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

1238 ET - Gulf stocks end mixed as geopolitical uncertainty and expectations of tighter U.S. monetary policy keep investors cautious and selective, despite higher oil prices offering some support, says Milad Azar of XTB MENA. Domestic fundamentals and individual stocks are playing a greater role in determining daily moves across regional markets, he says. Qatar's QE Index rises 0.5%, while Abu Dhabi's benchmark index falls 0.3% and Saudi Arabia's Tadawul All Share Index drops 0.2%. Qatar's outperformance appears broader than QNB's gains, with the country's strong energy exposure and resilient fiscal position also helping attract investors, Azar says. (farhan.rafid@wsj.com)

1226 ET - Recent pullbacks across Canadian industrial and tech names like Bird Construction, Toromont and Finning International stem from a broader market unwinding of "AI-exposed" trade, says Maxim Sytchev of National Bank of Canada. He points to macro equity position and valuation pullback as data center construction and power requirements pulled heavy equipment operators and contractors into the broader AI supply chain basket, their valuations expanded rapidly alongside tech names. "You are seeing this in the (under)performance of tech names, neoclouds, construction and equipment names, concurrently, today," he says. While infrastructure jobs are likely safe, the key question going forward will be the companies' valuations in the current environment. (adriano.marchese@wsj.com)

1203 ET - Venture capital firm Andreessen Horowitz raised an additional $1.75 billion for its fifth growth fund, bringing the total raised for that fund to $8.5 billion. That mammoth haul comes as the median pre-money valuation of growth-stage venture-backed companies in the U.S. jumped to $620.2 million in the first half of this year, according to data from PitchBook, up from $245.5 million in 2025. The firm described the current investing environment as unprecedented, and said it is watching half a dozen "megatrends," including consumer and enterprise AI adoption, robotics and AI infrastructure. (sarah.klearman@wsj.com)

1146 ET - After a brief break last week, bitcoin ETFs are back to attracting capital from other assets. Bitcoin ETFs recorded a net inflow of $216.7 million Monday, resuming a multi-week streak of inflows that were only interrupted on Friday, according to data from CoinGlass. The uptick in Treasury yields should be a factor pressuring bitcoin, but analysts say that indicators coming later this week look to establish the likelihood of an interest rate hike coming this month -- which may then impact the direction for bitcoin and other cryptocurrencies. "The cryptocurrency could remain at risk as expectations of a more restrictive monetary policy in the United States continued to lift Treasury yields," says Milad Azar of XTB MENA in a note. (kirk.maltais@wsj.com)

1131 ET - Canada's planned nuclear buildout hinges on lowering its cost of capital through structural policy support rather than contractually shifting risk onto project developers, says CIBC's Krista Friesen. Pointing to a Canadian Nuclear Association report, Friesen says that "transferring risk contractually does not eliminate it," but that "assigning excessive risk to project participants can increase costs, weaken counterparties and ultimately undermine delivery." The report suggests financing frameworks must provide "cost-effective capital through predictable policy and market structures that reduce project risk and financing costs." She notes that by April 2027, the federal government is expected to release a draft policy on financing new nuclear projects and should "support further CANDU [a Canadian-designed reactor] deployment in Canada." (adriano.marchese@wsj.com)

1056 ET - The euro will be driven largely by relative growth considerations and interest-rate expectations, which should provide support for the currency going forward, MUFG currency analysts say in a note. "Recent signs of economic resilience and the continued willingness of the European Central Bank to respond to upside inflation risks will continue to provide support for euro/dollar," they say. These factors will be more important than political risks, including German state elections in September and the French presidential election in April 2027, they say. MUFG forecasts the euro to rise to $1.1800 by end-2026 and then $1.2000 by the end of the first quarter of 2027, compared with $1.1602 currently. (jessica.fleetham@wsj.com)

