0319 GMT - The positives in Rio Tinto's 2Q production report offset the negatives, Jefferies analysts say. They say the announcement of iron-ore chief Simon Trott as Rio's next CEO also removes some uncertainty about the miner's strategic direction. In a note, the analysts say Rio's 2Q iron-ore results are slightly worse than they envisaged, "but not materially so." Meanwhile, the company had "an excellent quarter" in copper, they say. Its bauxite output is also better than they expected. The analysts stick with a hold call on the miner's London- and Sydney-listed shares. They reiterate concerns about Rio's diversification into lithium. The miner's stock is down 0.4% in Sydney at A$109.825. ([email protected]; @RhiannonHoyle)

0143 GMT - Wilsons analysts are surprised that the Reserve Bank of Australia has come out so forcefully against card surcharges. They had anticipated the central bank's surcharge proposals to focus on debit cards, so the inclusion of credit cards is unexpected. The Wilsons analysts warn that fully banning surcharging will force merchants to bear the cost of card transactions, or to raise prices by about 1.5% to offset it. This undermines any positive impact on consumers, they write in a note. For terminal provider Tyro Payments, they think that the proposals are probably neutral or even positive. Wilsons has an overweight rating on Tyro. ([email protected])

0124 GMT - The surge in offshore buying of Australian bank stocks could be about to reverse, according to Macquarie analysts. They say that international institutions bought A$2.7 billion of Australian bank shares in the June quarter, compared with A$700 million by domestic institutions. This was the most bought by international buyers since the March quarter of 2020, they observe. However, they tell clients in a note that there are reasons to think that this surge could abate. Among these is easing of U.S. regulations, which could unlock billions in capital returns. This would draw global financial investors to U.S. banks, with Australian banks' capital returns seemingly played out. ([email protected])

0048 GMT - Tyro's bulls at UBS think that it looks better placed to handle any ban on card surcharging than some rival payment-service providers. UBS analysts highlight the Australia-listed company's view that a cap or ban on surcharging might drive increased competition as merchants look to reduce direct costs. This is seen as an opportunity to win customers, they write in a note to clients. The UBS analysts concede that the impact on Tyro of the Reserve Bank of Australia's payments review is uncertain, but think that the overall risks are lower than for any of its peers. UBS keeps a buy rating and A$1.35 target price on the stock, which is up 5.0% at A$0.94. ([email protected])

0041 GMT - Rio Tinto's 2Q production result is possibly being overshadowed by the miner's new CEO appointment, announced late Tuesday, Citi analyst Paul McTaggart says in a note. He says 2Q Pilbara iron-ore shipments of 79.9 million metric tons are 3% lower than Citi expected, but notes they are up versus 1Q and reflect a 320-million-ton annualized rate. McTaggart highlights changes to Rio Tinto's flagship Pilbara Blend, which will have a lower iron content as SP10 is combined with it as a single blend. "Note there will still be a residual SP10 component, but smaller in quantum," he says. Citi has a neutral rating and A$113.00 target on Rio Tinto. The stock is little changed in Sydney at A$110.26. ([email protected]; @RhiannonHoyle)

0023 GMT - Hub24's bull at Bell Potter sees the wealth-management platform's steady momentum as the key positive in a stronger-than-expected fourth-quarter performance. Analyst Hayden Nicholson says in a note to clients that the June quarter's normalized monthly run rate was consistent with the strong implied exit rate at the end of the previous three months. Stronger inflows and better retention move Nicholson to raise his fiscal 2026 net flow forecasts to A$14.6 billion, which is toward the upper end of the company's guidance. Bell Potter lifts its target price by 15% to A$115.00 and reiterates a buy recommendation. Shares are down 1.0% at A$99.53. ([email protected])

