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

1011 ET - Canadian energy stocks lead the few gainers on the TSX after flare ups of fighting in the Middle East push oil prices higher. Crude oil is up 3% following U.S. strikes on Iranian rocket launch sites in the Strait of Hormuz. The higher price lifts Canada's major oil producers, with Vermilion Energy, Athabasca Oil, Strathcona Resources, Suncor and Cenovus among the top performs, rising 3.5%, 2.4%, 1.7%, 2.6% and 2.6%, respectively. The energy sector has experienced volatile trading in recent weeks as crude prices swing on shifting geopolitical tensions in the key oil-producing and exporting region. (adriano.marchese@wsj.com)

0945 ET - Capstone Copper's completed acquisition of the copper assets at the San Pietro copper-gold-iron-cobalt project adds scale to its Mantoverde-Santo Domingo District at a good price. TD Cowen's Craig Hutchison notes that the district now encompasses about 60,000 hectares, of which San Pietro makes up about 27%. The addition adds a "considerable resource base" of about 4.4 billion pounds of copper and 770,000 ounces of gold. At the $25 million transaction price in Capstone shares, Hutchison calculates that Capstone paid less than a cent per pound for the copper resources alone, excluding by-product credits. The analyst says that while the transaction is accretive on its own merits, there is more upside from consolidated district control, exploration potential and district synergies. (adriano.marchese@wsj.com)

0654 ET - Royal Bank of Canada's solid quarter, including a wealth management-driven beat on net interest income, prompts Keefe, Bruyette & Woods to lift its target on the shares to C$324 from C$316. Yet it views the strength of the bank's franchise to be largely reflected in the valuation, with the stock trading at 15.8 times expected fiscal 2027 earnings. It therefore reiterates a market perform call. KBW raises its forecast for fiscal 2026 earnings per share by C$0.40 to C$16.38 and for fiscal 2027 by C$0.45 to C$17.95. (robb.stewart@wsj.com)

0636 ET - Germany's governing coalition is likely to remain in place even in the event of a political setback, economists at Berenberg say. Three of Germany's federal states are to hold elections in the coming weeks. In one, Saxony-Anhalt, the populist AfD could win a majority, which would mark the first time since the end of World War II that a far-right party takes power in a regional government. "This could send shockwaves through the German political scene," Berenberg says. Still, Europe's largest economy boasts few alternatives to the current centre-right/centre-left coalition, the economists note. And Chancellor Friedrich Merz, though unpopular, is also likely to cling on to his position as head of the coalition, they say. "We expect no major impact on fiscal policies at the federal level...The coalition will probably implement its planned pro-growth reforms as well." (joshua.kirby@wsj.com; @joshualeokirby)

0552 ET - Maersk has seen a strong near-term earnings boost from more resilient freight rates, but J.P.Morgan says the current earnings and freight rate levels are unsustainable. In addition, strong near-term cash generation is unlikely to lead to material shareholder returns as capital expenditure in the shipping business will need to rise in order to halt capacity-share loss, the bank notes. Management noted that Maersk's utilization of its fleet capacity is now at 96% and that the task will be to ensure that the company has the capacity to grow. "This suggests fleet investment may need to increase," J.P.Morgan adds. The bank rates Maersk stock at underweight with a 10,000 Danish kroner target price. Shares rise 0.9% to 22,170 kroner. (dominic.chopping@wsj.com)

0509 ET - Telenor's current share price represents an attractive buying opportunity, despite competition concerns in the Nordics that have seen the stock lose 25% of its value this year, AlphaValue analyst Jean-Michel Salvador writes. The Norwegian telecommunications provider's share price halved in 2022 due to rising interest rates affecting the sector and investor concerns about its Asian strategy and the sustainability of dividends from those operations, he says. However, the stock rebounded over the subsequent three years, reaching new highs by the end of 2025. This recovery was driven by smart moves in Asia and the consolidation of Nordic operations, which alone should now be able to cover the dividend, he adds. AlphaValue rates Telenor at add and has a 154 Norwegian kroner target price. Shares rise 0.2% to 136.90 kroner. (dominic.chopping@wsj.com)

