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

1054 GMT - Sandoz's tie-up with China's Henlius looks like a positive step for the Swiss pharmaceutical company, RBC Capital Markets' Harry Sephton writes in a note to investors. Under the partnership, the two companies will collaborate on the development and commercialization of up to ten biosimilar medicines, with payments for the commercialization reaching up to $322 million. The agreement "demonstrates Sandoz's leading position as a commercialization partner in biosimilars," Sephton says. Sandoz shares gain 3.15% to 75.3 Swiss francs. (joshua.kirby@wsj.com' @joshualeokirby)

1040 GMT - AstraZeneca needs some positive pipeline news after a lung cancer drug Phase three trial was ended, BofA Securities' analysts write. The failure of volrustomig may increase investor caution about the oncology pipeline, they add. The genie is out of the bottle on AstraZeneca's concern around its patent cliff and pipeline, after reports of merger talks with Bristol Myers Squibb, the analysts say. However, data delivery can challenge this, BofA adds. Investors are cautious about higher-risk advanced cancer trials Serena-4 and Avanzar, but BofA says it sees a positive risk-reward balance. If the studies fail, the U.S. bank says it sees downside for the pharmaceutical company. Shares are up 1.0% in London. (michael.hennessey@wsj.com)

1020 GMT - AstraZeneca's discontinuation of one lung-cancer drug trial is disappointing, but positive data for other drugs could see an upgrade to consensus sales guidance, J.P. Morgan analysts say. The volrustomig trial, which has been scrapped after a review, was already seen as high risk. It represented around 20% of the sales target AstraZeneca has for the drug, which was set at more than $5 billion. However, the strength of results from Tagrisso and Orpathys trials--also possible lung-cancer treatments--are encouraging, according to the U.S. bank. Based on the results, a sales peak of at least $500 million for Orpathys appears more likely, as is $500 million more in sales for Tagrisso than expected, JPM says. Results of the Enhertu trial also suggest up to $500 million in peak sales for this drug. Shares are up 0.8%. (michael.hennessey@wsj.com)

1003 GMT - Danone's portfolio initiatives in its U.S. Essential Dairy and Plant-Based segment should support volumes, David Hayes at Jefferies says in a note. There is evidence that the EDP arm requires more investment, he says. The company's second-quarter results reinforced concerns that growth is less margin-accretive and more risky, Hayes adds. Shares are down 1.34% at 66.34 euros. (aimee.look@wsj.com)

0927 GMT - Maersk has made faster-than-usual adjustments to its contract rates to reflect higher fuel costs, while it has increased its volumes based on spot rates, UBS analyst Cristian Nedelcu writes. Combined with persistently high freight rates, this supports higher profit forecasts, he adds. UBS forecasts 2026 Ebitda of $15.2 billion versus company guidance of $10.5 billion-$12.5 billion. The bank lifts its 2027 Ebitda forecast to $7.7 billion, reflecting higher first-quarter 2027 estimates and slightly higher peak profits next year. "While our estimates imply upside risk for another FY26 guidance increase, we believe the current high rate environment is temporary." UBS lifts its price target to 17,800 Danish kroner from 15,500 kroner and maintains its neutral rating. Shares rise 4.4% to 21,610 kroner. (dominic.chopping@wsj.com)

0924 GMT - Indonesia's growth target of 6.0% for 2027 appears ambitious amid lingering uncertainty over Middle East tensions and persistently high global interest rates, Bahana Sekuritas economist Purbiantoro Lintang says in a note. The government, under its 2027 Budget, expects inflation to average 2.5% and fiscal deficit to narrow to 2.4% of GDP from an estimated 2.85% in 2026. Achieving the deficit target will require revenue to grow faster than spending, while flagship programs, such as free meals, continue to take up a sizeable share of the budget, he says. Bahana Sekuritas forecasts the economy will expand 5.0% instead for 2027, warning weaker growth could lead to a shortfall in government revenue. (yingxian.wong@wsj.com)

