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

0929 GMT - Hong Kong equities appear to be at attractive valuations, OCBC Group Research says in a note. OCBC analysts estimate that the city's benchmark Hang Seng Index trades at 10.2X 12-month forward price/earnings ratio, with a dividend yield of 3.5%. That compares favorably with the Chinese CSI 300 index's forward price/earnings ratio of 12.4X and dividend yield of 3.0%, they say. External risks to the market eased in September following the Trump-Xi summit and the extension of the U.S.-China trade truce, they note. A vibrant Hong Kong IPO market and steady flow from mainland China provide support to stocks. Still, OCBC flags potential headwinds from soft Chinese consumption, rising Hong Kong interest rates and volatility in technology names. (megan.cheah@wsj.com)

0906 GMT - Ether's exchange-traded fund picture is cooling, not collapsing, after an inflow streak came to an end, Zaye Capital Markets' chief investment officer, Naeem Aslam, writes. "Institutional participation remains substantial rather than disappearing," he says. U.S. spot ether ETFs recorded net outflows of $2.8 million on Tuesday. The move broke a seven-day inflow streak totaling over $850 million. "Consistent ETF buying helps absorb available ether supply in the spot market and can provide a structural support layer when speculative activity weakens," he adds. Ether is up 0.15% at $2,685. (joseph.wilkins@wsj.com)

0855 GMT - CaixaBank faces a near-term headwind to net interest income, which should be temporary, while artificial intelligence disruption will be a gradual process, UBS' Ignacio Cerezo and Alvaro Fernandez-Garayzabal write. The Spanish bank's share price has weakened recently due to short-term net interest income uncertainty and fears about deposit margins due to the AI threat. The bank will face a temporary drag in the second half of 2026 as liabilities reprice faster than assets, but increased deposit competition remains the main bottom-up risk. Investors also fear CaixaBank's deposits may be challenged by the rise of AI agents. "Having a definitive view about AI-led changes remains challenging, but we still see this as a gradual, rather than a fast-paced, process," UBS notes. Shares are down 3.2%.(michael.hennessey@wsj.com)

0854 GMT - AB InBev is likely to book continued weakness in the U.S. and China, analysts at Bernstein write in a note to clients. Third-quarter results for the world's largest brewer, which counts Bud Light and Michelob Ultra among its labels, should show destocking in China and a weak beer market in the U.S., Bernstein says. The brokerage nudges down its earnings expectations for the year for the Belgium-based group, lowering its target price on the stock to 96 euros from 97 euros and keeping an outperform rating. Shares trade 0.3% lower at 65.12 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0841 GMT - DFI Retail's latest deal involving the Starbucks business in certain Asian markets marks the completion of its asset optimization, Citi analysts say in a note. The retailer's focus now is likely to be on growth through operations. The Starbucks business adds earnings stability given its track record, compared with profit sharing from Maxim's, which faces industry headwinds, analyst Brian Cho and others say. DFI Retail's progressive dividend policy is also intact, and it could consider improving its shareholder returns with the cash received from the deal if there aren't available acquisition options, the analysts add. Citi retains its buy rating and US$4.80 target price. The bank opens a 30-day upside catalyst watch on DFI's shares in Singapore, which rise 4.7% to US$3.34. (megan.cheah@wsj.com)

0839 GMT - Chinese artificial-intelligence labs are facing more pressure from an intensified price war, Jefferies analysts say in a research note. The average application programming interface price gap between U.S. and Chinese frontier models widened to 70% in September from 60% in August, the analysts say. API pricing is a usage-based billing system where AI providers charge users for the services provided. "Sustained high capital expenditure, falling API prices, and more competitors are negative for AI-lab economics, particularly in China," they say. Jefferies continues to prefer platform players, given their "multiple monetization channels and ability to cross-sell AI services into sticky enterprise and consumer user bases," the analysts say. (tracy.qu@wsj.com)

