Global Equities Roundup: Market Talk

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

2131 ET - Buying Carnaby Resources gives Evolution Mining an additional source of high-quality copper-gold ore to increase production at its Ernest Henry operation, says RBC Capital Markets analyst James Redfern. He expects the economics of Carnaby's Greater Duchess project can "be enhanced under EVN's ownership and processing at Ernest Henry." A recent project study assumed a processing toll with Glencore that will now be terminated, Redfern notes. RBC keeps a sector perform rating and A$11.50-per-share price target on Evolution. Shares in the miner are up 2.7% at A$11.59. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2122 ET - PolyNovo keeps its bull at Macquarie despite the wound-treatment specialist missing FY 2026 revenue expectations. The investment bank maintains an outperform rating on the ASX-listed device maker, with analyst Shane Ponraj flagging a stronger-than-anticipated jump in annual cash flow from operations to A$24 million, from A$3 million. With a solid balance sheet and capital-expenditure requirements for PolyNovo's new manufacturing facility largely complete, Ponraj reckons that the company is now well-placed to invest in marketing. He expects ongoing strong order growth. Macquarie cuts its target price 26% to 1.30 Australian dollars. Shares are down 2.3% at A$0.835. (stuart.condie@wsj.com)

2113 ET - A rival bid for Carnaby Resources can't be ruled out given recent demand for copper assets around Mt. Isa in Australia's Queensland state, Euroz Hartleys says. Its remark follows an all-stock takeover deal between the explorer and Evolution Mining. The broker cuts its target on the Carnaby to A$0.77, from A$0.96, to align with Evolution's implied offer price. Euroz reaffirms a Speculative Buy recommendation. Carnaby shares are up 60% at A$0.77. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2104 ET - UBS equity strategists warn that Australian companies reporting earnings over the next few weeks need to do more than just meet expectations if they are to avoid further cuts to analysts' forecasts. The investment bank's strategists point out that there has been a loss of earnings momentum in recent months, with analysts lowering forecasts across all 11 sectors of the Australian stock market. They reckon that this backdrop means companies will have to provide sufficient confidence in their guidance if they are to arrest the current slide in forward estimates. "Elevated oil prices and Middle East-related supply chain disruption are likely to be recurring themes in company commentary," they add. (stuart.condie@wsj.com)

2049 ET - Seek's bulls at UBS think that the Australian job advertiser's price rises should lower yield risks for fiscal 2027. Maintaining a buy rating on the stock, the UBS analysts tell clients in a note that the investment bank's price tracking has shown an acceleration at Seek in the June-July period that straddles the end of one fiscal year and the start of another. They reckon that basic pricing rose by 11% and premium pricing by 9%, which should support Seek's aspiration for high single-digit yield growth in Australia and New Zealand. UBS raises its target price on the stock by 3% to 18.80 Australian dollars. Shares are up 4.8% at A$13.51. (stuart.condie@wsj.com)

2031 ET - CAR Group remains UBS analysts' pick of Australian online classifieds stocks, with the investment bank seeing signs of increased consumer interest in vehicle shopping. The analysts acknowledge a 21% on-year drop in private vehicle inventory for the six months through June, but point to a proprietary UBS survey that shows a rise in the number of consumers looking to buy a car over the next three months. At the same time, they say U.S. recreational-vehicle inventories are still trending upwards from cyclical lows of the past two fiscal years. They see this lowering risks around their forecast of flat dealer growth into fiscal 2027. UBS trims its target price by 3% to 32.80 Australian dollars and keeps a buy rating on the stock, which is up 2.8% at A$24.58. (stuart.condie@wsj.com)

2023 ET - Pinnacle Investment Management's bull at Canaccord Genuity reckons the Australian company's position at the start of its FY 2027 is among the strongest they have seen in their time covering the stock. Analyst Cameron Halkett recommends that investors look past the short-term cost impacts of Pinnacle's acquisition of Pacific Asset Management, and instead focus on underlying net profit to gauge performance. He thinks that some followers of the stock may struggle to reconcile actual performance with expectations given the acquisition's costs and revenue contributions. However, some explanation should be forthcoming from the ASX-listed investment manager, he says. Canaccord keeps a buy rating on the stock and a target price of 24.53 Australian dollars. Shares are up 0.6% at A$15.80. (stuart.condie@wsj.com)

2015 ET - Japanese stocks are higher as fears about a further escalation of the Iran conflict ease for now. Airline and auto stocks are leading gains. Japan Airlines is up 4.2% and carmaker Subaru Corp. is 2.8% higher. The dollar is at 163.56 yen, down from Y163.78 as of Friday's Tokyo stock market close. Investors are closely watching crude oil prices after President Trump has put off a major escalation of his military campaign against Iran. The Nikkei Stock Average is up 0.4% at 64859.12. (kosaku.narioka@wsj.com; @kosakunarioka)

1941 ET - Japanese stocks may rise as fears about an escalation in the Iran conflict ease for now. Nikkei futures are up 1.2% at 65460 on the SGX. The dollar is at 163.68 yen, compared with Y163.78 as of Friday's Tokyo stock market close. Investors are focusing on developments in the Middle East and crude oil prices after President Trump pauses a major escalation of his military campaign against Iran. The Nikkei Stock Average fell 2.7% to 64611.15 on Friday. (kosaku.narioka@wsj.com)

1900 ET - Australian stocks look set to rise in early trade, in line with strength in U.S. equity futures. Local stock futures are up by almost 0.6% ahead of Monday's open, suggesting that the S&P/ASX 200 will rally from the 0.75% drop that wrapped up a third straight weekly decline on Friday. Ahead of the open, Capricorn Metals said it was aspiring to produce 500,000 oz of gold annually within the next five years. U.S. equity futures were higher at the weekend as fighting between the U.S. and Iran paused and oil prices fell. U.S. stocks were mixed on Friday. The Dow Jones Industrial Average rose 0.5%, the S&P 500 gained less than 0.1%, and the Nasdaq Composite dropped 0.6%. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

July 26, 2026 21:31 ET (01:31 GMT)