0917 GMT - Plus500's valuation no longer reflects the progress that the online-trading platform has made, particularly in the expansion of its non-over-the-counter business, Cavendish analysts Rahim Karim and Jens Ehrenberg write. Cavendish upgrades its recommendation for the London-listed stock to buy from hold, but lowers the target price to 44.90 pounds from 46.85 pounds. The market is undervaluing its core contracts-for-difference business despite its operational leverage, the analysts say. Plus500 will continue to see strong topline momentum in the second half, despite risks to customer trading income, Cavendish says. Shares are up 1.8% at 38.58 pounds. The stock has risen 5.6% year to date. (michael.hennessey@wsj.com)

0910 GMT - China's economy lost momentum again last month but Capital Economics still expects a modest uptick in growth over the rest of the year, supported by fiscal loosening. The silver lining is that the boost to manufacturing activity from AI capex continued to build at the end of 2Q, and the wider weakness partly reflects temporary disruptions from typhoons, writes Julian Evans-Pritchard. Investment activity was hardest hit by the extreme weather, which hurt real estate and infrastructure via temporary halts to construction. Industrial output growth continued to suffer a drag from the fallout from the Iran war but AI remained a tailwind. Retail sales growth remained very soft, but that's partly payback from the consumer goods trade-in programs, the economist says. (fabiana.negrinochoa@wsj.com)

0907 GMT - Oil prices retain a substantial risk premium as Iran and Oman move closer to an agreement over managing the Strait of Hormuz, MUFG's Soojin Kim writes. The U.S. isn't involved in these discussions and continues to demand unrestricted passage through the waterway, she adds. The U.S. is also preparing additional economic tools to wield against Iran, which itself is reportedly strengthening its military capabilities and regional alliances, Kim adds. Overall, continued geopolitical uncertainty and risks to key routes keep a substantial risk premium embedded in crude prices, she says. In mid-morning European trade, Brent crude futures rise 0.4% to $88.86 a barrel while WTI moves 0.1% up to $78.60 a barrel.(adam.whittaker@wsj.com)

0903 GMT - Biren Technology is expected to significantly narrow losses amid surging AI chip demand and continued optimization of its product mix. The AI chip maker guided for 1H net loss between 320 million yuan and 400 million yuan, narrowing sharply, while revenue likely rose around 20 times to between 1.15 billion yuan and 1.3 billion yuan. The company attributed the significant revenue jump to fast-growing AI application scenarios and accelerating commercialization. Maybank analysts say in a recent note that Biren is better viewed as a supply-allocation story than a pure technology player as its demand is supported by China's chip-self sufficiency drive and AI chip shortage, even if its products lag top domestic peers in terms of performance. Biren's shares ended 7.0% higher at HK$38.98. (sherry.qin@wsj.com)

0855 GMT - Adyen shouldn't be immediately impacted by potential M&A activity from U.S. rival Stripe, ING's Thymen Rundberg writes in a note. Paypal Holdings is in talks to sell itself to a group that includes Stripe and private-equity firm Advent International, The Wall Street Journal reported, citing sources familiar with the matter. While Stripe is building a wider ecosystem across consumers, merchants and AI developers, the Amsterdam-based company remains a neutral, merchant-focused commerce service provider, he says. "We see this neutrality as a genuine differentiator, although Stripe's broader reach could strengthen its competitive position over time," Rundberg adds. Adyen shares are down 1.4% at 1,046.60 euros. (najat.kantouar@wsj.com)

0832 GMT - Magnum Ice Cream seems to be having a good year in 2026, after its first-half results, David Hayes at Jefferies says in a note. It was boosted by an exceptional North European summer, he adds. The progress creates a more demanding setup for 2027, Hayes says. Jefferies raises its full-year growth and margins expectations for 2026, but cuts full-year 2027 like-for-like growth and assumes modest margin expansion. Shares are down 1.5% at 16.76 euros.