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

0842 GMT - Novo Nordisk third-quarter sales could come in just above consensus after the strong Wegovy pill launch in the U.K., Citi analysts write. The bank forecasts sales 1% ahead of consensus, with sales of the Wegovy pill posting a 16% beat, while adjusted operating income is likely to land only in line, due to higher research and development costs which will weigh on margins. While Citi expects a Wegovy pill beat would be welcome, it still sees poor visibility on injectable Wegovy pricing and growing long-term competition threats from Eli Lilly, Roche, Pfizer and AstraZeneca as likely to keep many investors on the sidelines. The bank lowers its target price to 296 Danish kroner from 310 kroner and keeps its neutral rating. Shares rise 1.3% to 253.15 kroner. (dominic.chopping@wsj.com)

0823 GMT - Shares of European semiconductor companies are mixed toward the end of a turbulent week for global technology stocks. The Nasdaq composite closed at a new record earlier in the week, but stocks exposed to artificial intelligence came under pressure later on as concerns around debt and investment returns resurfaced. In Europe, shares of Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are down 0.6% and 1%, respectively. French semiconductor-materials maker Soitec is up 7.3%. German chip maker Infineon Technologies gains 1%. STMicroelectronics shares are down 0.5%. Meanwhile, the E-mini Nasdaq 100 futures contract is up 0.8%, pointing to a positive opening for tech stocks in the U.S. (mauro.orru@wsj.com)

0809 GMT - DWS might face a hit to earnings from a potential broad market downturn across asset classes, Baader's Quentin de Villeneuve writes. Baader lowers its estimate for 2027 earnings per share for the German asset manager as a result. Lower average assets under management would impact management fees, while performance fees are also unlikely in a weakened environment, the analyst notes. Net inflows would slow as investors become more cautious, Baader adds. "Our 2026 EPS are cut slightly, as most of the year is already in the bag, but 2027 bears the full effect of this scenario," Baader says. Shares are up 1.4%. (michael.hennessey@wsj.com)

0757 GMT - Assicurazioni Generali faces a setback as Banca Monte dei Paschi di Siena's bids for Banca Generali and Banco BPM look increasingly unlikely to succeed, Baader's Antoine Bouchetoux writes. Statements from shareholders this week have suggested it is likely MPS's bids will be rejected, the analyst writes. MPS made the two public exchange offers to attempt to fend off Intesa Sanpaolo's takeover bid. A successful counter-offensive by MPS would have been a better outcome for Generali shareholders than an Intesa win, Baader says. A victory for Intesa would mean one of Generali's main competitors would become its largest shareholder, which could raise antitrust concerns. By buying MPS, Intesa would obtain its controlling stake in Mediobanca, which is the largest single shareholder in Generali. Shares are up 1.1%. (michael.hennessey@wsj.com)

0738 GMT - Kering's turnaround seems to be gaining traction, but the sector context remains volatile, AlphaValue analyst Jie Zhang writes in a research note. The French luxury-goods group reported encouraging results for the first half, with Gucci's sequential improvement in both revenue and profitability reinforcing confidence in the revamp strategy, she says. The brand should maintain positive momentum through the second half of the year, the analyst add. However, sector conditions, including declining demand in a number of markets and a lower growth phase limit the extent of upgrades for Kering, Zhang says. Shares are up 1.6%. (andrea.figueras@wsj.com)

0737 GMT - EU approval for MMG's acquisition of Anglo American's Brazilian nickel business would be "the very best outcome" for European stainless steel customers and for the company's workers in Brazil, the London-listed mining company's chief operating officer Ruben Fernandes says. His comments come on the back of a closed-door hearing with EU merger officials Thursday, who have raised concerns the transaction could divert supplies from Europe to China. "Prohibition means that we will head towards 'care and maintenance' as the pathway to closure of the operations in Brazil. That would be the ultimate lose-lose outcome," he says, adding that Anglo American presented "the clear realities of the market during the hearing."(edith.hancock@wsj.com)

0732 GMT - CaixaBank shows little sign of weakening in its underlying business, despite the share price underperforming recently compared to peers, Citi analysts write. Shares in the Spanish bank have fallen over the past month, after management made cautious comments on deposit growth. However, the bank continues to gain market share across key products, and its earnings per share are less sensitive to a weakening in deposit growth than some peers, the analysts say. "In our view, the magnitude of [CaixaBank's] underperformance appears inconsistent with the relative earnings risk implied by our stressed deposit scenarios," Citi notes. Shares are up 0.8% but have fallen 9.1% during the last month. (michael.hennessey@wsj.com)

0718 GMT - European stock indexes rise at the open, buoyed by a pullback in bond yields and an easing in oil prices. Banking, software and energy-intensive stocks trade up, lifting the Stoxx 600 0.8% higher. London's FTSE 100 rises 0.8%. Miners in the index gain as metals prices advance, while software group Relx is up 2.7%. The German DAX adds 0.6%, led by a 2.8% jump for software giant SAP. Deutsche Telekom tumbles 7%, however, after SpaceX accelerated its efforts to build a mobile network. In Paris, the CAC 40 jumps 0.8% as luxuries strengthen, though Orange--down 2.6%--drags the index. Italy's FTSE MIB gains 0.9%, while the Spanish IBEX 35 adds 0.1%. The Dutch AEX rises 0.6%, though ASML slips 0.9%.(josephmichael.stonor@wsj.com)

0717 GMT - U.K. grocer Tesco's recent update provides a constructive read-across for peer Sainsbury's, when it comes to margin outlook, analysts at J.P. Morgan say in a note. Sainsbury's is like Tesco in that the analysts are confident that it can deliver margin expansion coupled with retail profit growth on-year in first-half results, they say. (aimee.look@wsj.com)

0701 GMT - British energy major BP's deleveraging efforts are ahead of plan, Baader Helvea's Frederic Lorec writes, as he upgrades the stock's target price to 636 pence from 549 pence. He also upgrades the adjusted earnings per share forecast to $1.17 in 2026 and $0.81 in 2027, from $0.69 and $0.59. The upgrade stems from higher Brent prices and strong refining margins, he writes. (adam.whittaker@wsj.com)

0659 GMT - Tesco's profit growth is increasingly being supported by strong sales mix, analysts at Deutsche Bank say in a note. The chain is a best-in-class operator in the U.K. grocery segment, and it has shown resilient earnings, the analysts say. Even despite a weak consumer sentiment in the U.K., it has strong scale advantages, balance sheet and value credentials, which position it for outperformance, the analysts say. (aimee.look@wsj.com)

0650 GMT - SSP Group's latest update shows a tough U.S. market is weighing on profitability, but the U.K. company's renewal of its buyback looks reassuring, RBC Capital Markets' Manjari Dhar and Richard Chamberlain say in a research note. The operator of food outlets at travel hubs signaled fiscal 2026 revenue would be broadly as expected, underlying operating profit weaker than forecast and EPS a touch ahead, according to RBC. SSP also renewed its 50 million-pound buyback for fiscal 2027, which should reassure investors, the analysts say. "We think that SSP has been executing better in recent periods, but we are conscious that passenger volumes have been softening in the important U.S. region and we think that higher jet fuel prices may weigh on travel demand near-term," they add.