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

0805 GMT - CapitaLand Ascendas REIT's weakness in its business-park segment has likely been priced into its units, says Morningstar's Xavier Lee in a note, viewing the real-estate investment trust as undervalued. The Singapore REIT's exposure to new economy sectors such as logistics and data centers benefits from strong structural demand, the analyst says. The REIT manager's active portfolio management and capital recycling moves should help to create value for unitholders. CapitaLand Ascendas is among Morningstar's top sector picks. Morningstar retains a 3.00 Singapore dollar fair-value estimate. Units rise 0.4% to S$2.29. (megan.cheah@wsj.com)

0804 GMT - Keppel REIT is likely to benefit from improving office fundamentals, given its high-quality portfolio of Grade A office buildings in central business districts, says Morningstar's Xavier Lee in a note. The Singapore real-estate investment trust's assets are coveted for their good-quality office space and proximity to businesses and key transport nodes, he says. Its portfolio should enable it to weather any economic uncertainty, he says. Lee reckons the trust is undervalued at the current price, as it trades at an attractive 2026 distribution yield of 6.1%. Keppel REIT is one of Morningstar's top sector picks. Morningstar retains a fair-value estimate of 1.10 Singapore dollars. Units rise 0.6% to S$0.85. (megan.cheah@wsj.com)

0803 GMT - TotalEnergies' new longer-term strategy shows consistency and durability, while also allowing for higher returns in the short term, analysts at Jefferies say in a note. The French energy company's updated outlook was an overall positive, with maintained energy growth until 2030 and an increasing portion of energy mix being electricity in the future, the analysts say. At the same time, there was an increase in shareholder distribution, they add. Shares are up 0.78% at 80.6 euros. (aimee.look@wsj.com)

0801 GMT - SK Hynix shares appear undervalued given accelerating memory-chip price increases amid intensified competition among chip buyers, says Daishin Securities' Ryu Hyung-keun. The South Korean chip maker, which started shipping its high bandwidth memory 4 products--the most advanced type of DRAM chips used in artificial-intelligence applications--in 3Q, is likely to post stronger-than-expected overall DRAM sales in 4Q, the analyst says. "The current stock price does not fully reflect the strength of the business conditions," Ryu writes in a note. He expects HBM4 to account for 40% of the company's total 3Q revenue and 50% of its annual revenue in 2027. Daishin maintains its buy rating and 3,200,000 won target price for the stock. Shares fell 5.0% to close at 1,768,000 won. (kwanwoo.jun@wsj.com)

0752 GMT - BT Group's approach to debt reduction supports the case for future dividends and buybacks, Bernstein analysts write in a note. The U.K. telecommunications company is nearing the end of its fiber investment cycle, which could lead to higher free cash flow as capital expenditures return to normal, they say. Additionally, BT is shifting from a phase of decline to one of stabilization as Openreach line losses seem to be plateauing. "Openreach's [which is owned by BT] scale advantages should support a more rational competitive environment in U.K. broadband over time," they say. Shares are up 0.1% at 1.97 pounds. (najat.kantouar@wsj.com)

0748 GMT - European gas prices rise more than 2% after President Trump rejected Iran's truce proposal, fueling concerns over prolonged disruptions to LNG flows ahead of winter. In early trading, the benchmark Dutch TTF contract is up 2.4% to 73.63 euros a megawatt-hour. "Lower Norwegian pipeline flows due to maintenance and subdued LNG traffic through Hormuz continue to tighten the market," analysts at ANZ say. "Meanwhile, a rebound in Chinese LNG imports highlights the risk of stronger Asian competition for cargo, leaving European gas prices vulnerable to winter demand and further supply shocks." EU storage levels are currently 70% full. (giulia.petroni@wsj.com)

