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

0829 ET - Ether falls to a two-and-a-half week low as surging long-term Treasury yields damp risk appetite. "With Treasury yields still elevated and bitcoin struggling to decisively break higher, investors have become more selective across crypto, and ether remains especially sensitive to shifts in liquidity because it tends to trade as a [more highly risk sensitive] digital asset," Zaye Capital Markets analyst Naeem Aslam says in a note. Meanwhile, institutional demand is weaker with U.S. spot ether exchange traded funds recently recording outflows, he says. Ether falls 4.4% to as low as $2,572, LSEG data show. (renae.dyer@wsj.com)

0821 ET - Pennon Group's fund raising highlights a worse asset health and operating position than the market realized, Bernstein's Bartlomiej Kubicki and Rory Graham-Watson write. The South West Water owner is calling on shareholders for 550 million pounds via a discounted rights issue, which will be used for operational performance improvements across the group and growth investments. "Today's announcement has raised questions about underlying asset condition, with management also casting doubt on previous 2028 environmental targets and declining to set out longer-term financial guidance," they write. Bernstein has a market-perform rating on the stock and 520 pence target price. Shares are down 20.5% at 359.20 pence, leading the FTSE 250 fallers and marking its lowest price in over 15 years. (ian.walker@wsj.com)

0817 ET - Anta Sports' closing of its stake acquisition in Puma came earlier than expected and seems positive for the German group's turnaround strategy, analysts at Bernstein write in a note. Anta has completed the acquisition of 29.06% of the shares in Puma from the Pinault family. The transaction was previously expected to close at the end of the year, the brokerage says. While Anta is now Puma's largest shareholder, it doesn't seem that the company plans to attempt to acquire complete control of the sports group, but instead to share capabilities with Puma, the analysts say. The move has two key benefits for Puma, including improved governance and incremental exposure to China, a core market for sports brands, they say. Shares in Puma are up 1.7%. (andrea.figueras@wsj.com)

0805 ET - Beauty companies should see sustained demand after a soft period, Bank of America Global Research analysts write in a note. Growth in the beauty market slowed throughout 2024 and into the first half of 2025, driven by weak demand trends in both the U.S. and China, the analysts say. Trends accelerated in the first six months of this year, with demand recovering back toward its long-term trajectory, they add. Beauty moved beyond blaming a weak economic landscape and instead using innovation, investments and other strategies to reignite demand, BofA says. (andrea.figueras@wsj.com)

0758 ET - Porsche's new medium-term revenue targets will be driven chiefly by pricing and product mix analysts at J.P. Morgan says. The bank says it welcomes the cash conversion targets, which should continue to support shareholder remuneration. At an investor event, Porsche outlined its medium-term strategy framework, centered on reinforcing its sports-car brand DNA while improving price and mix discipline, lowering capital intensity, and supporting structurally higher profitability and cash generation. Management reiterated its value over volume approach, pairing portfolio and pricing actions with a cost-savings program and a leaner, more agile operating model, analysts Jose M Asumendi and Piyush Singla write. The bank rates Porsche at overweight with a 50 euro price target on the stock. Shares fall 0.2% to 42.45 euros. (dominic.chopping@wsj.com)

0742 ET - Burberry should continue to benefit from its strategic turnaround, but it isn't insulated from the broader sector context, AlphaValue's Jie Zhang says in a note. The British luxury group has showed encouraging progress, the analyst says. "However, subdued tourist spending in Europe, a volatile consumer environment in China and geopolitical uncertainty warrant more conservative assumptions," she adds. The luxury industry has entered a structurally slower growth phase after an exceptional post-pandemic expansion, Zhang says. That acceleration was a result of accumulated household savings, high demand, price increases and a sharp rebound in tourism, the analyst says. These conditions are unlikely to be repeated, she says. Shares are down 1.8%. (andrea.figueras@wsj.com)

0742 ET - Reports that HSBC Holdings is planning job cuts in its U.K. wealth division are in contrast to trends in the wider sector, RBC Capital Markets' Ben Bathurst writes. HSBC could cut 70% of its U.K. financial advisers due to artificial intelligence, the Financial Times reported. The move will attract attention across the U.K. wealth industry, RBC notes. "However, the step runs contrary to the broader sector trend, where competition for advisers is fierce with over 50 private equity funded consolidators actively acquiring firms in the market," the analyst adds. The U.K. wealth industry is currently constrained by distribution capacity, so advisers leaving HSBC should be in high demand, RBC says. Shares are down 3.9%. (michael.hennessey@wsj.com)

0645 ET - The momentum created by Forvia's new management is underestimated by the market, Bank of America analyst Stephen Benhamou writes. The French automotive equipment supplier has better margins, fast de-leveraging and a stronger free cash flow that's more visible from 2027, he says. "Since Martin Fischer became CEO in March 2025, Forvia has built a stronger execution track record, restoring credibility and making its [about] 10% sector discount difficult to justify," Benhamou says. BofA double-upgrades its rating on the stock to buy from underperform and raises its target price to 14 euros from 10.50 euros. Shares are up 9.25% at 10.37 euros, but 24% lower over the year to date. (ian.walker@wsj.com)

0622 ET - Europe's refining industry is key to the continent's energy policy, says Liana Gouta, director-general of industry group FuelsEurope. European Commission chief Ursula von der Leyen this week announced a strategic dialogue on European refineries, a move aimed at bringing down diesel costs and ensuring supply, including for Europe's defense industry. That launch is welcome, Gouta says. "We look forward to working with policymakers to ensure that competitiveness, security of supply and industrial transformation advance together, supported by a strong and resilient European refining sector," she says. Boosting refineries is a "long-term prerequisite" for Europe's climate, energy and industrial goals, says the group, whose energy-major members include ExxonMobil, BP, Italy's Eni and Norway's Equinor. (joshua.kirby@wsj.com; @joshualeokirby)

0616 ET - Banco Bilbao Vizcaya Argentaria's management is focused on scaling artificial intelligence deployment across the business, Citi analysts write, citing strategic talks with the company. The key takeaway from the talks is that AI will reinforce the importance of scale in banking, the analysts say. "BBVA believes its scale, common technology architecture and global data platform provide an advantage in deploying AI," Citi notes. The bank continues to gain market share across lending, small and medium-sized enterprises and transaction banking in Spain, Citi adds. Shares are down 2.3%. (michael.hennessey@wsj.com)

0616 ET - SAP investors will look for details on artificial-intelligence adoption, pricing and monetization when the group reports third-quarter results on Oct. 21, Bank of America analysts write in a note to clients. The German business-software group made several AI announcements at its SAP Connect event on Tuesday and confirmed that key capabilities across its AI portfolio will begin rolling out later in October, analysts say. While innovation continues at a rapid pace, they say SAP investors will want poof of AI adoption from clients, realized productivity benefits and evidence that the technology can contribute meaningfully to incremental growth over time. SAP shares trade 1% lower at 186.62 euros. (mauro.orru@wsj.com)

0556 ET - Spanish energy major Repsol's strong update boasted record high refining margins but these have deteriorated into September and October, which could weigh on sentiment, RBC Capital Markets analyst Biraj Borkhataria writes. The third-quarter update suggests limited upgrades to consensus expectations, he adds. "We continue to see Repsol well placed relative to other refiners in Europe given its complexity and ability to adjust both crude and product slates to maximize margins," he says. Shares are up 0.2% to 28.83 euros.