0831 GMT - Land Securities' long-awaited acquisition of a shopping mall near Newcastle in the U.K. is positive, Bernstein analysts say. The real-estate investment trust's purchase of Metrocentre in Gateshead for 516 million pounds is "another top shopping centre in the bag" for Landsec, Bernstein says. The 7.9% net income yield and expected earnings per share accretion in the first full year are also supportive for Landsec, the brokerage adds. "The accompanying equity raise is sizeable but supports further deleveraging and positions the group for further opportunities," Bernstein adds. Shares are down 1.0%. (michael.hennessey@wsj.com)

0828 GMT - BMW's capital markets day was extensive, but doubts will remain on its strategic plan, J.P.Morgan analysts write. Execution and volume stabilization in China should dictate share-price momentum into early 2027, they say. The event gave a review of the regional footprint and technology strategy, and provided important medium-term targets aiming for 3-5% automotive margins by 2028 and 8%-10% by early next decade. The next few years will be marked by BMW's ability to deliver financial targets in a rapidly evolving automotive market, but the company is tackling all the right strategic topics to improve overall performance. The bank also thinks other auto companies will follow BMW's strategy of setting more shorter-term targets in light of the rapidly evolving market share of Chinese manufacturers. Shares fall 0.1%. (dominic.chopping@wsj.com)

0825 GMT - Sterling's rise to a two-month high against the euro possibly reflects some independent euro weakness along with the prospect of improved U.K.-EU ties under U.K. Prime Minister Andy Burnham, ING's Chris Turner says in a note. The euro versus sterling is the usual hedge for eurozone political and fiscal concerns, he says. The widening spread between German and French government bond yields is quite alarming and potentially adding some risk premium to the euro and constraining the European Central Bank's tightening cycle, he says. Meanwhile, Burnham has suggested rejoining the EU as among the options to rebuild ties with the bloc, which would be positive for sterling, he says. The euro falls to as low as 0.8529 pounds.(renae.dyer@wsj.com)

0824 GMT - Shares in U.K. home builders fell after a report showed the country's annual house price growth halved in September. According to the Nationwide house price index, house price growth fell to 0.8% from 1.6% in August. This was the weakest rate of growth since last December, the index shows. The report says that this was due to the uncertain economic backdrop as well as the pressure stemming from the conflict in the Middle East, which affects energy prices and fans inflation concerns. "Activity should regain momentum in the quarters ahead providing the energy shock fades and confidence returns - especially if market interest rates fall back to pre-conflict levels," Nationwide says. MJ Gleeson is down 5.3%, with Vistry and Berkeley down 4%.(anthony.orunagoriainoff@dowjones.com)

0823 GMT - Silver prices rise in early European trading, but remain caught between supportive fundamentals and challenging macroeconomic conditions. Lower expectations for further U.S. interest rate hikes are providing some relief, while improving Chinese manufacturing data point to stronger industrial demand from electronics, solar and manufacturing, says Naeem Aslam from Zaye Capital Markets. However, elevated U.S. Treasury yields and a firm dollar continue to weigh on precious metals. Meanwhile, the physical market remains tight, with a sixth consecutive annual supply deficit expected this year, but solar manufacturers are reducing usage as high prices encourage greater efficiency, according to Aslam. Silver futures are up 0.5% at $60.90 a troy ounce. (giulia.petroni@wsj.com)

0822 GMT - Shares of European semiconductor companies are mixed despite better-than-expected results from Micron Technology. Shares in the memory chip maker are up 0.1% premarket. Chief Executive Sanjay Mehrotra said the shortage of memory chips that are key for artificial intelligence should continue in the coming years. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International edge 0.3% and 0.4% lower, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 0.6%. German chip maker Infineon Technologies' stock gains 0.5%. STMicroelectronics shares are down 0.3%. In the U.S., the E-mini Nasdaq 100 futures contract edged 0.4% higher, indicating a positive opening for tech stocks.