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

1037 GMT - Hermes has showed superior resilience and structural ability to outperform the broader industry, AlphaValue analyst Jie Zhang writes in a note. The French luxury-goods company has exceptional brand desirability and exposure to high-end customers, the analyst says. The challenging economic context and price increases in recent years have pushed some of so-called aspirational consumers away from luxury, Zhang says. "This structural shift clearly benefits Hermes given its particularly affluent and loyal customer base, which supports our view that the group should continue to outperform the sector," the analyst writes. However, even Hermes cannot be completely immune to lower industry traffic and weaker demand for luxuries, she adds. The stock trades 1.2% higher. (andrea.figueras@wsj.com)

1027 GMT - Brunello Cucinelli's ability to outgrow the broader luxury sector has increased following the latest results, Citi's Alberto Cecchetto and Thomas Chauvet say. The Italian high-end fashion company was the fastest-growing European soft luxury company in the second quarter, with July trends reportedly continuing along a similarly positive trajectory, the analysts write in a research note. "Revenue outperformance is increasingly well established," they say. The analysts expect measured margin progression and stronger FCF conversion. The bank reiterates its buy recommendation on the stock. Shares are down 0.1%. (andrea.figueras@wsj.com)

1023 GMT - Indonesia's new Finance Minister Suahasil Nazara will need to be much clearer about his priorities and provide investors with more consistent signals on fiscal policy, Capital Economics' Gareth Leather says in a note. Nazara replaces Purbaya Yudhi Sadewa, whose tenure was marked by mixed messages on fiscal policy and appeared to undermine the independence of Bank Indonesia. Early signs are encouraging as after Nazara's appointment, he has stressed his commitment to Indonesia's fiscal rules. Nazara's six years as deputy finance minister mean he brings considerable experience and is clearly not simply a political appointee, the economist says.(amanda.lee@wsj.com)

0920 GMT - Shares in U.K. home builders drop after Housing Secretary Angela Rayner said there is only a "slim chance" that the government will reach its target of building 1.5 million new houses in England before the next general election. Rayner said during an interview on the BBC that Prime Minister Andy Burnham's focus was now on building council houses. The secretary said the target had been affected by "headwinds" including the conflict in the Middle East. Crest Nicholson shares are down 1.9% and Barratt Redrow is down 1.6%. Vistry and Berkeley are both down 0.9%. (anthony.orunagoriainoff@dowjones.com)

0913 GMT - GSK's new data for lung-cancer drug Jideytro shows a competitive profile for a potential label expansion next year, analysts at J.P. Morgan say in a research note. The U.K. drugmaker said Jideytro helped delay the progression of the disease for a year for 90% of patients with a type of advanced lung cancer in a clinical trial, and that it would seek a label expansion based on the data. "Efficacy looks competitive with Nuvation's Ibtrozi with a stronger 12 month [progression free survival] rate," the analysts say. The data support JPM's peak sales estimate for the drug of 900 million pounds. Investors' focus turns toward the launch trajectory for Jideytro as a second-line treatment ahead of a potential expansion to first line in the second half of 2027, the analysts say. Shares rise 3.5%. (adria.calatayud@wsj.com)

0913 GMT - Safety warnings about artificial intelligence could signal the end of precipitous growth in compute and AI infrastructure investments, XTB's Kathleen Brooks writes. Leaders of Anthropic, OpenAI and SpaceX all called for a slowdown in AI model development, "a highly unusual unified message," Brooks writes. The call could signal an end to hyperscaling, which would have massive repercussions for financial markets, Brooks says. Over half of the sectors that constitute the S&P 500 are linked to AI, while hyperscalers make up a third of the weighting of the blue-chip index, Brooks notes. S&P 500 futures fall 0.7%, while futures for the tech-heavy Nasdaq drop 1.75%. (josephmichael.stonor@wsj.com)