1047 ET - For software-as-a-service providers like Thomson Reuters battered by fears of AI displacement, teaming up with frontier AI developers could be a path to staying relevant. In a TD Cowen report, analyst Vince Valentini points to the new partnership between Salesforce and Claude developer Anthropic. "We believe that events like these will help change the narrative around SaaS names like TRI that will be ultimate AI beneficiaries," he says. Moreover, these "deep partner ecosystems make sense for AI labs who want to monetize their products," he says, especially those that face "an uphill battle if they are trying to both take on incumbents while gaining scores of new customer relationships." (adriano.marchese@wsj.com)

1044 ET - Carnival is launching a loyalty program, as well as partnering with Barclays to roll out a new credit card. Both programs aim to drum up excitement and engagement for the cruise line, which earlier this summer issued a soft outlook for the quarter as extreme geopolitical volatility disrupts bookings and higher fuel costs weigh on profit. Carnival's loyalty program, dubbed Carnival Rewards, will allow customers to earn points on on-board purchases that can be redeemed for cruises and experiences, the company says. Its Mastercard, meanwhile, will allow users to earn points on everyday spending and apply those rewards to future cruises and excursions. "Carnival is always looking for new ways to bring our guests closer to the experiences they love," Carnival Cruise Line President Christine Duffy says in a statement. (connor.hart@wsj.com)

1035 ET - Investors were cautious on Novartis's clinical trials of an experimental therapy targeting autoimmune and neurological disorders that the Swiss drugmaker decided to pause after three patients died, UBS analysts say in a research note. The therapy, known as rap-cel or YTB323, is a cell therapy called CAR-T that works by removing a patients' own immune cells, engineering them in a lab and infusing them back into the body. "While YTB was seen as an important potential programme from treatment [of] refractory immunology indications, we and investors were cautious about the high-risk nature of using CART in immunology," UBS says. Novartis shares rise 5.9%, lifted by positive results from separate studies on a multiple sclerosis drug. (adria.calatayud@wsj.com)

1027 ET - Novartis's latest trial results for a multiple sclerosis drug suggest a multibillion-dollar sales opportunity is within the Swiss drugmaker's reach, analysts at J.P. Morgan say in a research note. The results for Novartis's Rhapsido reduce risk on a sales opportunity of at least $2 billion to $3 billion in relapsing multiple sclerosis alone, according to JPM. Given that consensus forecasts for 2030 sales from the drug currently stand at $3.4 billion, mainly from skin conditions, consensus estimates could see significant upgrades after the results, the analysts say. That said, detailed data are required to assess the drug's potential relative to Roche's fenebrutinib and so-called anti-CD20 therapies, a different class of medicines, they add. Novartis shares jump 6.3%. (adria.calatayud@wsj.com)

1020 ET - Air Liquide has room for some incremental improvements should activist investor Elliott Management push for them, and could announce a share buyback at an event with investors next month, analysts at Bernstein say in a research note. Press reports indicated Elliott has taken a stake in the French supplier of industrial gases. Elliott declined to comment, and Air Liquide didn't respond to a request for comment. "There isn't an obvious traditional activist playbook for Air Liquide," Bernstein says. The company has worked on cutting costs and improving profitability and has a record order backlog, the analysts say. The recent acquisition of DIG Airgas means Air Liquide's balance sheet is less underutilized than in the past, they add. However, Air Liquide likely has room for a 6 billion-euro buyback, according to Bernstein. Shares rise 2.2%. (adria.calatayud@wsj.com)

1014 ET - Novartis's trial results for a multiple sclerosis drug are in line with a blue-sky scenario, UBS analysts say in a research note. The Swiss drugmaker's results from two late-stage studies point to a greater reduction in annualized relapse rates with its Rhapsido compared to Sanofi's Aubagio, with no liver safety issues, the analysts say. These results suggest Novartis's drug might be at least a best-in-class oral medicine for the disease, according to UBS. UBS estimates that there's a 50% probability the drug's sales for relapsing multiple sclerosis reach $4.5 billion. Novartis shares jump 6.2%.