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

0724 GMT - European oil stocks open lower Wednesday as oil prices fall on diplomatic talks to reopen the Strait of Hormuz. Talks between Pakistan and Iran are reducing the risk of an escalation in the Middle East conflict, ANZ analysts write. The analysts note that local media reports said the discussions yielded valuable results. This pulls Brent crude futures down 1.9% to $85.66 a barrel and WTI is 1.5% lower to $77.96 a barrel. Norway's Equinor leads the fallers, trading down 2.5%. In London, BP declines 2.2% while Shell is down 1.4%. Italy's Eni is down 1.6%, France's TotalEnergies slips 1.3% and Spain's Repsol moves 1% lower.(adam.whittaker@wsj.com)

0721 GMT - European stock indexes largely rose at the open, as lower oil prices buoyed sentiment. Software and AI-linked stocks weaken, though banks gain as the Europe-wide Stoxx 600 rises 0.1%. In Paris, the CAC 40 gains 0.3% as luxury stocks recover some of Tuesday's losses. The German DAX edges 0.1% lower, as gains for banks--Deutsche Bank rises 2.4%--are outweighed by a 2.5% fall for index-heavyweight SAP. London's FTSE 100 is flat. Oil majors fall on lower crude prices--BP and Shell decline 2.1% and 1.4%, respectively--though precious metals miners gain. Italy's FTSE MIB rises 0.2%, while the IBEX 35 adds 0.2%. The Dutch AEX slips 0.2% as AI-related stocks weaken ahead of Nvidia earnings later Wednesday. ASML falls 1%. (josephmichael.stonor@wsj.com)

0717 GMT - Midea Group is likely to benefit from a strong El Nino over 2026-2027, as the weather pattern could boost demand for air conditioners, say DBS Group Research analysts in a note. Extreme El Nino episodes have historically driven air-conditioning replacement and new equipment demand, which could benefit the home-appliance company, they say. Midea is also scaling its original brand manufacturing, which could contribute to reasons for rerating its shares, they add. DBS raises its target price to 115.80 Hong Kong dollars from HK$100.90 for Midea's Hong Kong-listed shares, and to 105.30 yuan from 91.70 yuan for its Shenzhen-listed shares. DBS reiterates its buy rating. Shares rise 0.1% to HK$98.75 in Hong Kong and closed 0.3% lower at 86.39 yuan in Shenzhen. (megan.cheah@wsj.com)

0703 GMT - Manila Electric faces an earnings hit from the likely removal of system-loss charges from consumers' electricity bills, Maybank Securities' Germaine Guinto says in a research report. Philippines President Ferdinand Marcos Jr. called for removal of system-loss charges, which account for around 5% of a typical consumer electricity bill, at his State of the Nation address, the analyst notes. System loss is the power lost between generation sources and final customer billing. Under its base case, the brokerage assumes electricity distribution utility Manila Electric absorbs nontechnical system losses that would lead to an estimated annual earnings hit of 3 billion pesos-4 billion pesos from 2027. The brokerage cuts the stock's target price to 467.00 pesos from 605.00 pesos with an unchanged hold rating. Shares are 0.4% higher at 481.00 pesos. (ronnie.harui@wsj.com)

0655 GMT - Aeroports de Paris's share price doesn't reflect a postpandemic rebound in tourism flows through the group's travel hubs, Deutsche Bank says, lifting its rating on the stock to buy from hold. Regulatory clarity is meanwhile on the horizon, likely dispelling some investor fears, Deutsche's Harishankar Ramamoorthy says. Deutsche lifts its target price on the French group's stock to 130 euros from 110 euros. Shares closed at 112.50 euros on Tuesday. (joshua.kirby@wsj.com; @joshualeokirby)

