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

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.(mauro.orru@wsj.com)

0809 GMT - Sanofi's expanded alliance with Regeneron Pharmaceuticals represents the French drugmaker's first step toward addressing its long-term outlook and should be seen as a clear sign of progress under new CEO Belen Garijo, Jefferies analysts write in a research note. "While the assets are early-stage, the expansion should be viewed positively, as it signals the new CEO's proactive focus on the most important yet addressable uncertainties investors face, as well as the speed of progress," the analysts say. Potential acquisitions and a settlement to delay the arrival of copycat versions of the alliance's blockbuster drug Dupixent are other key steps Sanofi needs to take to address the sales hole left by that medicine's patent expiration between 2031 and 2032, the analysts add. Sanofi shares rise 0.6%. (adria.calatayud@wsj.com)

0803 GMT - Lung Fung's differentiated supply chain seems to warrant the retailer's pricing power, says DBS Group Research's Mavis Hui in a note. The retailer, which sells products ranging from beauty and skincare to healthcare and food, has over 600 suppliers and overseas sourcing offices in Japan and South Korea, she notes. Lung Fung has been able to secure scarce but highly coveted products, including the recent Pokemon 30th Celebration trading card sets, which help reinforce the company's brand equity among younger consumers, the analyst adds. Its stock offers a compelling rerating case as it trades at a steep discount to its peers, while offering a dividend yield of around 9%, she adds. DBS retains its buy rating and 7.98 Hong Kong dollar target price. Shares last closed at HK$4.18. (megan.cheah@wsj.com)

0759 GMT - Research and development for world models can be "very positive" for artificial-intelligence compute and memory demand, Jefferies analysts say in a research note. While the research remains at an early stage, the models' ability to predict how the physical world might change in response to an action is critical to further potential of the robotics and autonomous-driving industries, they say. There are different routes to developing world models, some of which are compute- and memory-intensive, the analysts note. That supports a positive read-through for data centers and high-bandwidth memory suppliers over the long term. (tracy.qu@wsj.com)

0749 GMT - Oil prices rise in early European trading as Middle East tensions remain elevated despite recovering crude exports from the Gulf. "U.S.-Iran negotiations have made little progress toward fully reopening Hormuz, while uncertainty persists over potential U.S. restrictions on diesel exports," says Soojin Kim from MUFG. Regional crude flows have returned to prewar levels, according to analysts, but refined-product supply remains significantly tighter. Meanwhile, the latest EIA data showed U.S. crude oil inventories rose last week as refineries ran at a slower pace, but distillate fuel stocks fell by 2.3 million barrels and were 14% below the five-year average for this time of year. The front-month Brent crude December contract rises 1.5% to $99.52 a barrel, while WTI futures are up 1.8% to $92.01 a barrel. (giulia.petroni@wsj.com)

0746 GMT - Siemens Energy's fourth-quarter margins are projected to be in line with expectations, Citi analysts write after an investor call with management. The German energy equipment manufacturer guided for margins around the 11.6% it averaged over the first half of the year, the analysts say. Messaging on gas turbine demand was unchanged from previous call, they add. Additionally, there was no significant update on the soon-to-be-announced midterm targets, the say. Shares fall 0.7% to 141.80 euros. (adam.whittaker@wsj.com)

0741 GMT - The threat of artificial intelligence agents to European bank deposits and pricing is overblown but it could change how lenders think about customer relationships, Citi analysts write. Banking customers will use AI tools, but trust, reliability, transparency and regulatory constraints will limit the use of agents to source banking products. "Instead, we expect to see more customer AI tools embedded within each banks' own digital offering," Citi says. Banking subscription models, which offer discounts and loyalty rewards for tiered fees, are also likely to become more widespread, the analysts add. BBVA, CaixaBank and KBC are the best placed incumbent banks in Europe as they already lead with a relationship-based approach, Citi says. (michael.hennessey@wsj.com)

0738 GMT - Xiaomi is likely to report a 10% decline in smartphone revenue for 2026, HSBC Global Research analysts write in a note. That is based on the assumption of a 27% drop in volume and a 24% increase in average selling prices, weighted toward the fourth quarter, they say. Meanwhile, a heavier 4Q product schedule should provide greater room for pricing and mix adjustments even if component costs remain elevated, the analysts add. Xiaomi entered the second half of the year with considerably more raw-material inventory but lower finished-goods inventory, they note. HSBC Global Research initiates stock coverage with a buy rating and a target price of HK$33.20. Shares last closed at HK$25.24. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0728 GMT - European stock indexes open lower as banks and software stocks slide. The continent-wide Stoxx 600 falls 0.5%, though AI-related stocks rally after Micron earnings lift sentiment in the sector. London's FTSE 100 falls 1.1%. Software group Relx slides 2.3%, while British American Tobacco drops 3.3%. Banks lead the German DAX down 0.5%, with Commerzbank and Deutsche Bank both falling around 1.7%. SAP drops 1.65%. In Paris, the CAC 40 slides 0.8% as software group Capgemini drops 2.6%, while Credit Agricole falls 1.9%. Luxuries in the index also fall. Italy's FTSE MIB loses 0.5%, while the Spanish IBEX 35 drops 0.8%. The Dutch AEX loses 0.4%, though ASML jumps 1.1%, while BE Semiconductor adds 1.25%. Software and financials drag on the index.(josephmichael.stonor@wsj.com)

0719 GMT - SSE's full year outlook has improved since the start of May owing to higher and more volatile gas and power prices, J.P. Morgan analysts write. The comments come after the power distribution company's first-half trading update, which was in line with expectations, the analysts say. With the key winter months ahead, SSE's ability to capture the higher and more volatile prices will depend on market conditions and renewables output, they say. Consensus expectations could rise if investors believe SSE can benefit further from market conditions, they say. Shares rise 0.8% to 2,502.00 pence.(adam.whittaker@wsj.com)

0709 GMT - Sanofi's deal to expand its alliance with U.S. peer Regeneron Pharmaceutical provides a boost to the French company's early-stage drug pipeline, J.P. Morgan analysts write in a research note. The conclusion of the negotiations with Regeneron is positive for Sanofi, the analysts say. Sanofi will pay Regeneron $1 billion upfront, and up to $7 billion subject to certain targets to get access to four new drug candidates invented by its partner. Now that an agreement with Regeneron has been reached, Sanofi investors are likely to switch their focus to the company's moves to strengthen its business through dealmaking, the analysts say. Sanofi shares rise 2%.