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

0912 GMT - Norsk Hydro's fourth-quarter Ebitda faces risks from disrupted natural-gas supply and cost uncertainty, J.P. Morgan analysts write. The Iran-U.S. conflict continues to impact the aluminum industry, after Norsk Hydro announced in August that disruptions to natural-gas supply at its Alunorte alumina refinery led to a temporary curtailment. That led management to implement contingency measures including purchasing natural-gas volumes at spot prices. While the impact on third-quarter earnings is material on its own, the bank remains concerned regarding the potential impact if Norsk Hydro needs to secure additional spot liquefied natural gas volumes into the fourth quarter. The bank downgrades Norsk Hydro stock to neutral from overweight and lowers its price target to 97 Norwegian kroner from 116 kroner. Shares fall 2% to 89.14 kroner. (dominic.chopping@wsj.com)

0900 GMT - Questions linger over Richemont's long-term leadership, Alphavalue equity analyst Jie Zhang says after the Swiss luxury group appointed its powerful chairman's son to a senior role. Johann Rupert's son Anton was this week handed the role of nonexecutive co-deputy chairman of the group, which houses jewelers Cartier and Van Cleef & Arpels and watchmakers including Piaget alongside fashion brands like Chloe. Anton Rupert has limited experience in luxury and while he may be a natural choice for a leadership role in the family-dominated business, the quality of that leadership remains largely untested, Zhang notes. "Greater visibility around succession therefore does not necessarily translate into lower execution risk," she cautions. Alphavalue has a reduce rating and a target price of 179 Swiss francs on Richemont stock. Shares rise 0.55% to 173.85 francs. (joshua.kirby@wsj.com; @joshualeokirby)

0847 GMT - Sweden's general election on Sunday is expected to be a close race as the gap between the governing right-wing bloc and left-centre opposition has narrowed in recent polls, Nordea analyst Joel Lundh writes. However, for financial markets and the Swedish krona, the election should be a non-event, he adds. "When reviewing historical election results, we find very little to no evidence in the election outcome, no matter if the government changes, impacting financial variables in the short term." (dominic.chopping@wsj.com)

0844 GMT - Energean is fairly valued, Berenberg analysts write, keeping a hold rating on the stock but slightly increasing the target price to 780 pence from 765 pence. The oil-and-gas company's first-half performance was solid and exploration efforts in Greece offer potential catalysts in early 2027, they say. However, the lower dividend outlook underwhelmed investors and net debt remains elevated against the company's target, they add. Shares fall 1% to 788.50 pence.(adam.whittaker@wsj.com)

0829 GMT - BASF selling down its stake in Harbour Energy removes an overhang from the stock and is positive for the London-listed energy company, Barclays analyst Lydia Rainforth writes. The sale improves the stock's free float and reduces the risk of future large block disposals, she says. A major shareholder selling down its large stake is an important step for Harbour Energy, she adds. The company remains well positioned with a growing exposure to the U.S. as well as to high oil and gas prices, she says. The sale cuts BASF's stake to 16.4% from 24.3%. Harbour's shares fall 3% to 269.4 pence. (adam.whittaker@wsj.com)

0815 GMT - A strong semiconductor market will be a boon to U.K. industrial stocks like Renishaw and XP Power, as AI-related demand continues to boost chip makers, Jefferies analysts say in a research note. Both Renishaw and XP Power are likely to upgrade their expectations, with semiconductor strength supporting a wider revenue recovery, the analysts say. Jefferies raises its recommendations on both stocks to buy from hold, and lifts its recommendation on peer Halma to hold from underperform. Halma's Avo Photonics business, which has benefited from AI demand in recent years, disappointed the market at the company's last update, the analysts say. XP Power shares jump 9.3%, while Renishaw's climb 3.4% and Halma's are up 0.7%. (adria.calatayud@wsj.com)

