0233 GMT - Iron ore prices are higher in early Asian trade, with investor sentiment boosted by the People's Bank of China's move to cut the reserve requirement ratio for banks. Demand for iron ore is strong in the near term, as steel mills have begun to restock before China's upcoming Golden Week holidays, analysts at Xinhu Futures say in a note. Meanwhile, Chinese steel mills have increased their operating rates, while molten iron output rose in August, ANZ analysts say in a research note. The most-traded iron ore contract on the Dalian Commodity Exchange is up 1.15% at CNY920.0 a ton. (sherry.qin@wsj.com)

0056 GMT - Australian coal shipments have been weak recently because of maintenance downtime, supporting prices. But UBS analyst Lachlan Shaw says exports could pick up into year end. "Drier weather conditions across Australia and Q4 being a seasonally stronger period for shipments could pressure prices lower," he says in a note. Shipments in the week ended Sep. 10 were down 5% on year but 6% higher than the week prior, says Shaw, citing daily export data. "Although we flag upside to our forecast in H1/H2 FY24 for met coal of circa US$220/US$230 [a metric ton] and thermal circa US$145/US$140/ton," he says, highlighting "strong spot prices and potential inventory rebuild at mines in [Australia's Queensland and New South Wales states] following three years of drawdown due to heightened weather disruptions." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0006 GMT - Carsales.com's expansion efforts in the U.S. and Brazil could underpin consensus upgrades as opportunities are monetized, Macquarie analysts say in a note. In a review of recent investor days, Macquarie notes that the company provided additional detail on the pace of dealers being added in Brazil with the medium term. "This is a key source of upside above consensus expectations, in our view." For the U.S., Macquarie says Carsales.com has indicated that its new vertical for marine/boats could be a A$1 billion opportunity. The investment bank keeps an outperform call on the stock, saying that while the valuation is challenging, EPS upside is intact. (alice.uribe@wsj.com)

2359 GMT - Westpac's institutional business has performed relatively well recently, but Macquarie analysts reckon that the consumer and business banks are more important to Westpac's share price performance. Still, in a note Macquarie says, with more investment spend in the institutional business directed to growth rather than compliance, there is the potential for further upside, especially if Westpac can gain FX wallet share in middle markets. At the same time, Macquarie sees that there has been a period of underinvestment in the institutional franchise, with Westpac now looking to reinvest in it. "While Westpac could potentially leapfrog its competitors, the risk around implementation, timeframe and budget slippages is high," Macquarie says. It maintains its neutral call on the stock.(alice.uribe@wsj.com)

2347 GMT - Natural-gas company Tamboran Resources impressed Macquarie on a recent visit to its operations in Australia's Northern Territory. In a note, Macquarie says the company's strategy in the Beetaloo Basin has matured, and that's not being reflected in Tamboran's share price. It lifts its target by 17% to A$0.35/share and retains an outperform rating. "Market concerns around funding and flow rates can be overcome in the next 12 months," says Macquarie, which adds that it is "coming away with conviction in TBN's strategy." Shares last traded at A$0.125.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Australia's S&P/ASX 200 is set to open higher after getting a strong lead from Wall Street, which shrugged off stubborn inflation numbers. ASX futures are up by 1.2%. In the U.S., the Dow Jones Industrial Average gained 1%, the S&P 500 rose 0.8%, and the tech-heavy Nasdaq Composite ended the day 0.8% higher. In corporate news, Cleanaway Waste announced the retirement of its chairman and named a replacement, Link said it has received regulatory approvals for a Fund Solutions sale, and Metcash said its FY 2024 year-to-date sales for the group are up by 1.7%. (alice.uribe@wsj.com)

(END) Dow Jones Newswires