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

0814 GMT - Natural resource companies are offering cash to investors now, unlike some technology companies that rely on profits far into the future, Ninety One's Head of Natural Resources Paul Gooden writes. The average free-cash-flow yield of companies in Ninety One's natural resources portfolio is currently around 8%, he says. This compares with approximately 4% for the broader equity market, he adds. AI, data centers and electrification all rely on natural resources associated with the "old economy," Gooden says. This offers a potentially supportive backdrop for natural resources stocks, he adds. "The future may be digital, but it will still have to be built, powered and mined," he says. (adam.whittaker@wsj.com)

0811 GMT - Shares of European semiconductor companies edge higher after Nvidia reported a blowout quarter and issued strong revenue guidance for fiscal 2028. Finance chief Colette Kress said the group expects 70% revenue growth in fiscal 2028, significantly better than the 45% growth that analysts polled by FactSet had predicted. Chip stocks benefit from the announcement. Dutch semiconductor-equipment maker ASML Holding and smaller rival ASM International are up 1.7% and 2.6%, respectively. BE Semiconductor Industries, the Dutch supplier of semiconductor assembly equipment, is up 1.6%. German chip maker Infineon Technologies is up 2.3%. STMicroelectronics shares are up 3.9%. 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)

0801 GMT - The Bank of Korea could stand pat at its next rate-setting meeting in October after a second straight rate hike, analysts say. The probability of another hike at the Oct. 22 meeting "is not particularly high" as the BOK may now prefer a more gradual pace of tightening, JPMorgan's Seok Gil Park writes in a note. Park says the BOK could deliver additional hikes in November, February and May. Goldman Sachs' Goohoon Kwon and Irene Choi say the BOK could tighten policy at a much slower pace, with the next hike likely not coming until 1Q 2027. They note that BOK Gov. Shin views the latest hike as preemptive and expects the board to take time to assess the impact of recent hikes. (kwanwoo.jun@wsj.com)

0746 GMT - Copper moves slightly lower in morning European trade after the U.S. dollar strengthened and hit investor appetite, ANZ analysts write. Additionally, there are signs that a supply squeeze might be easing given the premium for spot copper over three-month futures has fallen, they say. However, globally inventories continue to be drawn down, they caution. The market is on edge as it awaits an announcement from the White House on plans for tariffs on imported refined copper, they add. This worry has triggered a flow of copper into the country in recent months. Three-month LME futures fall 0.3% to $14,219 a metric ton. (adam.whittaker@wsj.com)

0746 GMT - Halfords Group likely raised its guidance due to outperformance in cycling, touring and camping and car air conditioning during an unusually warm summer weather, RBC Capital Markets analysts say. The U.K. motoring-and-cycling products retailer raised its fiscal 2027 guidance in a positive unscheduled performance update due to a very strong seasonal performance. RBC says the new guidance and incremental profit estimate implies a gain of between 2 million and 3 million pounds from strategic moves. "We are encouraged by the early signs of progress from Halfords' 'Fit for the Future' plan, but we do note ongoing macroeconomic and political uncertainty which may weigh on the more discretionary areas of Halfords' offer in 2H," the analysts add. Shares are up 11% at 267.5 pence. (michael.hennessey@wsj.com)

0744 GMT - Pernod Ricard's decision to keep its dividend in line with the previous year should go down well with shareholders, Jefferies's Edward Mundy writes in a note. The French distiller said it would keep its dividend stable at 4.70 euros a share, despite a fall in operating profit for the fiscal year amid sliding sales. "The company is focusing on the controllables to protect margins and drive stronger free cash flow whilst tweaking the model to emerge stronger for when growth returns," Mundy notes. Shares fall 1.2% to 66.80 euros in opening trading in Paris. ((joshua.kirby@wsj.com; @joshualeokirby)

0736 GMT - Cnooc's earnings are likely to remain resilient for now, DBS Group Research says in a note. Near-term earnings are likely to remain sensitive to oil-price normalization after exceptionally strong 1H results, while the rise in all-in costs could soften operating leverage, it says. However, Cnooc's cost base remains among the most competitive globally, which provides meaningful downside protection in scenarios of lower oil prices, as did its strong project pipeline, DBS says. Cash generation was another key positive, and its higher dividend translated to 6% to 7% yield, reinforcing Cnooc's appeal as a high-quality oil proxy with visible shareholder returns, it adds. DBS retains its buy rating on the stock with a target price of 30 Hong Kong dollars. Shares were 0.6% higher at HK$25.06. (kimberley.kao@wsj.com)

0733 GMT - New York gold futures trade flat at $4,654.70 a troy ounce in morning European trade. The market remains stuck between expectations of higher U.S. interest rates, which would weight on non-yielding assets like gold, and worries over U.S. debt. While higher rates could hit gold prices, the downside looks limited as the debasement trade continues to attract investor buying, ANZ analysts write. The debasement trade means buying assets expected to hold their value against the weakening of the dollar and other fiat currencies.(adam.whittaker@wsj.com)

0721 GMT - Novo Nordisk faces persistent concerns over the scope for a return to growth in 2027 and a large patent cliff problem further out, Deutsche Bank analyst Emmanuel Papadakis writes. The bank also notes that a bump in U.S. Medicare prescriptions looks limited, while Novo Nordisk's ziltivekimab is now effectively out of the picture, after the drug failed to reduce risk of heart attack or stroke in a late-stage clinical trial. The company has an important capital markets day next month, the bank adds. Deutsche Bank downgrades the stock to sell from hold and lowers its target price to 265 Danish kroner from 290 kroner. Shares fall 1.6% to 300.10 kroner. (dominic.chopping@wsj.com)

0718 GMT - European indexes are mixed at market open, though AI-related stocks jump following Nvidia earnings. The Europe-wide Stoxx 600 trades flat. In the Netherlands, the semiconductor-heavy AEX rises 0.55%. ASML Holding adds 2.5%, while ASM International gains 2.2%. Germany's DAX is up 0.2%. Siemens Energy, which makes turbines used in data centers, gains 3.2%, while software group SAP adds 1.1%. London's tech-light FTSE 100 falls 0.5%, with oil majors extending losses while miners also drop. In Paris, the CAC 40 slips 0.2%. Chip maker STMicroelectronics rises 3.5%, but luxury stocks that dominate the index slide, with bellwether LVMH down 1.05%. Italy's FTSE MIB and the Spanish IBEX 35 both add 0.1%. (josephmichael.stonor@wsj.com)

0706 GMT - Krungthai Card may benefit from its acquisition of Win Performance, a debt collection company, CGS International's Weerapat Wonk-Urai says in a research report. Krungthai Card has said that the acquisition is aimed at supporting its strategic plan to improve operating cost management and create new revenue opportunities, the analyst notes. Win Performance's contribution to Krungthai Card's earnings could increase materially in 2027-2028 if Win Performance can expand its customer base to include other financial institutions, such as digital lenders or virtual banks. The brokerage raises the stock's target price to 30.00 baht from 26.00 baht with an unchanged reduce rating. Shares are 0.7% lower at 37.75 baht. (ronnie.harui@wsj.com)

0703 GMT - An uptick in food inflation is likely to benefit retailers Tesco, Marks & Spencer Group and Portugal's Jeronimo Martins, analysts at Bernstein say. The inflation acceleration is expected around the end of the third quarter or start of the fourth quarter, as oil price remain high and fertilizer supply is still disrupted, they say.