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

1038 GMT - India's economy likely grew 7.5% on year in the April-June period, slowing from the 7.8% expansion in the previous quarter, according to the median estimate of eight economists polled by The Wall Street Journal. DBS's consolidated consumption gauge for India showed strengthening during the quarter, even as sentiment indicators pointed to a more cautious backdrop, while wealth effects remained muted amid subdued capital market performance. India's economy will likely continue to outperform most regional peers, underpinned by strong domestic fundamentals and continued momentum in both services and manufacturing activity, ING economists say. Exports have also been more resilient than expected during global trade headwinds, they add. GDP data is due Monday. (kimberley.kao@wsj.com)

1032 GMT - Palm oil rose in Asian trade. Prices were likely supported by the overnight strength in rival oil prices, as well as a potential of short covering activities ahead of public holiday extended weekend, Kenanga Futures writes in a note. However, weak export demand and concerns over palm oil's reduced competitiveness against soybean oil may have capped the upside, it adds. The Bursa Malaysia Derivatives contract for November delivery was 74 ringgit higher at 4,890 ringgit a ton. (kimberley.kao@wsj.com)

0959 GMT - Boliden's acquisition of Nexa Resources will significantly expand the group, creating a global zinc leader with a top three position in mining and smelting, Deustche Bank analyst Liam Fitzpatrick writes. Swedish miner Boliden has reached an agreement to purchase Votorantim's 65% stake in Nexa and has committed to a voluntary tender offer to purchase the remaining 35% of shares owned by minority shareholders. The deal will increase Boliden's consolidated Ebitda by over 35% and expand the number of operating assets from 12 to 20. The deal is expected to be immediately EPS accretive, reflecting Nexa's low multiple, Fitzpatrick adds. Deutsche Bank rates Boliden at hold with a 620 Swedish kronor target price. Shares rise 1.8% to 576.80 kronor. (dominic.chopping@wsj.com)

0935 GMT - Nvidia's rack-scale AI systems are expected to generate more than $710 billion in output value in 2027 as demand for increasingly powerful AI infrastructure accelerates, according to TrendForce. The research firm says shipments of NVL72 racks, including GB300 and Vera Rubin platforms, are projected to rise more than 50% in 2027, while higher-priced VR200 systems take a larger share of deployments. TrendForce expects the combined output value of GB300, VR200 and VR300 systems to jump 214% from a year earlier, benefiting server manufacturers and power and cooling suppliers. TrendForce also says Nvidia and Google are expanding beyond chips into data-center infrastructure, using financing and capacity commitments to secure long-term demand for their proprietary AI hardware. (jie.yang@wsj.com)U.K. Treasury chief John Healey is planning to drop defense spending targets at his budget in October, according to a Financial Times report citing unnamed sources. "U.K. Defense Stocks Fall as Government Likely to Drop Spending Targets -- Market Talk," at 0804 GMT, incorrectly sourced the comments to Healey. The correct version follows: 0804 GMT - Shares in U.K. defense companies fall following a Financial Times report that Treasury chief John Healey would drop his defense-spending targets at the budget on Oct. 28. The FT said Healey would shelve his goal of raising U.K. defense spending to 3% of GDP by 2030, postponing tough military funding choices. Confirmation of this move would signal that Healey's tenure may not yield the increased backing for U.K. defense spending that many anticipated, Jefferies analysts say in a note. BAE Systems is down 1.4%, Babcock International falls 1.1% and Cohort is 1% lower. (anthony.orunagoriainoff@dowjones.com)

0809 GMT - A recovery for Pernod Ricard is fading further over the horizon, Theodore Duval-Segard at Baader Europe writes in a note. The French spirits group saw its share price lose ground Thursday after the company posted a loss of momentum in fiscal 4Q sales and warned U.S. spirits weakness will cap its revenue growth over the years ahead. "Overall, the release does not materially change the thesis, but pushes the recovery further out," Duval-Segard says, noting a lack of clear signs of a rebound. Shares inch higher in Friday morning trading to 64.62 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0804 GMT - Shares in U.K. defense companies fall following a Financial Times report that Treasury chief John Healey would drop his defense-spending targets at the budget on Oct. 28. The FT said Healey would shelve his goal of raising U.K. defense spending to 3% of GDP by 2030, postponing tough military funding choices. Confirmation of this move would signal that Healey's tenure may not yield the increased backing for U.K. defense spending that many anticipated, Jefferies analysts say in a note. BAE Systems is down 1.4%, Babcock International falls 1.1% and Cohort is 1% lower. (anthony.orunagoriainoff@dowjones.com) Corrections & Amplifications

