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

1011 GMT - Volvo Car will probably post substantially negative free cash flow this year, but it is unlikely to need additional cash from shareholders given a 22 billion Swedish kronor undrawn credit facility, Deutsche Bank analyst Nikita Papaccio writes. Volvo Car withdrew its 2026 guidance, which previously called for a slight decline in retail volumes and breakeven free cash flow, due to further deterioration in China. Guidance had already been lowered in July, reflecting challenges in the country. "We expect the company to elaborate on additional cost-saving measures with Q3 results, alongside an update on the latest developments around its China-specific model initiatives with Geely." The bank lowers its target price on the stock to 13 kronor from 21 kronor and keeps at hold. Shares fall 1.1% to 14.02 kronor. (dominic.chopping@wsj.com)

1003 GMT - Brunello Cucinelli should continue to post sector-leading sales growth, helped by its exposure to the most affluent consumers, RBC Capital Markets' Nikolaos Lafioniatis and Piral Dadhania say. The Italian high-end fashion company's absolute luxury positioning offers a degree of defensiveness that is becoming increasingly attractive in the current challenging economic backdrop, they add. Ongoing headwinds in demand for luxuries will affect other competitors that target more aspirational and less rich consumers, the analysts say. RBC upgrades the stock to outperform from a sector perform rating. Shares are up 0.77% at 80.80 euros. (andrea.figueras@wsj.com)

1004 GMT - Metro Bank would be one of the fastest growing U.K. banks if it achieves its loan growth targets, Citi analysts write. The FTSE 250-listed bank's branch-led deposit franchise is a core differentiator, they say. "Non-interest-bearing deposits are forecast to rise to c50% by 2029E, driving cost of deposits below 1.0%, the lowest funding cost among specialist peers," the analysts write. Citi starts coverage on the bank's stock with a neutral rating and 183 pence target price. Shares are down 1.3% at 162.60 pence, but 35% higher over the year to date. (ian.walker@wsj.com)

1001 GMT - Global equities will prove resilient to ongoing macro shocks despite a growing list of headwinds, Citi strategists write. Geopolitical risks and higher central bank policy rates all weigh on the outlook for equities, they say. However, stock markets will remain robust. "While uncertainty remains high, we still find ourselves in the 'resilience' camp for now," the strategists say. Geopolitical risks will abate before the end of the year, while global growth will be close to its trend rate, according to Citi's view. Earnings growth will decelerate but remain strong, supporting further stock market gains, the strategists say. (josephmichael.stonor@wsj.com)

0951 GMT - European energy majors' earnings are set to more than double on the same period last year, Barclays analyst Lydia Rainforth writes. The sector should report earnings close to $35 billion with underlying free cash flow around $45 billion, she says. The benchmark refining margin is at unseen levels of around $40 a barrel, which, coupled with trading, will drive downstream earnings, she adds. Meanwhile, European natural gas prices are the key driver of upstream earnings, she says. (adam.whittaker@wsj.com)

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.