0419 GMT - Australia is very well insulated from the direct effects of the trade war launched by the White House, especially compared with economies such as Canada, China and even New Zealand, says Belinda Allen, economist at CBA. Australia's exports to the U.S. in 2Q continued to rise solidly, she says. Nonmonetary gold values have surged in part due to rising prices as well as high demand for the safe-haven asset. Trade negotiations between the U.S. and China are continuing, but the worst-case scenario of a full abrupt economic decoupling now looks unlikely, she adds. ([email protected]; X @JamesGlynnWSJ)

0227 GMT - REA Group's bears at Jarden don't expect to see any growth in fiscal 2026 listing volumes at the Australian real-estate advertiser. Jarden's analysts forecast flat residential volumes over the 12 months through June 2026. They expect a 2.5% drop across 1H to be recovered over the remainder of the reporting period. They lift their fiscal 2026 payout-ratio assumption to reflect management's comments regarding their approach to excess capital and don't argue with the News Corp-controlled company's confidence that it can grow residential yield in the double digits in fiscal 2027. However, they continue to believe the stock is overvalued and maintain an underweight rating. Jarden lifts its target price by 1.4% to A$219.00. Shares are down 0.7% at A$252.71. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. ([email protected])

0038 GMT - BWP Trust's transformational 24 months ends with Citi turning bullish on its stock. The property company now has "a larger internalized business with greater management alignment with investors, longer weighted average lease expiry and more certain income growth in the medium term," says analyst Howard Penny. BWP Trust's share price implies a 9% discount to net tangible assets. Citi also points out that upcoming debt maturities in FY 2026 present opportunities to refinance at lower interest rates. It upgrades BWP Trust to buy, from neutral, and raises its price target by 18% to A$4.00/share. BWP Trust is up 1.5% to A$3.695. ([email protected]; @dwinningWSJ)

0037 GMT - Charter Hall Long WALE REIT's relatively high gearing compared with peers doesn't shift Citi's bullish view of its stock. Citi instead focuses on its 7% discount to net tangible assets. That's especially attractive, "with asset values having bottomed and debt costs now becoming a tailwind given the ongoing reduction in market interest costs," analyst Suraj Nebhani says. The REIT completed some A$229 million of acquisitions in July. These were only partly offset by A$55 million of asset sales, meaning that gearing rose to more than 40%. Citi retains a buy call and A$4.40/share price target on Charter Hall Long WALE REIT, which is up 2.7% at A$4.385. ([email protected]; @dwinningWSJ)

0031 GMT - REA Group's listings-volume assumptions for its current fiscal year look a little low to Morgans analyst Steven Sassine. The Australian classifieds group expects volumes broadly in line with those of fiscal 2025, when they grew 1%. Sassine thinks 2% growth is more likely, telling clients in a note that year-over-year comparisons start to become easier later in the period. Even so, he keeps a hold rating on the News Corp-controlled company. He sees it as one of the highest-quality operators covered by the broker but is waiting on a more attractive entry point. Morgans raises its target price by 2.8% to A$257.00. Shares are down by 2.5% at A$248.025. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. ([email protected])

0018 GMT - REA Group's bulls at UBS stay positive on the Australian property advertiser despite the arrival of U.S.-listed CoStar in the local market. They keep a buy rating on the News Corp-controlled classifieds group, telling clients in a note that it attracts four times as many audience visits as CoStar-acquired Domain. Efficiencies including from AI should help offset a large increase in marketing costs over the current fiscal year, they say. The UBS analysts see that they see potential for FY 2026 listings volumes to beat expectations if interest-rate cuts continue to stoke strong buyer demand. UBS keeps a A$290.00 target price on the stock, which is down 2.8% at A$247.31. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. ([email protected])

0009 GMT - News Corp's earnings growth appears sufficient to drive acceptable shareholder returns without multiple expansion for its stock, UBS analysts say. Maintaining a buy recommendation on the media conglomerate's Australia-listed stock, they tell clients in a note that they anticipate a three-year EPS compound annual growth rate of 25%. This is largely driven by the performance of its Dow Jones unit, a US$1 billion share buyback, and majority owned Australian real-estate advertiser REA Group. Dow Jones outperformed UBS's 4Q expectations and is the source of what the analysts call a significant portion of News Corp's latent valuation upside. UBS keeps a A$70.00 target price on the stock, which is down 4.9% at A$52.97. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. ([email protected])

2322 GMT - BlueScope is a better bet than Sims for Australian steel exposure heading into FY25 results later this month, and more broadly, Jefferies analysts Ramoun Lazar and Kai Erman say in a note. They reckon stronger U.S. spreads should more than offset any effect from softer Australian volumes for steelmaker BlueScope. Lazar and Erman say BlueScope is the only stock in their coverage where Jefferies sits above consensus for 2H FY25 and for FY26. They cite U.S. steel-market tailwinds. Metals recycler Sims remains tethered to scrap prices, which have been rangebound, and trading margins, they say. Their forecasts for Sims are slightly below consensus for 2H FY25, and materially lower for FY26 onwards. "We see little upside to existing volumes without M&A." Jefferies has a "buy" rating on BlueScope, and "underperform" rating on Sims. ([email protected]; @RhiannonHoyle)

2316 GMT - Charter Hall Long WALE REIT's guidance looks better than expected to Morgan Stanley. Charter Hall Long Wale REIT signaled operating earnings of 25.5 Australian cents/security in FY 2026. That would be up 2% on a year earlier and represent its first growth in earnings since FY 2022. Analyst Simon Chan says the guidance appears driven by a better debt hedging profile. Still, he also thinks it "speaks as much for the property sector (devaluations are over) as it does for Charter Hall Long WALE REIT, and that the inflexion point for asset valuations and cap rate compression was actually back in December 2024." MS has an "equal-weight" call on Charter Hall Long WALE REIT. ([email protected]; @dwinningWSJ)

2312 GMT - REA Group's earnings multiple suggests to Jefferies analyst Roger Samuel that investors expect minimal effects from the arrival in Australia of U.S.-listed CoStar. Samuel sees REA trading at 50 times earnings, which he tells clients in a note represents a 152% premium to the S&P/ASX 200 benchmark index. This compares with an average 165% over the past five years, a period in which News Corp-controlled REA has extended its lead over closest rival Domain. Samuel explains that this indicates little valuation upside, or negative effect from CoStar's recent acquisition of Domain. Jefferies raises its target price on REA 5.5%, to A$264.00, and keeps a "hold" rating. Shares are at A$254.50 ahead of the open. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires. ([email protected])

(END) Dow Jones Newswires