This article was corrected at 04:55 a.m. ET to clarify that U.K. Treasury chief John Healey is planning to drop defense spending targets at his budget in October, according to a Financial Times report citing unnamed sources. An earlier article incorrectly sourced the comments to Healey.

0757 GMT - Apple's growth in emerging markets is likely to be driven increasingly by premium iPhone upgrades rather than new user additions, Omdia analyst Sanyam Chaurasia says in a note. Apple is shifting its focus toward monetizing its expanding installed base in markets including India, Brazil and Mexico through greater adoption of higher-priced Pro-series models, he says. India presents the biggest opportunity for user upgrades, with Pro-series penetration still relatively low despite rapid growth in iPhone users. Omdia's scenario analysis suggests that a higher Pro-series mix could generate more revenue than shipment growth alone, supported by improving financing options, trade-in programs and rising incomes. Apple is increasingly relying on product-mix improvements to drive growth as emerging markets mature, Chaurasia adds. (jie.yang@wsj.com)

0756 GMT - Mixue is expected to face headwinds in the near term, according to Deutsche Bank's Han Zhang. The analyst says the Chinese food-and-beverage chain's 1H miss "revealed short-term weakness amid strategy execution," noting the drag from average sales per store. "Contributions from ingredient upgrades and the coffee business rollout still take a long time to bear fruit, which presents downside risk to margins in the near term," the analyst adds in a note. Mixue is also facing intensified industry competition, as peers are expanding operations into both the tea and coffee businesses, Deutsche Bank notes. It keeps a buy rating on the stock but cuts the target price to HK$203.00 from HK$240.60. Shares fall 6.3% to HK$213.40. (tracy.qu@wsj.com)

0756 GMT - Delivery Hero's past investments seem to have started paying off, Berenberg analyst Wolfgang Specht writes in a note. The German food-delivery company's results showed stronger-than-expected growth and expansion in its groceries quick-delivery business, he notes. Delivery Hero has invested in its quick-commerce business, expanding its global warehouse network and subscription programs, among other efforts. The company appears to have overcome the hurdles of recent years, Specht says. "As well as being good news for Delivery Hero, we also believe that these results will be celebrated at Uber following its recent buyout offer," he adds. However, the company still faces pressure in several regional markets, such as South Korea, and a number of local markets in the Middle East and North Africa region, he says. DH shares are up 0.2% at 37.11 euros. (najat.kantouar@wsj.com)

0748 GMT - Shares in London-listed miners rise as European markets open strongly. Across the board, indexes in the region rise, with banking stocks recovering some of Thursday's loses. Luxury stocks in France and auto stocks in German perform well. For miners, the wider positive outlook is also underpinned by strong gold prices, with futures at $4,653.90 a troy ounce on safe-haven buying. Precious metals miner Hochschild Mining gains over 3% while Endeavour Mining is up 2.3%. Diversified miner Anglo American is up 1% while copper miner Antofagasta rises 1.3%.(adam.whittaker@wsj.com)

0716 GMT - European indexes rally in a strong open. Banking stocks rise to recover some of Thursday's losses as the Europe-wide Stoxx 600 adds 0.6%. Luxury stocks rise in Paris, pushing the CAC 40 up 1%. EssilorLuxottica leads the index, up 2.9%. London's FTSE 100 rises 0.5% on gains for miners, though BAE Systems falls 1.3% after a Financial Times report said the U.K. won't increase its military spending as quickly as expected. The German DAX is 0.5% higher. Autos in the index gain, while pharmaceutical group Bayer adds 1.4%. Italy's FTSE MIB gains 0.8%, while the Spanish IBEX 35 gains 0.75%. The semiconductor-heavy AEX rises 0.3% even as AI-related heavyweights slip, with ASML down 0.2%.