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

0320 GMT - The markets, tech world and the U.S. economy need negotiations in some form to start as soon as possible with China, Wedbush analysts say in a research note. The analysts expect minimal or no guidance from tech companies during this earnings season as they are "playing darts blindfolded." While the latest export restriction on Nvidia's H20 chips have limited financial impact, its strategic blow is the focus of the market. Nvidia CEO Jensen Huang "flew to China to do damage control and make sure China/Xi knows Nvidia wants/needs China to maintain its global ironclad grip on the AI Revolution," the analysts note. The markets and tech world are tired of "deal progress" comments and want deals starting to be inked so they can plan their future strategy, they add. (sherry.qin@wsj.com)

0310 GMT - TMBThanachart Bank faces earnings hit from potentially lower loan growth, Maybank Securities (Thailand)'s Jesada Techahusdin says in a research report. Given Thailand's weak economy, its loans are likely to contract 5% this year, owing to declines in corporate, small- and medium-sized enterprise, and hire-purchase loans, the analyst says. Companies have reduced capacity utilization and have to repay debts due to tariff uncertainties. The brokerage cuts its 2025-2026 earnings forecasts for the Thai bank by 7% to reflect assumptions for lower loan growth and net interest margin. It downgrades the stock's rating to hold from buy and lowers the target price to THB2.00 from THB2.10. Shares closed 3.6% lower at THB1.89 last Friday. (ronnie.harui@wsj.com)

0254 GMT - TSMC customers could ship as many chips as possible during the 90-day tariff pause, Morningstar's Phelix Lee says in a research note. The analyst thinks TSMC's 2Q sales guidance of 12% sequential growth is exceptionally strong, which could mean that customers are shipping more before President Trump's reciprocal tariffs hit. The tariff effects could be felt in 2026, when current inventories are depleted, he says. Morningstar thinks tariffs will lead to a 4% hit to TSMC's revenue next year in non-AI segments, with minimal change to the structural outlook. "The market may have underestimated the fall in demand for consumer electronics if sectoral tariff turn out to be higher than the 25% levied on automotive parts," he adds. (sherry.qin@wsj.com)

0241 GMT - Keppel Pacific Oak US REIT's outlook is weighed by rising uncertainty over U.S. tariffs and U.S. recession odds, RHB Research's Vijay Natarajan says in a research report. Near-term office demand is expected to pause or slow down amid this uncertainty, the analyst says. The likelihood of a U.S. recession is increasing, which has diminished near-term U.S. office demand recovery prospects, the analyst adds. RHB cuts its 2025 and 2026 distributable income forecasts for the REIT by 10% and 12%, respectively. It downgrades the REIT's rating to neutral from buy and lowers the target price to US$0.19 from US$0.29. Units are 0.6% higher at US$0.18. (ronnie.harui@wsj.com)

0226 GMT - SD Guthrie's recent deal to co-develop a MYR2.95 billion industrial park in Negeri Sembilan, Malaysia, appears to be a positive move, says Hong Leong IB analyst Chye Wen Fei. The deal reaffirms the palm oil producer's effort to monetize its strategically located landbank while leveraging its partners' expertise, the analyst says in a note. SD Guthrie will hold a 30% stake in the 1,195-acre project with Eco World Development and NS Corp. Hong Leong raises SD Guthrie's rating to buy from hold as its valuation turns attractive following the recent sell-down, while maintaining a target price of MYR5.09. Shares are 0.7% higher at MYR4.63. (yingxian.wong@wsj.com)

0142 GMT - Chinese shares are mixed after opening lower. China's benchmark lending rates are left on hold again this month with policymakers likely watching to see how the trade war with the U.S. unfolds before taking further steps to stimulate the economy. Defense stocks lead the gainers. AVIC Chengdu Aircraft is 0.7% higher and AECC Aviation Power rises 1.4%. Property stocks fall broadly, with China Vanke down 1.5% and Poly Developments & Holdings Group losing 1.1%. The benchmark Shanghai Composite Index is 0.2% higher at 3282.74, the Shenzhen Composite Index edges 0.1% higher and the ChiNext Price Index is down 0.1%. (sherry.qin@wsj.com)

0134 GMT - Singapore Airlines' FY 2026 earnings could benefit from the recent fall in jet fuel prices, UOB Kay Hian's Roy Chen says in a research report. Prices have dropped around 8% over the past two weeks owing to global recessionary fears, the analyst notes. Assuming jet fuel prices stay at the current level of about US$84/bbl, SIA's average fuel cost per unit of capacity after hedging in FY 2026 would be about 9% lower than FY 2025 average levels, the analyst estimates. The brokerage lifts its FY 2026 and FY 2027 earnings forecasts for SIA by 17% and 6%, respectively. It raises the stock's target price to S$6.22 from S$6.09 with an unchanged hold rating. Shares are 0.2% higher at S$6.39. (ronnie.harui@wsj.com)

0108 GMT - Singapore's FTSE Straits Times Index rises 0.8% to 3748.86 in early trade on possible position adjustments amid holidays in some parts of Asia. Investor cautiousness has persisted, Commerzbank Research analysts say in a research report. "The Q1 earnings season is upon us and investors have to contend with the earnings reports and implications of the U.S. tariffs," they add. Among best performers on the benchmark index, Yangzijiang Shipbuilding climbs 11%, Jardine Matheson Holdings rises 1.6%, and index heavyweight DBS is 1.5% higher. (ronnie.harui@wsj.com)

0107 GMT - Malaysia's benchmark Kuala Lumpur Composite Index is 0.1% higher at 1500.34. The KLCI's gains may be uneven as U.S.-China trade tensions persist and a proposed U.S. levy on Chinese vessels could disrupt global shipping and fuel inflation, Apex Securities says in a note. Energy sector may stay in focus amid U.S.-Iran talks and new OPEC+ quotas, the brokerage reckons. It remains cautious on plantations as CPO futures fall below MYR4,000/ton. Among the gainers, Press Metal Aluminium adds 1.2% and Sunway is up 1.1%. Meanwhile, IHH Healthcare is down 1.3% and Tenaga Nasional is 0.4% lower. (yingxian.wong@wsj.com)

0011 GMT - Japanese stocks are lower as uncertainty over U.S. tariffs and their economic implications continue. Electronics and bank stocks are leading falls. TDK is down 1.7% and Murata Manufacturing is 1.6% lower while Mizuho Financial Group is down 1.3% and Resona Holdings is 1.5% lower. USD/JPY is at 141.40, down sharply from 142.33 as of Friday's Tokyo stock market close. Investors are closely watching any developments related to U.S. tariffs ahead of the domestic earnings season set to start later this week. The Nikkei Stock Average is down 0.5% at 34570.37. (kosaku.narioka@wsj.com; @kosakunarioka)

2342 GMT - Japanese stocks may fall as uncertainty over U.S. tariffs and their economic implications continue. Nikkei futures are down 1.1% at 34475 on the SGX. USD/JPY is at 141.55, down sharply from 142.33 as of Friday's Tokyo stock market close. Investors are focusing on any developments related to U.S. tariffs ahead of the domestic earnings season set to start later this week. The Nikkei Stock Average rose 1.0% to 34730.28 on Friday. (kosaku.narioka@wsj.com)

(END) Dow Jones Newswires

April 20, 2025 23:20 ET (03:20 GMT)

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