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

0912 GMT - Rheinmetall's valuation now better reflects the risks that come for investors who hold shares in the German arms maker, MWB Research's Jens-Peter Rieck writes in a note to clients. The stock is down more than 30% since the year began after Germany scrapped a large project to procure F126 frigates. Rieck upgrades the rating on the stock to hold from sell to reflect a lower valuation and expectations that news flow should turn positive at the end of September. He says Rheinmetall could get a first round of orders valued at roughly 12.4 billion euros under Germany's Arminius program to procure armored vehicles. Rheinmetall shares trade 0.1% higher at 1,080.60 euros. (mauro.orru@wsj.com)

0910 GMT - Ryanair cutting its winter schedule should be a welcome move despite August's healthy traffic and load factor development and passenger growth levels being in line with guidance, Citi's Conor Dwyer says. The measure is intended to reduce exposure to volatile fuel prices and will reduce fiscal 2027 passengers by 2 million to 214 million. The Irish budget airline also reiterated prior guidance that fares will come down "modestly," which Dwyer says will reduce worries that peak travel season airfares could fall by a mid-single-digit percentage. "Still elevated capacity growth heading into winter while fuel prices are so high has also been a key worry for investors, and so we see this is a welcome move by Ryanair." Shares are up 2.4% at 23.28 euros. (anthony.orunagoriainoff@dowjones.com)

0902 GMT - BP's permanent appointment of interim chairman Ian Tyler isn't a surprise but might be seen as too conservative, AJ Bell's Dan Coatsworth says. "Tyler is more of a known quantity than his predecessor Albert Manifold, having joined BP's board nearly 18 months ago and sat in the chair's seat since Manifold's acrimonious departure in May," AJ Bell says. The appointment may be seen as too cautious, as Manifold's hiring as an outsider was to shake up the oil major. "The initial market reaction suggests Tyler's appointment hasn't sparked much in the way of excitement or disquiet, and CEO Meg O'Neill will hope it gives her the space and time to make the changes she wants at the business," Coatsworth adds. Shares are down 0.8%. (michael.hennessey@wsj.com)

0856 GMT - The luxury sector's rebound in China might have to wait, analysts at Bernstein say in a note to clients. "Chinese consumer confidence has yet to revive after a massive postpandemic step down," the analysts say. Chinese luxury shoppers have been hit by slower macroeconomic growth, putting middle-class consumers on the back foot, the brokerage says. This situation has been aggravated as luxury brands implemented significant price increases following the height of the pandemic, they add. Early data for the third quarter points to soft trends, Bernstein says. (andrea.figueras@wsj.com)

0846 GMT - Chip makers Infineon Technologies and STMicroelectronics are set for a durable recovery after years of slow sales due to semiconductor demand for artificial-intelligence data centers, cars and industrial equipment, Citi analysts write in a note to clients. Carmakers that amassed chips at the height of the pandemic have now used up most of their inventories and are once again placing orders to the benefit of Infineon and STMicroelectronics. "While both stocks remain highly correlated to broader semi and AI-related sentiment, we believe these trends should support a longer and more sustainable earnings recovery than reflected in expectations," analysts say. Infineon shares trade 0.4% lower at 55.29 euros, while STMicroelectronics shares are up 1.1% at 42.77 euros. (mauro.orru@wsj.com)

0845 GMT - The choice seems clear ahead of Volkswagen supervisory board's vote Friday on the next leg of the cost-cutting plan, Citi analysts write. Without further cost reductions, the German carmaker cannot defend its 26% EU market share, core brand margins will fade, free cash flow will disappear, and its debt rating could be reviewed, the bank says. That would mean the company having to cut spending sharply and close German factories anyway, the bank adds. Citi says it has supported Volkswagen since the appointment of Oliver Blume as CEO, sensing a willingness to do what needs to be done. "That remains the case." The bank retains its buy rating on the stock and 94 euro target price. Shares fall 2.5% to 72.25 euros. (dominic.chopping@wsj.com)

