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

0802 ET - Intesa Sanpaolo strengthened its hand in its pursuit of Banca Monte dei Paschi di Siena by bumping the cash component of its offer and winning the support of its target's biggest shareholder, Delfin, Barclays analysts say in a research note. In addition to more cash, Intesa also offered more clarity on its conditions as its bid is subject to Monte dei Paschi shareholders rejecting the bank's alternative proposals to buy Banco BPM and Banca Generali, the analysts say. "Combined with Delfin's commitment to tender its 17.6% stake in MPS, we think this strengthens [Intesa's] position, and BPER's too," the analysts add, referring to Intesa's proposed partner to buy part of Monte dei Paschi's assets. Intesa shares rise 1.3%, while Monte dei Paschi's are up 0.7%.(adria.calatayud@wsj.com)

0753 ET - Schneider Electric's $22.6 billion deal to buy PTC shouldn't raise major antitrust concerns, but politics could theoretically pose a threat, MKI Global Partners says. "PTC's software is widely used across the U.S. defense industrial base, and the buyer is French at a time when relations between Washington and Paris are poor, strained by disputes over Greenland, tariffs, digital regulation, the Middle East and other matters," MKI says. From an antitrust perspective, there is some overlap between Schneider and PTC's portfolios in industrial augmented reality software and electrical design software, but this is small and could be fixed with a sale, according to MKI. Schneider shares fall 9.8%, while PTC rises 37% in U.S. premarket trading. (adria.calatayud@wsj.com)

0725 ET - Schneider Electric's proposed acquisition of Boston-based PTC marks the latest foray into software for a company that has shown repeated appetite for engineering-software assets, J.P. Morgan analysts say in a research note. "A completed deal would be a rare cross-border software transaction amid a marked sector slowdown as companies assess AI's implications for their business models," the analysts say. The $22.6 billion deal far eclipses the French industrial group's $11 billion purchase of Aveva in 2023 and its $3.1 billion agreement to acquire Cognite in June, the analysts add. For PTC, the price of the deal is in the same region as what was speculated last year with Autodesk, according to JPM. Schneider shares fall 9.9%, while PTC's surge 37% in U.S. premarket trading. (adria.calatayud@wsj.com)

0712 ET - Schneider Electric's proposed $22.6 billion acquisition of U.S. software maker PTC could have strategic merits, even if investors balk at the price, J.P. Morgan analysts say in a research note. "Large-scale [mergers and acquisitions are] typically unwelcome in the first instance by European investors, although Schneider Electric's deals have typically proven strategically astute, if debatable from a valuation standpoint," the analysts say. PTC moves Schneider's own Aveva to the front rank of design and lifecycle software from the periphery, they add. The French group's industrial-automation division--where Aveva resides--required some kind of action to reaffirm its position relative to peers and time will tell whether PTC serves that purpose, JPM says. Schneider shares fall 9.9%, while PTC is up 38% in U.S. premarket trading. (adria.calatayud@wsj.com)

0651 ET - Laopu Gold now offers value, says Henry Soediarko of CrossASEAN Research. The analyst's assessment comes as the stock has lost about 60% of its value since hitting a peak in January, when gold prices surged to all-time highs. Compared with its July 2025 record, the stock has plunged by 70%. While plenty of pre-IPO investors have taken profit, Soediarko argues that the Chinese jeweler is "actually doing quite well" based on operating figures. Laopu Gold is different from Chow Tai Fook Jewellery in that it's "more of a global luxury house than a goldsmith," the analyst writes on Smartkarma. At a price/earnings ratio of 7 times and a 10% dividend yield, Laopu Gold may offer value, he adds. Shares last ended 0.6% lower at HK$325.20. (farah.elias@wsj.com)

0649 ET - Banca Monte dei Paschi di Siena's bids for Banco BPM and Banca Generali seem likely to fail after Intesa Sanpaolo threatened to walk away from its own Monte dei Paschi offer if shareholders back them, Autonomous Research's Luis Pratas says in a research note. This effectively turns a Monte dei Paschi shareholder vote due to take place later this month into a referendum on the competing proposals, Pratas says. Delfin--Monte dei Paschi's biggest shareholder--committed to support the Intesa bid, which reduces the likelihood of either of the Monte dei Paschi-led bids being approved, the analyst says. Intesa and Monte dei Paschi shares are little moved. (adria.calatayud@wsj.com)

