The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1011 ET - In January, just over 41,000 U.S. home-purchase deals, or 14.3% of contracts, fell through, the highest rate for this time of year since 2017 and up from 13.4% last year, Redfin says. Rising supply and falling demand--housing inventory hit a 2020 peak while pending sales dropped to a record low, excluding early in the pandemic--favor buyers, some of whom cancel during inspections for better options. Economic uncertainty, including tariffs and layoffs, plus high mortgage rates--6.96% in January--and a 4.1% rise in median home prices, fueled buyer hesitation. Cancellation rates exceed typical early-year levels but fall short of peaks like 16.4% in March 2020 or late 2022, when mortgage rates soared above 7% for the first time in 20 years. Redfin says buyers should monitor desired homes, as deals collapse post-bidding wars. (chris.wack@wsj.com)

0948 ET - Although Laurentian delivered a 1% miss to consensus in an earnings season that was dominated by large beats from Canada's bigger banks, Scotiabank says Laurentian doesn't have the same type of trading business that boosted larger peers. While the landscape remains challenging in 2025, analyst Meny Grauman says, "overall we have a favorable view of this quarter, although we admit that we lowered our expectation heading into earnings season." Taking a closer look at the key earnings drivers, Grauman says the 9% beat to Scotiabank's estimate on core cash EPS was driven by 8 basis points of margin expansion "which in our view is the key strength of the quarter," Grauman says.(adriano.marchese@wsj.com)

0544 ET - Allianz's 2 billion euro share buyback is a positive surprise and exceeded consensus forecasts, but the company's guidance leaves little room for growth, Jefferies analyst Philip Kett says. The German insurer guided for operating profit of 15 billion euros to 17 billion euros in 2025, compared to consensus at just slightly above 17 billion euros, Kett says in a note. Jefferies adds that though it doesn't expect consensus expectations to decline, it struggles to see incremental gains to earnings per share when consensus estimates are already slightly ahead of the top end of the guided range. Allianz shares trade 0.93% lower to 330.20 euros. (pierre.bertrand@wsj.com)

0441 ET - Hong Kong's financial markets have awoken from their early-2021 slump, Morningstar's Roy Van Keulen writes in a note. Morningstar raises its fair-value estimate on the Hong Kong Exchanges & Clearing stock to HK$325.00 from HK$301.72 following the significant acceleration in 4Q revenue and trading activity, which beat expectations. However, the exchange operator's shares appear to be overvalued, as the current growth rates in trading volumes don't look sustainable, the analyst says. Geopolitical tensions between the U.S. and China are also expected to pose a structural headwind. HKEX shares closed 4.1% lower at HK$350.00. (kimberley.kao@wsj.com)

0414 ET - Hong Kong Exchanges & Clearing is expected to benefit from increasing turnover and a potential revival of capital market activities in China, OCBC says in a research note. OCBC believes HKEX's solid average daily turnover momentum should be sustainable, driven by improving market sentiment and a pick up in IPO activity. HKEX's unique position in connecting mainland Chinese companies with global markets further supports its outlook, OCBC says. Following home appliance giant Midea's listing last year, CATL, the world's largest EV battery maker, plans to list in Hong Kong this year as well. "Despite the recent share price rally, we believe the re-rating will be sustainable alongside with improving ADT," it adds. OCBC maintains a buy call on HKEX, with a fair value estimate of HK$440.00. Shares last ended at HK$380.00. (sherry.qin@wsj.com)

0344 ET - Allianz's guidance for 2025 might trigger some share weakness as it is below consensus expectations, but the company tends to achieve the higher end of its outlook range throughout the year, Deutsche Bank's Rhea Shah and Amalie Zdravkovic say in a research note. Europe's largest insurer said it expects an operating profit of 16 billion euros this year, plus or minus 1 billion euros. The mid-point of this range is below both Deutsche Bank's estimate of 16.5 billion euros and the 16.7 billion euros anticipated by the consensus, the analysts say. Allianz's shares have done well into the results this week, so there could be some weakness due to the company's guidance, Deutsche Bank says. Shares trade 0.5% lower, but are up 3.6% week to date. (adria.calatayud@wsj.com)

2136 ET - RHB Bank's net interest margin may widen in 1Q, amid the easing of seasonal fixed deposit rivalry and strict pricing strategy, Hong Leong IB analyst Chan Jit Hoong says in a note. Loan growth is likely to remain strong, given the resilience in the economy, he reckons. However, net credit cost may slightly rise amid expectations of higher provisions, he says. RHB's risk-reward profile appears attractive, supported by about dividend yield of 6% and an undemanding valuation, he adds. Chan raises RHB's 2025-2026 profit forecasts by 4% each to factor in stronger top-line prospects. Hong Leong also raises RHB's target price to MYR7.80 from MYR7.55, maintaining a buy rating on the stock. Shares are 0.7% higher at MYR6.82. (yingxian.wong@wsj.com)

1905 ET - Medibank Private's policyholder growth was the biggest letdown in its 1H result for Citi, which questions whether the Australian health insurer can improve it. Medibank said net resident policyholder growth was 0.9% in 1H, well shy of its target of growing in line with system, analyst Nigel Pittaway says. Medibank's new goal is to grow in line with the market in 2H, and expand its share of the market in FY 2026. "Given its recent growth struggles, we remain a little skeptical of this," Citi says. Still, Citi says Medibank's decision to return another A$160 million to customers as part of its Covid-19 support package should help. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

February 28, 2025 16:50 ET (21:50 GMT)

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