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

1148 GMT - Oil prices nudge up in afternoon European trade, reversing earlier losses. Brent crude for October delivery rises 0.7% to $88.46 a barrel, while WTI edges up 0.2% to $82.38 a barrel. Market focus has shifted to diplomatic efforts to reopen the Strait of Hormuz this week, but the physical market remains far from normal, Saxo analyst Ole Hansen writes. "The market is trading the prospect of improving supply conditions well before those improvements have actually materialized." Benchmark Brent prices remain down around 7.5% for the week, as investors hope that talks between Iran and Oman will lead to a partial reopening of the strait. (josephmichael.stonor@wsj.com)

1143 GMT - Puig Brands is holding steady despite the normalization of growth in the fragrance category, its core business, AlphaValue's Jie Zhang says. The Spanish beauty company continues to gain market share, thanks to its portfolio of niche perfumes, which remains more resilient than the broader fragrance market, the analyst writes in a research note. "The fragrance supercycle may be fading, but Puig now has a broader set of levers to sustain above market growth." The company's makeup brand Charlotte Tilbury is emerging as a significant second growth engine, Zhang says. Most importantly, the group remains significantly underrepresented in Asia, a region where some global beauty companies have experienced difficulties due to a slowdown in demand and high competition from local players, the analyst adds. Shares fall 1.3%. (andrea.figueras@wsj.com)

1125 GMT - Halfords might raise guidance again this year as the U.K. motoring-and-cycling products retailer shows clear improvement, Panmure Liberum analysts say. Panmure raises its fiscal 2027 forecast by 11% and its longer-term targets by around 4%. Halfords' upgraded fiscal 2027 guidance still retains some prudence, Panmure says, adding that there is a chance of further upgrades before the end of the year. Panmure expects longer-term momentum to be sustained by further linking its retail stores and garages, bicycle upgrades and changes made in its wider autocenter portfolio. Panmure maintains a buy recommendation on the company's stock and raises its price target to 300 pence from 260 pence. Shares are up 11% at 268 pence. (michael.hennessey@wsj.com)

1123 GMT - Shares of French banks fall amid renewed political uncertainty, with presidential candidates expected to set out their plans for the country ahead of the election in April. Business leaders will question the main candidates at the Medef conference in the first election debate on Thursday. "The gradual heating up of the pre-election campaign comes as a widening of French sovereign spreads over summer has left France with the highest 10-year yield among the large and medium-sized euro area economies," Deutsche Bank analysts say. Societe Generale is down 4.2%, BNP Paribas falls 3.8% and Credit Agricole is 3.45% lower. (michael.hennessey@wsj.com)

1100 GMT - Questions remain around Diageo's trajectory ahead, UBS analyst Sanjeet Aujla tells investors in a note. The U.K.-based drinks giant this month set out a strategy overhaul and new guidance. This "gives management sufficient bandwidth to rewire the organization and to improve competitiveness," Aujla says. Still, investors will likely be looking for proof of recovery in the U.S. spirits market, or of overperformance in its rest of the world division, he says. "We don't think these proofs points are forthcoming in the next six to 12 months," Aujla says. UBS keeps a neutral rating on Diageo stock, lifting its target price to 1,850 pence from 1,600 pence. Shares are down 1.8% at 1,705 pence. (joshua.kirby@wsj.com; @joshualeokirby)

1101 GMT - Equinor shares have performed very strongly this year and the risk-reward ratio has now clearly deteriorated, SB1 Markets analyst Teodor Sveen-Nilsen writes. The bank believes that the Norwegian energy major's strong performance has been primarily driven by higher oil and, above all, gas prices, combined with the company's large exposure to spot prices. The capital market update was also well received, while the renewable energy strategy has become more balanced. The current share price already seems to discount 1-2 years of exceptionally high profits, but SB1 Markets' main scenario is that oil and gas prices and shares in the sector are lower in 6-12 months. The bank downgrades the stock rating to sell from neutral and reiterates its 365 Norwegian kroner target price. Shares fall 0.4% to 386.20 kroner. (dominic.chopping@wsj.com)