0843 GMT - A slowdown in the development of artificial-intelligence models brings credit risk into the AI market narrative, Swissquote's Ipek Ozkardeskaya writes. Long-term financial commitments for data-center capacity and power could come under strain if the demand for such infrastructure isn't as high as anticipated, the analyst says. "If the AI race slows materially, the key question becomes: who pays for all that infrastructure?" Ozkardeskaya writes. "The leases, debt and power commitments remain even if expected compute demand and revenue growth slow." AI's central role in driving stocks higher and boosting productivity leaves markets vulnerable to any downturn in sentiment, Ozkardeskaya adds. Nasdaq futures fall 1.65%. (josephmichael.stonor@wsj.com)

0833 GMT - The upcoming Senate cloture vote is the crypto Clarity Act's most immediate obstacle, says Andrew Melville, head of research at institutional crypto derivatives data and analytics firm Block Scholes. The Sept. 15 vote can end the debate on the motion to proceed and begin the process of bringing the crypto bill for a final vote. Melville notes that the bill is also up against tight session timelines interrupted by the Midterm elections. The version being debated in the Senate also has significant revisions and must be reconciled with the version the House passed before President Trump can sign off on it. "If the measure is not enacted before the 119th Congress ends on 3 January 2027, it will expire and must be reintroduced in the new Congress." (fabiana.negrinochoa@wsj.com)

0831 GMT - Capgemini should shift from labor-based services to a software-driven model built around artificial intelligence, Bernstein's Richard Nguyen and Derric Marcon write in a note. "The conventional debate treats Capgemini as either an AI winner, supported by a major new technology cycle, or an AI casualty, exposed to falling demand for developers and support staff. We think both views are incomplete," they say. AI is reshaping the corporate technology ecosystem, offering services providers the opportunity to reposition themselves at a higher level in the value chain and build strategic advantages that could last for years, they add. The most important change might be how the company gets paid as AI creates the possibility of a different model, they say. Shares are up 4.9% at 107.85 euros.( najat.kantouar@wsj.com)

0826 GMT - There's a lot of optimism around the cryptocurrency industry's Clarity Act after progress on ethics provisions, but it remains a political hot potato, says Nic Puckrin, cross-asset analyst and founder of Coin Bureau. Senate Republicans have released a draft of the legislation they say reflects bipartisan negotiations and 126 substantive changes requested by Democrats. But Puckrin says it's not only the Democrats who have to be convinced. "There are also Republicans who oppose stablecoin yield rules and are concerned about the impact on community banks." He still thinks the act is unlikely to pass this year. There's a longer road ahead, and that will likely put a cap on any relief rally. (fabiana.negrinochoa@wsj.com)

0803 GMT - Malaysia's Budget 2027 is expected to be mildly positive for markets, although tight public finances leave limited room for major spending increases, RHB analyst Alexander Chia says in a note. The proximity of the next general election raises expectations for measures supporting households, and social assistance should benefit the consumer staples, property, transport and healthcare sectors. However, if the general election is held before the budget is passed, the incoming administration could review and retable the budget, as happened with Budget 2023, he says. External risks could limit market upside, although strong domestic liquidity should provide downside support, he adds. RHB maintains its end-2026 KLCI target at 1750. The KLCI is 0.5% higher at 1695.74. (yingxian.wong@wsj.com)

0749 GMT - European chip stocks open sharply lower, tracking declines in Asia, after the leaders of some of the biggest AI companies said that they needed to slow development of the technology. Shares in Dutch supplier of chip-making equipment ASML Holding fall 4.2%, while those of smaller peers ASM International and BE Semiconductor Industries both shed more than 6%. German chipmaker Infineon Technologies drops 6.2%, and Milan-listed shares in STMicroelectronics are down 4%. Other suppliers to the chip industry, such as France's Soitec and Germany's Aixtron, fall 12% and 7.6%, respectively. While the AI lab leaders fell short of calling for a pause in development, their comments represent one of the clearest acknowledgements yet from within the industry that there might be limits to how fast capabilities can responsibly advance, strategists at Deutsche Bank say in a note.