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

0905 ET - ING Groep faces rising competition in some key markets as new entrants scale quickly, putting pressure on deposit pricing, Jefferies' Theo Massing and Joseph Dickerson write. The Dutch bank's valuation appears suitable ahead of its third-quarter results, the analysts add. Jefferies continues to forecast "robust" loan growth in markets with an attractive mortgage backdrop, such as the Netherlands, Germany and Italy. Visibility for 2027 and 2028 is limited due to forward-rate volatility and deposit competition, the analysts note, but Jefferies doesn't expect a surprise from the 2027-2028 net interest income numbers. For the third quarter, Jefferies expects ING's net result to be broadly in line with the analyst consensus. Shares are down 2.1%. (michael.hennessey@wsj.com)

0800 ET - HSBC and Standard Chartered both have continuing momentum heading into their third-quarter results, helped by the higher rate environment and growth in Asia, J.P. Morgan analysts write. JPM raises HSBC's 2027 earnings per share estimate by 1%, but makes limited changes to its estimate for Standard Chartered, with slightly higher net interest income offset by higher costs. Neither bank has seen an impact from China's regulatory changes, which include tighter scrutiny of cross-border capital flows, and both are exposed to structural growth from Asia's expanding private wealth pool, according to JPM. Higher U.S. yields could limit HSBC's share buyback to $1 billion for the third quarter. JPM maintains its preference for Standard Chartered over HSBC. Standard Chartered shares are down 2.65%, while HSBC falls 2.4%. (michael.hennessey@wsj.com)

0600 ET - Singapore stocks look expensive after gains in recent years, HSBC analysts say in a note. Valuations have risen sharply following government-linked reforms to support the equity market, they add. While banks largely drove the market's gains on expectations of higher interest rates, the real-estate sector significantly underperformed. The analysts expect tighter monetary conditions to put further pressure on real-estate stocks. HSBC downgrades Singapore's equities to neutral from overweight and cuts its full-year target for the FTSE Straits Times Index to 5900 from 6100. The benchmark index closed 3.5% lower at 5412.96. (megan.cheah@wsj.com)

0550 ET - ING Groep's third-quarter shareholder return could beat expectations as commercial net interest income grows, Barclays's Namita Samtani writes. Barclays raises its 2026 to 2028 earnings per share estimates by between 2% and 5%, mainly due to higher commercial net interest income. Barclays expects ING to announce a total capital return of 1.75 billion euros with its third quarter results, ahead of the consensus of 1.5 billion euros. This could consist of a 1.5 billion-euro share buyback and a 250 million-euro special dividend, the analyst writes. Barclays reiterates its overweight recommendation for ING and raises its target price to 34.10 euros from 32.50 euros to reflect the earnings forecast upgrades. Shares are down 2.0% at 29.65 euros. (michael.hennessey@wsj.com)

0523 ET - Man Group's investment case has strengthened with a better outlook for flows, fee margins and earnings, Citi analysts write. The investment management group's performance has improved, alongside a better backdrop for liquid alternatives and systematic investing, the analysts say.The U.S. bank now expects growth and earnings to be meaningfully above consensus, boosted by better net inflows and increased performance fees. Despite this, the valuation is "highly undemanding" as Man Group's fundamentals improve. Citi has previously been reluctant to upgrade the stock after a strong share-price performance. Citi upgrades its rating on the stock to a buy recommendation from neutral and increases its price target to 3.90 pounds from 3.35 pounds. Shares are up 2.5% at 3.35 pounds, and are 45% higher year to date. (michael.hennessey@wsj.com)

0440 ET - London Stock Exchange Group investors will likely want to see the exchange owner monetizing increased artificial-intelligence adoption by clients, UBS analysts write. They add that expectations on this front are low in the near-term given management's commentary at the first half-year earnings. "We expect LSEG will remain a 'Show Me' story with investors which means its share price will likely reflect a material AI discount in the near-term," the analysts say. UBS has a buy rating on the stock and 117.00 pound target price. Shares are up 2.2% at 84.96 pounds, but 5.1% lower over the year to date. (ian.walker@wsj.com)

