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

0701 GMT - Luxury companies, watchmakers and midsize industrial companies seem the most exposed among Swiss exporters to direct impacts from the Trump administration's plan to set a 31% tariff on imports from Switzerland, Vontobel analysts say. Swiss pharmaceutical exports are partially exempt and so are some semiconductors, Vontobel says. Meanwhile, large companies with U.S. production could even benefit, according to Vontobel. "Pure domestic players are a relative safer haven, the analysts say. (adria.calatayud@wsj.com)

0700 GMT - Japanese stocks fell as President Trump's new tariff measures raised uncertainty over the economic outlook in Japan. Chip and bank shares led the drops. Kioxia Holdings shed 11% and Mizuho Financial Group lost 8.0%. The Nikkei Stock Average fell 2.8% to 34735.93. Retaliatory action by governments around the world were in focus. The 10-year Japanese government bond yield dropped 13 basis points to 1.340%. USD/JPY was at 146.92, down from 149.29 as of Wednesday at 5 p.m. Eastern time. (kosaku.narioka@wsj.com; @kosakunarioka)

0656 GMT - Irish bank shares are set to remain volatile as the potential implications of U.S. tariffs on European growth and interest rates play out, Citi says in a research note. The U.S.'s 20% tariffs on goods imports from the EU excludes pharmaceuticals, which might provide a short-term relief for Ireland given that two-thirds of its 2023 U.S. exports were linked to the sector, analyst Borja Ramirez Segura writes. "For the time being, it remains unclear whether the baseline 10% tariff will be applied to drugs, and there may be targeted tariffs on the pharma sector in the near future," he says. AIB Group is best placed among domestic peers in case of weaker economic growth given its higher capital and overlay provisions, the analyst adds. (elena.vardon@wsj.com)

0655 GMT - China's mega-cap internet companies like Tencent, Alibaba, and even Baidu, could see share price pressure following the worse-than-expected tariff announcement, according to Citi analysts in a research note. "While we are not sure whether the U.S. plans to announce any new restrictions on chip export, there have been concerns that tech companies that have cloud services and proprietary AI foundation models/capability could be under scrutiny and sanction," the analysts say. This may cause uncertainties for Alibaba, Tencent and Baidu. Companies that earn a majority of their revenue domestically from China will be relatively more resilient and less impacted by the tariffs. Within Citi's coverage, companies more immune from the new tariffs include JD.com, Meituan, NetEase, Tencent Music Entertainment, Trip.com and Kuaishou. (tracy.qu@wsj.com)

0654 GMT - Currys' earnings upgrade cycle continues with a surprising update further for fiscal 2025, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say in a note. The technology products retailer's new pretax profit guidance of 160 million pounds is 7% ahead of the current consensus estimate, they say. Looking ahead, Currys' upgrades are expected to be slightly more weighted to the performance in the Nordics market, and there is potential for slightly lower net finance costs than the actual consensus is forecasting, they add. While Currys expects to end the year in a strong net cash position, market consensus stands at 154 million pounds, they say. (michael.susin@wsj.com)

0654 GMT - Denmark is high on the list of countries that will be hit hard by U.S. tariffs, with the economy now set to have a harder time in the coming quarters, Sydbank chief economist Soren Kristensen says. However, it's unlikely to be enough to send the country into a recession, he says. "One must remember that no economy will suffer as much from this as the American one. And this is precisely where one should perhaps find a grain of optimism." The headwinds in both the U.S. economy and financial markets may be what encourages Trump to conclude some agreements earlier than he otherwise would have done, Kristensen says. (dominic.chopping@wsj.com)

0652 GMT - Nanofilm Technologies International faces rising downside risk of weakening demand for consumer electronics, OCBC Investment Research's Ada Lim says in a research report. The company's key customer Apple has delayed upgrade of its 'Siri' digital assistant to the coming year from spring, the analyst notes. This is likely negative for the nanotechnology solutions provider as Siri's new artificial intelligence features were expected to drive a refresh cycle later this year, the analyst says. Clients at Nanofilm's Industrial Equipment Business Unit' could grow more cautious around capital expenditures for equipment as global supply chains re-arrange in response to tariff developments. OCBC lowers the stock's fair value estimate to S$0.665 from S$0.735, with an unchanged hold rating. Shares are 3.2% lower at S$0.610. (ronnie.harui@wsj.com)

0642 GMT - Currys' guidance lift is its third profit upgrade this year and surprisingly the stock isn't higher, Panmure Liberum analysts say in a note. The update prompts a 4% increase in the company's fiscal 2025 pretax profit forecast, they say. Currys is having positive earnings momentum and could also benefit from many free-cash-flow catalysts ahead, the analysts say. The company's free cash flow could double over the next two years for a number of reasons, including the outlook improvement in Nordic economies and a resilient performance in the U.K., they say. Panmure Liberum has a buy rating on the stock and lifts its target price to 180 pence from 170 pence. Shares in the London-listed technology-products retailer are at 88.95 pence prior to market opening. (michael.susin@wsj.com)

0638 GMT - European stocks are expected to open sharply lower after President Trump announced sweeping tariffs that were greater than market commentators had expected. IG calls the Stoxx Europe 600 index down 1.9%; Germany's DAX index down 1.7%; France's CAC 40 down 1.5%; and the U.K.'s FTSE 100 down 1.2%. The U.S. will impose 10% across-the-board tariffs on all imports and even higher rates for some nations, including 20% for Europe. "Markets have seen a strong risk-off reaction to the tariff announcement," Deutsche Bank's Jim Reid says in a note. "Trump's comments did leave the door open for potential negotiations to lower tariffs but his executive order also left room for further escalation," he says. (jessica.fleetham@wsj.com)

0631 GMT - The Swiss insurance sector is relatively unaffected by the impact of U.S. tariffs, Vontobel says in a research note. "There are no direct impacts, but important second order impacts, including the risk of higher inflation (non-life impact), and the risk of a recession which could lead to increased credit defaults (the key risk on the investment side)," analyst Simon Foessmeier writes. Out of the six listed Swiss insurers, only Swiss Re and Zurich Insurance have operations in the U.S. (elena.vardon@wsj.com)

0622 GMT - Nordic markets are seen opening sharply lower with IG calling the OMXS30 down 2% at around 2429. President Trump's proposed tariffs are higher than SEB assumed and this will have a negative impact on growth, analysts at the bank say in a note. "It is too early to make a full assessment, but we still do not see at this point that it will trigger a U.S. recession." Stock futures signal falling stock markets as U.S. and European markets open, and Asian stock markets have fallen overnight. Oil prices have fallen more than 3% while gold has hit new highs, SEB says. "Today's agenda will of course be dominated by the aftermath of the USA's announced tariffs, where for example the EU will make a statement at 1700 CET." OMXS30 closed at 2478.69, OMXN40 at 2374.99 and OBX at 1426.35. (dominic.chopping@wsj.com)

0558 GMT - PDD Holdings' Temu, which has a significant exposure to the U.S., is likely to be the most affected by higher U.S. tariffs among Chinese tech names, Citi analysts say in a research note. The analysts note Temu has taken some measures ahead of time to address challenges, such as shifting its U.S. model to a semi-managed model, where merchants have some flexibility to operate and manage their inventories over the past few months. Many sellers have already front-loaded some inventory for storage at U.S. warehouses. However, the steeper-than-expected tariffs and removal of the de minimis exemption will still cause significant uncertainty for the Temu business over time, Citi says. PDD's ADRs last closed at $119.07. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

April 03, 2025 03:01 ET (07:01 GMT)

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