1048 GMT - Delivery Hero's results show improved operational momentum, MWB Research's Alexander Zienkowicz writes in a note. The German food-delivery company lifted its full-year guidance on increased growth and reported a swing to positive free cash flow in the first half. The company's second-quarter performance validates an acceleration in its underlying business, he says. "However, Uber's 41.50 euros per share cash offer remains the valuation anchor, with closing still expected in the second half of 2027 subject to regulatory approvals," he adds. Delivery Hero shares are up 0.3% at 37.07 euros. (najat.kantouar@wsj.com)

1036 GMT - Saab has the largest order book in its history, driven by Europe's rearmament, but the share price already demands that the strong trend continues well into the next decade, SB1 Markets analyst William Alexander Balksten writes. The bank says the current valuation requires that consensus forecasts are fully met until 2030, with order intake increasing from 200 billion Swedish kronor in 2031 to 366 billion kronor in 2040. "This would mean order intake above the record level from 2025 in each of these years." Saab's share of Europe's defense investments would also need to increase from 5% to 7% just to justify today's valuation rather than to create further upside. The bank initiates coverage with a neutral rating and 650 Swedish kronor target price. Shares rise 1.2% to 649 kroner.(dominic.chopping@wsj.com)

1025 GMT - Wheat prices trade at a three-year high as investors grow increasingly wary of a supply shock caused by the deteriorating Black Sea situation. Russian and Ukrainian wheat exports are effectively stalled following a series of strikes on both grain-laden ships and export terminals. A slowing in supply from the region is supporting prices as together Russia and Ukraine account for nearly 30% of global wheat exports, Rabobank's Andrick Payen says. Both countries are seeking other routes for their wheat, but any alternatives "are unlikely to offset the port capacity lost at Odesa and Novorossiysk," Payen writes. Chicago wheat contracts rise 0.1% to $7.49 a bushel after jumping around 5% in the last session. Prices have jumped by around 30% since June. (josephmichael.stonor@wsj.com)

0953 GMT - Nvidia's results are reigniting the artificial-intelligence chip trade, but as financing gets more and more circular, tech giants could be on borrowed time, says Nic Puckrin, cross-asset analyst and founder of Coin Bureau. Sandisk, Micron and Hynix all look set to open around 5% higher, and Broadcom is also looking stronger premarket. For Puckrin, the biggest question is around Nvidia's $500 billion AI financing deal with asset managers. This might seem like a smart move while demand for AI chips is insatiable, he says, but if that falters, Nvidia and its lending partners will be stuck with collateral in the form of AI chips that no one wants to buy. Nvidia has kicked the can down the road. Next quarter, it will face the same questions. (fabiana.negrinochoa@wsj.com)

0907 GMT - Demand for CrowdStrike's cybersecurity products jumped as fears around the threat posed by hostile AI agents rose in the second quarter, JPMorgan analyst Brian Essex writes. The company swung to a profit on a 26% jump in revenue growth in quarterly earnings announced after the bell Wednesday. Concern around Anthropic's Mythos model spiked after the AI lab withheld the model's public release over fears it posed a cybersecurity risk. "Cybersecurity continues to shift from a risk-management role to a foundational AI infrastructure role where we view CrowdStrike as a primary beneficiary," Essex writes. The company is better positioned than its peers to benefit from the "Mythos Moment," the analyst adds. Shares surge 8.4% premarket. (josephmichael.stonor@wsj.com)

0906 GMT - Growth across Europe's low-cost carriers will likely re-accelerate toward late winter, Citi analysts say. Ryanair's capacity will ease slightly from 6.2% growth in September to 5.5% in December, Citi says. Still, it is scheduled to re-accelerate to 6.1% in the March quarter, the analysts add. Ryanair's balance sheet is well equipped to deal with any challenges the industry may experience over the next six months, Citi says. Wizz Air's growth is seen climbing steadily from 9.3% in September to 14% in the March quarter, Citi says. "We continue to view... peripheral operators as the most likely source of capacity retrenchment should jet fuel prices remain high," the analysts say. Ryanair is down 0.75% at 23.76 euros, with Wizz Air up 0.45% at 1,127 pence.