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

0335 GMT - Any interest-rate rises by the Reserve Bank of Australia are seen by Morgan Stanley analysts as mitigating major banks' margin declines rather than supporting expansion. With market pricing pointing to growing expectations that the RBA will deliver more than one interest-rate rise starting next week, MS analysts tell clients in a note that every 0.25% increase in the country's cash rate could add about 1 bp to their margin forecasts. However, they warn that major banks are less leveraged to rising rates than in 2022, when the RBA was last tightening policy. They see margins declining from current levels due to competition, deposit pricing and mix. (stuart.condie@wsj.com)

0330 GMT - The commercialization of humanoid robots is approaching, but mass adoption is still several years away, Bernstein analysts say in a note. Automakers and parts suppliers remain actively engaged in humanoid robot development, although most believe meaningful commercialization is still three to five years away, they add. XPeng maintains one of the most accelerated commercialization timeline among automakers, targeting mass production in early 2027, with initial deployment through dealerships and showroom applications in both China and overseas markets. Other automakers, including BYD, are increasingly evaluating humanoid robots for manufacturing applications, where labor replacement and productivity gains could be significant. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0325 GMT - China auto industry watchers generally hold a cautious view on the domestic demand looking into 2027, says Bernstein analysts in a note. The weak outlook is related to consumer spending, limited policy support and the possibility of flat-to-negative on-year growth, they say. In contrast, sentiment on exports remains constructive, although most expect growth to moderate following the exceptionally strong expansion seen this year, they say. Industry participants continue to expect EV penetration to reach 80% to 90% by 2030, thanks to ongoing electrification and a further shift toward full EVs, they say. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0316 GMT - Australia is seen by Morgan Stanley analysts as well placed to benefit from constraints on how rapidly U.S. data centers can be built to meet surging artificial intelligence demand. They think that Australia could accommodate part of this demand overflow, pointing to its data sovereignty requirements and renewables-assisted capability to power the centers. Australia already ranks in the global top five for installed data-center capacity, they say in a note to clients. While large-scale and household batteries are increasing Australia's energy storage capacity and damping forward electricity prices, U.S. data-center energy costs are becoming increasingly expensive, they add. (stuart.condie@wsj.com)

0315 GMT - MA Moelis Australia thinks Luca Mining is getting Capstone Copper's Cozamin mine at an attractive price. The up to US$385 million sale compares to MA's valuation of US$631 million. "However, we are conscious of potential discrepancies between our price assumptions and those used by both CSC and the party acquiring the asset," it says. The price might also suggest either a shorter mine life or higher exit obligations than MA was estimating. "Regardless, the difference between our valuation assumption and the upfront sale price is arguably modest" versus Capstone's over A$11 billion market value, it says. The deal also offers some potential benefits for Capstone, including reducing operating risk, says MA. It has a buy rating and A$16.40 target on Capstone. Shares are up 1.4% at A$14.76. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0301 GMT - At first glance, Bellevue Gold's FY result looks better than expected, says MA Moelis Australia. It cites the treatment of operating leases between the quarterly update and annual fiscal result as the reason. "BGL include various lease expenses in operating costs as per AISC [all-in sustaining cost] reporting guidelines, which are subsequently treated as a finance expense in the formal accounts," says MA. "We clearly need to find a way to better reflect this in our estimates." Bellevue's result is otherwise "fairly clean" and it remains well placed to close its hedge book soon. That would give a big boost to both earnings and cash flow, which could drive a continued re-rating, MA says. It has a buy rating and 1.95 Australian dollar target on the stock. Shares are up 5.5% at A$1.635. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0235 GMT - The Singapore dollar is steady against its U.S. counterpart during the Asian trading session. Investors are focused on the United Nations General Assembly annual meeting, where leaders are expected to push for de-escalation in the Middle East, DBS strategists say in a note. They will also watch for signs if President Trump and Iranian President Masoud Pezeshkian will step back and open the door for negotiations. "The counterargument is that a return to diplomacy would reduce the risk of further monetary tightening and support risk appetite, reversing the USD's gains," DBS says. The U.S. dollar is little changed at 1.2758 Singapore dollars, LSEG data show.(amanda.lee@wsj.com)

0230 GMT - ITC Hotels' profit margins and profitability are likely to be supported by the Indian company's asset-light strategy, Jefferies analysts say in a note. ITC Hotels is shifting toward a one-third owned and two-thirds managed portfolio, compared with the current balance of about 40% owned and 60% managed, says the U.S. bank. While owned hotels will likely continue to make up more than 90% of revenue, managed properties deliver significantly higher margins and require minimal capital, the bank says. The company remains selective in owning flagship premium assets, the bank says. ITC Hotels management expects revenue to be supported by strong domestic leisure demand and supply constraints in metro markets, the bank says. Jefferies has a buy rating and a target price of 210 rupees. Shares last closed at 155.95 rupees. (kosaku.narioka@wsj.com; @kosakunarioka)

0159 GMT - Bitcoin pulls back in Asia's morning session, dropping below $86,000 but staying around its highest levels since January. A broad retreat in global bond yields improved the backdrop for risk assets, but the scope for further declines may be limited, says Konstantinos Chrysikos at Kudo.com. Coming inflation releases will be key as markets eye more interest-rate hikes. Softer readings could extend the recent pullback in yields, while firmer data could revive tightening expectations and cap Bitcoin's gains, Chrysikos says. Sustained ETF buying and a continued decline in oil prices could extend Bitcoin's advance, while any setback in Middle East diplomacy could quickly revive selling pressure. Bitcoin falls 1.6% to $85,561. (fabiana.negrinochoa@wsj.com)

0154 GMT - Lower system access charges under Malaysia's Corporate Renewable Energy Supply Scheme are expected to accelerate renewable energy project deployment, Affin Hwang IB analysts Ong Tze Hern and Peggie Wong say in a note. The charge will be reduced to 0.14 ringgit a kWh from 0.20 ringgit, improving project economics and potentially bringing forward engineering, procurement, construction and commissioning awards, they say. To qualify, projects must begin operations by end-2028, which could prompt construction to start by 1H 2027, they add. The analysts think CRESS projects are expected to emerge as an additional growth driver for the renewable energy sector, alongside the development of large-scale solar projects. Affin Hwang maintains an overweight rating on Malaysia's renewable energy sector, sees Solarvest and Samaiden as key beneficiaries. (yingxian.wong@wsj.com)

0125 GMT - Ramelius Resources' better-than-expected medium-term production outlook offsets higher costs and near-term cash flow constraints, according to Macquarie. The gold miner's FY 2029-2030 production forecasts are up to 12% higher than consensus. Macquarie keeps a neutral rating and 4.00 Australian dollar target on the stock. It says it thinks Ramelius's shares are fairly valued, trading at roughly 9.0x FY 2027 enterprise value/Ebitda estimates. Macquarie cautions that higher capital expenditure will limit near-term cash flow generation. Shares are up 3.4% at A$3.93, adding to Monday's 6.2% gain. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0120 GMT - Adani Enterprises' airports business is approaching a multi-year earnings acceleration phase, driven by the operational expansion of the Navi Mumbai airport, higher non-aero monetization and city-side development, Jefferies says in a note. Airports could be among the first businesses to be carved out into a separate listed entity from Adani's current incubation portfolio, the U.S. bank says. The airports unit is increasingly focused on developing convention centers, hospitality, retail, and commercial assets directly, enabling it to capture both development profits and recurring income streams. Jefferies has a buy rating and a target price of 3,830 rupees. Shares last closed at 2,990.00 rupees.