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

1056 GMT - Investor confidence that U.S. equities will do better than other regions is higher this month, according to Bank of America's global fund manager survey for August. A net 27% of managers surveyed say they allocate a greater proportion of their portfolios to U.S. stocks than the region's weighting in global benchmarks, indicating investors expect American stocks to outperform. The print for August is the highest since December 2024, and up three percentage points on the 24% of money managers who were overweight U.S. equities in July. U.S. equity indexes have largely outperformed so far this year. The S&P 500 is up 13% for the year to date, compared with 10% for the Europe-wide Stoxx 600. U.S. stocks lag Japanese and Korean stocks, however. (josephmichael.stonor@wsj.com)

1048 GMT - Siemens' smart infrastructure unit posted a strong third-quarter result as data-center orders grew by tripe-digits, Berenberg analysts write. Despite this, investors were disappointed by the lack of upgrade in its digital industries unit as automation growth momentum was less pronounced than peers and there was some order softness in June, they say. The analysts retain their buy rating on the German industrial giant's stock and increase the target price to 330 euros from 320 euros. This is due to strength in electrification end-markets and the gradual recovery in automation markets, they say. Shares fall 1.5% to 278 euros. (adam.whittaker@wsj.com)

1033 GMT - The proportion of fund managers who believe gold is undervalued jumped this month, according to Bank of America's global fund manager survey for August. A net 16% of fund managers surveyed believe the previous metal trades below a fair valuation. This is the highest proportion since March 2023 and up from 6% in July--the first reporting period that a majority of investors said gold was undervalued since 2024, BofA says. Gold contracts have fallen sharply in recent months after peaking above $5,300 a troy ounce in January. However, prices have strengthened so far in August. New York contracts trade down 0.5% at $4,450.30 an ounce Tuesday.(josephmichael.stonor@wsj.com)

1030 GMT - Most investors expect the global economy to experience stagflation, or weak growth combined with high inflation, in the next 12 months, Bank of America's global fund manager survey for August shows. Some 49% of investors say they expect stagflation, up from 47% a month ago. However, the proportion of investors expecting a boom scenario of above-trend growth and above-trend inflation rises to 43% in August, compared to 41% in July and the highest since February 2022. The survey also shows a net 14% of investors expect stronger economic growth over the next 12 months, down from 21% last month. (renae.dyer@wsj.com)

1024 GMT - Investors are more confident in global corporate earnings growth than at any time since August 2021, Bank of America's global fund manager survey for August finds. A net 37% of money managers expect earnings to grow by 10% or more over the next 12 month, the survey says. Investors responded to the survey over the second week of August amid a bumper earnings season that has driven equity markets to record highs. Of the first 440 S&P 500 companies to report earnings, 86% beat analyst estimates, according to FactSet data earlier this month. (josephmichael.stonor@wsj.com)

1023 GMT - Speculative bets on a rise in global semiconductor stocks are considered the most crowded trade followed by bets on a weaker Japanese yen, according to Bank of America's global fund manager survey for August. Some 53% of investors say long positions in global semiconductors--which expect these stocks to rise--is the most crowded trade, albeit down from last month's record high of 83%. Short yen positions, which bet on the currency falling, is considered the second most crowded trade with 12% of investors in favor of this view. This is followed closely by long Magnificent Seven, which includes major tech stocks such as Amazon, Apple and Tesla, with 11% of investors considering this the most crowded trade. (renae.dyer@wsj.com)

1021 GMT - Investor sentiment is at the third most bullish since 2022 this month, according to Bank of America's August global fund manager survey. Cash levels are at an 'uber-low' of 3.5% this month, down from 3.6% last month, while global equity allocation surges to a net 56% overweight, the highest since November 2021, the survey shows. The consensus conviction is a 'no landing' economic scenario--where the economy won't slow down despite high interest rates. Investors don't expect cuts in AI capex, while positioning continues to recommend investors to retreat or rotate within risk assets rather than reload. (emese.bartha@wsj.com)

1017 GMT - Investors expect the Brent crude oil price to average at a higher level by year-end than in July, Bank of America's August global fund manager survey shows. Investors in the survey expect Brent oil to trade at $76 per barrel in a weighted average forecast by year-end, up from July's forecast of $71 per barrel, it says. Brent currently trades at $91.04, up 0.2% on the day. (emese.bartha@wsj.com)

1002 GMT - Investors are allocating more money to stocks than at any time since November 2021, according to Bank of America's August global fund manager survey. A net 56% of fund managers hold more stocks in portfolios than global benchmarks, the survey finds, the highest level since November 2021. Fund managers have been overweight equities for 14 consecutive months, the survey says, as investors double down on bullish stock-market bets. Just 3.5% of assets managed by fund managers are held in cash, an "uber-low" level and a 0.1 percentage point fall on July, the survey says. (josephmichael.stonor@wsj.com)

1001 GMT - Many shoppers are turning to promotions to keep grocery costs low in the U.K., according to market researcher Worldpanel by Numerator's data for the four weeks through Aug. 9. The percentage of sales that included a deal last month hit 31% during the period, the highest level this year, the report says. However, premium own-label growth was 11%, and value own-label products remain a small and declining part of the market, according to the data. Around one-fifth of shoppers say they are struggling financially, though 39% are now feeling financially comfortable, according to the report. (aimee.look@wsj.com)

0959 GMT - More investors consider the dollar to be overvalued in August compared to a month ago, according to Bank of America's latest global fund manager survey. A net 39% of investors say the dollar is overvalued in the August survey, up from 34% in July. The survey also shows a net 5% of investors think the euro is undervalued, down from 10% last month, while 8% say sterling is overvalued compared to 12% last month. (renae.dyer@wsj.com)

0958 GMT - BHP's full-year results underline new CEO Brandon Craig's promising start, head of markets at AJ Bell, Dan Coatsworth, writes. Copper has driven the miner's performance and has helped deliver a healthy increase in the dividend, he adds. The market will be watching BHP's M&A ambitions closely after Craig's predecessor, Mike Henry, attempted to merge with Anglo American, Coatsworth says. BHP's London shares rise 0.4% to 3,256 pence.