0335 GMT - BHP may yet seek to gatecrash takeover talks between Rio Tinto and Glencore, according to the Australian mining giant's former chief economist, Huw McKay. Aside from a hunger for copper, BHP--like rival Rio Tinto--could be interested in Glencore for its marketing muscle, McKay says in a social-media post. Physical trading businesses could be a useful hedge for miners in a new era of geopolitical rivalry, he says. "That could be encouraging the majors to be less dismissive of trading, and who better than Glencore to acquire that capability from?" Buying Glencore would also give its suitor "pure, unadulterated scale in a world dominated by passive investing and mega caps," McKay says. ([email protected]; @RhiannonHoyle)

0249 GMT - There is more reason to believe gold will consolidate or edge higher than sell off sharply, says George Cheveley, natural resources portfolio manager at Ninety One. "Gold's rally has been powerful, but it has also been grounded in fundamentals that are still very much in place," he says. That includes a weaker U.S. dollar, ongoing geopolitical tensions and expectations of Fed rate cuts, as well as heightened concern over fiscal deficits and sustained central-bank demand. In Sydney, gold miners Northern Star is up 3.5% at A$27.77 a share, while Evolution Mining is 2.4% higher at A$13.44.([email protected]; @RhiannonHoyle)

0216 GMT - RBC Capital Markets expects Rio Tinto will make an all-scrip offer for Glencore valued roughly 27% higher than the Swiss miner's undisturbed share price. "A merger of Glencore and Rio Tinto that was thought by many as an unserious conversation just over a year ago, has now found its sweet spot after a strong copper rally, heightened resource scarcity fears and an Argentina turnaround," RBC says in a note. Yet the structure of any bid "has prompted plenty of debate" and won't be straightforward, the broker says. RBC reckons Rio Tinto should offer to buy the whole business without a requirement for carve outs. "Otherwise it might open [the] door to BHP" to make a rival bid, RBC says. ([email protected]; @RhiannonHoyle)

0115 GMT - A rapid rise in Australian mining-stock valuations could encourage some investors to take profits, says Morgan Stanley analyst Rahul Anand. But MS expects a rotation into commodities more broadly, "with the backdrop of good global economic performance continuing to drive strong performance for mining stocks in coming quarters," he says. Miners' relative valuations remain below their decade average, Anand says. He expects consensus earnings upgrades following recent gains in metals prices, "which should support sector valuations." S&P/ASX 300 metals and mining index trades 0.3% higher at 7887.2. ([email protected]; @RhiannonHoyle)

0010 GMT - Buy-now-pay-later providers such as Zip could benefit from any move by the White House to cap credit-card interest rates at 10% for one year, UBS says. That's because reduced credit availability could drive consumers to buy-now-pay-later, analyst Lucy Huang says. "However if BNPL transaction fees are treated as 'interest', our analysis suggests Zip's effective 'interest' rate on average transaction size of US$138 would be 24%," UBS says. The bank currently thinks rate caps are unlikely to be implemented. "Assuming rate caps are not implemented, we see fundamentals at Zip continuing to remain strong, presenting an attractive opportunity in the stock," UBS says. Zip is down 1.3% at A$3.04.([email protected]; @dwinningWSJ)

0002 GMT - Coming quarterly updates from Australian lithium companies PLS, Liontown and IGO are likely to focus on prospective growth projects, says Citi analyst Jack Whelan. That follows a rise in spodumene prices, which have more than doubled since mid-October, Whelan says. Citi reckons PLS is best placed to capitalize on the rally, given that company can restart its idled Ngungaju plant in four months at a low cost, he says. Liontown's expansion plan will take 12-18 months to get into production, says Whelan. IGO "is currently focusing on a successful ramp-up of CGP3, before they begin construction of CGP4 and have upside risk if they can resolve the TLEA JV structure," he says. ([email protected]; @RhiannonHoyle)

2349 GMT - M&A is a theme to watch among Australian healthcare stocks this year, RBC Capital Markets says. It points to low debt levels in the sector. Most companies covered by RBC are likely to have a leverage ratio of 1.5x or lower, analyst Craig Wong-Pan says. "We believe the mix of new CEOs, low debt levels and challenging conditions could lead to potential M&A in 2026," RBC says. ResMed is likely to keep making small bolt-on acquisitions in respiratory care and adjacent markets, while Ansell could target small or medium-sized deals, RBC says. "CSL has said it will pivot its R&D activities to focus more on development and it could undertake licensing or partnerships for later stage assets," it adds.([email protected]; @dwinningWSJ)

