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

1046 ET - Treasury yields weaken on signs that the U.S. economy came close to stagnation amid uncertainty about government policies. The S&P Global Flash U.S. PMI Composite Output Index declines to 50.4 this month from 52.7 in January, the weakest level in 17 months. A reading below 50 would indicate contraction. Meanwhile, January existing home sales fell more than expected, contracting 4.9%. An economic slowdown could increase the chances of an interest rate cut by the Fed in the next few months. Bond yields were already sluggish ahead of the data and fell more sharply afterward. The 10-year is at 4.459% and the two-year at 4.241%. (paulo.trevisani@wsj.com; @ptrevisani)

1014 ET - A new Redfin report shows that half of the nation's 10 priciest home listings are in coastal Florida, with three in Southern California, one in New York City, and one in Lake Tahoe. They all exceed $100 million, with two surpassing $200 million. Despite Florida's rising natural disaster risks and insurance costs, its luxurious beachfront lifestyle, warm climate, and no state income tax draw wealthy buyers. Towns like Miami Beach and Naples boast extravagant estates for the ultra-rich. Los Angeles and New York also attract millionaires and billionaires. Last month's top sales included three in coastal Florida, three in Manhattan, two in Los Angeles, and two in Aspen. The highest was a $53.5 million 5th Avenue apartment in New York, followed by a $50.5 million Delray Beach, FL, estate. (chris.wack@wsj.com)

1005 ET - UnitedHealth Group is sharply lower after WSJ reports that the Department of Justice is investigating the company's Medicare billing practices. Mizuho analysts say in a report that while the investigation is new, the issues brought into question aren't. They don't believe there will be an incremental negative impact to earnings from the probe. "We would be buyers of UNH on the weakness," the analysts say. UnitedHealth sinks 9%. (denny.jacob@wsj.com; @pennedbyden)

0625 ET - While Austrian banks could see a hit from a potential tax imposed by the government, investors should focus on the long-term profitability of the businesses, Citi says in a note. Bloomberg reported that the Austrian coalition could increase the annual tax for banks and energy companies to contribute an extra 1 billion euros over four years. If the entire 250 million euros per year in tax burden is allocated to the banking sector, this would imply a total annual contribution of around 400 million euros from banks, versus 150 million euros currently. "We estimate that this would imply an annual bank levy of circa 131 million euros for Erste, circa 60 million euros for RBI, and circa 24 million euros for BAWAG," analysts note. (elena.vardon@wsj.com)

0427 ET - Several factors have supported improving sentiment around Chinese equities, alongside AI-driven optimism, IG analysts write in a note. U.S. tariffs have proven far less disruptive than initially feared, with tariff threats seen more as a negotiating tactic than an imminent policy shift, they say. The current U.S.-China dynamic is more cooperative than the confrontational tone of the 2018 trade war, they add. Meanwhile, a rare closed-door symposium between President Xi and prominent entrepreneurs indicates that regulatory pressures may be softening, further boosting bullish sentiment, IG Says. Chinese equities are rebounding from an extreme bearish state, with the rally further amplified as short positions unwind, they add.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

0312 ET - Standard Chartered's investors should welcome the consistency of the bank's delivery on its earnings and capital returns, Jefferies says in a research note. The lender posted fourth-quarter pre-provision earnings that beat market views, with revenue growth in its wealth solutions and financial markets divisions standing out. It also announced a $1.5 billion buyback program, surpassing expectations. The unchanged guidance for 5% to 7% revenue growth in 2025 looks conservative given the fourth-quarter's net interest income growth rate and the strong start of the year for non-interest-income items, analysts write. Shares in London open 3.7% higher at 1,182 pence. (elena.vardon@wsj.com)

0119 ET - Indian non-banking finance companies' credit costs seem to have peaked, setting the stage for improved profitability in the coming quarters, Nomura analysts say, noting the companies' 3Q FY 2025 earnings performance. With valuations having moderated, risk-reward dynamic for the sector appears more favorable now, the analysts say. A combination of stable asset quality, easing margin pressures, and better liquidity conditions could drive a re-rating in select names going forward, the analysts add. With easing liquidity conditions and more accommodative requlatory stance in India, these companies' loan disbursement growth trends should also improve in coming quarters. Nomura's top sector picks are Shriram Finance, Bajaj Finance, and Aadhar Housing Finance. (ronnie.harui@wsj.com)

2258 ET - The lack of a share buyback from QBE surprises its bulls at UBS. The investment bank's analysts tell clients that the Australian insurer's above-target capital ratios at the end of 2024 could have supported capital-management initiatives. The capital ratio even looks set to move higher, the UBS analysts write in a note. They reckon that QBE's annual result looked strong, with 3% gross written premium growth among the highlights. UBS has a last-published buy rating and A$23.85 target price on the stock, which is up 4.2% at A$20.92. (stuart.condie@wsj.com)

2240 ET - Hong Kong Exchanges & Clearing is likely to remain supported by the rise of AI, which has fueled investor sentiment towards tech stocks, supporting a surge in turnover volume, according to Citi Research analyst Michael Zhang in a note. This support should persist in the near term, and HKEX is a key beneficiary of the recovery in market sentiment toward Chinese stocks, Zhang says. The increasing number of dual-listings of mainland companies in Hong Kong could also support the recovery of the Hong Kong IPO market, Zhang adds. Citi upgrades its rating on HKEX to buy from sell, raising the target price to HK$370 from HK$275. Shares are up 5.4% at HK$345.20. (kimberley.kao@wsj.com)

2117 ET - CIMB Group's Indonesia unit could see an improved net interest margin in 1Q thanks to deposit repricing benefits from Bank Indonesia's January rate cut, Hong Leong IB analyst Chan Jit Hoong says in a note. Loan growth is expected to remain steady but unlikely to accelerate meaningfully, he reckons. With strong buffers in place, asset-quality risks appear manageable, he adds. CIMB Niaga generally contributes about 20%-25% to CIMB Group's profit before tax, he notes. CIMB's position as a large-cap, index-heavy stock makes it attractive as investors may seek refuge from uncertainties around Trump 2.0, he says. Hong Leong maintains a buy rating on CIMB and keeps the target price at MYR9.20. Shares are 0.2% lower at MYR8.33. (yingxian.wong@wsj.com)

1830 ET - Live Nation Entertainment's plan to add 20 large venues, two of which will be located in Bogotá and Toronto, through 2026 should help the company add revenue growth. While the world's largest concert promoter is currently making money attractive returns from stadiums shows, it's not counting the beer money and the parking money it would get with its own venues. That would be a key component for Live Nation's financials given the high margins that come from the sale of beer and parking tickets. Live Nation shares fall 1.4% to $150.17 after hours. (sabela.ojea@wsj.com; @sabelaojeaguix)

1811 ET - Live Nation Entertainment is seeing consumers buy more tickets for stadium shows than ever before, CEO Michael Rapino says on a call with analysts. The world's largest concert promoter is selling over 75% of stadium tickets one week after putting them up for sale, at a much higher rate than a year earlier. There isn't a slowdown in growth at all, the executive says. "[We have] lots of lots of inventory, but equally great demand selling most of these stadiums out or are close to being sold out by the time we get to the show dates," Rapino says. Overall, Live Nation is growing its business through higher stadium volume. Shares trade 1.7% lower at $149.70 in post-market trading. (sabela.ojea@wsj.com; @sabelaojeaguix)

(END) Dow Jones Newswires

February 21, 2025 12:20 ET (17:20 GMT)

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