0423 ET - BOC Hong Kong's net interest income growth for 3Qis likely to be modest, buoyed by solid balance-sheet growth, says Citi analyst Michael Zhang in a note. He projects the lender's 3Q adjusted net interest income to have expanded 1% on quarter to 15.1 billion Hong Kong dollars. However, BOC Hong Kong's net interest margin may have narrowed by 2 bps on quarter, due to higher funding costs amid intensifying deposit competition before rate hikes. Its net interest margin could recover after 3Q as assets reprice at higher rates, he adds. Meanwhile, fee income growth could have weakened in 3Q amid softer market sentiment in Hong Kong, he adds. Citi raises its target price to HK$57.90 from HK$56.50 and maintains a buy rating. Shares closed 4.75% lower at HK$48.48. (megan.cheah@wsj.com)

0410 ET - The Dutch government's complete exit from its stake in ABN Amro Bank is drawing closer, Citi's Shrey Srivastava writes. The government said Wednesday that it plans to lower its stake to 10.5% from 20.7%. Historically, investors have viewed a Dutch government exit as a positive, Citi says, as well as a catalyst for possible acquisitions. Any deals by ABN Amro are likely to be small-scale and could be focused around private or corporate banking, the analyst adds. The bank remains one of Citi's top picks in European banking. Shares are down 1.2%. (michael.hennessey@wsj.com)

0241 ET - Aberdeen's sale of half its stake in Standard Life might raise longer-term questions about the company's strategic relationship, Citi's Nicholas Herman says. However, there aren't immediate implications for the existing commercial partnership between the companies, Citi notes. Aberdeen said it would sell half its 10.4% stake in savings-and-investment business Standard Life. The sale does pose the question of what could happen if the stake were to be fully divested, the analyst adds. Citi expects Aberdeen to use the proceeds to support the scaling of its Interactive Investor business and expand capabilities in its investments business. (michael.hennessey@wsj.com)

0102 ET - Infrastructure Capital Advisors are bullish on the 10-year U.S. Treasury note as it anticipates the Federal Reserve will raise interest rates only one more time. One rate hike would be in line with the Fed's dot plots--or policymakers' rates forecast--, and would be fewer than priced in by markets, says the CEO and portfolio manager in a note. "The U.S. 10-year [yield] normally trades at 100 [bps] over the terminal Fed Funds rate so we expect the U.S. 10-year [yield] to stabilize in the 5% area as weak housing data and low CPI Core prints putting the Fed on hold," he says. The 10-year Treasury yield rises 3 bps to 5.306% in Asian trade, below Wednesday's 24-year intraday high of 5.365%, according to Tradeweb. (emese.bartha@wsj.com)

0025 ET - The outlook for Malaysia's stock market remains cautious, though investors may see near-term support from its 2027 Budget. Malaysia's equity market faces higher U.S. interest rates, unresolved Middle East tensions and potential wage pressures, Kenanga IB analysts say in a note. While Budget 2027 could provide near-term support, other tailwinds include AI-related structural growth, energy transition and data centers, they note. Citing a barbell strategy, the analysts name defensive sectors as preferred, such as banking and healthcare industries after recent share-price declines. Cyclical sectors could face greater pressure from a potential interest-rate hike in 1H 2027 and higher costs, they add. Kenanga lowers its year-end KLCI target to 1770 from 1775. The KLCI is 0.8% lower at 1599.31.(yingxian.wong@wsj.com)

2314 ET - The recent decline in Malaysian banking stocks is likely a buying opportunity for investors, says CGS International analyst Winson Ng in a note. Bad loans could rise due to credit risks from elevated oil prices, he says, and forecasts the gross impaired loan ratio to rise toward 1.5% by end-2026 from around 1.44% in end-August. Banks' net interest margins may also be supported in the longer term by higher yields from new fixed-income investments, he adds. CGS maintains an overweight rating on the sector, supported by attractive dividend yields, and pegs Malayan Banking, RHB Bank and Public Bank as top picks.