0020 GMT - Rio Tinto's 2Q Pilbara iron-ore shipments miss consensus estimates by 2%, the likely market focus from the miner's quarterly update, RBC Capital Markets analyst Kaan Peker says in a note. "Copper, on the other hand, beat consensus by 13% and RBC estimates by 17%," Peker adds. He highlights the acceleration of the Simandou project's schedule, with first shipments now expected from November. RBC currently forecasts no iron-ore shipments from Simandou in 2025. RBC has a sector perform rating on Rio Tinto. The stock is down 0.3% in Sydney at A$109.99/share, outperforming its peers. ([email protected]; @RhiannonHoyle)

0014 GMT - Technology One gets a new bear at Bell Potter despite the lack of an obvious negative catalyst for the enterprise-software provider. Analyst Chris Savage cuts his recommendation on the stock to sell from hold, telling clients in a note that even the potential for the company to beat its annual profit guidance can't justify its current valuation. Both Savage and the broader market already forecast 19% on-year growth in pre-tax profit, which compares with Technology One's 13%-17% guidance range. He observes that the Australia-listed company's recent history suggests annual profit grows by a percentage in the mid-to-high teens. Bell Potter raises its target price by 0.7% to A$35.75. Shares are down 1.1% at A$39.93. ([email protected])

0005 GMT - NextDC's bull at Citi reiterates their buy call on the Australian data-center provider, with capacity demand still strong and operating leverage on the horizon. Analyst Siraj Ahmed tells clients in a note that FY 2025 contract wins were in-line with his forecasts, which was a strong result given it did not lock down any new deals in Sydney and that Microsoft delayed or paused some contracts. He anticipates another record year in FY 2026, albeit weighted toward the second half. Upside to his forecasts is linked to development and expansion work, Ahmed adds. He sees operating leverage emerging in FY 2027. Citi trims its target price 1.9% to A$18.35. Shares are down 0.3% at A$13.78. ([email protected])

2325 GMT - Karoon Energy could deliver a positive surprise in its June quarter report next week. Jarden forecasts quarterly output of 2.9 million BOE, up 24% compared to the three months through March. That reflects a strong contribution from its flagship Bauna oil field in Brazil. "We see potential for Karoon to lift 2025 production guidance," analyst Nik Burns says. Karoon currently expects to produce between 6.7 million and 7.7 million BOE from its assets in Brazil in 2025. Jarden thinks output of 8.1 million BOE from those assets is likely. Its price target rises by 31%, to A$2.10/share, partly due to higher forecast production rates in Brazil. Karoon ended Tuesday at A$1.90. ([email protected]; @dwinningWSJ)

1905 ET - Those who think Auckland International Airport will post good passenger growth numbers in FY2026 may be in for a disappointment, analysts at Jefferies suggest. Auckland International may post another year of disappointing passenger growth after missing its target for FY 2025. Auckland Airport handled 1.1% more passengers in FY 2025 than a year earlier. Analyst Amit Kanwatia says the capacity outlook is improving, albeit slowly. He thinks the domestic consumer environment will strengthen in the next 3 to 6 months, given steep interest-rate cuts in New Zealand. Still, Jefferies now expects domestic passenger growth of 3.1% in FY 2026. That is below consensus hopes for 3.3% growth. The bank also projects international passenger growth of 3.5%, down from a prior forecast of 4.4% growth in FY 2026. That's also below market expectations. Jefferies retains a hold call on Auckland International Airport. ([email protected]; @dwinningWSJ)

2257 GMT - Is there a chance that Santos could cut its output guidance for 2025 when it updates the market on Thursday? Jarden expects Santos to produce 89.2 million barrels of oil equivalent this year. That is below the bottom end of Santos's target range of 90 million-97 million BOE. "This is due to our more conservative assumptions around Barossa first production and timing of ramp-up, where we do not assume any LNG sales until around mid-4Q 2025," analyst Nik Burns says. Barossa is Santos's new natural gas project offshore northern Australia. Still, investors are likely to focus most on the due diligence process as the XRG-led consortium seeks to firm up a takeover bid. ([email protected]; @dwinningWSJ)

