seen in Prologis's pursuit to acquire Segro, the analyst says. Argan shares are up 15.3% and WDP shares are down 2.1%. (najat.kantouar@wsj.com)

0735 ET - WSP Global could significantly increase its EMEIA exposure if it succeeds in acquiring Dutch engineering consultancy Arcadis, TD Cowen analyst Michael Tupholme says in a research note. Arcadis received a second offer from Canadian peer WSP Global, valuing the group at around $5 billion. Tupholme says Arcadis derives 45% of its revenue from EMEIA, compared with WSP's 29%, making the deal strategically attractive. At the same time, the acquisition could also expand WSP's Americas revenues in absolute terms, he says, since it is currently 47% of Arcadis revenue, similar to WSP. While Arcadis' softer financial performance may concern investors, the analyst thinks that "WSP has shown an ability to improve results/margins at acquired businesses." (adriano.marchese@wsj.com)

0725 ET - American Express card members are using their cards more and putting more on their balances, the company says. Amex says card member spending increased by 9%, the highest rate in three years. Card balances also rose, driving up net interest income during the quarter. One of Amex's most expensive cards, the Platinum, is the company's fastest growing card in the U.S. The high spending among Amex's customers, who are generally wealthier, contrasts with lower-income cohorts, who Albertsons said earlier this week are feeling pressured and limiting spending on groceries. (katherine.hamilton@wsj.com)

0715 ET - European luxury stocks would benefit from efforts by Chinese authorities to stimulate domestic growth, Bank of America analysts write. Weak demand from Chinese consumers has weighed on luxury stocks so far this year. But policy easing could come as soon as late July, Bank of America economists say, in turn boosting luxuries given their high exposure to the region. "Our macro projections point to 15% further outperformance for luxury goods over the coming months," the analysts say. Bank of America raises its outlook for the luxury sector to overweight. A basket of European luxury stocks is down close to 17% so far this year, and has fallen over 6% in the last five trading days.(josephmichael.stonor@wsj.com)

0716 ET - Bitcoin turns slightly lower as investors exercise caution towards risky assets amid concerns about a further escalation in the U.S.-Iran conflict. President Trump told Axios on Thursday that he would soon make a decision on whether to launch a "massive attack" against Iran on a larger scale than ever before. Given the severity of the situation, the recent jump in oil prices might not represent the full scale of disruption to energy markets, XM analyst Raffi Boyadjian says in a note. "Investors are likely holding onto some optimism that Trump will seek a way out and agree to a ceasefire." Bitcoin drops 0.2% to $64,979, LSEG data show. (renae.dyer@wsj.com)

0713 ET - The U.K. preliminary purchasing manager index data for July came in better than forecast, indicating economic resilience despite challenges from the Middle East conflict, Validus Risk Management's Harry Woolman says in a note. The U.K. flash composite PMI for July, which shows activity in the manufacturing and service sectors, climbed to 52.1 points from 49.3 points in June, above the consensus forecast of 49.8 points by economists in a WSJ poll. A reading above 50.0 points shows increased activity. The data provides "a welcome near-term tailwind for both policymakers and U.K. assets", Woolman says. (miriam.mukuru@wsj.com)

0703 ET - Nokia shares are up around 65% year-to-date on artificial intelligence-driven optimism, and while AI demand should continue to support growth, much of the upside is priced in, UBS analyst Francois-Xavier Bouvignies writes. Second-quarter AI and cloud revenue more than doubled on year, while order intake reached 2.8 billion euros, which is equivalent to the prior three quarters combined. UBS expects the strong demand to persist, supporting optical network and IP network revenue growth of around 20% in 2027 versus high-teens growth in 2026. "However, margin expansion is likely to be constrained by the investments required to support scaling." UBS lowers its price target on the stock to 9.65 euros from 11 euros and reiterates its neutral rating. Shares fall 1.5% to 8.57 euros. (dominic.chopping@wsj.com)

0701 ET - Shares in Adidas slide due to the lack of pre-released quarterly results or a full-year guidance raise, Metzler analyst Felix Jonathan Dennl says. The German sporting-goods company usually provides an update alongside company-collated consensus estimates, which were published Thursday after market close, he says. Consensus estimates forecast net sales of 6.63 billion euros for the second quarter and operating profit of 623 million euros. Adidas is due to publish second-quarter earnings July 30. Shares are down 2.2% at 172.60 euros, having fallen more than 5% earlier in the session. (andrea.figueras@wsj.com)

0652 ET - Intel posts strong second-quarter earnings, highlighted by significant beats on both its top and bottom lines, Davidson analysts say in a research note. "Management noted on the call that demand continues to exceed supply in all areas of the business (besides PCs) with strong momentum in the company's CPU offerings expected to continue into next year," the analysts write. Looking forward, Intel raised its capital expenditure outlook for the year to be more than $20 billion, around $5 billion higher than was guided last quarter. "We view the aggressive Capex raise as a proof point that Intel is likely to see continued customer acquisition as the United States demands more domestic semiconductor manufacturing," the analysts say. Intel shares rise 4% premarket. (connor.hart@wsj.com)

(END) Dow Jones Newswires

July 24, 2026 08:40 ET (12:40 GMT)