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

0846 ET - Siemens Energy could increase shareholder returns after separating its Transformation of Industry division, Jefferies analysts write. The German energy equipment maker said it was preparing to spin off the unit while keeping a "meaningful minority stake." "We see the move favorably, refocusing the business on higher growth & margin gas and grids' segments," the analysts say. Jefferies has a buy rating on the stock and 215.00 euro target price. Shares are down 0.5% at 151.94 euros. (ian.walker@wsj.com)

0830 ET - Siemens Energy's plan to separate its transformation of industry unit isn't a surprise given previous reports that the company was considering options for the division, Citi analysts write. They add that while no timeline has been provided by the German energy equipment maker, they expect it to take some time. Citi values the business at 8.6 billion euros. The analysts add that while portfolio streamlining is sensible, they don't see any material financial benefit from a separation of the unit, and expect investors to focus on the company's gas and grid divisions. Citi has a neutral rating on the stock and 185.00 euro target price. Shares are down 0.5% at 151.96 euros. (ian.walker@wsj.com)

0826 ET - J.M. Smucker says its Uncrustables brand achieved record quarterly volumes and net sales during the latest quarter, as household consumption continues to grow. "Momentum for the Uncrustables brand remains strong, and with household penetration of 27%, we continue to see significant runway ahead," CEO Mark Smucker says in prepared earnings remarks. J.M. Smucker will look to support the brand by accelerating plans to bring more production capacity online, as well as by launching new flavors and varieties with stepped-up marketing efforts. Shares of J.M. Smucker are up 3% premarket after the company lifts its outlook for the year. (connor.hart@wsj.com)

0816 ET - J.M. Smucker raises its outlook for the year as it logs higher-than-anticipated earnings and sales in F1Q. The recent quarter's results reinforce confidence in the business, CEO Mark Smucker says in prepared earnings remarks. The results also demonstrate continued progress on the company's three strategic priorities: driving organic volume growth, improving profitability and maintaining a disciplined approach to capital deployment, he adds. "Our performance reflects the strength of our differentiated portfolio, disciplined execution against our strategic priorities, and the investments we continue to make in our brands and capabilities," Smucker says. J.M. Smucker climbs 3% premarket. (connor.hart@wsj.com)

0751 ET - Metal miners' stocks rise in London as copper prices hold near record highs. Higher copper prices are the result of markets adjusting for potential U.S. import tariffs next year, AJ Bell's Russ Mould writes. Copper trades flat at $14,385 a metric ton. Gold and silver slip but remain elevated, with gold contracts down 0.4% at $4,675.50 a troy ounce while silver contracts fall 0.2% to $68.52 an ounce. Hochschild Mining leads the sector, rising 7.3% after posting strong first-half earnings. Antofagasta adds 2.8%, while Fresnillo and Endeavour Mining jump 1.4% and 1.2%, respectively. Anglo American adds 1.1%.(josephmichael.stonor@wsj.com)

0736 ET - ASML's falling market valuation relative to its earnings isn't justified, Bank of America analysts write. Shares in the Dutch maker of semiconductor-manufacturing equipment trade at a 27% discount to the historical average, despite the company's sector-leading earnings-per-share growth, the analysts say. The gap between ASML's share price performance and its growth forecasts is "difficult to justify," they say. The company will expand its gross margin by more than any of its peers. Moreover, memory chip-makers are increasingly using ASML's lithography machines, undermining bearish analysts' views that demand would fall, the analysts add. Shares are down 13% for the quarter, though they remain up more than 60% for the year. The stock falls 0.2%. (josephmichael.stonor@wsj.com)

0700 ET - Palm oil fell during the Asian trading session. Sentiment was likely weighed by overnight weakness in rival soy oil, profit taking following a recent rally and concerns over softer August export demand, Kenanga Futures write in a note. AmSpec data showed palm oil exports fell 11% on month for the Aug. 1-25 period. However, expectations of lower palm oil production and ongoing supply risks could help cushion further downside, it adds. The Bursa Malaysia Derivatives contract for November delivery fell 93 ringgit to 4,853 ringgit a ton. (kimberley.kao@wsj.com)

0617 ET - Pony AI's first 2,000 robotaxi vehicles will be deployed mainly in Europe with a few in the Middle East, Citi analysts cite management as saying. The first batch will be exported from China, with a potential switch to European local brands in the future, with Pony earning per-mile revenue from the testing phase onward, they say. The management maintains a target of 3,500 unit this year and disclosed an internal target of 10,000 units for next year, with overseas accounting for 30% to 40%, depending on regulatory approval cadence, Citi adds. Management believes stricter entry-permit standards favor leading players with strong safety track records, they say. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0547 ET - The Canadian dollar falls to a one-week low against the U.S. dollar and a three-week low against the euro amid a trade spat between the U.S. and Canada. Trade talks collapsed and the U.S. imposed stiff new tariffs on Canadian goods last weekend, while Canada proposed retaliatory tariffs on U.S. goods. "The Canadian dollar weakened after Prime Minister Carney matched newly imposed U.S. tariffs with dollar-for-dollar retaliatory duties while rolling out emergency support for affected domestic industries," Tickmill Group's Patrick Munnelly says in a note. The U.S.-Canada trade dispute "remains a key tail risk" for the Canadian dollar. The U.S. dollar rose to a high of 1.3869 Canadian dollars, while the euro reached 1.6186 Canadian dollars, LSEG data show. (jessica.fleetham@wsj.com)

0534 ET - Electrolux is undergoing a deep reorganization, and efficiency gains should drive the profitability recovery in 2026-2028, AlphaValue analyst Helene Coumes writes. The Swedish appliance maker operates in a volatile and uncertain consumer environment across all its geographies, and earnings this year will be impacted by significant restructuring charges, Coumes says. AlphaValue no longer assumes a dividend payment for 2026. However, the share price has rebounded sharply recently, and the North American partnership with Midea remains an important catalyst, which should become clearer over the coming quarters. AlphaValue lowers its share target price to 38.5 Swedish kronor from 43.8 kronor and keeps its buy rating. Shares fall 0.6% to 29.49 kronor. (dominic.chopping@wsj.com)

0521 ET - Stock markets will continue to rise due to resilient economic growth and accelerating adoption of artificial intelligence, UBS strategist Matthew Carter writes. Geopolitical concerns and AI jitters shouldn't put investors off stocks, Carter says. A stronger-than-expected earnings season added to the strategist's bullish view on stocks. Though AI-related equities should underpin stock market gains, broader earnings growth means returns will come from other corners of the market, including industrials and financials, Carter says. UBS upgrades its earnings growth expectations for the S&P 500 from 20% to 25% for 2026, and to around 15% from around 10% for the Eurozone. (josephmichael.stonor@wsj.com)

0438 ET - Shares of European semiconductor companies are mixed as investors await Nvidia's second-quarter results after the U.S. market close to gauge appetite for artificial-intelligence chips. Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 0.6% and 0.4%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is down 0.7%. German chip maker Infineon Technologies is up 0.9%. STMicroelectronics shares are up 1%. Meanwhile, the E-mini Nasdaq 100 futures contract is down 0.3%, pointing to a weak opening for tech stocks in the U.S.