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

0943 GMT - St. James's Place's net flows were more resilient than expected due to pent-up demand and the need for advice in U.K. mass-affluent and high-net-worth markets, HSBC says in a research note. Net flows of 1.5 billion pounds in 4Q surpassed the 900 million pound average seen over the past five quarters, the analysts write. "We believe this highlights resiliency in SJP's franchise and that there continues to be significant demand for advice and long-term savings," they note. This is despite higher costs of living, the business's maturity and inheritance tax rule changes on pensions. HSBC raises its rating to hold from reduce and its target price to 1,100 pence from 795 pence. Shares, which are up 30% year to date, trade at 1,131 pence. (elena.vardon@wsj.com)

0933 GMT - Theon International is well-positioned to capture growth in the defense optronics market, which is booming thanks to a rapid increase in global defense spending, Berenberg's Lasse Stueben says. The London-listed producer of night vision equipment primarily for the aerospace and defense sector could benefit from increased demand as some countries are keen on ensuring they can offer goggles for each soldier, Stueben writes in a note. "The company's European presence and its willingness to provide local production and assembly has allowed it to differentiate itself in comparison to its larger peers and will continue to driver further tender wins." Berenberg initiates coverage of the Cyprus-headquartered manufacturer's shares with a buy recommendation and a 20 euro price target. Shares are up 9.4% at 16.70 pounds. (cristina.gallardo@wsj.com)

0929 GMT - Singapore's FTSE Straits Times Index closed 0.5% higher at 3925.56, after hitting a record intraday high of 3929.81 earlier. Investors were digesting the city-state's budget details, which pledged tax incentives for companies listing in Singapore as well as more financial support for households to tackle higher costs of living. ST Engineering rose 2.2%, while SATS and DBS Group each added 1.8%. Meanwhile, Hongkong Land fell 2.9%, CapitaLand Investment lost 2.0% and Genting Singapore was 1.9% lower. (kimberley.kao@wsj.com)

0928 GMT - European defense stocks continue their steep upward trend in the morning trade as U.S. and Russian officials hold talks in Saudi Arabia on improving bilateral relations and potentially halting Ukraine war, and hours after European officials discussed security guarantees for Ukraine in the event of a ceasefire deal. Germany's Renk Group was the top European defense performer, rising 8.6% at 31.7 euros, followed by sensors provider Hensoldt, up 4% at 48.16 euros. Shares in Italy's Fincantieri advance 3.7% at 8.76 euros, while those in Britain's QinetiQ increase 2.9% at 4.03 pounds. France's Thales and Germany's Rheinmetall lag behind, rising 1.5% at 180.05 euros and 1.65% at 949 euros respectively. Shares in Italy's Leonardo go up 1.2% at 34.66 euros. (cristina.gallardo@wsj.com)

0907 GMT - European stocks are mixed in early trade Tuesday after posting broad-based gains at market open, following a string of records in recent sessions. Stocks have been bolstered recently by hopes of a ceasefire in Ukraine as well as corporate earnings. The pan-European Stoxx 600 and the Euro Stoxx 50 rise 0.03% and 0.08% to 555.61 and 5,524.05, respectively, while Germany's DAX falls 0.07% to 2,278.8. Meanwhile, France's CAC 40 is down 0.3% at 8,182.54 and the U.K.'s FTSE 100 slips 0.05% to 8,763.05, though both still hover near recent records. Spain's Ibex 35 and Milan's FTSE Mib advance by 0.2% and 0.5%. (maitane.sardon@wsj.com)

