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

1004 GMT - Italian energy major Eni's refining margin tripled quarter-on-quarter and sets the scene for an extraordinary dividend, Jefferies analyst Mark Wilson writes. More than $900 million could be returned via the special dividend, which follows two buyback increases, he says. Shares are flat at 25.41 euros. (adam.whittaker@wsj.com)

1004 GMT - A hypothetical run on a global stablecoin could potentially spill over to the traditional financial system as the sectors become increasingly dependent on each other, an international body monitoring financial stability says. Stablecoins are digital tokens pegged to the U.S. dollar or other currencies. Damage could spread via reserve-asset fire sales and banking deposit withdrawals to fund redemptions, as well as in foreign exchange markets where they are used for cross-border transactions, the Financial Stability Board wrote in an Oct. 12 report. "In stress, round-the-clock access to and the speed of trading on secondary markets may increase the potential speed and magnitude of sell offs, putting pressure on the stablecoin's peg if redemptions cannot keep up with demand," the FSB says. (joseph.wilkins@wsj.com)

1005 GMT - More investors think there will be an artificial-intelligence bubble in 2027 than those who don't, according to Bank of America's global fund manager survey for October. Asked whether such a bubble would exist next year, 45% of fund managers surveyed said yes, compared with 42% who said no. An AI bubble is the second most likely factor to derail markets--behind only a disorderly rise in bond yields, the survey finds. (josephmichael.stonor@wsj.com)

0958 GMT - LVMH's results reflect a challenging market backdrop for most luxury companies, Deutsche Bank's Adam Cochrane says in a note. The French luxury-goods giant missed already modest expectations at its core fashion and leather goods business, pointing to soft demand from Chinese consumers, he says. While the problem seems to be cyclical rather than structural, "it is hard to see what could change investor sentiment in the short term," the analyst adds. The read-across from the print is negative for most names, but especially for Kering, Hermes and Burberry, with Richemont likely to be less impacted, the bank says. Shares in LVMH are down 2.1%. (andrea.figueras@wsj.com)

1002 GMT - London-listed housebuilders trade higher after Bellway reported an increase in earnings and said it would return 150 million pounds to shareholders via a buyback program. "Despite weaker margins and mortgage affordability concerns, shares in Bellway are rallying this morning thanks to its share buyback, revenue growth, robust housing completions and focus on cost savings," Interactive Investor's Victoria Scholar says. Bellway shares are up 0.8%, while Barratt Redrow and Taylor Wimpey shares rise 1.3% and 1%, respectively.(ian.walker@wsj.com)

0955 GMT - Investors are more confident tech will outperform the broader market than at any time since August 2020, according to Bank of America's October fund manager survey. Close to net 40% of investors are overweight technology--suggesting they think that technology will outperform the broader market. In contrast, investors cut their bets on banking stocks, the survey finds. The largest underweight position surveyed investors hold is in real estate, the survey finds. Fund managers have also turned sharply against consumer discretionary stocks--stocks that a vulnerable to economic downturns. Around net 34% of investors are underweight consumer discretionary--the largest underweight on the sector since July 2008. (josephmichael.stonor@wsj.com)

0950 GMT - Results for French banks should reassure investors after a period of share price underperformance, Keefe, Bruyette & Woods analysts write. Third-quarter earnings for French banks will be mixed, KBW says, with some businesses--like trading--performing better, but others being worse off. These might include motor financing, insurance and possibly personal finance, the analysts add. The outlook for French banks is likely to be the key driver of sentiment following results, KBW notes. Following the recent selloff, the next few months for French banks still look uncertain, despite the potentially soothing effect of new guidance. KBW upgrades its recommendation for Societe Generale's stock to market perform, and says BNP Paribas remains its preferred play in the sector. (michael.hennessey@wsj.com)

0943 GMT - Bitcoin rises marginally as Treasury yields ease but the cryptocurrency is struggling to build momentum, IG analyst Chris Beauchamp says in a note. Bitcoin gains remain limited after a sharp retreat from the seven-month high of $87,315 reached on Sept. 21, according to LSEG. "The price has fallen through and then re-entered the $82,814-$82,035 support area, and buyers have yet to show real conviction," Beauchamp says. The pressure partly reflects the prospect of the Federal Reserve raising interest rates further. The recent easing in Treasury yields takes the edge off the opportunity cost of holding a non-yielding asset like bitcoin, he says. However, crypto exchange-traded fund flows have turned negative. Bitcoin rises 0.5% to $83,419, LSEG data show.(renae.dyer@wsj.com)

0929 GMT - Expectation-beating earnings for U.S. banks would likely be insufficient to encourage investors, Saxo's Charu Chanana writes. Higher bond yields and lingering economic uncertainty mean that investors will pay closer attention to banks' balance sheets, as well as management guidance, Chanana says. If banks signal tough conditions ahead, recent weakness in banking stocks could extend, the strategist says. "Strong results could attract buyers after the recent weakness, but any deterioration in credit quality could keep sentiment fragile." J.P. Morgan, Goldman Sachs and Citi are among U.S. banks posting earnings before the opening bell Tuesday. (josephmichael.stonor@wsj.com)

0922 GMT - Hotel-and-restaurant group Whitbread's first-half results are expected to please investors, UBS analysts say in a note. The company shows positive momentum as revenue rose to 1.57 billion pounds, with German operations reporting 150 million pounds--up from 125 million pounds in the same period last year. "The better than expected results and outlook are reassuring," UBS says. Shares are up 1.6% at 2,549 pence. (anthony.orunagoriainoff@dowjones.com)

0914 GMT - Computacenter isn't expected to upgrade earnings guidance at its 3Q update, but is likely to beat expectations when it reports full-year earnings, UBS analysts write. The technology and services provider, which joined the FTSE 100 index in June, raised its guidance last month and now expects adjusted pretax profit to be no less than 380 million pounds, compared with a consensus of 340.9 million pounds. "Since the 2Q print where backlog was up 323%  to 9 billion pounds...we note demand for AI infrastructure has continued to accelerate," the analysts say. They add that the company could update its backlog number at 3Q. UBS has a buy rating on the stock and 70.00 pound target price. Shares are up 1.2% at 56.65 pounds and 93% higher over the year to date. (ian.walker@wsj.com)

0907 GMT - LVMH must execute well a plan to revive lackluster sales, Bernstein analysts say. The French luxury behemoth posted feeble top-line growth over the third quarter, dragged by a 5% slip in sales at the key fashion division, which makes up nearly half of group revenue. Group leadership seems well aware of the self-help measures needed in the face of a chilly macro backdrop, Bernstein's analysts tell investors in a note. "Management must now execute," the brokerage says, pointing to potential measures on pricing that could stoke demand for the Louis Vuitton brand. LVMH shares lose 1.4% following the update, trading at around 379 euros in morning trading in Paris.