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

0652 GMT - Pernod Ricard's more downbeat outlook for the coming years' sales offers some ballast to peer Diageo's own guidance, RBC Capital Markets' James Edwardes Jones writes in a note to investors. The French distiller behind Absolut vodka and Jameson whiskey said it expects annual sales growth to be at the low end of a previously guided 3%-6% range through fiscal 2029, a result of softness in the key U.S. market. "We think this gives some validation to Diageo's recently communicated plan, in particular the prudence of its sales growth expectations," Edwardes Jones says. (joshua.kirby@wsj.com; @joshualeokirby)

0652 GMT - Nestle's importance in the global dairy industry is continuing to decline, though it still has large scale dairy operations, Rabobank's Lucas Fuess and Tom Booijink write in a report. Unlike its peers, the consumer goods giant didn't make any significant dairy acquisitions in 2025, and earlier this year decided to sell its remaining ice-cream business to Froneri, the analysts say. Its relative importance in the industry is falling, and it increasingly operates as a diversified food and beverage company instead, they add. (aimee.look@wsj.com)

0639 GMT - South Korean entertainment companies' stock risk-reward profiles are becoming more favorable to HSBC Global Investment Research's Junhyun Kim as earnings could improve next year. The stocks of the three major Korean pop companies--HYBE, SM Entertainment and JYP Entertainment--declined over 40% year to date on slower earnings growth and the lack of visible catalysts after boy band BTS's March comeback, leading to contraction in the stocks' valuations, the analyst says in a note. However, he expects the three companies' 2027 EPS to grow an average of 19% compared with a single digit percentage growth estimate in 2026, amid improved monetization from rookie band intellectual properties. HSBC maintains its buy ratings on the three companies with HYBE as its top sector pick. (megan.cheah@wsj.com)

0637 GMT - Jollibee Foods faces an earnings hit from higher inventory costs, Maybank Securities' Daphne Sze says in a research report. Other headwinds include larger interest expenses from higher effective interest rates and bigger effective tax provisions from improving international profitability, the analyst says. Hence, the brokerage cuts its 2026 and 2027 earnings forecasts for the quick-service restaurant operator by 10% and 13%, respectively. It lowers the stock's target price to 240.00 pesos from 260.00 pesos. However, in the Philippines, the company saw good profitability progression in 2Q, with potential for four minimal average selling price hikes spread across 2H to maintain margins. The brokerage keeps the stock's buy rating. Shares are 2.8% lower at 156.70 pesos. (ronnie.harui@wsj.com)

0631 GMT - Harbour Energy's appointment of Simon Henry to the board gives it extensive energy, financial and governance experience, Barclays's Lydia Rainforth writes. The former Shell CFO returns to the Harbour board after stepping down last year to take a board position at BP. His experience running large international energy businesses is highly relevant as Harbour integrates acquisitions and manages a significantly larger and more geographically diverse portfolio, she adds. Harbour Energy's shares closed Wednesday at 249.80 pence.(adam.whittaker@wsj.com)

0621 GMT - Prudential PLC's results will be received with relief from investors after the insurance and investment company backed its 2027 targets, J.P. Morgan analysts say. First-half new business profit was in line with consensus expectations, boosted by a higher-than-expected new business margin. This is consistent with Prudential's strategy of selling policies with higher margins, JPM says. The company raised its 2026 buyback program and JPM sees potential for further upside in buybacks as Prudential sells further tranches of its joint venture with Icici Bank. The analysts don't expect meaningful consensus underling earnings upgrades, though earnings per share forecasts are likely to benefit from the higher 2026 buyback. Shares in London closed at 10.39 pounds Wednesday and are down 9.2% over the year to date. (michael.hennessey@wsj.com)

0601 GMT - Innovent Biologics' outlicensing drug deals with multinational corporations could remain a key share-price driver, say DBS Group Research analysts in commentary. The Chinese biopharmaceutical company's previous deal with Pfizer in May boosted its stock by around 33% over two months. Innovent likely has around three early stage treatment products that could yield around $955 million in upfront payments, the analysts estimate. The company's balance sheet also remains strong, with net cash of around 16.2 billion yuan as of June, they add. DBS Group Research maintains its buy rating and 144.00 Hong Kong dollar target price. Shares drop 2.55% to HK$107.00. (megan.cheah@wsj.com)

0600 GMT - Olympus is likely to deliver both sustained revenue growth and meaningful margin expansion in the coming years, Jefferies analysts say in a note. For the quarter ended June, its key gastro endoscopes division achieved an operating-profit margin of about 23%, which was better than the U.S. bank had expected. Gastrointestinal endoscopy remains an attractive growth market, Jefferies says. In addition, stronger commercial execution, improved product availability and restructuring benefits are already visible in results, the bank says. Robotic and minimally invasive surgery provide additional growth opportunities in the longer term, it says. Jefferies raises its target price on the stock to 3,300 yen from Y2,300 and maintains a buy rating. Shares are 0.8% higher at Y2,150.5. (kosaku.narioka@wsj.com; @kosakunarioka)

0548 GMT - Eneos Holdings is poised to benefit from a likely increase in petroleum product exports thanks to favorable petroleum product prices in Singapore, Nomura's Shinichi Yamazaki says in a note. Nomura expects improved margins at the oil distributor as its superior supply capacity, reflected by its top share of petroleum product sales, gives it an edge in increasing exports when overseas petroleum product prices are high. The Japanese company has also been ramping up investments under its management allocation framework, which refers to a selective approach to strategic investment including mergers and acquisitions. Nomura raises the stock's target price to 1,630.0 yen from Y1,560.0 with unchanged buy rating. Shares are 1.0% higher at Y1,326.5. (ronnie.harui@wsj.com)

0538 GMT - Southeast Asia's smartphone market is heading for its steepest annual contraction in at least seven years, with shipments forecast to fall 25% in 2026 as higher device prices curb demand, according to research firm Omdia. Shipments in 2Q fell 23% on year, to the lowest quarterly level since 2014, while market value reached $6.6 billion as average selling prices rose 31% to $342. Omdia says vendors increasingly prioritized pricing over volume, with brands such as Samsung and Xiaomi raising prices on selected new and existing models. The research firm also warns that higher memory costs could further pressure vendor margins in 2H.(jie.yang@wsj.com)

0518 GMT - Anta Sports Products' solid 1H results seems to one of the few silver linings in the Chinese sportswear sector's reporting season, say Nomura analysts in a note. Anta's operational improvement was reflected across its brand portfolio, as the company implemented operational changes to its businesses. The analysts are more confident in Anta's multibrand strategy and execution given its profitability despite sector headwinds, such as a slowdown in the running subsector, they say. They reckon Anta should be able to reach its 10 billion yuan overseas revenue goal within its planned five-year time frame. Nomura raises its target price to 91.40 Hong Kong dollars from HK$89.90 and maintains a buy rating. Shares drop 0.8% to HK$78.15. (megan.cheah@wsj.com)

0518 GMT - United Tractors' 2H earnings should be supported by the restart of its Martabe gold mine in Indonesia, Bahana Sekuritas' Jeremy Mikael says in a research report. The Indonesian company keeps its 80,000-ounce gold sales volume guidance for 2026, which the brokerage expects to increase to 150,000 ounces in 2027 and 230,000 ounces in 2028. With gold prices above $4,000 per ounce, the combination of higher volume and elevated average selling prices should offer meaningful earnings support to United Tractors. The brokerage raises the stock's target price to 28,200.00 rupiah from 28,000.00 rupiah to reflect valuation rollover, with an unchanged buy rating. Shares are 0.6% higher at 24,000.00 rupiah.