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

1153 GMT - Anglo American is progressing on its planned simplification and is well-positioned to create significant value, Jefferies analysts write. The London-listed miner is expected to complete its $53 billion merger with Canada-based Teck Resources by March 2027, but Jefferies believes it could close by the end of this year. "Overall, Anglo's plans and execution have been just what the doctor ordered for a recovery from the company's challenging 2023," the analysts say. Jefferies has a buy rating on the stock and atarget price of 50 pounds. Shares are up 1.1% at 41.78 pounds and 35% higher over the year to date. (ian.walker@wsj.com)

1137 GMT - European natural-gas prices are forecast to end this year at 80 euros per megawatt-hour, before falling to 40 euros by the end of 2027 due to constrained LNG supply and low storage levels, according to Capital Economics. TTF prices, Europe's benchmark, currently trade at 73 euros a megawatt-hour. "Warmer-than-usual weather over the northern hemisphere winter could limit heating-related demand and help relieve upward pressure on natural gas and LNG prices in Europe and Asia," says David Oxley, chief commodities economist. "But any increase in attacks on ships using the Strait could feasibly result in flows of crude oil falling back again from current levels and further delay the normalization of energy shipments out of the Middle East." (giulia.petroni@wsj.com)

1126 GMT - Reinsurers will face increased claims pressures and are likely to absorb a higher share of losses in 2027, Fitch Ratings says. The sector will see increased claims from higher inflation, climate change, and emerging liabilities from geopolitics and artificial intelligence, the ratings agency says. Reinsurers will absorb an increased proportion of losses as primary insurers lower the amount of risk they hold from recent highs. "These pressures, while generating earnings volatility, should help limit the scale of softening compared to that in previous cycles, as we believe a material unexpected loss event could trigger sharper repricing," Fitch adds. (michael.hennessey@wsj.com)

1119 GMT - While the convenience-store industry isn't immune to a broader economic slowdown, Alimentation Couche-Tard has a number of tailwinds that should help it weather the worst of the storm. TD Cowen's Derek Lessard says in the short-term, a cautious consumer trend will drag EPS, but the "long-term outlook remains favourable, in our view, and we still expect ATD to outperform industry peers." Lessard says the company's "in-store, fuel and loyalty initiatives, structural advantages, and potential Zabka synergies should support long-term DD% [double-digit percentage] EPS growth." He says that the Canadian c-store's diversified model remains resilient, with positive U.S. merchandise same-store sales growth and solid fuel profitability providing some offset. (adriano.marchese@wsj.com)

1107 GMT - Brent crude is forecast to end the year at $100 a barrel, before falling back to $70 a barrel by the end of 2027, as the recovery in Middle East energy flows is now expected to be delayed, according to Capital Economics. Rather than returning to prewar levels during the second half, the current assumption is that the existing status quo will persist through the remainder of the year, with energy flows only normalizing in early 2027. This outlook implies further draws on global oil inventories over the coming months, although the pace of inventory declines is expected to slow compared with earlier in 2026, says David Oxley, chief commodities economist. Brent currently trades at $97 a barrel. (giulia.petroni@wsj.com)

1104 GMT - Fitch Ratings maintains its "deteriorating" outlook on the global reinsurance sector for 2027. The rating agency expects further price declines--though less steep than those seen in 2026--due to ample capacity. Market conditions are likely to remain buyer-friendly, with fierce competition between reinsurers, as capital supply continues to outpace demand. As a result of this--as well as increased claims costs due to inflation pressures--there will be margin and revenue erosion in the sector, Fitch says. However, this won't be enough to affect the sector's strong capital position, Fitch adds. "Supportive investment returns and prior-year reserve releases are likely to mitigate the decline in sector profitability," says Fitch's Manuel Arrive. (michael.hennessey@wsj.com)

1024 GMT - Gulf equity markets rebounded in August, with the MSCI GCC Index rising 3.9% and ending three consecutive months of declines, Kamco Invest says. The gain was the index's strongest monthly performance in seven months and came as regional geopolitical conditions stabilized and global equities advanced following a healthy earnings season. Saudi Arabia led the regional rally, while Qatar and Bahrain were among the markets that remained under pressure. (farhan.rafid@wsj.com)

1021 GMT - Apple's push to expand higher-margin AI services could become increasingly important as rising memory costs drive up the price of its upcoming iPhone 18 lineup, according to TrendForce. The research firm says Apple is expected to raise prices of iPhone 18 series by 10% to 20%, as memory costs surge, with memory expenses for the 256GB Pro model nearly 400% higher than a year earlier. While the iPhone 18 Pro models and Apple's first foldable phone are set to feature upgraded processors, cooling systems, cameras and battery life, TrendForce says they lack major breakthrough features. TrendForce expects foldable phones to account for only about 2% of the global smartphone market in 2026, limiting the near-term impact of Apple's first foldable device despite strong consumer interest. (jie.yang@wsj.com)

1020 GMT - Palm oil prices ended lower amid a broader risk-off tone in Asian markets, as rising crude oil prices stoked inflation concerns and expectations for tighter monetary policy, says Kenanga Futures analysts in a note. Upcoming U.S. employment data would provide further clues on the interest-rate outlook, they say. Meanwhile, the rebound in U.S. stocks and continued bargain hunting may help limit further downside in the broader Malaysian market, they add. The Bursa Malaysia Derivatives contract for November delivery ended MYR56 lower at MYR4,902 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

1017 GMT - Forward interest rates currently suggest further earnings increases for Spanish banks, Citi analysts say. The latest forward curve implies between 2% and 3% average upside to Visible Alpha's net profit consensus forecasts for 2027 and 2028, with greater increases for CaixaBank and Bankinter. Valuation is the key differentiator in the Spanish banking sector, Citi adds. CaixaBank trades in line with the peer average despite stronger earnings per share growth, while Unicaja Banco has a demanding valuation due to lower growth expectations. Citi says it prefers CaixaBank's and Bankinter's stocks to those of Unicaja and Banco de Sabadell. (michael.hennessey@wsj.com)

1000 GMT - Primark owner Associated British Foods faces structural headwinds, Citi analysts write. Primark--which is expected to be spun off from the group by the end of next year--is likely to face lackluster like-for-like sales growth, while the sugar unit will face persistent risks from price volatility, the analysts say. AB Foods--home to the Twinings and Patak's brands--is also exposed to various declining grocery categories. It is due to report a trading update on Sept. 10. Citi raises its target price to 15.50 pounds from 13.30 pounds and keeps its sell rating on the stock. Shares are up 1.5% at 20.61 pounds but down 3.10% over the year to date. (ian.walker@wsj.com)

0956 GMT - WPP is in the pole position to retain Coca-Cola's international media account and even win back the U.S. portion it lost to rival Publicis Groupe, Bank of America analysts say in a research note. Reports that PepsiCo shifted its global media duties to Publicis from Omnicom Group could make WPP a collateral winner, since Publicis is withdrawing from Coca-Cola's pitch, the analysts say. "We think it unlikely that [Omnicom] will be invited to pitch, given it remains on PepsiCo's roster, while other agencies are unlikely to be sufficiently scaled," they add. For Omnicom, the news is disappointing and reinforces concerns about staff departures and client losses after its acquisition of Interpublic, according to Bank of America. WPP shares rise 4% and Publicis trades 3.6% higher. Omnicom closed 5% lower Wednesday.