0907 GMT - The recruitment of core DeepSeek developer Luo Fuli could bolster Xiaomi's artificial intelligence capabilities, DBS analyst Jim Au writes in a note. Luo's expertise in mixture-of-experts and lightweight models should optimize Xiaomi's performance and drive system upgrades, Au adds. Xiaomi's GPU cluster now exceeds 6,500 units, he notes. As a proven innovator, Xiaomi's premium smartphone and Internet of Things growth will benefit from any AI advancements, Au says. DBS maintains a buy rating on the stock and raises its target price to HK$52.00 from HK$36.00. Shares closed at HK$48.40. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0906 GMT - Malaysia's benchmark Kuala Lumpur Composite Index closed 0.1% higher at 1584.84. Optimism over a delay in U.S. President Donald Trump's proposed reciprocal tariffs helped cushion KLCI's recent losses, TA Securities analyst Stephen Soo says in a note. Soo pegs the KLCI's support at 1605 and resistance at 1550. Among gainers, Maxis Bhd. added 2.9% and 99 Speed Mart Retail rose 1.4%. Meanwhile, CelcomDigi lost 2.9% and Hartalega was 23% lower after weaker 3Q earnings. (yingxian.wong@wsj.com)

0852 GMT - Tencent's move to integrate DeepSeek on WeChat may boost its own large language model and cloud usage, DBS analysts write in a note. The move can also enhance B2B copilots and B2C products, with potential monetization over the next two to three years, they add. Tencent has more than 1.3 billion monthly active users on WeChat, and the large user base represents strong long-term growth potential for the company to ramp up the monetization of its video accounts and mini games, they say. The DeepSeek integration will help boost cloud usage for Tencent due to higher computing resources required by end-users, DBS says. The bank maintains a buy rating on Tencent's H shares and raises the target price to HK$609 from HK$495. Shares closed at HK$503.50. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0851 GMT - OC Oerlikon's quarterly headline results are good, but this shouldn't be seen as a precursor to an overall demand and business recovery in 2025, RBC Capital Markets analyst Sebastian Kuenne says in a research note. The Swiss materials manufacturer speaks of a weakening industrial activity for the surface solutions business and intact structural midterm growth drivers for the polymer business, Kuenne says. "Neither comment indicates a demand recovery in 2025," he says. The delayed demand recovery for polymer and tough pricing weakens Oerlikon's bargaining position in the planned sales of the business, he says. Shares trade 8.7% higher at 4.19 Swiss francs. (nina.kienle@wsj.com)

0837 GMT - Vestas had a strong finish to 2024 and RBC Capital Markets is cautiously optimistic about its ability to deliver in 2025. RBC says the underlying historical profitability of Vestas' service business, combined with management's action plan and peer performance, provides confidence that the business can recover. RBC also expects installations in Germany to increase in 2025. With its present valuation still pointing to a 40%-50% sector discount and implying no margin uplift from 2025, the bank sees an attractive risk-reward. It expects 2025 margins near the top end of the guided 4%-7% adjusted EBIT margin range. RBC reiterates its outperform rating and trims its price target to 154 Danish kroner from 156.00 kroner. Shares rise 1.8% to 98.58 kroner. (dominic.chopping@wsj.com)

0831 GMT - Capgemini's guidance for 2025 looks conservative, Jefferies analysts writes in a note. The French consulting and technology group's full-year results were marginally ahead of expectations at all levels, the analysts say. However, the outlook for 2025 feels cautious, they add. "Having misjudged the speed of market recovery in 2024, we can understand the rationale for starting 2025 on a more conservative footing," the U.S. bank says. Shares are down 7.7% at 171.01 euros. ( najat.kantouar@wsj.com)

0828 GMT - Antofagasta's 2024 performance was broadly in line at an operating level, while the net cash figure and dividends came in ahead of expectations, RBC Capital Markets analysts say in a note. The Chilean copper miner reported Ebitda of $3.4 billion, 2% ahead of RBC's estimate due to lower-than-expected spend on exploration and corporate costs, they say. The final dividend of 31.4 cents a share was nearly 20% higher than RBC's forecast, they add. With the copper price hikes overdone, the stock could be dragged by the commodity's return to $4.00 per pound expected for 2025, the analysts add. Shares are up 0.8% at 18.50 pounds. (michael.susin@wsj.com)

(END) Dow Jones Newswires

February 18, 2025 04:43 ET (09:43 GMT)

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