The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0814 GMT - UBS Group faces questions on international competitiveness after the Swiss upper house passed new capital legislation, Citi analysts say. The outcome of the vote, at 90% CET1 capital for foreign subsidiaries, is marginally better than the initial government proposal of 100% CET1 backing but is worse than UBS was seeking, the analysts note. Citi estimates the Swiss bank will need to raise around $8 billion over the seven-year transition period, after adjusting for excess capital already held. This is manageable, Citi says, but means UBS is likely to end up with a CET1 ratio above the current target. "This could force UBS to partially withdraw from certain international product segments over time," Citi says. Shares are down 1.5%. (michael.hennessey@wsj.com)

0408 GMT - The valuation multiples of Chinese life insurers and banks appear to be diverging, China Galaxy International's Michael Chang says in a note. These insurer's 12-month rolling forward price-to-book-value ratio premium over banks fell to around 6% as of Sept. 21, close to record-low levels, the analyst says. That is likely due to insurers facing uncertainties such as regulatory concerns linked to bancassurance, tax and capital flows, and high 3Q base effects, he adds. Meanwhile, Chinese banks are seeing improvement in underlying operating metrics, with 2026-2028 earnings per share likely to be relatively stable, he says. Still, China Galaxy International retains its overweight rating on insurers, citing likely solid 2026-2028 new business value growth. China Life Insurance and AIA are among its top sector picks. (megan.cheah@wsj.com)

0303 GMT - Thai lenders' 3Q loan growth is likely to be flat on quarter, says UOB Kay Hian's Thanawat Thangchadakorn in a note. He says banks could be cautious around lending and focus mainly on corporate loans. However, credit costs for the banks covered by the brokerage are likely to decline on year and on quarter, he says. Many banks booked special provisions in 1Q to cushion against adverse effects from the Middle East conflict, but these pressures didn't show up in the lenders' 1H earnings, he adds. Expectations for a Federal Reserve rate increase could also be a tailwind for major Thai lenders, he says. UOB Kay Hian maintains an overweight call for the Thai banking sector.(megan.cheah@wsj.com)

0301 GMT - IAG's bulls at UBS are untroubled by the latest blow to its bid for control of Western Australia state insurer RACI. Australia's competition regulator blocked IAG's second application for clearance of the acquisition. IAG will ask for permission one more time, but UBS analysts see upside risk to consensus EPS forecasts irrespective of the outcome. They tell clients in a note that they anticipate EPS accretion of between 5% and 10% if IAG gets hold of RACI. They think IAG would respond to failure with a A$750 million buyback that would be 1%-5% EPS accretive. UBS keeps a buy rating on the stock with a target price of 9.25 Australian dollars. Shares are down 0.9% at A$7.81. (stuart.condie@wsj.com)

1915 GMT [Dow Jones]--Five data center companies who got their start in the cryptocurrency mining business are set up for "rapid growth," UBS analysts write in a note, initiating coverage of the stocks with buy ratings. The companies -- Hut 8, TeraWulf, Core Scientific, Cipher Digital, and Applied Digital -- already have connections to power grids that will prove increasingly valuable, given that "time to power is the key factor in data center development," the analysts write. "They occupy the enviable position of right place, right time with the skills and assets to supply crucial inputs in the largest infrastructure spending project in history." (elias.schisgall@wsj.com)

1712 GMT - August saw housing inventory in New York state grow, while pending and closed sales both saw a decline, the New York State Association of Realtors says in a report. New listing were up 5.1% year-over-year to 13,640 homes from 12,981 in August 2025. The number of homes for sale in the month was up 8% from August 2025, at 34,037. Pending sales fell 4% from the year ago period, to 9,837 homes from 10,247 in August 2025. Closed sales dropped 1.8% in August from August 2025, to 10,673 homes. The statewide average sales price rose 6.3% in August, to $633,578 from $596,215 in August of last year, the group says. (stephen.nakrosis@wsj.com)

1646 GMT - Bitcoin has moved above the cost bases that held it back earlier in the year and remains elevated thanks in part to a pullback in profit-taking, Glassnode analysts say in a note. The current price range between $84,000 and $85,000 has Bitcoin sitting just above a large block of long-term holder supply, the analysts say. Profit taking is a fraction of what it was when the flagship cryptocurrency was at its 2024 and 2025 highs, even though almost all short-term holders are currently in profit, they say. Bitcoin ETF buying is also picking up, while spot volume has more than doubled from its August low, the analysts say. (dean.seal@wsj.com)

1636 GMT - Bitcoin might have more fuel left in the tank to add to its recent gains, says Frederik Theissen of Glassnode in a note. Theissen points to open interest in bitcoin options, which according to data from Deribit shows that call options are building for options at strike prices ranging from $91,000 to $102,000. Trader behavior appears to be signaling that investors are holding onto bitcoin, seemingly expecting further gains ahead. "Profit taking is a fraction of what it was at the 2024-2025 tops, even though almost all short-term holders are in profit," says Theissen. Bitcoin is down 2.6% to $83,985, while ethereum falls 3.4% to $2,657, XRP is down 4.2% to $1.51, and solana is down 2.8% to $114.66. (kirk.maltais@wsj.com)

1534 GMT -- Gulf non-oil activity is recovering toward prewar levels as businesses adapt their supply chains to regional disruption, S&P Global Market Intelligence says. Aggregate activity across the G.C.C. economies covered by its PMI surveys expanded in August at a pace only just below February's prewar level, as new orders rose sharply and business confidence reached a six-month high. Supplier delivery times also improved for a fourth consecutive month amid better logistics, material availability and greater use of local suppliers. Non-oil activity growth reached a seven-month high in Saudi Arabia and a six-month high in the U.A.E., while output in Qatar contracted further, S&P says. (farhan.rafid@wsj.com)

1338 GMT - Abu Dhabi leads major Gulf stocks higher, with its benchmark index gaining 0.4%. Qatar's QE Index rises 0.3% and the Dubai Financial Market General Index adds 0.2%, while Saudi Arabia is closed for National Day. U.A.E. trading remains selective, with investors looking for stronger volume confirmation, Dubai-based financial-services firm BHM Capital says. Banks have been among the stronger performers in recent sessions, while Dubai's recently revised index weights have increased the influence of major banking and real-estate stocks, the firm says. Dubai's benchmark closes above 6,000 points for the first time since early August. (farhan.rafid@wsj.com)

1305 GMT - European banking industry regulation looks unlikely to experience notable changes despite banks' push for simpler rules, S&P Global Ratings analysts say at a media briefing event in London. Analysts are monitoring the implementation of Basel III regulations, but they do not expect it to be a key driver of banks' credit rating changes. (miriam.mukuru@wsj.com)

1234 GMT - Deutsche Bank's investment banking division is likely to post flat or slightly lower revenue in the third quarter, the group's chief financial officer says. Raja Akram tells a Bank of America conference that revenue growth would slow in the third quarter compared to the first half of 2026. The bank's dealmaking team would see weaker leveraged finance activity, the CFO says. However, stronger activity across M&A, equity capital markets and debt capital markets would support revenues, the CFO adds. Deutsche Bank shares fall 3.1% following Akram's comments.