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

1056 ET - AstraZeneca's Etcamah breast-cancer drug failed a clinical trial in advanced breast cancer, but this doesn't mean investors should count out another study for the same medicine at an earlier stage of the disease, Citi analysts say. The market had been largely expecting a failure given the similarity between the Etcamah trial and a separate study of Roche's giredestrant drug that missed its objective earlier this year, the analysts say in a note. Just like Roche's giredestrant, the medicine from the U.K. drugmaker could still hit the objective in a trial for early breast cancer, the analysts add. AstraZeneca is expected to publish results from the early-breast-cancer study in the second half of 2027, according to Citi. Shares in AstraZeneca rise 3%. (adria.calatayud@wsj.com)

1054 ET - The leading U.S. AI labs may agree to the first step of Anthropic CEO Dario Amodei's plan to "pace" the AI frontier, letting independent evaluators embed in the labs' research. But don't hold your breath for his ultimate goal of global coordination between both democratic and non-democratic countries, namely China, Truist analysts say in a note. "We view participation from Chinese labs as essential for adequate pacing," they say but add that they "do not expect material international alignment in the near future." Ultimately, the analysts don't think "US frontier labs will pause and allow Chinese labs to take the lead." (elias.schisgall@wsj.com)

1050 ET - AstraZeneca and Daiichi Sankyo's Enhertu drug showed impressive results in a late-stage study for lung cancer, but faces tough competition, RBC Capital Markets analysts say in a research note. The drugmakers said Enhertu delayed a type of advanced lung cancer from worsening by six months compared with the standard-of-care therapy. This was the first study to beat the standard therapy--Merck's Keytruda plus chemotherapy--on progression-free survival as a first-line treatment for this type of lung cancer, the analysts say. Nevertheless, rival therapies from Bayer and Boehringer Ingelheim that belong to a different class of medicines recently got approval. With similar efficacy and a more manageable adverse-event profile, Bayer and Boehringer's drugs could have the upper hand, RBC says. AstraZeneca shares rise 3.6%, while Daiichi closes 2.7% higher. (adria.calatayud@wsj.com)

1040 ET - With a record August box office under its belt, Cineplex should see its shares gain throughout the rest of the year. TD Cowen's Cheryl Zhang says in a report that the month's box office revenue hit C$98 million, double over the prior year and taking 3Q-to-date revenue to C$170.6 million thanks largely to big hits such as The Odyssey and Spider-Man: Brand New Day. "With a month left in the quarter, BO has already exceeded our full-Q3 estimate and is on pace to beat consensus," Zhang notes, adding that given Cineplex's substantial operating leverage, the box office outperformance bodes well for margins and free cash flow expansion. Shares are up 2.7% to C$12.30. (adriano.marchese@wsj.com)

1007 ET - Dubai leads most major Gulf markets higher, with the Dubai Financial Market General Index gaining 0.6%. Saudi Arabia's Tadawul All Share Index and Abu Dhabi's benchmark index each edge up 0.1%, while Qatar's QE Index slips 0.3%. Qatar's budget deficit widened sharply to QAR21.2 billion in the second quarter as hydrocarbon revenue fell 97% on year amid the collapse in LNG exports, though the country's strong net asset position leaves it well placed to finance the shortfall, Capital Economics says. (farhan.rafid@wsj.com)

1004 ET - Roche Holding and GSK's Chinese partners reported strong clinical-trial data for their respective lung-cancer drug candidates in China-only clinical trials, analysts at J.P. Morgan write in a research note. Both drugs, one from GSK and partner Hansoh Pharmaceutical and another from Roche and MediLink, showed a 54% improvement in overall survival rates in the trials. This seems competitive relative to a 40% benefit shown by Amgen's Imdelltra in a global trial, the analysts say. Roche and MediLink's candidate tam-peli has a better tolerability profile than GSK and Hansoh's ris-rez, they add. Ris-rez has better median overall-survival data, but it will be important to confirm this result in a global trial, according to JPM. GSK shares rise 4.6% and Roche's jump 5.7%, while Hansoh's close 5.1% higher. (adria.calatayud@wsj.com)

0917 ET - Europe's most valuable company is on track to shed more than 33 billion euros of market value, as the selloff in AI-related stocks bites on European equities. Calls from leaders to slow down the development of the technology at frontier U.S. AI companies have spooked the market, Quilter Cheviot's Ben Barringer writes, leading to a selloff in companies across the semiconductor chip supply chain. ASML trades down around 6%, which--if held to the end of trade--translates to a fall in value of 33.6 billion euros. The stock would wipe out around six weeks of gains to trade at its lowest level since July 29. A 6% decline would be the stock's sharpest percentage fall since July 27. (josephmichael.stonor@wsj.com)

0913 ET - The European auto industry will likely continue to lose share to Chinese peers, analysts at Morgan Stanley say in a note. There is continued focus on the regulatory changes in Europe as to how to reduce the impact from China imports, the analysts say. In Europe, the auto market should continue to recover, they add. Further, companies could do new joint ventures with peers in China, dispose of assets or diversify out of autos, which would potentially spur short-term rallies, they say. (aimee.look@wsj.com)

0832 ET - Novo Nordisk's rebrand as just Novo is a statement of intent that change is coming to the Danish drugmaker, Branding Science's Ed Corbett says. "They want to signal, not only externally but also internally, a change of direction," Corbett says. The company is coming off a challenging period marked by stiff competition and job cuts, he says. While the new name might help executives to introduce changes across the organization, it won't be the end-all be-all, Corbett says. From a consumer perspective, the change might have a limited impact, given that consumers tend to be more familiar with product brands such as Wegovy and Ozempic, rather than with the names of the companies that make them, he adds. Novo shares rise 2.1%. (adria.calatayud@wsj.com)

0752 ET - The introduction of new safeguards slowing the development of artificial intelligence doesn't necessarily spell the end of the AI-driven investment boom, UBS analysts write. Expanding adoption of AI models will continue to drive demand for computation, they write. UBS maintains its forecast for AI capital expenditure of $1.2 trillion in 2027, a 33% rise on 2026. AI-related shares are falling sharply across the globe. ASML--Europe's most valuable company--falls 6%, while French semiconductor-materials maker Soitec tumbles 14%. In the U.S., Nasdaq futures drop 1.8%. (josephmichael.stonor@wsj.com)

0723 ET - On Holding can grow in key markets for sporting-goods companies, analysts at Berenberg say. There is scope for growth for the Swiss premium sportswear company in the U.S., a market that is far from saturation, they write in a research note. Furthermore, market forecasts show China leading sportswear growth to 2030, with On Holding being ideally positioned to benefit from the growth of the premium segment within this market, the analysts add. "Feedback from Chinese distributors corroborates this view and points to strong momentum at On," they add. Berenberg initiates coverage of the stock with a buy rating. (andrea.figueras@wsj.com)

0717 ET - Cryptocurrencies could be big winners from a surprise Federal Reserve rate hold later this week, IG's Chris Beauchamp writes. The Fed is widely expected to raise rates Wednesday, with the market pricing a close to 90% likelihood of a quarter-point rise, according to LSEG. However, bitcoin and other digital currencies would likely rally if Fed chair Kevin Warsh manages an about-turn, Beauchamp says. A surprise hold would spur a rout in the dollar, which could in turn push bitcoin to challenge the $81,000 mark. Despite the expected hike, enthusiasm for crypto remains intact, the analyst says. Bitcoin rises 1.3% to $77,946.13.