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

0918 ET - Aviva is inexpensive compared with U.K. life insurance peers due to its strong earnings-per-share growth outlook, J.P. Morgan analysts say. The U.S. bank raises its operating EPS estimate 1%-2% through 2028 after the insurer's first-half results. JPM's estimates are around 2% to 3% ahead of consensus, it says. "The key investor debates remain the execution of the Direct Line acquisition, the quality of general insurance earnings, the sustainability of reserve releases, and whether wealth can become a larger, capital-light growth engine for Aviva," the analysts write. JPM raises its price target to 815 pence from 800 pence, reiterates its overweight rating for the stock and says it continues to see positive risk-reward in the shares. Shares are up 0.8% at 736 pence and have risen 7.7% year to date. (michael.hennessey@wsj.com)

0836 ET - Home Depot's 2Q comparable sales climbed 1.7% in total and 1.3% in the U.S., both better than last quarter and the best comps in several years, according to D.A. Davidson in a note. "That does not mean that we are out of the woods yet with respect to home-related spending, particularly as rates continue to move back up," analysts Michael Baker and Keegan Cox warn. "But it does show that the worst of the cycle downtrend is likely behind us," they add. Home Depot is benefiting from tariff refunds, which likely contributed to an EPS beat, and presumably gave the company confidence to reaffirm its outlook for the year despite unplanned higher input costs, the analysts say. Home Depot is up 2% premarket. (connor.hart@wsj.com)

0827 ET - Danish drinks group Royal Unibrew is less diversified than its peers but is more expensive, Jefferies analysts write. The 2028 expiration of a distribution partnership with PepsiCo for Denmark, Finland and the Baltics undermines the Danish group's model, the analysts say. The end of the tie-up will lead to transition costs of around 300 million kroner, they say. "We see cheaper and more diversified ways to play EU beer and soft drinks." The group reported first-half earnings before interest and tax of 1.03 billion Danish kroner, 2.5% below consensus analyst estimates Tuesday, the analysts say. Shares fall 6.6%. (josephmichael.stonor@wsj.com)

0752 ET - The U.K.'s competition watchdog says it is concerned that some retailers didn't pass on price reductions on wholesale fuel to consumers fast enough, and this could feed into high margins in the sector. The Competition and Markets Authority is researching how the Middle East conflict is affecting fuel costs. Its latest report, published Tuesday, says the conflict led to sharp rises in wholesale fuel costs, particularly of diesel. The report says the sector saw more sustained falls in wholesale fuel prices in late May and June, but the CMA is concerned that some retailers didn't immediately pass on diesel price falls to drivers. However, it also says that it hasn't found evidence of retailers taking advantage of the conflict by changing their pricing strategies. (edith.hancock@wsj.com)

0750 ET - AI-linked capital expenditure by big companies that manage data centers, or hyperscalers, is the most likely source of a global credit crisis, according to 38% of investors in the Bank of America global fund manager survey. The second most likely source of a credit event is private credit, ranked by 23% of respondents in the survey. (miriam.mukuru@wsj.com)

0735 ET - U.K. jobs data reduces the likelihood of a Bank of England interest-rate hike in September, given that labor-market conditions look set to help rather than hinder the fight against inflation by restraining pay growth, accountants lobby group ICAEW says. "The U.K. labor market remains stuck in a low-churn limbo, with employers reluctant to hire, fire or offer bigger pay rises as they grapple with rising costs, intensifying global headwinds and heightened policy uncertainty," ICAEW's chief economist Suren Thiru says. Falling vacancies suggest labor demand is shrinking, while speculation over the government budget in the fall could damp employers' appetite to hire, he adds. Unemployment held steady at 4.9%, while private-sector earnings fell to 2.8% in the three months through June, the data showed. (edward.frankl@wsj.com)

0730 ET - Gulf markets are likely to remain focused this week on whether negotiations over the Strait of Hormuz translate into a visible improvement in shipping activity, Iridium Advisors says. Higher oil prices are no longer lifting regional markets uniformly, with investors distinguishing between companies benefiting from tighter energy and logistics markets and those exposed to slower trade, travel disruption or margin pressure, the firm says. The final large wave of second-quarter earnings calls should also remain in focus, with 26 scheduled this week before the reporting calendar thins out, Iridium says. (farhan.rafid@wsj.com)

0729 ET - Investors continue to believe European equities will gain over the next one to three months, according to Bank of America's European fund manager survey for August. A net 53% expect European stocks to rise over the period, with 76% believing that companies upgrading their earnings outlooks will drive gains, they say. On average, money managers surveyed expect European earnings per share to rise by 7.5% over the next 12-months--the most bullish prognosis since February. European investors are increasingly confident that the continent's stocks will outperform U.S. equities, with 47% betting on outperformance over the next 12 months--up from under 40% in July. (josephmichael.stonor@wsj.com)

0703 ET - An AI bubble is viewed as the biggest tail-risk event, according to 32% of investors in the Bank of America global fund manager survey for August. A tail risk is the possibility of an extreme and rare event happening which could have a considerable impact on financial markets. The second biggest tail risk event is a disorderly rise in bond yields, according to 27% of investors who responded to the survey. (miriam.mukuru@wsj.com)

0657 ET - The expiry of Frasers Group's offer for Hugo Boss means investor attention will switch back to the German premium fashion company's operating performance, says MWB Research's Alexander Zienkowicz. The backdrop for Hugo Boss is challenging due to weak consumer sentiment, subdued demand in China and lower tourist spending in the Middle East, MWB says. However, the company is sacrificing near-term sales to reset some of its distribution network and improve wholesale distribution, Zienkowicz notes. Hugo Boss needs to show these changes can result in structurally stronger margins and a return to sustainable growth from 2027. MWB maintains its hold recommendation on the stock and 38 euro price target. Shares are down 0.4% at 37.95 euros. (michael.hennessey@wsj.com)

0656 ET - Investor confidence that U.S. equities will do better than other regions is higher this month, according to Bank of America's global fund manager survey for August. A net 27% of managers surveyed say they allocate a greater proportion of their portfolios to U.S. stocks than the region's weighting in global benchmarks, indicating investors expect American stocks to outperform. The print for August is the highest since December 2024, and up three percentage points on the 24% of money managers who were overweight U.S. equities in July. U.S. equity indexes have largely outperformed so far this year. The S&P 500 is up 13% for the year to date, compared with 10% for the Europe-wide Stoxx 600. U.S. stocks lag Japanese and Korean stocks, however. (josephmichael.stonor@wsj.com)

0648 ET - Siemens' smart infrastructure unit posted a strong third-quarter result as data-center orders grew by tripe-digits, Berenberg analysts write. Despite this, investors were disappointed by the lack of upgrade in its digital industries unit as automation growth momentum was less pronounced than peers and there was some order softness in June, they say. The analysts retain their buy rating on the German industrial giant's stock and increase the target price to 330 euros from 320 euros. This is due to strength in electrification end-markets and the gradual recovery in automation markets, they say. Shares fall 1.5% to 278 euros.