0653 GMT - European banks are getting closer to the end of the current bull run, Citi analysts say. Banks continue to see upgrades to earnings per share, with 83% reporting second-quarter consensus pretax profit beats, Citi notes. However, upgrades have broadened to other sectors, which reduces their rarity value, the analysts add. Despite this, Citi remains overweight on European banks, and expects earnings upgrades to increasingly be driven by deposit and loan volumes rather than interest rates. "Yet faster organic & inorganic growth is likely to come at the expense of buybacks," Citi adds. Valuations still aren't expensive, the analysts say, but are no longer very cheap. Citi says its top picks in the sector are ABN AMRO Bank, NatWest Group and Societe Generale. (michael.hennessey@wsj.com)

0644 GMT - Nordic markets are seen opening slightly higher, with IG calling the OMXS30 up 0.1% at around 3322. The price of Brent crude oil has dropped to $86 a barrel after reports that Iran has resumed talks with Oman about opening the Strait of Hormuz, while Iranian media says Iran wants to resume negotiations with the U.S., SEB strategist Gustav Helgesson writes. Additionally, Trump announced that all mines in the strait have been cleared. "The market remains strikingly susceptible to rumors and media reports." U.S. stock markets closed higher and Asian equity indices are mostly rising on Wednesday. Equity futures point to a positive open in Europe and the U.S. The OMXS30 closed at 3318.26, OMXN40 at 2746.83 and OBX at 2024.19. (dominic.chopping@wsj.com)

0633 GMT - Evoke's investment case continues to be driven by its planned deal with Bally's Intralot, analysts at Berenberg write in a note. The betting group this month posted first-half revenue that showed weakness in some markets, Berenberg says. Still, a takeover by peer Bally's Intralot remains a driver of the share price, the analysts say, keeping a hold rating and a 52-pence target on the stock. Shares last closed at 44.9p. (joshua.kirby@wsj.com; @johualeokirby)

0630 GMT - Hochschild Mining's results for the first half of the year should see a neutral reaction from investors, RBC Capital Markets analyst Marina Calero writes. The precious metal miner had previously reported many of its metrics and the remainder are in line with expectations, she says. Shares should recover over the rest of the year as gold and silver prices recover and production at its open pit gold mine in Brazil, Mara Rosa, improves, she says. Shares closed Tuesday at 625.50 pence. (adam.whittaker@wsj.com)

0621 GMT - Airports of Thailand stands to benefit from a higher passenger service charge and other tailwinds, ttb wealth securities' Saksid Phadthananarak says in a research report. The airport operator's earnings are likely to grow 7% this year, driven by effective cost controls that keep employee expenses flat and a 53% increase in international passenger service charge, effective from late June, the analyst says. Also, King Power's 9 billion baht debt repayment to AOT last month should ease market concerns about the financial position of King Power, which operates duty-free concessions at some airports operated by AOT. The brokerage raises the stock's target price to 75.00 baht from 65.00 baht with an unchanged buy rating. Shares are 0.4% higher at 66.50 baht. (ronnie.harui@wsj.com)

0556 GMT - China Overseas Grand Oceans Group's improving earnings outlook and solid balance sheet should support a higher valuation for the Chinese property company, say DBS Group Research analysts in a note. The company's 1H profit rose 15% on year on improved development segment earnings, they note. The company's increasing contribution from higher-margin projects should support its results recovery in the near-to-medium term, they say. Its strong operating cash flow of 6 billion yuan also places China Overseas Grand Oceans in a solid financial position. DBS raises its target price to 3.15 Hong Kong dollars from HK$2.65 and maintains a buy rating. Shares rise 5.0% to HK$2.845. (megan.cheah@wsj.com)

0545 GMT - EssilorLuxottica's mainstay Ray-Ban eyewear brand could face a long-lasting reputational hit from privacy concerns associated with its line of smartglasses, Bernstein says. Ray-Ban's smart models, produced with tech giant Meta, have suffered a public backlash from fears that wearers might use them to record interlocutors without knowledge or consent. "Women are the primary victims of smartglasses misuse [and] Meta's smartglasses have become the lightning rod in the debate around privacy, surveillance and new technologies," Bernstein's analysts write. Damper expectations for the category could in reality be positive for EssilorLuxottica, given its likely dilutive effect on margins at the Franco-Italian group, they say. Still, "we wonder how much reputational damage has been done to the Ray-Ban brand," Bernstein says.