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

1221 ET - HSBC Global Research cut its target price on Saudi Aramco to SAR29.00 from SAR30.80, reflecting lower Brent price assumptions of $80 a barrel in 2026 and $65 thereafter. The bank reduced its 2026 net income and cash flow forecasts by 9%, while cutting its 2027 earnings and cash flow estimates by 11% and 9%, respectively. HSBC says uncertainty over the duration of the Strait of Hormuz disruption, the pace of production recovery and Aramco's premium valuation relative to international oil majors leaves the stock's risk-reward broadly balanced. It maintains a Hold rating. (farhan.rafid@wsj.com)

1209 ET - RB Global's engine is humming along nicely as it continues to benefit from sustained auto-market share gains. Following another "beat and raise" 2Q, Raymond James analyst Steve Hansen notes an expanding long-term growth runway after gross transaction volume jumped 11% to $4.67 billion, prompting management to "nudge" full-year Ebitda guidance higher. While heavy equipment customer activity remained "cautious," RBA's auto business helped offset the softness by expanding its largest insurance partner to all 50 U.S. states. RBA outlines three "high-confidence durable tailwinds," including an active equipment replacement cycle, aging farmer demographics and generational farm transitions, and a significantly underpenetrated digital market. (adriano.marchese@wsj.com)

1157 ET - Structural oversupply and weak demand will continue to weigh on the global chemicals sector despite temporary supply tightness caused by disruption in the Strait of Hormuz, Fitch Ratings says. The ratings agency maintained its "deteriorating" sector outlook for 2026, saying higher production costs and weaker demand are likely to pressure chemical earnings in the second half of the year. Fitch says Middle East producers continue to face shipment constraints and asset-damage risks from the regional conflict, even as it expects the Strait of Hormuz to reopen in the near term. Higher-cost inventories and global oversupply are likely to keep weighing on producers even after shipping disruptions ease. (farhan.rafid@wsj.com)

1148 ET - Disney says demand for its parks and cruises is remaining strong, despite higher gas prices and other macroeconomic pressures. Bookings are up for both Walt Disney World and Disney cruises, Chief Executive Josh D'Amaro tells analysts on a call. Management now expects growth in its experiences segment to be at the high end of its guidance range. However, consumer demand is weaker in Asia, and Disney's parks in Shanghai and Hong Kong are expected to have more challenging third and fourth quarters, D'Amaro says. Disney also has a park planned in Abu Dhabi, which D'Amaro says is being built with a long-term view despite current conflicts in the region. (katherine.hamilton@wsj.com)

1142 ET - Qatar's non-energy private sector remained on a recovery path in July as the pace of deterioration eased to its slowest in five months, says Trevor Balchin, economics director at S&P Global Market Intelligence. The Qatar Purchasing Managers' Index rose to 48.5 in July from 47.6 in June, a five-month high, as new-order declines moderated and employment growth accelerated, S&P says. Balchin says a much slower fall in new business and faster job creation drove the improvement, while only a modest decline in output partially offset those gains. He says firms continued building inventories ahead of expected growth and restarted projects, although input-cost inflation accelerated for a record seventh straight month and output prices rose at their fastest pace since December 2022. (farhan.rafid@wsj.com)

1135 ET - Qatar stocks lead Gulf markets higher as hopes for a deal to reopen the Strait of Hormuz improve. U.S. Treasury Secretary Scott Bessent said Tuesday that an agreement to reopen the waterway could be reached soon. Qatar's QE index rises 0.9%, the Dubai Financial Market General Index gains 0.4%, Saudi Arabia's Tadawul All Share Index adds 0.3% and Abu Dhabi's benchmark index edges up 0.1%. (farhan.rafid@wsj.com)

1133 ET - Disney sees the consolidation in streaming as an opportunity for greater investment rather than an increasing competitive threat, Chief Executive Josh D'Amaro says on a call with analysts. D'Amaro points to Fox's acquisition of Roku and Comcast's plan to spin off NBCUniversal as examples of consolidation and restructuring across the industry. "The way that I see it is there's actually opportunity in these developments. A more consolidated industry is really a better investment backdrop," he says. D'Amaro also thinks Disney's streaming platform can differentiate itself by bundling with other streaming offerings in a way that its competitors can't. (katherine.hamilton@wsj.com)

1128 ET - Gold prices jump 4% on a weaker U.S. dollar and lower Treasury yields, while traders closely watch developments in the Middle East and U.S. data for cues on the monetary policy outlook. In midmorning U.S. trading, New York gold futures are up 4% to $4,315.90 a troy ounce, while the U.S. dollar index is down 0.1% to 99.17, making dollar-priced bullion more affordable for overseas buyers. Renewed diplomatic efforts to end the Iran war have pushed Brent crude, the global oil benchmark, below $80 a barrel, easing fears over energy-driven inflation and interest-rate increases. According to the CME Group's FedWatch tool, traders are now pricing in a nearly 57% chance of a September hike. (giulia.petroni@wsj.com)

1117 ET - Toronto's stock indexes surge as Shopify helps extend the week's rally. The ecommerce platform, the third largest company on the TSX with a C$263.31 billion market cap, soared 18% after posting 2Q results and guidance that handily topped expectations. The TSX Composite index jumps 1.4% on the day, complemented by gains in the commodities sector. The index is now up 3.1% since Tuesday morning, driving a strong start to the shortened trading week. Broadly, Canadian equities continue to benefit from improving market sentiment, bolstered by lower crude prices, resilient corporate earnings and a potential deal with Iran on the horizon. (adriano.marchese@wsj.com)

1104 ET - Disney says the NBA finals brought ESPN the most-watched first half of a pro basketball game since 2012, Disney Chief Executive Josh D'Amaro tells analysts on a call. The head-off between the New York Knicks and San Antonio Spurs was the highest-rated NBA finals in 28 years, D'Amaro says. Sports is a top priority for Disney, which is evolving its streaming platform Disney+ to stream select sports events, while continuing to keep ESPN as "the primary destination for daily sports content," D'Amaro says. "When a sports fan engages with ESPN, Disney+ or our parks, their lifetime value increases," he says. (katherine.hamilton@wsj.com)

1045 ET - European natural-gas prices plunge 7% in afternoon trading, with the benchmark Dutch TTF at 51.99 euros a megawatt-hour as renewed diplomatic efforts to end the Iran war lift sentiment. Fundamentals, however, remain supportive. A prolonged heatwave across Europe is lifting cooling demand at a time when gas storage is around 57% full, well below last year's level. "In Hungary, the Paks nuclear power plant was taken offline over the weekend after cooling-water levels from the Danube River fell to their lowest in more than four decades," says Antonia Syn from Rystad Energy. "The plant normally supplies around 40% of the country's electricity." At the same time, Norwegian pipeline maintenance is curbing supply, while a drone strike on Egypt's Damietta LNG import terminal has reduced the country's regasification capacity, tightening global LNG market conditions. (giulia.petroni@wsj.com)

1011 ET - Bitcoin has been rangebound in recent weeks, which has been an opportunity for big buyers -- otherwise known as "whales." These whales are seen as accumulating bitcoin at these price levels, says analysts with CryptoQuant in a note. "Bitcoin whale holdings (excluding exchanges and mining pools) have risen through 2026 to roughly 3.06M BTC, with whales adding aggressively as price dipped below $60K in June," says the firm. CoinMarketCap reports that the Crypto Fear and Greed index remains below the threshold between "fear" and "neutral", at a score of 38 out of 100. Bitcoin is down 0.5% to $64,012.