2243 GMT -- Hub24 is gaining market share faster than other wealth-management platforms. But Jefferies struggles with the balance between risk and reward of owning Hub24's stock at current valuations. Analyst Simon Fitzgerald downgrades Hub24 to underperform, from hold. "Upside appears limited at current levels with the share price having gained over 19% since the start of June," says Jefferies. Hub24 ended Tuesday at A$100.57, well above Jefferies's new A$84.00/Share price target. ([email protected])

2233 GMT - Jefferies sees a silver lining in oOh!media losing two major outdoor advertising contracts in the past couple of years. The contracts with Vicinity and Auckland Transport were worth some A$55 million of revenue. However, analyst John Campbell says this revenue hit was more than offset by other wins. He points out that oOh!media has secured some A$90 million in major contracts during the same period, which represents a good win/loss ratio. "Not losing any contracts could actually indicate weak return-on-capital focus," Jefferies says. It retains a hold call and A$1.80/share price target on oOh!media, which ended Tuesday at A$1.755. ([email protected]; @dwinningWSJ)

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1124 GMT - Citi doesn't expect any fundamental change in direction at Rio Tinto under incoming CEO Simon Trott's leadership, analyst Paul McTaggart says in a note. He reckons there will be greater focus on operational performance and cost discipline at key assets, as flagged by the miner. "Plus perhaps a reduced focus on M&A given Rio has now garnered a series of opportunities," particularly in lithium, he says. McTaggart says the choice of Trott's replacement as iron ore chief will also be important. Rio is part way through a series of new mine developments to replace aging pits in Australia's Pilbara, where the miner makes most of its profits. ([email protected]; @RhiannonHoyle)

1122 GMT - Selecting Simon Trott as the next CEO for Rio Tinto signals the miner is content with its current strategy for creating value, and it isn't looking at transformative, large-scale M&A, says Stephen Butel, a portfolio manager at Platypus Asset Management. Butel tells WSJ that Platypus, which holds Rio stock, is happy with Trott's appointment. Trott is currently Rio Tinto's iron ore chief. "Additionally, the fact that Simon has run the company's largest division will ensure that the business doesn't forget that its western Australian assets are at the heart of its business," Butel says.([email protected]; @RhiannonHoyle)

0952 GMT - Rio Tinto's choice of iron ore boss Simon Trott as its next CEO suggests it will focus on operational performance ahead, Wilson Asset Management portfolio manager Matthew Haupt tells WSJ. Haupt reckons that the appointment of Trott will be well-received by investors. "Rio needs operational focus as its portfolio is largely set now, so he's the perfect candidate," he says. Rio Tinto's London shares trade little changed at 4,428 pence. ([email protected]; @RhiannonHoyle)

0624 GMT - The value of Iluka's Eneabba rare-earths refinery project in Australia could approach A$2 billion if neodymium-praseodymium prices align with the US$110/kilogram floor inked in a recent deal between another company, MP Materials, and the U.S. Defense Department, Macquarie analysts say. The analysts value the refinery, which is under construction, at around A$1.7 billion at 3Q 2026, based on a long-term price forecast of US$95/kilogram. The refinery could be even more valuable should it be better utilized than the analysts currently expect. As it stands, they predict it will only operate for nine years to process Iluka's monazite stockpile. However, as a chemical processing facility, "it is not mine-life bound and could operate beyond our base case." Iluka is 1.5% lower at A$4.68. ([email protected]; @RhiannonHoyle)

0609 GMT - The deal between MP Materials and the U.S. Defense Department establishes the first neodymium-praseodymium price floor outside China, a milestone for the rare-earth market, Macquarie analysts say. They expect more deals to follow. "We believe additional agreements could be secured with continued involvement from the U.S. government to encourage the development of a reliable rare earth elements supply chain," the analysts say in a note. "Furthermore, European countries may follow suit, taking swift action to establish their own magnet supply chains to meet both civil and defense requirements." The MP Materials-Defense Department deal includes a floor price of $110/kilogram, 77% higher than the spot price. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires