The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0806 GMT - Rheinmetall has halved capex for the year due to changing priorities with recently announced eastern European energetic production sites, MWB Research's Jens-Peter Rieck writes in a note to clients. The German arms maker downscaled capex to a range of 8% to 9% from 16% of sales. Rieck says Rheinmetall is likely shifting the capex it axed into 2027 and he raises his capex forecasts for the company. However, he lowers sales forecasts for 2028 and beyond, citing shifting German procurement priorities that could weigh on Rheinmetall. Rieck reduces his price target on the stock to 1,050 euros from 1,150 euros and downgrades the rating to sell from hold. (mauro.orru@wsj.com)

0757 GMT - Gold prices hold above the $4,300-an-ounce mark after Wednesday's rally amid growing optimism that a deal to reopen the Strait of Hormuz will ease inflationary pressures and interest-rate hike expectations. "The market is increasingly focusing on the disinflationary implications of lower energy prices," analysts at ING say. "Expectations for Federal Reserve tightening have eased, improving the outlook for non-yielding assets such as gold." Oil prices are headed for a weekly loss of more than 8%, with Brent crude trading below $80 a barrel as investors grow optimistic about negotiations between Iran and Oman on reopening of the Strait of Hormuz. In early trading, New York gold futures rise 0.2% to $4,314 a troy ounce, up nearly 4% on the week. (giulia.petroni@wsj.com)

0749 GMT - Oil prices tick higher in early trading, but Brent crude remains below $80 a barrel as investors await the outcome of Iran-Oman talks to reopen the Strait of Hormuz. The two parties were finalizing a draft agreement on Wednesday that would give Tehran oversight of ships entering the Persian Gulf but wouldn't let it levy tolls or service fees, The Wall Street Journal reported. "Markets have seen plenty of false dawns throughout this conflict," analysts at Deutsche Bank say. "Nevertheless, [they] continue to lean towards a positive outcome, although much of the good news now appears priced in." Meanwhile, the latest U.S. data showed domestic crude oil stocks rose by 2.5 million barrels last week, contrary to market expectations for a moderate withdrawal. Brent is up 0.5% to $79.84 a barrel, while WTI futures rises 0.2% to $75.38 a barrel. (giulia.petroni@wsj.com)

0739 GMT - Rheinmetall's second-quarter results leave a lot for investors to take in after the German arms maker lowered sales, capex and backlog guidance for the year, JPMorgan analysts write in a research note. The group expects annual sales between 13.7 billion and 14.2 billion euros compared with prior guidance between 14 billion and 14.5 billion euros. Capex was downscaled to a range of 8% to 9% from 16% of sales. Meanwhile, Rheinmetall's backlog is now expected above 100 billion euros this year compared with around 135 billion euros previously. Rheinmetall shares trade 0.2% higher at 1,203.40 euros. (mauro.orru@wsj.com)

0659 GMT - Toll-road operator Transurban keeps its trim rating at Morgans, where analyst Nathan Lead looks to another Australian infrastructure stock for potential clues on valuation. Lead continues to lean bearish on the stock but stops short of implementing a sell recommendation. He tells clients in a note that he largely agrees with Transurban's assessment that toll overhauls in New South Wales state are value neutral. However, he sees earnings growth constrained by weakness in its Melbourne assets, and thinks that interest costs will rise quicker than consensus expects. He believes dividends could grow at a similar rate to those at pipeline operator APA. Lead adds that a rerating to APA's yield would price Transurban's stock at about 12 Australian dollars. Morgans cuts its target price 0.9% to A$12.63. Shares closed 0.75% lower at A$14.59. (stuart.condie@wsj.com)

1904 GMT - Oil futures end little changed in a choppy session as Iran says it has agreed with Oman on a shipping route through the Strait of Hormuz, but that safe passage will depend on third parties not obstructing the process, an apparent reference to the U.S. "The deal to open the Strait of Hormuz just got closer to reality," Mizuho's Robert Yawger says in a note. "Perhaps the biggest question is whether Iran's Islamic Revolutionary Guard Corps are on board with the agreement," he adds, noting that IRGC breached the June agreement by shooting at ships in the strait. WTI settles down 0.7% at $75.22 a barrel and Brent inches up 0.1% to $79.45 a barrel. (anthony.harrup@wsj.com)

1353 GMT - Uber plans to spend about $10 billion over the coming years to support its autonomous vehicle ambitions. "AVs represent a very important future for mobility," CEO Dara Khosrowshahi says on CNBC. "We are partnering with the entire ecosystem," he adds. Uber has partnerships with over 30 AV companies spanning software, technology and vehicles. The company will operate AVs in 15 markets across the world by the end of the year and continues to invest in the space, Khosrowshahi says. (connor.hart@wsj.com)

1349 GMT - Consumer spending remains healthy, Uber CEO Dara Khosrowshahi says on CNBC. "We're not seeing any signs of trade down, we're not seeing smaller basket sizes," he says. "Consumers remain generous in their tipping, for example. Sometimes if someone is feeling pinched at the pocket they might pull back on tipping, but none of that is happening." At the same time, Khosrowshahi says labor markets remain strong as well, citing increased earnings among the company's drivers in the latest quarter. (connor.hart@wsj.com)

1347 GMT - Uber is passing along lower insurance costs to consumers, cutting prices across its mobility business in several markets. "One of the most significant causes of price increases in mobility in the U.S. had been insurance," CEO Dara Khosrowshahi says on CNBC. With insurance costs now coming down, Uber cut prices in markets including California, and Khosrowshahi says the lower prices are driving more business. "We've seen an acceleration in terms of bookings in those markets," he says, adding that the company grew both its mobility and delivery business in the U.S. in the latest quarter. (connor.hart@wsj.com)

1339 GMT - Uber posts revenue of $14.19 billion in 2Q, up 12% from a year ago but slightly below Wall Street models for $14.24 billion. CEO Dara Khosrowshahi on CNBC attributes the miss to a change in how Uber accounts for revenue in the U.K., "so I wouldn't call that a fundamental issue in any way," he says. At the same time, gross bookings jump 24% to $58.02 billion and adjusted earnings come in at 81 cents a share, both ahead of analyst expectations, according to FactSet. "The business continues to execute incredibly well," Khosrowshahi says. Uber is off 4% in early trading.