0330 GMT - Canberra's plan to further boost defense spending is a reminder of the growing focus on the sector. The commitment comes amid increasing defense spending by countries around the globe, as the U.S. continues to make it clear that it will no longer foot the bill for the Wstern alliance. Australia defens exchange trade funds now manage over US$326 million, up US$255 million since the start of the year, making it one of the most successful ETF themes to launch in recent years, says Betashares investment strategist Tom Wickenden. ([email protected]; X @JamesGlynnWSJ)

0313 GMT - With IGO's only remaining operated asset, Nova, approaching the end of its life in late 2026, pressure is rising for the miner to justify its roughly A$80 million of corporate costs, Jarden analysts Ben Lyons and Adam Bennett say in a note. They reckon its unlikely IGO will be generating significant cash in FY 2026, even at a forecast US$900/metric ton spodumene price. They question whether the miner might consider an acquisition, although point out its CEO "was skeptical in his result commentary about the value of inorganic growth." They also say that lithium acquisitions in particular are complicated by requirements under IGO's joint venture with Tianqi Lithium. Jarden keeps an overweight rating on IGO. It trims its target to A$4.84 from A$4.88. IGO is up 2.3% at A$4.44. ([email protected]; @RhiannonHoyle)

0203 GMT - The Anglo American-Teck Resources merger is likely to succeed, Jefferies analysts say following gains in the shares of both miners. The combined market cap of Anglo and Teck rose by roughly $8.0 billion last week following the deal, structured as a merger of equals. "The consequence of this is that Anglo has become more difficult to acquire" for potential rival suitors, say the analysts. They anticipated BHP might again bid for Anglo had the deal depressed its share price. "This is a unique deal due to a controlling shareholder at Teck, Investment Canada considerations, and substantial synergies between assets in Chile," the analysts say. "But the market cap uplift of both companies may send a message to the industry that smart M&A can be an immediate positive for share prices of all companies involved." ([email protected]; @RhiannonHoyle)

0155 GMT - Aristocrat Leisure's CEO succession planning could resurface as an issue for investors following the exit of another senior executive, Jarden analysts say. They tell clients in a note that the departure of Moti Malul as the head of the Australian poker-machine maker's interactive unit might be seen as a surprise, given he only joined in 2024 and appeared to have achieved a lot in a short period. Bragg Gaming this year hired former Aristocrat executive Scott Milford. However, the Jarden analysts don't see any material strategy changes flowing from the exit of Malul or that of Chief Corporate Affairs Officer Natalie Toohey. Jarden keeps a neutral rating and a A$69.00 target price on the stock, which is up 0.9% at A$68.09. ([email protected])

0054 GMT - Breville's bulls at Macquarie see recent trading updates from global retailers supporting their positive view of the small-appliance maker. Analysts at the investment bank point to upgraded annual revenue guidance at U.S. retailer Williams Sonoma and a 3% rise in recent like-for-like sales at U.K. chain Currys. They add that Williams Sonoma's 2Q kitchen-segment revenue was up 5.1% on a like-for-like basis, while Currys highlighted the strength of coffee-related sales. The analysts write in a note that they expect Breville to deliver 10% compound annual revenue growth through fiscal 2028. Macquarie keeps an outperform rating and A$39.20 target price on the stock, which is up 0.3% at A$30.67. ([email protected])

2354 GMT - Consumers' perception that Coles offers lower prices than Australian grocery rival Woolworths is likely to drive further market-share gains, Citi analysts write in a note. A Citi survey of 1,800 shoppers is seen by the analysts as evidence that Woolworths has more work ahead to convince Australian consumers that they are competitive on pricing. The analysts reckon that the relative success of Coles on this front is helped by the improved online offering facilitated by its new fulfillment centers. While many shoppers signal an intention to shop more at Aldi, Coles is winning relative to Woolworths, the analysts add. ([email protected])

2314 GMT - Australian banks' job cuts are seen by Citi analyst Thomas Strong as relating to company-specific events rather than a sign of anything negative on the industry's horizon. Strong thinks the big lenders' lack of discipline on employee count over the past five years represents a missed opportunity. He points out that Australia's largest lenders have materially grown headcount in what he calls the post-Covid years. He observes that the number of employees across the banks is now similar to 15 years ago despite industry consolidation and simplification. There should have been productivity and technological gains over the period, he reckons. ([email protected])

2313 GMT - Macquarie supports Infratil's efforts to sell assets and close a valuation gap, but thinks it may need to be more aggressive. Infratil aims to raise some NZ$1 billion from asset sales. However, Macquarie says "something closer to NZ$1.5 billion may be needed over time to neutralize the parent company cashflow position." Also, it thinks investors would welcome a reduction in Infratil's investments from 14 now to around seven over time. "This would lower complexity and support a closing of the 19% gap existing between the company's assessed net asset value," Macquarie says. It retains an outperform call on Infratil's stock. Infratil is down 1.4% at NZ$12.305 today. ([email protected]; @dwinningWSJ)

2304 GMT - Aristocrat Leisure's change in leadership of its Interactive business doesn't unsettle bull Citi. Aristocrat last week said Moti Malul will step down as CEO of Interactive, to be replaced by Dylan Slaney. Analyst Adrian Lemme notes that Slaney led Light & Wonder's iGaming business for three years through late 2024, and the division's revenue and Ebitda rose by 10% annually. "While Malul was well liked by the market, we believe Slaney is a well qualified replacement," Citi says. "Importantly, we expect Aristocrat to remain committed to achieving the US$1 billion interactive revenue target by FY 2029." ([email protected]; @dwinningWSJ)

2259 GMT - Mall owner Scentre pleases bull Citi with its latest effort to refinance debt. Scentre has issued A$1.0 billion of 10-year senior notes. They have with a fixed coupon of 5.35%, which was swapped to a floating rate to reflect a margin of 1.38% over 3-month BBSW. Citi says the bond issue will lower Scentre's cost of debt. Scentre had A$11.6 billion of senior debt and A$3.3 billion of subordinated notes at the end of June. "The gradual lowering of finance costs for Scentre Group is a key catalyst that we have been highlighting," analyst Howard Penny says. Citi retains a buy call and A$4.60/share price target on Scentre, which ended last week at A$4.20. ([email protected]; @dwinningWSJ)

2251 GMT - JB Hi-Fi has multiple drivers to sustain its top-line growth, bull Citi says. Spending capacity of Australian households could rise by as much as A$90 billion in FY 2026. PCs and gaming should grow by double digit percent, driven by users replacing old equipment and innovative new products such as Nintendo Switch 2, analyst Adrian Lemme says. Also, demand for robot vacuum cleaners is growing by 50%, Citi also anticipates further market share gains. JB Hi-Fi Australia is consistently growing by 2-4% faster than the electrical data set collated by Australia's statistics bureaus. "And there is still plenty of room for market share growth in mobile handsets," where Citi estimates JB Hi-Fi accounts for 18% of sales. ([email protected]; @dwinningWSJ)

2243 GMT - The Australian Energy Regulator's draft determination on APA's Basslink revenue proposal looks like a positive outcome to Jefferies. The regulator has signaled revenue of A$428.8 million over the four years through June 2030. That was 3.2% below what Basslink had sought. "While the step-up in earnings presents 1% of Ebitda from FY 2027, the certainty it gives is of more value to shareholders," analyst Anthony Moulder says. Jefferies retains a hold call on APA and lifts its price target by 1.3% to A$8.90/share. APA ended last week at A$8.96. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires