The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0824 GMT - Citi analysts dismiss concerns that MTU Aero's V2500 aircraft turbofan engine fleet will retire faster than CFM International's competing CFM56 turbofan jet engine. According to the analysts, both narrowbody engine models average roughly 16.5 years in age, and the vast majority of both fleets will be retired within the next decade. The German engine manufacturer's forward earnings growth is expected to remain on par with peers, with cash flow conversion surging toward 80% to 90% as geared turbofan compensation payments--the financial settlement paid by engine manufacturer Pratt & Whitney--end and long-term service agreements grow, Citi says. "We see a strong case for partial closure of MTU's valuation discount to peers," Citi says. Shares are up 0.2% at 369.30 euros.(anthony.orunagoriainoff@dowjones.com)

0824 GMT - Shares of European semiconductor companies are in positive territory as appetite for stocks exposed to artificial intelligence grows. Earlier in the week, memory chip maker Micron Technology posted strong quarterly results and said demand would remain strong for years to come. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 2.3% and 4.1%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is up 2.6%. German chip maker Infineon Technologies' stock gains 4.6%. STMicroelectronics shares are up 2.7%. Meanwhile, the E-mini Nasdaq 100 futures contract is up 0.8% higher, indicating a positive opening for tech stocks in the U.S. (mauro.orru@wsj.com)

0814 GMT - New World Development's early termination of its 11 Skies sub-lease with the Airport Authority is positive, says Citi analysts in a note. The move removes an annual guaranteed rent obligation of HK$1.8 billion through September 2066, which Citi estimates exceeds potential rental income from the asset, they say. The company booked a HK$18.3 billion net impairment loss last year, including HK$14.7 billion of asset impairments and HK$2.3 billion of early termination costs, they add. Beyond 11 Skies, the company is seeing several sources of balance-sheet relief, including a HK$1 billion additional credit line secured against Victoria Dockside, lower finance costs following its December 2025 debt exchange, and a proposed REIT spin-off that could unlock HK$3.7 billion from Shanghai K11 assets, they say. Shares has been volatile and last down 4.1% in Hong Kong. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0809 GMT - DFI Retail's 2027-2028 earnings could be lower than previously expected, says DBS Group Research's Zheng Feng Chee in a note, citing the retailer's move to take full control of its Starbucks licensed business in certain Asian markets in exchange for its stake in Maxim's Caterers. The full contribution from the Starbucks operations can't completely offset the loss of earnings from other Maxim's businesses, the analyst cites management as saying. Still, the company is confident of the Starbucks business delivering 6%-7% top-line growth over 2027-2029, he adds. DBS trims its 2027-2028 earnings estimates by 7%-13% and cuts its target price to US$4.50 from US$5.00. The bank maintains a buy rating. Shares fall 7.9% to US$3.13. (megan.cheah@wsj.com)

0805 GMT - China's new mortgage subsidy is likely to have limited practical impact, according to BofA Securities in a research note. While the subsidy could lower buyer's borrowing cost, the eligibility is "relatively narrow," the bank says. It points out that the subsidy applies only to newly issued commercial mortgages for first-home purchases, with qualifying properties capped at 120 square meters and 1.5 million yuan in value. That said, BofA thinks policy may still help to improve sentiment and provide a partial cushion against the constrained developer cash flow and property investment, the bank says. (tracy.qu@wsj.com)

0756 GMT - IG Group Holdings' lower 2026 guidance is driven by lower over-the-counter income retention and a weaker market backdrop, RBC Capital Markets' Ben Bathurst says. The online trading platform's new 2026 revenue guidance suggests earnings before interest, tax, depreciation and amortization between 490 million and 500 million pounds, RBC says, which would be 16% lower than the Canadian bank's estimates. "A lower than expected revenue retention rate of 70% for OTC business also looks to have been a material driver of the miss, but we note revenues would have been below our expectations irrespective of this, as there was an implicit 16% miss on non OTC revenues," the analyst adds. The lower retention follows a recent decision to hedge less of the OTC book, RBC added. Shares are down 22%. (michael.hennessey@wsj.com)

