The latest Market Talks covering the Auto and Transport sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1603 GMT [Dow Jones]--BRP continues to drive sales and gain market share despite tariffs throwing a wrench in the mix. The Canadian Sea-Doo and Ski-Doo manufacturer handily beat Street estimates across the board in 2Q, and Citi analyst James Hardiman notes that total sales of C$2.24 billion grew 19%, more than double consensus expectations, driven by a 33% surge in Year-Round products. This supports a North American retail momentum that grew 1%. The analyst notes the "massive tariff burden," which contracted normalized Ebitda to C$139 million, but above an expected C$97 million. While BRP raised full-year guidance, Hardiman says it is still unclear "how much of a role the everchanging tariff landscape" affects outlook. (adriano.marchese@wsj.com)

1522 GMT - BRP's tariff situation remains a complex headwind, but operational adaptations and target rate relief are reducing the financial burden. Full-year net exposure is now expected at C$200 million, down from earlier estimates. The Ski-Doo and Sea-Doo maker says Section 232 ATV duties dropped to 15% from 25%, and BRP strategically engineered new utility models that avoid those tariffs entirely. However, new Section 338 duties impose a 50% tariff on BRP's Canadian-made Spyder 3-wheelers. Because most fiscal 2027 units were shipped to the U.S. before enforcement took effect, "we'll have an impact next year," CFO Sebastien Martel says. (adriano.marchese@wsj.com)

1244 GMT -- BRP is navigating U.S. tariffs better than expected, and outlook is getting a boost for it. TD Cowen's Brian Morrison says 2Q Ebitda and EPS "handily exceeded consensus on Utility SxS [side-by-side] strength/market share gains and initial benefits from reduced S232 ATV tariffs." With the Canadian leisure-craft maker upgrading its guidance for the year, the analyst says this could imply that the company has been able to mitigate or increase compliance of its products on the market with respects to U.S. tariffs. Meanwhile, the market continues to be healthy, with demand for utility side-by-sides on the rise. "BRP appears to be gaining market share across segments, and appears to have limited its tariff exposure relative to prior expectations," Morrison adds. (adriano.marchese@wsj.com)

1137 GMT - 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)

1107 GMT - 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)

0953 GMT - Jet2's trading performance looks solid with a somewhat encouraging outlook, Davy Research's Ava Costello and Stephen Furlong say. Davy previously forecast operating profit of 277 million pounds and 473 million pounds for fiscal 2027 and 2028, respectively, ahead of the consensus of around 258 million pounds and 400 million pounds. The analysts say Davy is likely to move its outlook downward toward the consensus due to higher fuel prices. Davy has a neutral recommendation on the stock with a price target of 12.60 pounds. Shares are up 2.6% at 14.95 pounds. (michael.hennessey@wsj.com)

0811 GMT - Persian Gulf oil flows appear higher than visible data suggest, although exports remain well below pre-war levels, according to Goldman Sachs. Accounting for "dark" tanker crossings, total Gulf exports are estimated at 15 million-16 million barrels a day, around two-thirds of pre-war levels, compared with visible flows of about 10 million barrels a day. The upward revision over the past two weeks appears to reflect more tankers transiting the Strait of Hormuz with tracking system signals switched off, analysts at the bank say. However, Red Sea flows have fallen by 4.5 million barrels a day in August as Saudi Arabia redirected shipments from Yanbu to eastern ports amid Houthi-related security concerns, Goldman data shows. (giulia.petroni@wsj.com)

0754 GMT - Volkswagen has no easy way out, either it cuts costs or loses market share, Citi analysts write. The bank says it is not the company that has made German plants unviable, rather it is decades of negligent German industrial/energy policy, negligent EU/China trade policies and EU carbon-dioxide policies, combined with assertive China auto industry subsidies and exports. If anything, Volkswagen's global business has been subsidizing uncompetitive German plants for too long, it adds. From a capital-structure view, Citi says Volkswagen could perhaps spin off its German core business and allow the Audi, Porsche, Traton and Finco businesses to stand alone. The bank adds that the current predicament highlights the importance of EU industry protection. Shares fall 1.1%. (dominic.chopping@wsj.com)

0742 GMT - Thailand's tourism stocks likely have limited near-term catalysts, DBS Group Research analysts say in a note. Shares are expected to remain mainly driven by company-specific earnings momentum, rather than a broad-based recovery in tourism sentiment. Recovery in tourism is slow, with monthly figures largely fluctuating in July and August. However, Thai tourism operators' earnings shouldn't be hit badly even if foreign arrivals decline. This is due to companies' more diverse customer base and flexible pricing strategies, DBS says. It continues to favor Airports of Thailand, Central Plaza Hotel and Erawan Group, which offer relatively strong operating trends and earnings visibility. (amanda.lee@wsj.com)

0740 GMT - Tiong Woon Corp. is likely to benefit from various construction- and infrastructure-focused nation-building plans in Southeast Asia and the Middle East, say CGS International analysts in a note. The Singapore heavy lift and haulage company has a strong regional track record and is vying for more integrated heavy lift projects, such as in the semiconductor, data center and petrochemical sectors, which should deliver improved margins, they say. Still, the analysts cut their FY 2027-FY 2028 earnings-per-share projections by 2%-10% on more conservative fleet utilization estimates. CGSI raises its target price to 1.33 Singapore dollars from S$1.29 and reiterates its add rating. Shares fall 0.5% to S$0.96. (megan.cheah@wsj.com)

0729 GMT - Oil prices fall in early European trading despite concerns that the U.S.-Iran war could drag for much longer following renewed military strikes between the two sides this week. Brent crude futures fall 0.7% to $94.91 a barrel, while WTI is down 0.7% to $90.37 a barrel. Both benchmarks settled higher in the previous trading session, with Brent climbing above $95. "Shipping markets now price a 'no-Mideast-deal' status quo for longer," analysts at Goldman Sachs say. "However, increasing market adaptability to the conflict, including a rise in dark transits and the price sensitivity of China crude imports, will likely continue to moderate the upside to crude prices, even in the case of prolonged disruptions in the Middle East." (giulia.petroni@wsj.com)

0711 GMT - Aston Martin's eight-year stay in London's midcap FTSE 250 index is coming to an end. The FTSE 250 comprises the 101st to the 350th most highly capitalized companies listed on the London Stock Exchange. The luxury car maker joined the index at the end of 2018, months after its IPO. Its shares are down 18% over past three months and 46% lower over the year to date. The company's removal from the index comes as part of index provider FTSE Russell's quarterly index rebalancing, and will be implemented at the close of business on Sep. 18. Aston Martin shares fall 1.7% to 33.78 pence.