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

0950 GMT - Snap elections in Spain come at a delicate moment for Europe, writes JPMorgan's Mariana Monteiro. Prime Minister Pedro Sanchez called an early vote for parliament to be held at the end of next month, a move that comes amid protests across Spanish cities against rising housing costs. A change in government to a right-wing coalition would likely have only a limited impact on the trajectory of the Spanish economy and on Madrid's relationship with Brussels, Monteiro says. But the news injects further uncertainty into Europe's macro landscape, she says. Monteiro points to "concerns about political stability in Germany, uncertainty around the French electoral outlook and, more broadly, the implications of higher sovereign yields for debt sustainability." (joshua.kirby@wsj.com; @joshualeokirby)

0941 GMT - Expectations of a recovery in the luxury sector this year have turned out to be premature, analysts at UBS say in a note. The war in Iran, slower industry self-help measures and soft demand over the summer have further delayed the recovery, they say. While the slowdown seems to be cyclical rather than structural, consumers remain under pressure globally amid ongoing geopolitical uncertainty, the bank says. "We believe stock selection remains critical, as the pace of recovery is likely to vary significantly across brands and business models," the analysts say. UBS remains positive on hard luxury, high-priced and timeless goods such as watches and jewelry, favoring Richemont and Watches of Switzerland Group. Conversely, UBS downgrades Hermes's stock to sell from neutral as its earnings profile is becoming more cyclical. (andrea.figueras@wsj.com)

0917 GMT - Chinese brands have been major beneficiaries of Asean's EV transition, Bernstein analysts say in a note. Technology and cost leadership, combined with a growing number of competitively priced EVs, have driven adoption, they add. BYD has quickly emerged as the region's EV leader, capturing 26% of Asean EV sales, they say. Nonetheless, Bernstein maintains its cautious outlook for the auto sector overall. The reduction in subsidies has slowed market momentum, following strong demand pulled forward into 2024 and 2025 and a high base of comparison, they say. Berstein rates BYD and Xiaomi at outperform.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

0905 GMT - Volare Shipping has a market capitalization of approximately 11.884 billion Norwegian kronor on its first day of trading, equivalent to $1.24 billion, Euronext says. The company issued 30.7 million new shares at a price of 154 kronor a share and raised 4.7 billion kronor, Euronext says. Shares rise 7.5% to 165.5 kronor. (adam.whittaker@wsj.com)

0859 GMT - Schneider Electric is buying U.S. software maker PTC at a reasonable valuation, but the deal leaves the French engineering giant more exposed to investor concerns about the impact of AI on industrial-software assets, RBC Capital Markets' Mark Fielding and Abigail Yee say. The valuations of industrial-software companies have been under pressure due to AI worries, and Schneider's exposure to this concern will grow after the deal, the analysts say in a research note. Moreover, the integration might be complicated, and creating a software and AI portfolio won't be simple either, they add. The debt Schneider will take on might reignite prior market concerns about the company, according to RBC. Schneider shares fall 9.2%. PTC climbs 25% in U.S. premarket trading.(adria.calatayud@wsj.com)

0848 GMT - MJ Gleeson remains one of the best-placed home builders to benefit from the U.K.'s new "Your First Home" program, Peel Hunt analysts Sam Cullen and Clyde Lewis say. The program promises medium-term gains, but uncertainty over its mechanics is prompting first-time buyers to defer purchases, disrupting the Autumn sales season for home builders, the analysts add. With the finer details on regional caps still pending, Gleeson stands to gain the most due to its strong alignment with the scheme's home-price and buyer criteria, Peel Hunt says. "Once the scheme is up and running, we expect better margins across the sector, as housebuilders see a favorable mix shift, with fewer bulk deals and reduced incentive," Peel Hunt says. Shares are down 1% at 285 pence. (anthony.orunagoriainoff@dowjones.com)

0848 GMT - The pace of Singapore's retail sales activity could be affected by elevated inflation, DBS senior economist Chua Han Teng says in a note. Retail sales grew at a slower pace of 0.7% on year in August, compared to July's 1.3% rise. Prices in Singapore have picked up slowly in recent months. With inflation gradually rising, consumers' purchasing power is likely to be somewhat eroding, prompting households to be more prudent in their spending, he says. Still, Chua expects retail sales in the coming months to be supported by large-scale events and government support measures. (amanda.lee@wsj.com)

0849 GMT - Ithaca Energy's deal to buy Suncor's offshore Canada assets lifts its medium-term outlook to 140,000 to 150,000 barrels of oil equivalent a day from 120,000 barrels a day, Barclays analyst Naisheng Cui writes. The London-listed energy company expects to become the fifth​-​largest operator offshore Canada by production, which gives it a platform for future consolidation and growth opportunities across North America, he adds. Shares rise 3.1% to 284 pence.(adam.whittaker@wsj.com)

0823 GMT - Malaysia's palm oil sector's outlook could improve as Malaysian palm oil inventories approach a cyclical peak and the lagged impact of El Nino begins to weigh on production, Public Investment Bank analyst Chong Hoe Leong says in a note. Inventories will likely peak around October before declining from November, providing a stronger basis for CPO prices to recover, he says. A stronger-than-expected El Nino could further tighten global palm oil supply, with production in Malaysia and Indonesia potentially falling 3%-8% under moderate to prolonged dry conditions, he reckons. Higher crude oil prices could also boost palm oil demand for biodiesel, while Indonesia's B50 biodiesel mandate is expected to provide additional structural support, he adds. Public IB maintains an overweight rating on Malaysia's plantation sector, pegging Sarawak Plantation and TA Ann as preferred picks. (yingxian.wong@wsj.com)

0818 GMT - ByteDance dominates China's AI short-drama value chain, from video generation tools to distribution platforms, Nomura analysts say in a research note, citing industry experts. AI short dramas cost roughly 50%-90% less to produce than live-action versions, the industry experts estimate. ByteDance's Seedance is the most widely used AI video-generation tool for short dramas in China, they say. However, it costs more than rivals such as Kuaishou's Kling and Alibaba's Wan, one expert says. Studios increasingly turn to cheaper alternatives for less demanding shots to keep costs down, the experts say. ByteDance also leads in distribution with its Hongguo platform ranking as China's largest for short dramas, the analysts note. (sherry.qin@wsj.com)

0817 GMT - A preliminary deal between the U.S. and Iran is unlikely to materialize before the first quarter of next year, according to BMI analysts. "Extended disruptions to regional oil flows will see price pressures extend and build across the coming three to six months, compounded by ongoing supply-side constraints stemming from the Russia-Ukraine war," they say. "Prices will zigzag higher, as repeated cycles of escalation and deescalation between Washington and Tehran meet with progressively lower inventory levels and fewer fundamental brakes on future rallies." BMI raised its oil price forecast, saying it now sees Brent crude at an average of $93 a barrel this year, from $83 a barrel previously. (giulia.petroni@wsj.com)

0812 GMT - Bitcoin could be on for another strong week after October rate hike bets collapsed, Coin Bureau's Nic Puckrin writes. Bitcoin is testing $87,000 despite elevated bond yields as the probability of an October Fed hike fell to below 20%. "The next target is the psychologically significant $90,000, and $92,000 is the next resistance level to watch if it manages to break out of its current holding pattern," he says. Bitcoin is 0.6% higher at $86,356.