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

1049 GMT - Banca Monte dei Paschi di Siena's bids for Banco BPM and Banca Generali seem likely to fail after Intesa Sanpaolo threatened to walk away from its own Monte dei Paschi offer if shareholders back them, Autonomous Research's Luis Pratas says in a research note. This effectively turns a Monte dei Paschi shareholder vote due to take place later this month into a referendum on the competing proposals, Pratas says. Delfin--Monte dei Paschi's biggest shareholder--committed to support the Intesa bid, which reduces the likelihood of either of the Monte dei Paschi-led bids being approved, the analyst says. Intesa and Monte dei Paschi shares are little moved. (adria.calatayud@wsj.com)

1026 GMT - Bitcoin's recent rally marks a return to the debasement trade that began with Treasury Secretary Scott Bessent's intervention in Treasury markets, Capital.com's Kyle Rodda says. "That fundamental driver reveals a lot about Bitcoin's function and why it's remained relatively well supported recently," he says. "It's a trade on US policy largesse, an anti-fiat hedge and overall a portfolio diversifier." Rodda adds that bitcoin's prospects are looking increasingly positive and the lows of the cycle may have passed. Bitcoin is 0.3% higher at $86,046. (joseph.wilkins@wsj.com)

1023 GMT - Glanbia has a clear path toward continued market share expansion with organic growth through 2028 above its peer average, Berenberg analysts write. "Glanbia is a leader in AI visibility and brand perception, with its outlook compounded by ongoing structural tailwinds across all three of its businesses," they say. The analysts add that the Irish nutrition company will continue to benefit from ageing populations and GLP-1 weight-loss adoption. Berenberg has a buy rating on the stock and 24.30 euro target price. Shares are down 0.05% at 18.96 euros but 30% higher over the year to date. (ian.walker@wsj.com)

1016 GMT - Stocks will be buoyed by earnings strength and resilient growth even as higher borrowing costs prompt a weakening in equities sentiment, JPMorgan's Mislav Matejka writes. "Equities got hurt by the spike in bond yields, but we do not think this will persist," Matejka writes. Bond yields will likely pull back from recent highs, while the Federal Reserve's tightening confirmed the strength of the economy. Corporates will continue to meet elevated earnings expectations and inflation will not run out of control, Matejka says. Though French political headwinds will remain, the CAC 40 has already weakened significantly, suggesting the risk is already priced in by markets, they say. The CAC 40 falls 1.1% and is down 4.1% for the year. (josephmichael.stonor@wsj.com)

1014 GMT - Singapore Exchange's September statistics were lackluster, and a repeat of this could indicate that the market cycle is turning against it, Citi Research analyst Yong Hong Tan writes in a note. SGX's securities daily average value fell below the run-rate of S$2 billion, while the derivatives daily average value for iron ore was lackluster. Equities derivatives softness was mitigated by volatility in the rupee and offshore yuan, he notes. There are increased risks facing the securities daily average value due to banks' concentration, while softer iron-ore activity could lead to weaker derivative fees, he says. Shares close 1.1% lower at S$20.75, extending Friday's 7.1% drop. Citi cuts its target price to S$17.70 from S$18.70 and retains a sell rating. (kimberley.kao@wsj.com)

1011 GMT - Volvo Car will probably post substantially negative free cash flow this year, but it is unlikely to need additional cash from shareholders given a 22 billion Swedish kronor undrawn credit facility, Deutsche Bank analyst Nikita Papaccio writes. Volvo Car withdrew its 2026 guidance, which previously called for a slight decline in retail volumes and breakeven free cash flow, due to further deterioration in China. Guidance had already been lowered in July, reflecting challenges in the country. "We expect the company to elaborate on additional cost-saving measures with Q3 results, alongside an update on the latest developments around its China-specific model initiatives with Geely." The bank lowers its target price on the stock to 13 kronor from 21 kronor and keeps at hold. Shares fall 1.1% to 14.02 kronor. (dominic.chopping@wsj.com)

1003 GMT - Brunello Cucinelli should continue to post sector-leading sales growth, helped by its exposure to the most affluent consumers, RBC Capital Markets' Nikolaos Lafioniatis and Piral Dadhania say. The Italian high-end fashion company's absolute luxury positioning offers a degree of defensiveness that is becoming increasingly attractive in the current challenging economic backdrop, they add. Ongoing headwinds in demand for luxuries will affect other competitors that target more aspirational and less rich consumers, the analysts say. RBC upgrades the stock to outperform from a sector perform rating. Shares are up 0.77% at 80.80 euros. (andrea.figueras@wsj.com)

1004 GMT - Metro Bank would be one of the fastest growing U.K. banks if it achieves its loan growth targets, Citi analysts write. The FTSE 250-listed bank's branch-led deposit franchise is a core differentiator, they say. "Non-interest-bearing deposits are forecast to rise to c50% by 2029E, driving cost of deposits below 1.0%, the lowest funding cost among specialist peers," the analysts write. Citi starts coverage on the bank's stock with a neutral rating and 183 pence target price. Shares are down 1.3% at 162.60 pence, but 35% higher over the year to date. (ian.walker@wsj.com)

1001 GMT - Global equities will prove resilient to ongoing macro shocks despite a growing list of headwinds, Citi strategists write. Geopolitical risks and higher central bank policy rates all weigh on the outlook for equities, they say. However, stock markets will remain robust. "While uncertainty remains high, we still find ourselves in the 'resilience' camp for now," the strategists say. Geopolitical risks will abate before the end of the year, while global growth will be close to its trend rate, according to Citi's view. Earnings growth will decelerate but remain strong, supporting further stock market gains, the strategists say. (josephmichael.stonor@wsj.com)

0951 GMT - 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)

0950 GMT - Snap elections in Spain come at a delicate moment for Europe, writes JPMorgan's Mariana Monteiro. Prime Minister Pedro Sanchez called an early vote for parliament to be held at the end of next month, a move that comes amid protests across Spanish cities against rising housing costs. A change in government to a right-wing coalition would likely have only a limited impact on the trajectory of the Spanish economy and on Madrid's relationship with Brussels, Monteiro says. But the news injects further uncertainty into Europe's macro landscape, she says. Monteiro points to "concerns about political stability in Germany, uncertainty around the French electoral outlook and, more broadly, the implications of higher sovereign yields for debt sustainability." (joshua.kirby@wsj.com; @joshualeokirby)

0941 GMT - Expectations of a recovery in the luxury sector this year have turned out to be premature, analysts at UBS say in a note. The war in Iran, slower industry self-help measures and soft demand over the summer have further delayed the recovery, they say. While the slowdown seems to be cyclical rather than structural, consumers remain under pressure globally amid ongoing geopolitical uncertainty, the bank says. "We believe stock selection remains critical, as the pace of recovery is likely to vary significantly across brands and business models," the analysts say. UBS remains positive on hard luxury, high-priced and timeless goods such as watches and jewelry, favoring Richemont and Watches of Switzerland Group. Conversely, UBS downgrades Hermes's stock to sell from neutral as its earnings profile is becoming more cyclical.