2341 GMT - RBC Capital Markets's message to investors in Australian healthcare stocks: Be alert to CEO transition risks. Among companies that have changed leaders in recent months are Ansell, Sonic Healthcare, Integral Diagnostics and Monash IVF. "The appointments of new CEOs follow long tenure periods under the previous management, and therefore we see possibilities for a combination of strategy resets, asset impairments, and 'kitchen sinking' guidance," says analyst Craig Wong-Pan. There could be operational disruptions from the management changes. Also, some managers who missed out on the CEO position could leave, RBC says. "We also note there have been a number of new CFOs, including at CSL, Ramsay Health Care and Healius," it adds. ([email protected]; @dwinningWSJ)

2340 GMT - Hearing implant maker Cochlear gets a new bull in RBC Capital Markets despite it warning of potential disappointment at its upcoming 1H result. RBC upgrades Cochlear to outperform, from sector perform, and raises its price target by 10% to A$325.00/share. "We believe Cochlear could miss consensus forecasts due to weaker than expected performance in CI and Services," says analyst Craig Wong-Pan. RBC forecasts 1H revenue of A$1.19 billion, slightly below consensus estimates of A$1.22 billion. It thinks net profit will fall short of expectations, projecting A$196 million versus a market forecast of A$205 million. Still, it thinks management will keep annual underlying profit guidance of A$435 million-A$460 million intact, albeit with a pronounced 2H skew due partly to the timing of the Nucleus Nexa implant system launch. ([email protected]; @dwinningWSJ)

2229 GMT - There is reason to believe miners will continue to rally, fueled by bets from generalist investors on the sector, according to Jefferies analysts. "Based on our recent extensive marketing and incoming calls, it is clear to us that generalist fund managers are seriously warming up to the sector but are not yet fully invested, and many are not yet invested at all," Jefferies says in a note. The analysts reckon "a full-fledged rotation into the miners is coming," which could lead to an acceleration in share-price gains. Australia's S&P/ASX 300 metals and mining index is up 7.5% in January to date, building on six consecutive monthly gains. ([email protected]; @RhiannonHoyle)

2218 GMT - Morgan Stanley retains an overweight call on Flight Centre and lifts its price target by 7.1% to A$16.50/share, identifying good-news areas that investors could be overlooking. Analyst James Bales says the competitive landscape in corporate travel has become more attractive. MS sees scope for Flight Centre's new business to materially exceed expectations. "Specifically, we note the merger of GBT/CWT in September 2025 is likely to shift competitor attention towards integration and away from chasing new business," MS says. Another potential tailwind: Corporate Travel Management's audit issues could hurt its ability to convert its pipeline of opportunities. MS is also upbeat about Flight Centre demonstrating structurally higher margins. Flight Centre ended last week at A$15.69. ([email protected]; @dwinningWSJ)

2201 GMT - Woodside Energy's 4Q report next week could include maiden production guidance for 2026. Macquarie expects annual output of 179.2 million BOE, as Woodside aims to start up the Scarborough natural-gas project in the second half of 2026. Still, Macquarie's estimate is some 3% below consensus forecasts. Macquarie lists several swing factors, including decline rates at the Sangomar oil field in Senegal that has been a strong performer for Woodside so far. It also identifies the timing of first LNG from Scarborough and the speed at which the project ramps up in 2H. Macquarie recently pushed back the timing of Woodside's planned asset swap with Chevron asset swap to the end of March, from December.([email protected]; @dwinningWSJ)

2140 GMT - Plumbing fittings supplier Reliance Worldwide loses a bull in Citi, which thinks the market underestimates the impact of the rise in copper prices on the business. Copper is up 2.8% on the Comex exchange this year so far, and is 33% higher than a year ago. "Overall, the copper spike is fairly visible and not new news," analyst Samuel Seow says. "However, looking closer at what historically goes through the P&L, suggests Reliance Worldwide is in for a tough 12-month period." The structure of the industry favors customers in the U.S., Citi says. So, it believes the quantum and speed of potential price rises present a challenge to Reliance Worldwide. "As a result, we downgrade to neutral, as we expect both FY 2026 and FY 2027 consensus estimates are too high," Citi says. ([email protected]; @dwinningWSJ)

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2122 GMT - Navigator Global Investments's 2Q update beat Ord Minnett's expectations, leading it to raise its target price by 5.7% to A$3.70/share. A standout was NGI Strategic, which notched a 2% improvement in assets under management when the impact of the Bardin Hill sale is excluded. Analyst Phillip Chippindale says this topped estimates for the fund and was largely driven by a 7% increase in assets under management within the NGI Strategic Private Markets business. Ord Minnett retains a hold call on Navigator Global Investments. "We now forecast net profit in FY 2026 of US$78.2 million, which sees the stock trading on a 14.7x FY 2026 price-to-earnings multiple," the bank says. Navigator Global Investments ended last week at A$3.12. ([email protected]; @dwinningWSJ)

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