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

1121 ET - Uncertainty in the market is the resounding theme Goldman Sachs Group CEO David Solomon is hearing and seeing. The bank's leader says ongoing policy uncertainty and market volatility drove many of its clients to reposition their portfolios. "Our clients, including corporate CEOs and institutional investors, are concerned by the significant near-term and longer term uncertainty that has constrained their ability to make important decisions," Solomon says on an earnings call. He adds that this uncertainty and a brewing trade war have created material risks to the U.S. and global economy, all while the prospect of a recession in the U.S. has increased. Shares rise 2.2% to $505.09. (denny.jacob@wsj.com; @pennedbyden)

1032 ET - Sellers across the U.S. are optimistic heading into the spring, with 70% of potential sellers thinking it is a good time to sell, according to a new survey from Realtor.com. Sellers are upbeat this year because of their ability to take advantage of the increased value of homes and an expectation that buyer-offers will meet their asking price. But despite optimism, some potential sellers still feel locked in due to interest rates. Many potential sellers are considering selling out of necessity, including the need for more or less space, for family, life events, work, or because they can no longer afford their home. However, the top reason for selling was all about location, with 46% selling to find a different community. (chris.wack@wsj.com)

1028 ET - Prediction markets gained ground during March Madness but may not have taken quite as large a market share as some were estimating, Bank of America analysts led by Shaun Kelley say. Robinhood and Kalshi offered event contracts for the basketball tournament, with Kalshi bringing in an overall wager volume of about $500 million. Kelley doesn't believe that number can be fairly compared with handle volumes at companies such as DraftKings because initial bets and cash outs are different on Kalshi than at traditional sportsbooks. More realistically, Kalshi's "handle" was around $50 million to $125 million, Kelley estimates, or 2% to 4% of the regulated March Madness handle. (katherine.hamilton@wsj.com)

0828 ET - Swiss insurers are likely to be see the ripple effect of U.S. tariffs through higher inflation and on their investments, Vontobel says in a research note. Insurers could see lower investment income and solvability ratios as a consequence, but the biggest risk is higher credit defaults in the case of a recession, Simon Foessmeier writes. Swiss Re and Zurich could also be impacted by a weaker dollar since they report in that currency, though they pay dividends in Swiss francs. The analyst notes that Swiss real estate is considered a relatively safer place, which is positive for Swiss Life and Vaudoise. (elena.vardon@wsj.com)

0818 ET - Shares in Ashmore slip to their lowest price since February 2009 after the emerging markets asset manager reported a marked deterioration in net new money over its third quarter due to institutional redemptions in local currency strategies. The stock is down 6% at around 125 pence. The London-listed group reported a 5% drop in assets under management at the end of the period compared with three months prior despite positive market performance, which wasn't enough to offset the outflows. "Market volatility driven by tariff increases have led to a risk-off response, which we expect could weigh on investor sentiment in the [short term]," Jefferies analysts say in a research note.(elena.vardon@wsj.com)

0814 ET - Deutsche Bank shares are too cheap to ignore after the stock's steep drops following the U.S. tariff news which heightened uncertainty around growth and policy rates, UBS says in a research note. The German bank has a higher risk business line than its peers which investors fear the most in a downturn given that 28% of revenues are dollars, it has 15 billion euros in U.S. commercial real estate exposure and makes over a third of its income from the investment bank, analysts write. The stock offers cheap exposure to Germany's fiscal spending plans, which should fuel loan growth at DB's corporate bank, drive consumer sentiment and also benefit fees in its corporate and investment bank, they add. Shares are up 4.7% at 20.22 euros. (elena.vardon@wsj.com)

0813 ET - Goldman Sachs Group CEO David Solomon says the company is entering the second quarter with a markedly different operating environment than earlier in the year. Like every other company, the bank is navigating through greater uncertainty as concerns about tariffs, inflation, consumer confidence and other economic underpinnings are making business conditions more unpredictable. Still, Goldman saw a surge in trading revenue that fueled its profit in 1Q. (denny.jacob@wsj.com; @pennedbyden)

0535 ET - The European Central Bank is monitoring banks' distribution plans as usual, says Claudia Buch, the chair of its supervisory board. Buch says the regulator is business-a-usual when it comes to monitoring banks' plans to return profits to shareholders over the midterm, according to a transcript from an interview published on the ECB's website. Buch says this when asked whether the ECB would ask the continent's banks to conserve capital and pause dividends as it did during the pandemic, amid the current uncertainty around U.S. tariffs. "We are clearly in a different situation now than we were under Covid[-19]," she says. (elena.vardon@wsj.com)

0453 ET - The acquisition of British insurer Esure is a good deal for Ageas as it catapults it to one of the top three position in the U.K. car and home insurance market, with an accelerated position in the price-comparison website channel, JP Morgan says. The Belgian insurer said it is buying the group from Bain Capital for 1.5 billion euros. The transaction is positive given its 10% free cash flow accretion and its earnings per share accretion, analysts write. "Ageas has not announced the funding mix as yet for the deal, but we expect a mixture of cash, debt and equity," they note, adding that its low debt leverage gives it significant debt capacity," they add. Shares are up 2.2% to 52.85 euros. (elena.vardon@wsj.com)

0442 ET - JP Morgan has increased its reserves to "account for increased macro uncertainty," CreditSights analysts say in a note. The increased reserves are for its consumer business and wholesale business and are mainly due to increased weighting on downside risks, the analysts say. "JP Morgan is already preparing for a rise in unemployment, adding a net reserve build of $475 million in Consumer and Community Banking," the analysts say. (miriam.mukuru@wsj.com)

0425 ET - Ageas's purchase of British car insurer Esure follows its deal with Saga and is set to strengthen its position in the U.K. market, Keefe, Bruyette & Woods says in a research note after the Belgian insurer announced the 1.5 billion euro deal with Bain Capital. Ageas will become one of the top three U.K. car and home insurers in the country, enhancing its diversification profile given its exposure to Asia at a time when there is material volatility in numbers and sentiment in the region, analyst Michele Ballatore writes. "The real upside ... is obviously seen on the diversification of the cash remittance and free cash flow generation: here management sees [more than] 10% accretion in holding free cash flow," he notes. Ageas shares are up 2.3%. (elena.vardon@wsj.com)

0215 ET - Digital Telecommunications Infrastructure Fund's profit outlook for 1Q and for 2025 seems stable, Maybank Securities (Thailand)'s Wasu Mattanapotchanart in a research report. TheThailand fibre-optic network owner's 2025 core profit should grow 2% on an estimated 12% decline in interest expenses, the analyst says. The fund's 2025 interest expenses will probably fall partly thanks to it paying off THB1.36 billion worth of debt this year. The brokerage upgrades the fund's rating to buy from hold due to its 14% potential total return. However, it lowers the fund's target price to THB7.9 from THB9.2 after raising its weighted average cost of capital to 8.4% from 7.3%. Units last closed at THB7.70. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

April 14, 2025 12:20 ET (16:20 GMT)

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