0626 ET - Bitcoin's recent rally marks a return to the debasement trade that began with Treasury Secretary Scott Bessent's intervention in Treasury markets, Capital.com's Kyle Rodda says. "That fundamental driver reveals a lot about Bitcoin's function and why it's remained relatively well supported recently," he says. "It's a trade on US policy largesse, an anti-fiat hedge and overall a portfolio diversifier." Rodda adds that bitcoin's prospects are looking increasingly positive and the lows of the cycle may have passed. Bitcoin is 0.3% higher at $86,046. (joseph.wilkins@wsj.com)

0623 ET - Glanbia has a clear path toward continued market share expansion with organic growth through 2028 above its peer average, Berenberg analysts write. "Glanbia is a leader in AI visibility and brand perception, with its outlook compounded by ongoing structural tailwinds across all three of its businesses," they say. The analysts add that the Irish nutrition company will continue to benefit from ageing populations and GLP-1 weight-loss adoption. Berenberg has a buy rating on the stock and 24.30 euro target price. Shares are down 0.05% at 18.96 euros but 30% higher over the year to date. (ian.walker@wsj.com)

0616 ET - Stocks will be buoyed by earnings strength and resilient growth even as higher borrowing costs prompt a weakening in equities sentiment, JPMorgan's Mislav Matejka writes. "Equities got hurt by the spike in bond yields, but we do not think this will persist," Matejka writes. Bond yields will likely pull back from recent highs, while the Federal Reserve's tightening confirmed the strength of the economy. Corporates will continue to meet elevated earnings expectations and inflation will not run out of control, Matejka says. Though French political headwinds will remain, the CAC 40 has already weakened significantly, suggesting the risk is already priced in by markets, they say. The CAC 40 falls 1.1% and is down 4.1% for the year. (josephmichael.stonor@wsj.com)

0614 ET - Singapore Exchange's September statistics were lackluster, and a repeat of this could indicate that the market cycle is turning against it, Citi Research analyst Yong Hong Tan writes in a note. SGX's securities daily average value fell below the run-rate of S$2 billion, while the derivatives daily average value for iron ore was lackluster. Equities derivatives softness was mitigated by volatility in the rupee and offshore yuan, he notes. There are increased risks facing the securities daily average value due to banks' concentration, while softer iron-ore activity could lead to weaker derivative fees, he says. Shares close 1.1% lower at S$20.75, extending Friday's 7.1% drop. Citi cuts its target price to S$17.70 from S$18.70 and retains a sell rating. (kimberley.kao@wsj.com)

0611 ET - Volvo Car will probably post substantially negative free cash flow this year, but it is unlikely to need additional cash from shareholders given a 22 billion Swedish kronor undrawn credit facility, Deutsche Bank analyst Nikita Papaccio writes. Volvo Car withdrew its 2026 guidance, which previously called for a slight decline in retail volumes and breakeven free cash flow, due to further deterioration in China. Guidance had already been lowered in July, reflecting challenges in the country. "We expect the company to elaborate on additional cost-saving measures with Q3 results, alongside an update on the latest developments around its China-specific model initiatives with Geely." The bank lowers its target price on the stock to 13 kronor from 21 kronor and keeps at hold. Shares fall 1.1% to 14.02 kronor. (dominic.chopping@wsj.com)

0603 ET - Brunello Cucinelli should continue to post sector-leading sales growth, helped by its exposure to the most affluent consumers, RBC Capital Markets' Nikolaos Lafioniatis and Piral Dadhania say. The Italian high-end fashion company's absolute luxury positioning offers a degree of defensiveness that is becoming increasingly attractive in the current challenging economic backdrop, they add. Ongoing headwinds in demand for luxuries will affect other competitors that target more aspirational and less rich consumers, the analysts say. RBC upgrades the stock to outperform from a sector perform rating. Shares are up 0.77% at 80.80 euros.