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

1010 GMT - Carlsberg shares remain attractively valued and Berenberg believes the brewer has the potential to consistently deliver high-single-digit earnings growth over the coming years. First-half results were in line on revenue growth and ahead on organic operating profit growth, while full-year guidance was narrowed toward the upper end. Soft drinks were the standout, but China lagged. Management doesn't expect China's weak beer market to improve as bad weather continued into the third quarter and distributors are carrying excess inventory. The bank notes Carlsberg has adopted IFRS 18 accounting standards, while introducing Carlsberg Performance Measures, which are metrics intended to show organic performance as defined by management. The bank increases its 2026 and 2027 earnings forecasts by 3.7% and 2.5% respectively. Shares fall 0.3%. (dominic.chopping@wsj.com)

1001 GMT - Investors are increasingly moving funds away from U.S. equities and into private markets as they seek to diversify beyond the U.S. stock market, Wealth Club's Susannah Streeter says in a note. Long-term investors are reducing their exposure to U.S. stocks due to concerns about possible overvaluation in the tech industry, Streeter says. Investors are also seeking opportunities "away from the daily noise of public markets." (miriam.mukuru@wsj.com)

0948 GMT - Melrose Industries' plan to restart production at its Garden Grove facility could lead to forecast upgrades, J.P. Morgan analysts say. The aerospace company previously said the site would run at 50% capacity until the end of 2026. If it returns to full capacity sooner, there could be upside to 2026 forecasts, JPM says. Melrose is targeting full operations by Sept. 28. The end of criminal investigations into a chemical leak at the site is also positive, the analysts say. However, JPM lowers its free cash flow forecasts due to the $100 million claims program for those affected by the leak. JPM maintains an overweight recommendation on the stock and price target of 750 pence. Shares are up 10% at 508.60 pence. (michael.hennessey@wsj.com)

0941 GMT - Oil prices extend losses, falling more than 2.5% as investors see lower supply risks from fresh U.S. sanctions than from military escalation in the Middle East. In midmorning European trade, the front-month Brent crude contract is down 2.6% to $89.72 a barrel, while WTI futures slide 2.7% to $82.67 a barrel. "With no further military escalation and some tankers slipping through after buying heavily discounted oil to compensate for the elevated transit risk, the market remains in limbo," Saxo Bank analysts say. "However, the drawn-out disruption continues to tighten the availability of crude and, not least, refined products, leaving the market vulnerable to renewed price spikes should flows deteriorate again." (giulia.petroni@wsj.com)

0937 GMT - Vistry has received a much-needed vote of confidence with the news it is to receive 350 million pounds in funding for social housing, AJ Bell analyst Russ Mould says in a note. The U.K. housing sector faces weaker demand so the government award may raise eyebrows given Vistry's recent balance sheet issues, Mould says. Whereas many of its peers are sitting on net cash, the home builder's debt levels have forced it to slow build rates, sell off land and offload homes at heavy discounts in a frantic effort to generate cash, he says. "In that context, the government funding news is a major fillip for chief executive Adam Daniels ahead of a crunch strategy day at the end of next month," Mould says. Shares are up 15% at 309.20 pence. (anthony.orunagoriainoff@dowjones.com)

0932 GMT - Chinese automakers' ability to expand overseas is set to become the defining factor in the global new-energy-vehicle race as growth in the domestic Chinese market continues to slow, according to research company TrendForce. Global sales of battery electric vehicles, plug-in hybrids and hydrogen fuel-cell vehicles rose 10.4% on year in 2Q. Including hybrids, electrified vehicles accounted for a record 33.2% of global auto sales, TrendForce says. China's share of global NEV sales fell to 56% from 66% a year earlier. BYD regained the top spot by battery EV sales, while Leapmotor climbed to third place for the first time. Volkswagen dropped out of the global top-10 list, highlighting intensifying competitive pressure from Chinese brands, the research firm says. (jie.yang@wsj.com)

0930 GMT - Siemens Energy is benefiting from a positive shift in investor sentiment around the stock, Bank of America analysts write. The analysts spoke to more than 60 investors about the gas turbine-maker, and noticed "a significant shift in tone." Investors are attracted by a relatively low valuation, and anticipation that the company will up its targets--even though management is typically conservative. "Significant upgrades are inevitable," they say. Hedge funds in Europe and the U.S. are sounding increasingly positive on the stock, the analysts say. Signs of higher demand would also dispel fears the group's market is oversupplied, they add. Siemens Energy shares rise 2.1%. (josephmichael.stonor@wsj.com)

0924 GMT - Gold Fields' first-half earnings are unlikely to deliver material changes to consensus expectations, J.P. Morgan analysts write. This is after the miner backed its guidance and delivered results in line with its trading update, they say. Shares are up 0.9% to 76,493 South African cents. (adam.whittaker@wsj.com)

0923 GMT - Asian equities closed mixed Tuesday and oil dropped. Investors were cautious ahead of the Jackson Hole economic symposium as well as coming Nvidia earnings. South Korea's Kospi rebounded from earlier losses to end 0.7% higher, Hong Kong's Hang Seng Index ended flat and China's Shanghai Composite gained 0.2%. Front-month West Texas Intermediate crude oil futures fell 2.0% to $83.33 a barrel, while front-month Brent crude oil futures were 1.8% lower at $90.49 a barrel. Bitcoin topped $80,000 for the first time since May and was last 1.2% higher at $79,853.78 as fresh investor interest in the so-called debasement trade brought growing support for the cryptocurrency as a dollar hedge. Spot gold was relatively stable after the recent rally, last shedding 0.5% to $4,627.82 a troy ounce (sherry.qin@wsj.com)

0911 GMT - Next would benefit more from using excess cash toward equity investments as opposed to buying back shares, Citi analysts write as they upgrade their rating on the stock to buy from neutral. Citi also increases its target price to 184 pounds from 155 pounds. Citi notes that the retailer previously achieved a 25% return on equity investments and continues to look for investment opportunities to deploy surplus cash. While the bank's models don't assume any dealmaking, its analysis suggests that if half of the company's surplus cash is used for equity investments, fiscal 2027 earnings per share could increase by over 8% versus if all surplus cash were used for buybacks. The analysts add that if all surplus cash were used for equity investments, this would imply a 20% upside to FY27 EPS. Shares are up 1.9% at 155.65 pounds and 17% higher over the year to date. (ian.walker@wsj.com)

0901 GMT - Gerresheimer's interim chief executive leaves the company having achieved his core mission of rescuing the German pharmaceutical group from bankruptcy, Bernstein's Delphine Le Louet writes. The Frankfurt-listed group said overnight that Uwe Rohrhoff would leave the group ahead of his scheduled departure at the end of October. Rohrhoff's tenure ensured "the continuity of the business in a complex pharma environment with high indebtedness," Le Louet writes. The appointment of Achim Schalk to co-CEO makes sense, therefore, given Schalk's experience in plastic and innovation for medical devices--the group's core area, following the sale of Centor. Shares fall 6.1% following the announcement.(josephmichael.stonor@wsj.com)

0852 GMT - Nvidia's earnings will serve as "the acid test" for artificial-intelligence supply-chain stocks, Tickmill Group's Patrick Munnelly says in a note. Nvidia is due to report its fiscal 2Q earnings Wednesday after market close. Munnelly notes that the immediate pressure on tech stocks has eased lately after a sharp slide in the Philadelphia Semiconductor Index amid rising Treasury yields and geopolitical tensions. "Nvidia's multi-day losing streak reflects proactive portfolio de-risking rather than structural distress, but the market's tolerance for anything less than a flawless report is extremely limited," he says.