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

0911 GMT - H&M is likely to benefit from EU regulatory changes that should soften the blow of a toughening demand and cost backdrop, Jefferies analysts write. "Our expectations for midterm top-line progress and broad gross margin stability reflect our ongoing view that the recent EU changes on the de minimis front are likely to reduce competitive tensions." A similar change in the U.S. hurt Shein's momentum, as first-quarter revenues fell by over 14% on year with volumes presumably down by a much greater extent, they add. Regulatory changes across many Western markets are likely to disrupt Chinese platforms, which have been a significant deflationary force in Europe, Jefferies says. It rates H&M stock at hold and lifts its price target to 160 Swedish kronor from 154 kronor. Shares rise 3.5% to 178.75 kronor. (dominic.chopping@wsj.com)

0851 GMT - Mercari's stock deserves a premium valuation relative to its peers in the Japanese internet sector, given its double-digit earnings-per-share growth, Hiroko Sato at Jefferies says in a note. The customer-to-customer shopping platform operator's core operating profit guidance of around 45 billion yen for the fiscal year ending in June 2027 appears conservative to the analyst, who has a forecast of Y54.1 billion. Inflation in Japan and the U.S. could continue to support demand for secondhand goods, while cross-border expansion may drive meaningful gross-merchandise-value and earnings growth, she adds. Jefferies raises its target price to Y5,800 from Y4,380 and maintains a buy rating. Shares last closed 3.0% lower at Y4,473. (megan.cheah@wsj.com)

0851 GMT - European chip stocks fall sharply in early European trade, with losses deepening as the trading day progresses. A basket of European technology stocks lost 1.8%, handing back gains made in recent days as a sharp run off in global borrowing costs weighs on the sector. ASML, Europe's most valuable company, slid 2.8%, while Dutch peers ASM International and BE Semiconductor dropped 4% and 3.15%, respectively. Chip manufacturers STMicroelectronics and Infineon Technologies lost 4.4% and 4%, respectively. French semiconductor materials group Soitec dropped 7.7%. Companies linked to the buildout of artificial intelligence also suffered, with gas turbine-maker Siemens Energy losing 2.8%. (josephmichael.stonor@wsj.com)

0811 GMT - South Korean shipping company HMM's earnings could come under pressure, as the global container shipping market is expected to face worsening oversupply from 2027, KB Securities' Kang Seong-jin and Kim Ji-yun say. Fears that fleet supply could exceed cargo demand through 2029 are weighing on investor sentiment, the analysts write in a note. Container ships scheduled for delivery amount to 3.31 million twenty-foot equivalent units in 2027, 5.25 million TEUs in 2028 and 3.78 million TEUs in 2029, they add. That would be equivalent to 9.8%, 15.6% and 11.2%, respectively, of the current global container fleet's total capacity. KB expects HMM's operating profit to fall 23% this year. (kwanwoo.jun@wsj.com)

0803 GMT - Saint-Gobain delivered a robust first-half performance, Citi's Ephrem Ravi and Omnath P Sinh write in a note. The French building-materials supplier maintained its full-year outlook after reporting growth across all its regions. The company's Asia-Pacific segment continues to be the growth driver, supported by solid Southeast Asian performance and strong momentum in India, they note. "Saint-Gobain is well-positioned to maintain a slightly positive price-cost spread for full year against elevated inflation," they say. Shares are down 1% at 80.46 euros. (najat.kantouar@wsj.com)

0749 GMT - Equinor's deal to acquire 87.7% of the Lackawanna gas-fired power plant in Pennsylvania for $940 million increases the company's exposure to the rapidly growing U.S. electricity market, SB1 Markets analyst Teodor Sveen-Nilsen writes. The deal strengthens Equinor's integrated power strategy by combining power generation with its own significant gas operations in the Appalachian Mountains, he says. The market is supported by rising demand from electrification, data centers and industrial operations, he adds. "We view the acquisition of Lackawanna as neutral to positive, but believe that the Equinor share is fully valued unless a long-term oil price of $85-$90 per barrel is assumed." The bank reiterates its neutral rating on the stock with a 365 Norwegian kroner target price. Shares rise 1.6% to 394.20 kroner. (dominic.chopping@wsj.com)

0748 GMT - United Hampshire US REIT likely offers strong income visibility, says Phillip Securities Research's Darren Chan in a note. He cites the real-estate investment trust's resilient occupancy for its grocery and necessity portfolio at 97.6%, a high tenant retention rate of 90% and its long weighted average lease expiry of 7.9 years. Near-term leasing risk also remains limited, with only 0.6% and 4.6% of grocery and necessity portfolio leases expiring in 2026 and 2027, respectively, the analyst says. This should underpin sustainable income growth, he adds. Phillip Securities Research retains its buy rating and US$0.69 target price. Units are down 0.95% at US$0.52. (megan.cheah@wsj.com)

0732 GMT - Kingspan appears set for growth for at least the next few years, Berenberg analyst Harry Goad writes in a note. "Following a three-year period from 2023-25 where Kingspan's average Ebita growth was just 5%--which was low relative to its own impressive history--we now see an exciting re-acceleration with Ebita growth of 18% per year over the next three years," he says. Additionally, the Irish building-supplies group's Advnsys division--Kingspan's data infrastructure business--is significantly contributing to the company's growth driven by growing demand from the global tech sector, he notes. Shares are up 0.8% at 100.80 euros. (najat.kantouar@wsj.com)

0728 GMT - Bitcoin falls slightly as concerns about persistent tensions between the U.S. and Iran dent risk sentiment. President Trump said he is not seeking an extension of the 60-day U.S. ceasefire with Iran which expired Monday. He also threatened to bomb Oman as he claimed the Gulf nation might be standing in the way of a peace deal. Bitcoin falls 0.2% to $64,261, LSEG data show. Bitcoin holding near $64,000 despite geopolitical pressure, exchange-traded fund outflows and crypto regulatory uncertainty signals improving resilience, although it doesn't yet prove institutional demand has fully returned, Zaye Capital Markets analyst Naeem Aslam says in a note. (renae.dyer@wsj.com)

0724 GMT - European stock indexes largely slip as higher oil prices and borrowing costs weigh. Technology and industrial stocks fall as the continentwide Stoxx Europe 600 slips 0.3%. Germany's DAX is down 0.35%, dragged by a 2.4% fall for chip maker Infineon Technologies. Industrial giant Siemens loses 0.9%. The CAC 40 falls 0.2% in Paris, where STMicroelectronics loses 3.1% while Schneider Electric drops 1%. In Amsterdam, the AEX slips 0.2% as ASML drops 1.5%. Italy's FTSE MIB drops 0.45%. Oil majors BP and Repsol add 1.9% and 1.2%, respectively, supporting indexes in London and Madrid. Both the FTSE 100 and IBEX 35 add 0.1%. (josephmichael.stonor@wsj.com)

0721 GMT - Agricultural Bank of China's H-share has been added to a 30-day upside catalyst watch by Citigroup, on expectations that its 2Q earnings growth could exceed 6% on year, the highest among China's big banks, Citi analyst Judy Zhang says in a note. Citi now expects 2026 earnings growth of around 5%-6%, up from its previous expectations for about 4%, despite potential recapitalization in late 3Q. Citi now estimates the recapitalization at CNY160 billion, down from CNY200 billion previously, with full-year EPS dilution now estimated at 6%, versus 8% previously. Citi maintains its buy rating with a HK$7.00 target price. Shares are up 0.8% at HK$5.35. (venkat.pr@wsj.com)

0711 GMT - Ipca Laboratories' earnings growth momentum looks strong after posting robust results in 1Q FY 2027, Nomura analysts say in a research report. Hence, management lifted its FY 2027 guidance for revenue growth to 14%-16% from 12%-13% previously, and for Ebitda margin to around 23% from roughly 22% earlier. Nomura also raises its sales estimates for the Indian pharmaceutical company by about 2.5% a year for FY 2027 and FY 2028. Ipca Laboratories' India formulation sales are expected to sustain low-teens percentage growth, the analysts say. The brokerage raises the stock's target price to 2,060.00 rupees from 1,725.00 rupees, with an unchanged buy rating. Shares are 0.1% lower at 1,881.05 rupees.