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

1141 GMT - Tesco's first half played out better than management expected, bolstered by sales mix, its investment strategy and new income streams, Barclays says in a note following the post-results call with analysts. The U.K. grocer indicated sales mix was a primary driver, with its investment strategy coming in just as planned, and new income streams providing an extra boost, the analysts say. The drivers are offsetting cost inflation, they add. Shares are up 5.6% at 502.2 pence. (aimee.look@wsj.com)

1140 GMT - Argenx's positive results for a midstage clinical trial in celiac disease vindicates its CEO change earlier this year, Bernstein analysts say in a research note. The Amsterdam-based biotech company said a drug candidate it acquired through its Forte Biosciences deal, FB102, hit the goal in a study, reinforcing the potential of a medicine being tested for two diseases with little or no existing nonsystemic drug treatment options, the analysts say. "A key rationale for the CEO transition was to diversify the organic pipeline with external innovation," the analysts add. Argenx separately said it would discontinue a trial for its main drug Vyvgart in Sjogren's disease. This should come as little surprise given that Sjogren's is a heterogeneous disease that has become a research-and-development "graveyard" for the industry, according to Bernstein. Shares fall 16%. (adria.calatayud@wsj.com)

1129 GMT - Bitcoin is increasingly competing with other asset classes for a place in diversified long-term portfolios, which changes how its recent decline should be interpreted, says Maksym Sakharov of WeFi. "This represents a different way of valuing the asset than in previous cycles because the discussion gradually shifts from whether bitcoin belongs in a portfolio to how much exposure it deserves relative to every other asset competing for long-term capital," he says. Sakharov adds bitcoin's mainstreaming doesn't make it immune to macroeconomic conditions or changes in investor sentiment, however. Bitcoin is down 1.2% at $82,422. (joseph.wilkins@wsj.com)

1125 GMT - Argenx's decision to stop a late-stage clinical trial of its Vyvgart drug in Sjogren's disease comes as a major negative surprise for the European biotech company, UBS analysts say in a note. "We believe Argenx's discontinuation of Sjogren's study at interim suggests potentially very little efficacy--if any--not just a 'near miss'," the analysts say. The drug had generated positive and solid results in a midstage study, as had a similar medicine from rival Johnson & Johnson, Imaavy, they add. The study was supposed to be one of the most closely watched updates from Argenx next year, and UBS had modeled peak annual sales for Vyvgart in Sjogren's at $3.5 billion, the analysts say. Shares fall 16%. (adria.calatayud@wsj.com)

1109 GMT - Air Liquide plans to accelerate acquisitions to increase density with a particular focus on China and the U.S., Citi analysts write. "No further details were provided on the potential size, geography or nature of strategic acquisitions but reassurance was given on the strategic fit," they say. The French industrial gases supplier expects M&A to contribute around one percentage point of its 5% sales compound annual growth rate target, primarily through bolt-ons. Citi has a buy rating on the stock and a 198 euro target price. Shares are down 1.75 at 166.04 euros, but 14% higher over the year-to-date. (ian.walker@wsj.com)

1059 GMT - The crypto-friendly Clarity Act is unlikely to pass into law in the U.S. this year, JPMorgan analysts write. "With both chambers of Congress now out of session ahead of the 2026 midterms, we think passage of crypto legislation in this Congress through December 31 is unlikely," they say. Even Democrats who had been active in crafting the bill voted against it in the Senate, they note. (josephmichael.stonor@wsj.com)

1032 GMT - Trends across PepsiCo's North American business improved from last quarter, but there's still a long way to go. "Our business in North America performed below our expectations and represents a meaningful opportunity for improvement," CEO Ramon Laguarta says in prepared earnings remarks on Thursday. New product launches and affordability initiatives have resonated well with consumers, helping boost the frequency and velocity of sales across PepsiCo's snacks business. And in beverages, sales of functional hydration and zero-sugar offerings performed well, while sales of carbonated soft drinks trailed category performance. "We continue to operate with a high sense of urgency to sustainably improve the company's financial and marketplace performance, most notably in North America," Laguarta says. (connor.hart@wsj.com)

1009 GMT - Porsche's investor day was highly reassuring, paving the way to double-digit percentage margins and cash returns, UBS analyst Patrick Hummel writes. The company's medium-term plan rests on conservative market assumptions, surprises positively on free cash flow and leaves substantial upside to annual cash returns of over 10% a year from 2030. "In a sector facing manifold challenges, we see Porsche as one of very few original equipment manufacturers in strong control of its own destiny." Medium-term revenues, to 2030/2031, are guided to 41 billion-45 billion euros, based on 280,000 annual volume. This compares to 35 billion euros and 245,000 volume expected in 2026, it adds. UBS rates Porsche at buy with a 60 euro price target. Shares rise 0.6% to 42.93 euros. (dominic.chopping@wsj.com)

1000 GMT - Singapore stocks look expensive after gains in recent years, HSBC analysts say in a note. Valuations have risen sharply following government-linked reforms to support the equity market, they add. While banks largely drove the market's gains on expectations of higher interest rates, the real-estate sector significantly underperformed. The analysts expect tighter monetary conditions to put further pressure on real-estate stocks. HSBC downgrades Singapore's equities to neutral from overweight and cuts its full-year target for the FTSE Straits Times Index to 5900 from 6100. The benchmark index closed 3.5% lower at 5412.96. (megan.cheah@wsj.com)

0950 GMT - ING Groep's third-quarter shareholder return could beat expectations as commercial net interest income grows, Barclays's Namita Samtani writes. Barclays raises its 2026 to 2028 earnings per share estimates by between 2% and 5%, mainly due to higher commercial net interest income. Barclays expects ING to announce a total capital return of 1.75 billion euros with its third quarter results, ahead of the consensus of 1.5 billion euros. This could consist of a 1.5 billion-euro share buyback and a 250 million-euro special dividend, the analyst writes. Barclays reiterates its overweight recommendation for ING and raises its target price to 34.10 euros from 32.50 euros to reflect the earnings forecast upgrades. Shares are down 2.0% at 29.65 euros. (michael.hennessey@wsj.com)

0936 GMT - Singapore stocks tumbled Thursday, with the FTSE Straits Times Index posting its worst day in around a year and a half. The benchmark gauge closed 3.5% lower at 5412.96, weighed by losses in the three local banks, which make up more than half of the index's weight. DBS Group shares slid 4.7%, United Overseas Bank fell 5.2%, while Oversea-Chinese Banking Corp. dropped 4.3%. The banks were likely weighed by concerns around earnings, which are due in November. Citi analyst Tan Yong Hong expects earnings-per-share estimates for the bank sector to fall heading into the 3Q reporting period, due to net interest margin contraction and normalized noninterest income after exceptional 1H wealth activities. Outside the financial sector, Keppel Ltd. declined 4.8%, while Singapore Technologies Engineering shed 4.7%. (megan.cheah@wsj.com)

0933 GMT - Continental shares are currently trading at a discount, but the company's fundamentals deserve a premium, Bernstein analysts write. Continental shares have underperformed peers year to date, reversing the strong 2025 performance following the Aumovio spin-off. The company is now approaching the final step in its evolution to a pure-play tire producer with the agreed 4 billion euro ContiTech sale closing later this year. Bernstein adds that Continental offers the sector's "cleanest" earnings and cash return profile into 2027. "While that may feel increasingly consensual, we think our positive long-term view on premium tire growth and margins is not." It upgrades the stock to outperform from market-perform and lifts its price target to 82 euros from 74 euros. Shares fall 1.4% to 69.32 euros.