0453 ET - China Resources Mixc Lifestyle Services' robust cash flow and likely 2026 dividend-per-share growth reinforces its status as a long-term holding for resilient, recurring returns, Citi analysts say in a note. The Hong Kong-listed property-management company's growth is likely to be driven by its strong execution and commercial strength, with a majority of its malls ranked high locally, they write. The analysts expect CR Mixc Lifestyle's earnings to grow more than 10% over 2026-2028 as same-store sales gain, its mall network expands and it improves its efficiency and cost savings. Citi raises its target price to 53.30 Hong Kong dollars from HK$52.13 and maintains a buy rating. Shares close 3.3% lower at HK$39.10. (megan.cheah@wsj.com)

0442 ET - Physical oil flow through the Strait of Hormuz rather than military escalations will determine oil prices, Phillip Nova analyst Priyanka Sachdeva says in a note. After shipping activity through the Strait has already fallen sharply, oil prices are vulnerable to sharp moves in both directions, she notes. However, if tanker traffic continues and crude flows remain relatively resilient, the geopolitical premium can fade quickly, the analyst says. "Any evidence of a sustained blockage, attacks on tankers or disruption to loading terminals would fundamentally change the equation," she adds. Front-month West Texas Intermediate crude oil futures rose 2.7% to $85.63 per barrel and front-month Brent crude oil futures added 2.7% to $90.50 a barrel. (sherry.qin@wsj.com)

0413 ET - WuXi Biologics' stronger project backlog is likely to underpin its revenue visibility, says China Galaxy International Securities' Vicky Zhu in a note. The contract research, development and manufacturing company added 169 new projects and 119 net integrated projects in 1H, while its total revenue backlog reached US$25.1 billion as of end June, she notes. The acquisition of BioDlink also contributed to the higher number of projects, she adds. She raises her 2026-2027 revenue growth estimates to around 21% and lifts her 2026-2028 earnings per share estimates by 2%-8%. China Galaxy therefore raises its target price to HK$57.82 from HK$48.62 and maintains an add rating. Shares closed 3.6% lower at HK$48.84. (megan.cheah@wsj.com)

0353 ET - The distribution-per-unit of Singapore small-to-mid-cap real-estate investment trusts could accelerate in 2H, say DBS Group Research analysts in a note. They cite factors such as a smaller base and more pronounced benefits from declining financing costs, noting Singapore's broadly lower interest-rate benchmark. They expect small-to-mid-cap REIT DPUs to accelerate around 4% sequentially in 2H, compared with a roughly 1% growth estimate for large caps. The overall sector's DPU is likely to grow at around 3% on average on year in 2026, they add. DBS's REIT segment pecking order is office, industrial, retail and hospitality. The bank's preferred names include Centurion Accommodation REIT and NTT DC REIT. (megan.cheah@wsj.com)

0340 ET - Apple and Samsung are expected to help sustain demand for smartphone displays through 2026, cushioning the market from a broader slowdown, according to TrendForce. The research firm says rising memory prices and supply shortages are increasing costs across the smartphone supply chain, prompting brands to take a more cautious approach to shipment planning. TrendForce forecasts global smartphone panel shipments to decline 2.5% to 2.25 billion units in 2026. Steady demand from Apple and Samsung devices, along with continued orders from repair and secondary markets, is helping support shipments. In 2Q, Chinese display giant BOE remained the top supplier with a 26.1% market share, ahead of Samsung Display and TCL CSOT. (jie.yang@wsj.com)

0340 ET - Meituan's food delivery business is likely to continue to improve, according to HSBC analysts in a research note. "The pace at which Meituan's food delivery loss has improved in 2Q surprised on the upside," they note. While order growth could turn negative year-over-year in 3Q on a high base of comparison, continued average order value improvement can drive better unit economics as Meituan continues to rein in user subsidies, the bank says. HSBC keeps a buy rating and raises its target price for Meituan to 110.00 Hong Kong dollars from HK$104.00. Shares last traded at HK$79.05.