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

0840 GMT - Banco de Sabadell's revised agreement with Amundi should be modestly positive for the Spanish bank's fees, Citi analysts say in a note. Sabadell agreed to extend its partnership with the French fund manager for five more years to 2035. The deal should have a positive impact on Sabadell's fees, Citi says. However, it is likely to only be modest, with Citi forecasting a 0.4% uplift to consensus 2026 earnings per share. Customer fund growth and deposit beta assumptions--the cost of deposits compared to the average ECB deposit rate--are still likely to be the main factors influencing upside or downside to Sabadell's 2027 earnings, Citi says. Shares rise 0.2%. (michael.hennessey@wsj.com)

0823 GMT - The outlook for gambling in Brazil is highly uncertain following a provisional measure banning most forms of gambling in the country, Berenberg analysts Jack Cummings and Luka Trnovsek write in a note. Last week, Brazilian President Luiz Inacio Lula da Silva signed an executive order banning online sports betting and gaming with immediate effect. "While this does not immediately close the Brazilian market for good, at least for the time being, operators are likely to have to cease operations," they say. In 2025, Brazil accounted for 11% of U.K. sports-betting and gambling group Entain's international online revenue, they note. Shares are down 2.1% at 4.40 pounds. (najat.kantouar@wsj.com)

0816 GMT - Indonesia's move to lower the minimum share price to 1 rupiah from 50 rupiah is likely to have limited impact on liquidity for stocks where investor demand remains weak, Capital Economics' Gareth Leather says. The change should improve price discovery by allowing stocks previously stuck at the 50 rupiah floor to adjust to market-clearing levels, he says. However, he says the move alone is unlikely to materially improve overall market liquidity or fully address concerns over Indonesia's market accessibility and transparency. Some stocks could also fall sharply below 50 rupiah as prices adjust to their underlying value, he adds. (yingxian.wong@wsj.com)

0814 GMT - The U.K. government's new first-time buyers program is likely to have a significant effect on the property sector and home building in particular, Quilter Cheviot analyst Oli Creasey says in a note. The government has fallen behind its target to build 1.5 million homes during this parliament and, although it remains a very challenging target, the program should help get closer to this goal, Creasey says. "The announcement is likely to have a positive effect on house prices, boosting demand and injecting capital into the system," he says. MJ Gleeson and Persimmon are up 15%, with Barratt Redrow and Taylor Wimpey trading 14% higher. (anthony.orunagoriainoff@dowjones.com)

0810 GMT - Shares of European semiconductor companies are in the red following a selloff in Asian chip stocks. South Korea's SK Hynix closed nearly 5.1% lower, while Samsung Electronics shed 5.4%. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 1% and 1.4%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 1.7%. German chip maker Infineon Technologies stock loses 1.3%. STMicroelectronics shares are down 0.1%. Meanwhile, the E-mini Nasdaq 100 futures contract edged 0.8% lower, pointing to a weak opening for tech stocks in the U.S. (mauro.orru@wsj.com)

0805 GMT - CapitaLand Ascendas REIT's weakness in its business-park segment has likely been priced into its units, says Morningstar's Xavier Lee in a note, viewing the real-estate investment trust as undervalued. The Singapore REIT's exposure to new economy sectors such as logistics and data centers benefits from strong structural demand, the analyst says. The REIT manager's active portfolio management and capital recycling moves should help to create value for unitholders. CapitaLand Ascendas is among Morningstar's top sector picks. Morningstar retains a 3.00 Singapore dollar fair-value estimate. Units rise 0.4% to S$2.29. (megan.cheah@wsj.com)

0804 GMT - Keppel REIT is likely to benefit from improving office fundamentals, given its high-quality portfolio of Grade A office buildings in central business districts, says Morningstar's Xavier Lee in a note. The Singapore real-estate investment trust's assets are coveted for their good-quality office space and proximity to businesses and key transport nodes, he says. Its portfolio should enable it to weather any economic uncertainty, he says. Lee reckons the trust is undervalued at the current price, as it trades at an attractive 2026 distribution yield of 6.1%. Keppel REIT is one of Morningstar's top sector picks. Morningstar retains a fair-value estimate of 1.10 Singapore dollars. Units rise 0.6% to S$0.85. (megan.cheah@wsj.com)

0803 GMT - TotalEnergies' new longer-term strategy shows consistency and durability, while also allowing for higher returns in the short term, analysts at Jefferies say in a note. The French energy company's updated outlook was an overall positive, with maintained energy growth until 2030 and an increasing portion of energy mix being electricity in the future, the analysts say. At the same time, there was an increase in shareholder distribution, they add. Shares are up 0.78% at 80.6 euros. (aimee.look@wsj.com)

0801 GMT - SK Hynix shares appear undervalued given accelerating memory-chip price increases amid intensified competition among chip buyers, says Daishin Securities' Ryu Hyung-keun. The South Korean chip maker, which started shipping its high bandwidth memory 4 products--the most advanced type of DRAM chips used in artificial-intelligence applications--in 3Q, is likely to post stronger-than-expected overall DRAM sales in 4Q, the analyst says. "The current stock price does not fully reflect the strength of the business conditions," Ryu writes in a note. He expects HBM4 to account for 40% of the company's total 3Q revenue and 50% of its annual revenue in 2027. Daishin maintains its buy rating and 3,200,000 won target price for the stock. Shares fell 5.0% to close at 1,768,000 won. (kwanwoo.jun@wsj.com)

0752 GMT - BT Group's approach to debt reduction supports the case for future dividends and buybacks, Bernstein analysts write in a note. The U.K. telecommunications company is nearing the end of its fiber investment cycle, which could lead to higher free cash flow as capital expenditures return to normal, they say. Additionally, BT is shifting from a phase of decline to one of stabilization as Openreach line losses seem to be plateauing. "Openreach's [which is owned by BT] scale advantages should support a more rational competitive environment in U.K. broadband over time," they say. Shares are up 0.1% at 1.97 pounds. (najat.kantouar@wsj.com)

0748 GMT - European gas prices rise more than 2% after President Trump rejected Iran's truce proposal, fueling concerns over prolonged disruptions to LNG flows ahead of winter. In early trading, the benchmark Dutch TTF contract is up 2.4% to 73.63 euros a megawatt-hour. "Lower Norwegian pipeline flows due to maintenance and subdued LNG traffic through Hormuz continue to tighten the market," analysts at ANZ say. "Meanwhile, a rebound in Chinese LNG imports highlights the risk of stronger Asian competition for cargo, leaving European gas prices vulnerable to winter demand and further supply shocks." EU storage levels are currently 70% full. (giulia.petroni@wsj.com)

0738 GMT - For U.K. home builders Christmas has come early after the government said it would launch a new equity loan program aimed at first-time buyers, RBC Capital Markets analysts Anthony Codling and Oliver Dyson say. The home builders are expected to perform strongly, with those most exposed to the South and South East likely to outperform, the analysts say. Builders with the least exposure to open market homes and homes likely to be priced above a certain price cap should underperform on a relative basis, the analysts say. M.J. Gleeson shares are up 20%, followed by Persimmon, up 16%, and Vistry, up 15%.