0749 GMT - Gold prices tick higher as markets scale back expectations for imminent interest-rate hikes by the Federal Reserve. "A drop in U.S. Treasury yields overnight along with more cautious commentary from Fed officials is helping to support gold while PCE inflation released earlier in the week came in below expectations for August," says Soojin Kim from MUFG. The probability of another 25-basis-point hike at the FOMC's October meeting has fallen to 28%, from around 70% a week ago, according to the CME Group's FedWatch tool. The nonfarm payrolls report due later Friday is expected to be the next major catalyst for gold prices. In early European trading, New York gold futures are up 0.3% to $4,212.80 a troy ounce. (giulia.petroni@wsj.com)

0734 GMT - Nike's latest update points to a market that remains soft overall and is seen as a headwind for JD Sports, Shore Capital analysts David Hughes and Clive Black write. Nike reported a 4% fall in first quarter brand revenue, with growth in apparel offset by declines in footwear. "Overall, for JD we see this latest Nike update as a sign of an ath-leisure market which remains challenging and a key brand partner which is still working through its turnaround strategy," the analysts say. Shore Capital has a hold rating on JD stock and a 75 pence target price. Shares are down 1.1% at 80 pence and are 5.2% lower over the year to date. (ian.walker@wsj.com)

0730 GMT - MediaTek has strengthened its position in the premium smartphone chip market over the past few years, Counterpoint Research analyst Shivani Parashar says in a report. Since the launch of its Dimensity 9000 chip in 2022, it has expanded its presence across flagship Android smartphones, supported by deeper partnerships with Chinese smartphone makers, she says. The recent launch of the Dimensity 9600 Pro marks another important step in MediaTek's premium push, she says. The timing is particularly important as the premium smartphone segment enters a more challenging cost environment with rising memory prices, she notes. MediaTek faces several competitors in the premium smartphone chip segment, including Qualcomm, Samsung Electronics and Huawei's HiSilicon, she adds. Shares last ended 0.6% lower at $4,950 New Taiwan dollars. (sherry.qin@wsj.com)

0724 GMT - European stock indexes nudged higher at the open, but not enough to recover sharp losses in the last session. The continent-wide Stoxx 600 is 0.3% higher after falling 1.3% Thursday. Technology and industrial stocks lead the risers, though banks remain weak. London's FTSE 100 gains 0.2% as software names rally and consumer-facing stocks gain. The index is dragged by IG Group, which plummets 26% after a business update. The French CAC 40 gains 0.5%, led by a 2.9% jump for carmaker Stellantis. Pharmaceutical group Sanofi falls 4.05%. Germany's DAX adds 0.4%. Chip maker Infineon gains 2.5%, though Commerzbank is down 1.9%. Italy's FTSE MIB is flat, while the Spanish IBEX 35 adds 0.1%. The Dutch AEX is 0.5% higher as ASML rises 1.5%.(josephmichael.stonor@wsj.com)

0709 GMT - Commerzbank doesn't have enough share price upside to compensate for higher risks and less visibility from UniCredit's plans for the German bank, RBC Capital Markets' Anke Reingen and Sherry Lin write. The acquisition of UniCredit's German unit HVB by Commerzbank would be a "sensible move", RBC says, with a potential return on investment of 11% by 2030. Commerzbank's CEO has said the lender could potentially buy HVB in shares as one of several options to increase UC's holding in Commerzbank. However, execution risks in this complex setup are heavily concentrated in Commerzbank. As a result, lower earnings visibility and higher cost of equity have led RBC to cut its price target on Commerzbank stock to 40 euros from 43 euros. RBC lowers its recommendation to sector perform from outperform. Commerzbank shares closed at 39.40 euros on Thursday. (michael.hennessey@wsj.com)

0644 GMT - China's policy stimulus package is still a positive step despite its limited scale, according to BofA Securities in a research note. The package offers "targeted support to boost investment and stabilize the property market, while falling short of sending a strong easing signal on meaningful policy pivot to lift public expectation," the bank says. It thinks the move implies that policymakers are taking the first steps to stabilize growth, while still remaining "relatively comfortable" with aggregate demand given strong exports, they say. "Unless we see meaningful correction in export growth and/or fiscal deterioration, the probability of launching a more aggressive policy stimulus package will remain low," the bank says.