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

0955 ET - Crude oil futures are lower, with the market seen at a sort of tentative equilibrium, says Aaron Kildow of Sparta Commodities in a note. "An uneasy calm has spread over the market," says Kildow. "Flows from Hormuz continue to impress and news of either Iranian or U.S. forces striking oil tankers no longer seems to have the same impact on oil futures markets as it did before." The U.S. dollar continues to trend stronger, which is applying pressure to the commodities markets as a whole. WTI crude is down 1.6%, and Brent crude is off 0.6%. (kirk.maltais@wsj.com)

0900 ET - Treasury yields are little changed from the high levels they ended at last week. The U.S.-Iran standoff keeps Brent crude above $100, while odds of a Fed hold this month rise to 81% from 78% Friday. No major data points are on tap today. The Treasury will auction three-year notes tomorrow, followed by a 10-year auction Wednesday and 30-year on Thursday. Fed minutes are due Wednesday. The 10-year yield is at 5.276% and the two-year at 4.821%. (paulo.trevisani@wsj.com; @ptrevisani)

0826 ET - Cenovus' plan to buy Athabasca Oil is the latest step in a wave of consolidation in Canada's oil sands region. Major Canadian producers are locking up contiguous, long-life oil assets in the region as energy falls under the global spotlight. Domestically, the C$5.7 billion acquisition is bolstered by momentum for key export corridors like the proposed Pacific Link pipeline, which promises faster access to global markets. The deal comes about a year after Cenovus' takeover of MEG Energy, and continues the trend of solidifying its position in Alberta. Cenovus says the acquisition adds 45,000 barrels a day of immediate output and targets 115,000 barrels a day by 2032, allowing it to maximize operational scale, capture C$85 million in annual synergies and capitalize on expanding export access. (adriano.marchese@wsj.com)

0808 ET - Suncor Energy's sale of interests in Eastern Canadian offshore assets for at least C$1.2 billion makes strategic sense, even if the transaction looks largely net present value-neutral, Raymond James' Michael Barth reckons. Suncor is selling its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets to Ithaca Energy. Barth notes Suncor also is transferring about C$1.4 billion of liabilities. The assets have a relatively short current life, and an exit frees up cash for share buybacks or accelerated growth in Suncor's core portfolio, the analyst says. Raymond James retains an outperform call and C$118 target on Suncor's shares. (robb.stewart@wsj.com)

0753 ET - Schneider Electric's $22.6 billion deal to buy PTC shouldn't raise major antitrust concerns, but politics could theoretically pose a threat, MKI Global Partners says. "PTC's software is widely used across the U.S. defense industrial base, and the buyer is French at a time when relations between Washington and Paris are poor, strained by disputes over Greenland, tariffs, digital regulation, the Middle East and other matters," MKI says. From an antitrust perspective, there is some overlap between Schneider and PTC's portfolios in industrial augmented reality software and electrical design software, but this is small and could be fixed with a sale, according to MKI. Schneider shares fall 9.8%, while PTC rises 37% in U.S. premarket trading. (adria.calatayud@wsj.com)

0725 ET - Schneider Electric's proposed acquisition of Boston-based PTC marks the latest foray into software for a company that has shown repeated appetite for engineering-software assets, J.P. Morgan analysts say in a research note. "A completed deal would be a rare cross-border software transaction amid a marked sector slowdown as companies assess AI's implications for their business models," the analysts say. The $22.6 billion deal far eclipses the French industrial group's $11 billion purchase of Aveva in 2023 and its $3.1 billion agreement to acquire Cognite in June, the analysts add. For PTC, the price of the deal is in the same region as what was speculated last year with Autodesk, according to JPM. Schneider shares fall 9.9%, while PTC's surge 37% in U.S. premarket trading. (adria.calatayud@wsj.com)

0712 ET - Schneider Electric's proposed $22.6 billion acquisition of U.S. software maker PTC could have strategic merits, even if investors balk at the price, J.P. Morgan analysts say in a research note. "Large-scale [mergers and acquisitions are] typically unwelcome in the first instance by European investors, although Schneider Electric's deals have typically proven strategically astute, if debatable from a valuation standpoint," the analysts say. PTC moves Schneider's own Aveva to the front rank of design and lifecycle software from the periphery, they add. The French group's industrial-automation division--where Aveva resides--required some kind of action to reaffirm its position relative to peers and time will tell whether PTC serves that purpose, JPM says. Schneider shares fall 9.9%, while PTC is up 38% in U.S. premarket trading. (adria.calatayud@wsj.com)

0651 ET - Laopu Gold now offers value, says Henry Soediarko of CrossASEAN Research. The analyst's assessment comes as the stock has lost about 60% of its value since hitting a peak in January, when gold prices surged to all-time highs. Compared with its July 2025 record, the stock has plunged by 70%. While plenty of pre-IPO investors have taken profit, Soediarko argues that the Chinese jeweler is "actually doing quite well" based on operating figures. Laopu Gold is different from Chow Tai Fook Jewellery in that it's "more of a global luxury house than a goldsmith," the analyst writes on Smartkarma. At a price/earnings ratio of 7 times and a 10% dividend yield, Laopu Gold may offer value, he adds. Shares last ended 0.6% lower at HK$325.20. (farah.elias@wsj.com)

0551 ET - European energy majors' earnings are set to more than double on the same period last year, Barclays analyst Lydia Rainforth writes. The sector should report earnings close to $35 billion with underlying free cash flow around $45 billion, she says. The benchmark refining margin is at unseen levels of around $40 a barrel, which, coupled with trading, will drive downstream earnings, she adds. Meanwhile, European natural gas prices are the key driver of upstream earnings, she says. (adam.whittaker@wsj.com)

0547 ET - U.K. government bond yields rise but are below recent highs and increase by less than French peers, where fiscal concerns are building. Gilt yields rise largely due to global factors, although investors are cautious ahead of the Oct. 28 budget, Luke Hickmore at Aberdeen Investments says in a note. "Oil, conflict in the Middle East and rising U.S. yields are pushing borrowing costs up everywhere." The budget will be key for gilts, however. If the U.K. government delivers fiscal discipline as promised, gilt yields could fall, he says. The 10-year gilt yield rises 3.3 basis points to 5.391% but stays below Thursday's three-year high of 5.505%, according to Tradeweb. The French equivalent rises 5.9 bps to 4.916%. (renae.dyer@wsj.com)

0459 ET - Schneider Electric is buying U.S. software maker PTC at a reasonable valuation, but the deal leaves the French engineering giant more exposed to investor concerns about the impact of AI on industrial-software assets, RBC Capital Markets' Mark Fielding and Abigail Yee say. The valuations of industrial-software companies have been under pressure due to AI worries, and Schneider's exposure to this concern will grow after the deal, the analysts say in a research note. Moreover, the integration might be complicated, and creating a software and AI portfolio won't be simple either, they add. The debt Schneider will take on might reignite prior market concerns about the company, according to RBC. Schneider shares fall 9.2%. PTC climbs 25% in U.S. premarket trading.(adria.calatayud@wsj.com)

0449 ET - Ithaca Energy's deal to buy Suncor's offshore Canada assets lifts its medium-term outlook to 140,000 to 150,000 barrels of oil equivalent a day from 120,000 barrels a day, Barclays analyst Naisheng Cui writes. The London-listed energy company expects to become the fifth​-​largest operator offshore Canada by production, which gives it a platform for future consolidation and growth opportunities across North America, he adds. Shares rise 3.1% to 284 pence.