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

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. (joseph.wilkins@wsj.com)

0802 GMT - Novo Nordisk will likely report a strong set of third-quarter results and raise full-year guidance, J. P. Morgan analysts write. The bank forecasts adjusted sales of 76 billion Danish kroner, 4% ahead of Bloomberg consensus. It expects injectable Wegovy sales of 21.5 billion kroner, 9% ahead of consensus, reflecting continued growth in sales outside the U.S. Oral Wegovy sales are seen at 5.3 billion kroner, 19% ahead of views, as it says consensus seems to be underestimating sales outside the U.S. Ozempic sales are seen at 26.6 billion kroner, 7% ahead of consensus. Adjusted operating profit is seen at 30 billion kroner. The bank also expects Novo to raise its constant exchange rate guidance for adjusted sales and adjusted operating profit to minus 3% to plus 1%, from 0% to minus 6%. Shares fall 1.5%. (dominic.chopping@wsj.com)

0750 GMT - Hindustan Aeronautics' 2Q earnings are expected to be robust, driven by an increase in deliveries, Citi Research analysts say in a note. Sales backlog along with steady stream of repair and overhaul revenue provide solid earnings visibility for the Indian aerospace and defense company, Citi says. Its 2Q deliveries have been boosted by Hindustan Turbo trainers, Dhruv new-generation helicopters and Light Combat Aircraft trainers, the bank says. Citi has a buy rating and a target price of 6,175 rupees on the stock. Shares are 0.5% higher at 4,638.80 rupees. (kosaku.narioka@wsj.com; @kosakunarioka)

0741 GMT - Glencore is ramping up capital allocation to its marketing division in the wake of the Middle East conflict, Citi's Ephrem Ravi writes. The miner and trader has a 2026 earnings tailwind due to elevated and volatile commodity markets, he says. The company has upgraded its long-term EBIT guidance for the marketing division, which will likely push consensus expectations higher, he adds. The company had $32.2 billion of readily marketable inventories in the unit as of the first half of the year versus $25.4 billion last year, he says. The company could further ramp up capital allocation to the marketing business over the remainder of the year, he says. Shares rise 0.46% to 653.90 pence. (adam.whittaker@wsj.com)

0735 GMT - National Grid's asset and earnings growth targets are well underpinned, if not leaning toward the conservative side, J.P. Morgan analysts write. The energy company said its regulated business was trading in line with expectations and forecast group EPS growth of 13%-15% for fiscal 2027. "Over 90% of the company's investments in the coming years will be in regulated businesses, underpinned by robust frameworks that offer a high degree of earnings and cash-flow visibility," the analysts say. JPM has an overweight rating on the stock and 14.40 pound target price. Shares are up 0.8% at 11.55 pounds. (ian.walker@wsj.com)

0732 GMT - European stock indexes largely edge lower in early trade as political pressures add to losses on French and Spanish indexes. Banks and industrial stocks fall as the continentwide Stoxx 600 trades flat. London's FTSE 100 edges 0.1% lower as financials fall, though BT Group adds 1.9% after acquiring TalkTalk. Germany's DAX slips 0.1%. Software giant SAP adds 0.9%, though real-estate companies fall. France's CAC 40 falls 0.95%. Schneider Electric drops 7.5% after the group agreed to buy U.S. industrial-software maker PTC. Hermes falls 2.1%, while BNP Paribas loses 2%. Italy's FTSE MIB falls 0.2%, while Spain's IBEX 35 pares earlier gains to fall 0.2% after Spanish leader Pedro Sanchez called a snap election. The Dutch AEX rises 0.3%.(josephmichael.stonor@wsj.com)

0728 GMT - Ithaca Energy is once again taking a differentiated but potentially more valuable path, Jefferies analyst Mark Wilson writes. While market commentators have focused on who will buy BP's North Sea assets, the London-listed energy company has made its first international acquisition offshore the east coast of Canada, he adds. The deal is immediately accretive and the basin has significant technical and operational parallels to the U.K. North Sea, he adds. Shares rise 1.9% to 280.0 pence. (adam.whittaker@wsj.com)

0722 GMT - Air Liquide's earnings per share growth ambitions through 2030 are in line with consensus but its margin target is ahead of views, Jefferies analysts write. The industrial gases company wants to grow net earnings per share by a compound annual growth rate of 10% over the period while targeting a 400 to 600 basis point improvement in its margin. Margin growth consensus expectations are currently sitting around the 360-basis-point mark, they write. "Importantly, management has historically proven conservative at the outset of strategic periods, with guidance subsequently upgraded through the cycle," they add. Shares rise 2.6% to 174.58 euros. (adam.whittaker@wsj.com)

0711 GMT - Medco Energi Internasional may benefit from quickening capital expenditure into visible growth projects, CGS International analysts say in a research report. It raised 2026 oil and gas capex guidance to $450 million-$475 million from $415 million, and power capex guidance to $50 million from $15 million to accelerate development of Sakakemang Block and Dalle Energy Batam power plant expansion, the analysts note. Given ongoing Middle East tensions, the brokerage also lifts its Brent oil-price assumptions to $82.50-$90.00 per barrel for 2026-2027 from $80-$85 a barrel. It raises the stock's target price to 2,270.00 rupiah from 2,170.00 rupiah with an unchanged add rating. Shares are 1.1% higher at 1,390.00 rupiah. (ronnie.harui@wsj.com)

0709 GMT - The artificial intelligence investment opportunity is expanding beyond semiconductors, with demand growing for optical interconnects, advanced materials and power systems, Allianz Global Investors says in a note. While inflation remains elevated in many parts of the world and geopolitical risks continue to warrant caution, the overall investment backdrop remains constructive for investors willing to remain selective and diversified, the asset manager says. In Asia, investors can find opportunities in hardware suppliers and China's AI ecosystem among other themes. Allianz remains overweight equities, with the strongest conviction in emerging markets then Japan, U.S. equities, and Europe, it says. (kosaku.narioka@wsj.com; @kosakunarioka)

0701 GMT - National Grid's first-half performance update is slightly positive, Jefferies analysts write. The grid operator now sees EPS growth for fiscal 2027 just above its previous 13% to 15% guidance. The 15% upper range of this implies around 88.9 pence, which is 3% above consensus expectations, they write.