The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1435 GMT - Hapag-Lloyd's guidance confirmation is interesting in the context of trade volatility, but it seems more a result of uncertainty than of the company's confidence in its prospects, JPMorgan analysts say in a research note. The German container-shipping company still expects earnings to be lower this year, but cautioned that its forecast is subject to considerable uncertainty given the impacts the situation in the Read Sea and trade conflicts could have on the shipping market and its own earnings. "We expect the market to see this update as neutral, while the maintaining of the guidance in the current environment likely reflects uncertainties rather than confidence in the outlook in our view," the analysts say. Shares fall 0.3%. (adria.calatayud@wsj.com)

1257 GMT - Stellantis shares would likely trade below current levels in a scenario where tariffs are permanent, RBC Capital Markets analyst Tom Narayan writes. If Stellantis absorbs the entire U.S. tariffs, RBC sees severe cuts to company EBIT. "That said, yesterday's announcement from the administration does provide some offset to these tariffs on cars produced in the U.S. with foreign content." RBC says 60% of Stellantis cars sold in the U.S. are made in the U.S., and the new offset to the 25% tariff on foreign content should be a benefit. First-quarter sales came in line with expectations, but more importantly, the 2025 outlook was withdrawn owing to the U.S. tariffs. Shares rise 0.9%. (dominic.chopping@wsj.com)

1247 GMT - Analysts could view the automotive sector as attractive for investors if the auto tariffs were to be reduced to 0% to 10% at current prices, Morgan Stanley says in a research note. In that case, there would be a bias towards cyclical names--companies for whom demand for their products depends on the strength of the economy--they say. However, if tariffs were to stick around 25%, analysts would turn more cautious, they add. President Trump put a 25% tariff on automotive imports into the U.S., but on Tuesday softened the impact, saying that manufacturers' U.S. automotive tariff payments wouldn't stack on top of other import duties. (nina.kienle@wsj.com)

1229 GMT - DHL parent Deutsche Post's first-quarter results were a touch better than expected partly thanks to cost-cutting efforts flowing through to earnings, JPMorgan analysts say in a research note. The German logistics group--also known as DHL Group--reported a first-quarter operating profit that exceeded consensus expectations by 4%, mainly driven by its Express segment despite weaker volumes, JPM says. The outlook remains challenging given the U.S. tariff backdrop, according to JPM. Nevertheless, DHL should be able to navigate some of these challenges and pursue cost action to mitigate trade headwinds, the analysts say. Shares rise 2.2% to 37.84 euros. (adria.calatayud@wsj.com)

1209 GMT - U.S. tariffs might put Deutsche Post's full-year outlook out of reach, Warburg Research analyst Christian Cohrs says in a note. The guidance of the German logistics group--also known as DHL Group--implies that operating profit for the rest of 2025 will be slightly ahead of last year, according to Warburg. This might prove difficult in light of U.S. tariffs, which could not only hurt global trade volumes but also trigger an economic slowdown, the analyst says. The group's first-quarter results were modestly better than expected, but the negative side was a pronounced earnings deterioration in its forwarding segment due to higher operating costs and a weak performance in land transportation, Warburg says. Shares rise 2.7%. (adria.calatayud@wsj.com)

1158 GMT - Carmakers pain is already evident, despite Trump offering the automotive industry some respite with news of cuts to tariffs, AJ Bell analyst Russ Mould says in a note. Mercedes-Benz withdrew guidance, Volkswagen warned returns would come in at the lower end of guidance and Aston Martin announced plans to limit deliveries to the U.S. "The difficulty for the automotive space is tariffs have been ladled on top of an existing soup of problems which were already proving difficult to digest," Mould says. Demand has been affected by weak consumer confidence and pressures on household finances over several years, as well as supply-chain issues, he says. Further consolidation seems likely, he adds. Mercedes-Benz and Volkswagen shares trade 1.6% and 0.4% lower, respectively. (nina.kienle@wsj.com)

1155 GMT - Deutsche Post's diversified exposure to trade lanes should help the DHL parent to navigate tariff uncertainty, Morgan Stanley analysts say in a note. The German logistics group gave additional details on its trade lane exposure alongside first-quarter results, showing only a single-digit exposure to China-to-U.S. trade flows, according to Morgan Stanley. "Clearly DHL [is] still exposed to trade risks, but diversification is helpful," the analysts say. Moreover, the company is executing on its cost-cutting plans in a tough market backdrop, which is positive, Morgan Stanley says. Shares rise 2.6%. (adria.calatayud@wsj.com)

1150 GMT - Stellantis reported in-line first-quarter revenue but has withdrawn guidance, UBS analysts write. Revenue of 35.8 billion euros is a 14% year-on-year decline, but is in line with a company-compiled consensus. North America revenue fell 25% on year while volumes fell 20%, meaning 5% of the revenue drop is attributable to price, mix and foreign exchange, the bank says. Europe revenue fell 3% and shipments fell 8%. In April, Stellantis reduced imported shipments from Mexico and temporarily suspended European imports to the U.S., UBS adds. Shares rise 1%. (dominic.chopping@wsj.com)

1058 GMT - Mercedes-Benz pulled its 2025 guidance, but most investors that RBC Capital Markets spoke with were expecting it, analyst Tom Narayan writes. Tuesday's change to tariff rules provides some help with respect to finished cars in the U.S., and RBC expects Mercedes to increase production for U.S. consumers at its Tuscaloosa plant to take advantage of the new provision. The bank thinks Mercedes could increase its 90,000 U.S. car sales coming from its U.S. plant by another 50,000-60,000. However, the majority of its U.S. sales are still imported from abroad, and RBC expects the company to price its cars to pass on the tariff to consumers. Shares fall 1.5%. (dominic.chopping@wsj.com)

1019 GMT - Mercedes-Benz made a strong start to the year, with all data points looking reassuring, Jefferies analysts write. The car margin at 7.3% and vans at 11.6% are both well within the guidance corridors, the bank adds. Consensus had been looking for a car margin of 6.9% and a van margin of 11.9%. The car business benefited from a tailwind of purchasing and manufacturing efficiencies, but faced headwinds from net price and volume. The company has withdrawn guidance due to uncertainty, but confirmed underlying guidance excluding tariffs. Shares fall 1%. (dominic.chopping@wsj.com)

1007 GMT - Mercedes-Benz's first quarter earnings are in line with expectations, but the withdrawal of guidance is unhelpful, UBS analysts write. The first-quarter cars adjusted EBIT margin of 7.3% is slightly better than expected on strong cost performance, while the vans business performed in line, the bank says. The company has withdrawn 2025 guidance highlighting the negative impact of U.S. tariffs, but confirmed that without U.S. tariffs guidance would have been reiterated, which offers some reassurance, especially in regards to China, it says. Shares fall 1.5%. (dominic.chopping@wsj.com)

0928 GMT - Air France-KLM booking trends into the second quarter are slightly lower at this stage than they were a year ago, Goodbody analyst Dudley Shanley writes in a research note. The Franco-Dutch carrier's North Atlantic load factors are currently 2 percentage points lower on year at 74%, while short- and medium-haul bookings are 1 percentage point lower at 63%. Long-haul flights are 3 percentage points down on year at 72%. The booking load factors come as the company's 328 million euros operating loss came ahead of Goodbody's expectations. "Despite the positive start of the year, we believe the focus today will be on management color regarding booking trends for the remaining of the year, namely on the evolution of the North Atlantic," Shanley says. Shares trade 2.8% higher at 7.68 euros. (pierre.bertrand@wsj.com)

(END) Dow Jones Newswires

April 30, 2025 12:20 ET (16:20 GMT)

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