0738 GMT - For U.K. home builders Christmas has come early after the government said it would launch a new equity loan program aimed at first-time buyers, RBC Capital Markets analysts Anthony Codling and Oliver Dyson say. The home builders are expected to perform strongly, with those most exposed to the South and South East likely to outperform, the analysts say. Builders with the least exposure to open market homes and homes likely to be priced above a certain price cap should underperform on a relative basis, the analysts say. M.J. Gleeson shares are up 20%, followed by Persimmon, up 16%, and Vistry, up 15%. (anthony.orunagoriainoff@dowjones.com)

0732 GMT - Oil prices climb more than 2% after President Trump rejected Iran's truce proposal, keeping the geopolitical risk premium elevated. In early European trading, the front-month Brent crude contract, which expires on Tuesday, is up 2.8% at $107.15 a barrel, while the second-month contract trades at $99.15 a barrel. The U.S. oil gauge WTI rises 2% to $94.21 a barrel. "Rejection of a settlement supports prices because disruption risk remains unresolved, while evidence that significant volumes are still moving prevents the market from pricing a complete supply shutdown," says Naeem Aslam from Zaye Capital Markets. The diplomatic path toward reopening the Strait of Hormuz and resuming discussions over Iran's nuclear program remains highly uncertain. Meanwhile, tightening physical-market conditions are intensifying inflation risks and reviving debate over potential export curbs. (giulia.petroni@wsj.com)

0719 GMT - City Developments' goal to reduce its net gearing to around 55% could boost its earnings and dividend per share, says Citi analyst Brandon Lee in a note. The Singapore property company's strategic review appears upbeat to Lee, who notes its sizeable divestment target and potentially over 1 billion Singapore dollars in profit after tax and minority interest of divestment gains. Citi retains its buy rating and S$11.53 target price, citing valuations including its stock trading at a 41% discount to its revalued net-asset value. Shares drop 8.2% to S$7.58.(megan.cheah@wsj.com)

0717 GMT - European stock indexes rise are mostly in the green at the open. Pharmaceutical and auto stocks gain, though technology weakens. The Stoxx 600 rises 0.3%. London's FTSE 100 gains 0.3% as real-estate stocks rise on hopes for a U.K. policy shift to help first-time buyers. Barratt Redrow jumps close to 14%. France's CAC 40 adds 0.4% as luxuries that dominate the index rally. Hermes rises 2.15%, while Essilor Luxottica gains 2.3%. Stellantis adds 2.4%. Autos also strengthen in Germany--BMW rises 1.4%--but technology stocks weigh on the DAX, which inches up 0.1%. Chip maker Infineon falls 1.3%, while SAP drops 0.85%. Spain's IBEX 35 adds 0.1%, while the Italian FTSE MIB trades flat. The Dutch AEX nudges up 0.1%, though ASML falls 1.2%.(josephmichael.stonor@wsj.com)

0716 GMT - Nordic markets open slightly higher. Friday's improvement in risk appetite, driven by hopes that the Strait of Hormuz would reopen, has faded since Trump rejected Iran's "seven-day plan," SEB senior economist Robert Bergqvist writes. "Nor did the U.S.-China summit produce any constructive news," Bergqvist says. Brent crude is trading at $107 per barrel, up 2.6% from Friday's close, he adds. Most Asian stock markets and equity futures confirm weaker risk appetite today. OMXS30 is steady at 3294.09 but OMXN40 edges up slightly to 2624.56 and OBX is up 0.5% at 2006.69. (dominic.chopping@wsj.com)

0521 GMT - The DRAM shortage will likely keep memory prices high through 2028, but the momentum could ease as device leaders push back, Morningstar analyst Phelix Lee says in a note. Long-term agreements restrict South Korean memory suppliers from aggressively raising prices, he notes. Meanwhile, China's CXMT has locked in competitive prices despite its lagged technology, thanks to looser contract terms, the analyst says. Price hikes for conventional DRAM could slow further as device makers like Apple face sharp margin compression and increasingly push back on further rises, he adds. Lee expects memory makers to continue experiencing robust margins over the next two years, but further upside is limited.