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

0832 ET - ECB's interest-rate outlook is becoming harder to call, Andrew Kenningham at Capital Economics says in a note. A hike next week appears all but certain, and a jump in gas prices and strong economic activity mean further tightening can't be ruled out, he says. "However, other indicators suggest that the case for rate hikes is far from clear-cut," he says, citing limited second-round effects from higher energy costs. While markets are pricing in three more hikes in total, Capital Economics doesn't expect any more after next week. Regardless, the ECB will likely reverse course within a year or so, Kenningham says. "We think the eurozone is more likely to run the risk of under-shooting than over-shooting its inflation target in the medium term." (don.forbes@wsj.com)

0830 ET - Hugging Face will continue operating as usual after its acquisition by Nvidia, the chip maker says in a regulatory filing. That means that Hugging Face's users can continue to work on AI models unfettered-- even if that means working with chip makers other than Nvidia. "NVIDIA has committed to, among other things, keep Hugging Face's platform open, consistent with Hugging Face's existing practices," the company says in a regulatory filing. "Under this commitment, Hugging Face would continue to permit model makers, developers, and users to upload and download models and datasets of their choosing and to support other silicon vendors." (elias.schisgall@wsj.com)

0827 ET - Nvidia's agreement to acquire Hugging Face is a show of support for open-source AI models. Nvidia says the deal will give Hugging Face more resources to support the open-source developers who use it. Still, the company notes the risk of government crackdowns on open models, especially from China, saying in a regulatory filing that "other parties are actively lobbying the U.S. Government and other stakeholders worldwide to adopt legislative or regulatory measures that would restrict or disadvantage open-source models and the customers of them." (elias.schisgall@wsj.com)

0822 ET - Nvidia agrees to buy Hugging Face, an open-source AI platform, in a deal worth roughly $13 billion. The transaction includes a roughly $11.9 billion purchase price for Hugging Face's shareholders and includes an equity-based retention program of up to $1B for Hugging Face employees joining Nvidia. Nvidia's acquisition is expected to close in the first half of next year, the company says in a regulatory filing.(elias.schisgall@wsj.com)

0810 ET - AstraZeneca's new drug for chronic obstructive pulmonary disease could become a market leader if it proves to be effective across all patient groups, Berenberg analysts say in a research note. Initial trial results released by the U.K. drugmaker earlier this year showed the drug, tozorakimab, delivered benefits both in the primary population of former smokers and in the overall population, and across stages of lung function, the analysts say. Similar drugs from Roche and Sanofi delivered mixed results in trials last year, but AstraZeneca's is expected to work across a broader cohort of COPD patients, they add. "We would view 30% exacerbation reduction to be a highly positive result and ahead of expectations," Berenberg says. Shares rise 1.5%. (adria.calatayud@wsj.com)

0753 ET - Anglo American is progressing on its planned simplification and is well-positioned to create significant value, Jefferies analysts write. The London-listed miner is expected to complete its $53 billion merger with Canada-based Teck Resources by March 2027, but Jefferies believes it could close by the end of this year. "Overall, Anglo's plans and execution have been just what the doctor ordered for a recovery from the company's challenging 2023," the analysts say. Jefferies has a buy rating on the stock and atarget price of 50 pounds. Shares are up 1.1% at 41.78 pounds and 35% higher over the year to date. (ian.walker@wsj.com)

0737 ET - European natural-gas prices are forecast to end this year at 80 euros per megawatt-hour, before falling to 40 euros by the end of 2027 due to constrained LNG supply and low storage levels, according to Capital Economics. TTF prices, Europe's benchmark, currently trade at 73 euros a megawatt-hour. "Warmer-than-usual weather over the northern hemisphere winter could limit heating-related demand and help relieve upward pressure on natural gas and LNG prices in Europe and Asia," says David Oxley, chief commodities economist. "But any increase in attacks on ships using the Strait could feasibly result in flows of crude oil falling back again from current levels and further delay the normalization of energy shipments out of the Middle East." (giulia.petroni@wsj.com)

0726 ET - Reinsurers will face increased claims pressures and are likely to absorb a higher share of losses in 2027, Fitch Ratings says. The sector will see increased claims from higher inflation, climate change, and emerging liabilities from geopolitics and artificial intelligence, the ratings agency says. Reinsurers will absorb an increased proportion of losses as primary insurers lower the amount of risk they hold from recent highs. "These pressures, while generating earnings volatility, should help limit the scale of softening compared to that in previous cycles, as we believe a material unexpected loss event could trigger sharper repricing," Fitch adds. (michael.hennessey@wsj.com)

0719 ET - While the convenience-store industry isn't immune to a broader economic slowdown, Alimentation Couche-Tard has a number of tailwinds that should help it weather the worst of the storm. TD Cowen's Derek Lessard says in the short-term, a cautious consumer trend will drag EPS, but the "long-term outlook remains favourable, in our view, and we still expect ATD to outperform industry peers." Lessard says the company's "in-store, fuel and loyalty initiatives, structural advantages, and potential Zabka synergies should support long-term DD% [double-digit percentage] EPS growth." He says that the Canadian c-store's diversified model remains resilient, with positive U.S. merchandise same-store sales growth and solid fuel profitability providing some offset. (adriano.marchese@wsj.com)

0707 ET - Brent crude is forecast to end the year at $100 a barrel, before falling back to $70 a barrel by the end of 2027, as the recovery in Middle East energy flows is now expected to be delayed, according to Capital Economics. Rather than returning to prewar levels during the second half, the current assumption is that the existing status quo will persist through the remainder of the year, with energy flows only normalizing in early 2027. This outlook implies further draws on global oil inventories over the coming months, although the pace of inventory declines is expected to slow compared with earlier in 2026, says David Oxley, chief commodities economist. Brent currently trades at $97 a barrel. (giulia.petroni@wsj.com)

0704 ET - Fitch Ratings maintains its "deteriorating" outlook on the global reinsurance sector for 2027. The rating agency expects further price declines--though less steep than those seen in 2026--due to ample capacity. Market conditions are likely to remain buyer-friendly, with fierce competition between reinsurers, as capital supply continues to outpace demand. As a result of this--as well as increased claims costs due to inflation pressures--there will be margin and revenue erosion in the sector, Fitch says. However, this won't be enough to affect the sector's strong capital position, Fitch adds. "Supportive investment returns and prior-year reserve releases are likely to mitigate the decline in sector profitability," says Fitch's Manuel Arrive. (michael.hennessey@wsj.com)

0624 ET - Gulf equity markets rebounded in August, with the MSCI GCC Index rising 3.9% and ending three consecutive months of declines, Kamco Invest says. The gain was the index's strongest monthly performance in seven months and came as regional geopolitical conditions stabilized and global equities advanced following a healthy earnings season. Saudi Arabia led the regional rally, while Qatar and Bahrain were among the markets that remained under pressure.