0809 GMT - Novartis shares still trade at premium to those in European pharmaceutical peers and the Swiss company needs to make progress on its drug pipeline to justify its valuation, Berenberg says. The drugmaker released results for its highly anticipated late-stage clinical trials a few days apart, with one hitting the goals and the other two missing them, Berenberg says. "Investor expectations for all three assets were high prompting a sharp negative--but fair--share price reaction," the analysts say. The next pipeline updates from Novartis include data from a late-stage study for remibrutinib in skin condition hidradenitis suppurativa and a midstage trial for QCZ484 in hypertension by year-end, they add. Berenberg lowers its target price on Novartis to 105 Swiss francs from 120 francs. Shares rise 0.6% to 112.80 francs. (adria.calatayud@wsj.com)

0803 GMT - South Korean automaker Kia could pay higher-than-expected dividends this year, say Daishin Securities' Kim Gwi-yeon and Park Seo-young. The analysts expect the company's 2026 dividend to total 7,500 won a share, compared with its earlier guidance of more than 5,000 won a share. Its dividends totaled 6,800 won a share in 2025. Kia is maintaining solid sales momentum, driven by hybrid vehicles in the U.S. and battery-electric vehicles in Europe, despite challenges from higher tariffs and the war in Iran. The carmaker's operating profit margin is expected to come in at 8.1% this year, up from 8.0% last year, they add. (kwanwoo.jun@wsj.com)

0752 GMT - Home builder Berkeley was right to cut guidance earlier this year as it got ahead of the curve to prepare for challenging times, RBC Capital Markets analysts Anthony Codling and Oliver Dyson say. Although it continues operating plans laid out in April despite continuing market challenges, it has adjusted delivery schedules to spread home sales more evenly, RBC says. Its ability to issue unequaled long-term financial guidance sets it apart from the home building sector as it likes to switch to a higher gear when the going gets tough, the analysts say. "Berkeley is the defensive play in the U.K. housebuilding sector and is likely... to outperform whilst housing market conditions remain challenging," RBC says. Shares are down 0.6% at 3,274 pence. (anthony.orunagoriainoff@dowjones.com)

0744 GMT - Alstom's 1.2 billion-euro U.K. order for battery-electric trains points to healthy demand trends that are recovering in the second quarter of fiscal 2027 as the company had predicted, analysts at J.P. Morgan say in a research note. The French train maker is expected to report second-quarter orders of at least 6.7 billion euros, ahead of current consensus expectations of 5.46 billion euros, according to JPM. "The development is also important as it confirms a healthy level of demand, which is a key pillar of our investment case, and highlights that quarterly order intake at Alstom is lumpy and that the weak book to bill in [the first quarter] was simply reflecting the timing of large bookings," the analysts say. Shares rise 2.2%. (adria.calatayud@wsj.com)

0719 GMT - European stock indexes move higher at the open. Banks and industrials lead the continent, though software stocks weaken. The Europe-wide Stoxx 600 gains 0.3% after falling sharply in the last two sessions. London's FTSE 100 is flat, as gains for travel stocks and industrials are countered by falling software stocks. RELX drops 1.7%. In Paris, the CAC 40 adds 0.6% as luxury stocks rise after struggling so far this week. LVMH trades up 0.1%. Germany's DAX gains 0.35%, led by large industrial groups. Airbus adds 1.6%. Software giant SAP drops 1.6%. Banks drive the Italian FTSE MIB up 0.8%, while Spain's IBEX 35 is 0.5% higher. In Amsterdam, the AEX is flat as ASML adds 0.1%. (josephmichael.stonor@wsj.com)

0656 GMT - Japfa Comfeed Indonesia's near-term profitability is likely to be aided by rising broiler prices, CGS International's Jason Chandra says in a research report. Indonesia's broiler prices have rebounded since mid-July and remain at 25,000 rupiah per kilogram versus the agri-food company's cost basis of around 21,000 rupiah per kilogram, which could indicate improving profitability from 3Q, the analyst notes. Also, successful culling initiatives encouraged by the government during June-July helped to support broiler prices, while resumption of Indonesia's free meal program in July facilitated demand recovery. The brokerage raises the stock's target price to 3,700.00 rupiah from 3,300.00 rupiah with an unchanged add rating. Shares are 3.0% lower at 2,250.00 rupiah.