0844 GMT - European luxury companies could experience a choppy third quarter, as the comparison base gets tougher, analysts at JPMorgan say. Despite the expected sequential slowdown, markets that were already strong in the second quarter remain resilient in absolute terms, the analysts write in a research note. These include the U.S., Korea and Japan, they add. Conversely, China's retail sales point to continued volatility, the bank says. This trend is expected "to continue for the rest of the year and possibly into 2027 as well given the ongoing tough macro backdrop and new maturity of the market," the analysts say. (andrea.figueras@wsj.com)

0844 GMT - Gold's recent rally was driven by a broader set of forces than in previous cycles, says Andrew Matthews, UBS's global head of precious metals distribution. "Traditional drivers such as inflation expectations, interest rates and currency markets remain important," he says. However, "investors are increasingly focused on sovereign debt levels, fiscal deficits, geopolitical uncertainty and reserve diversification." That has strengthened the precious metal's appeal as a long-term store of value and a way to protect portfolios from a range of risks, giving it a more diversified investment case than in previous instances. Gold is up more than 20% over the past year even accounting for recent declines due to rising tensions in the Middle East fueling inflation concerns and expectations for higher interest rates. (giulia.petroni@wsj.com)

0842 GMT - Novartis's new multiple sclerosis drug might stand apart from a rival product Roche Holding is developing due to its safety profile, Citi analysts say in a research note. Novartis reported no liver-safety signals in its late-stage studies for its remibrutinib drug in multiple sclerosis, while Roche had a case of significant risk of severe drug-induced liver injury in trials for its fenebrutinib drug, the analysts say. Citi estimates Novartis's drug could generate $3.2 billion in annual peak sales in multiple sclerosis. Whether that estimate is conservative will largely depend on the magnitude of the efficacy of Novartis's drug and the U.S. Food and Drug Administration's stance on the safety of Roche's medicine, the analysts say. Novartis's shares fall 0.75%, while Roche's rise 0.8%. (adria.calatayud@wsj.com)

0840 GMT - SISB's student enrollment is set to slow this year, likely weighing on earnings, says CGS International's Pornthipa Rayabsangduan in a note. The Thai international school operator cut its guidance for its student numbers in 2026 to 4,600 from 4,800, partly due to competition and fewer Chinese students, the analyst says. She reckons the revised target could still be difficult to achieve, and reduces her estimate by 3.7%-4.8% to 4,430 in 2026 and 4,620 in 2027. She expects SISB's 2026-2027 earnings per share to contract at a 8.2% compound annual rate. CGS International trims its target price to 9.60 baht from 11.30 baht and retains a hold rating. Shares decline 1.6% to 9.00 baht. (megan.cheah@wsj.com)

0825 GMT - The Philippine peso weakens to a record intraday low against the dollar on Wednesday. The currency seems like it would remain under pressure, as oil prices could stay elevated, Maybank analysts say. However, the analysts say that any signs of Bangko Sentral ng Pilipinas' intervention could put a lid on the peso's weakness. The dollar was 0.2% higher at 62.512 pesos, after touching a record intraday high of 62.652 pesos, LSEG data show. (amanda.lee@wsj.com)

0816 GMT - New Zealand's central bank has delivered what Nomura economists expect will the penultimate rate hike of the cycle as policymakers assess the impact of prior tightening. The RBNZ struck a measured tone that suggests fewer rate hikes ahead relative to market pricing, Nomura's Andrew Ticehurst says. It said core inflation, expected wage growth and inflation expectations, remain consistent with inflation returning to target by late-2027, and that it's appropriate to gradually remove monetary stimulus. Nomura also sees the RBNZ's forecast revisions as more dovish than hawkish, including a trimmed GDP growth profile, modest increases to many unemployment projections, and broadly unchanged inflation and OCR views. All that's consistent with Nomura's base case for a final 25bp hike in December that would take the cash rate to a "neutralish" 3.00%.