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

1116 GMT - Barclays has reduced further upside due to higher competition for U.K. deposits and potentially increased cost pressures from 2027, BofA Securities analysts say. A higher U.S. interest-rate environment in the near term could also stifle fee income in the U.S. consumer business, the analysts add. "While we still appreciate the US capital markets optionality, particularly in the context of an AI-related capex cycle, [investment banking] incomes are lumpier by nature, and a higher IB revenue would likely drive costs higher as well," BofA says. BofA lowers its net interest income expectations by 1% for 2027 and 2028. It downgrades its recommendation for Barclays to neutral from buy and cuts the price target to 580 pence from 615 pence. Shares are down 3.5%. (michael.hennessey@wsj.com)

1102 GMT - Palm oil prices ended higher, thanks to strength in soybean oil prices and persistent concern over El Nino affecting long-term output, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The trader sees crude palm oil prices facing resistance at 4,850 ringgit a ton and finding support at 5,050 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery ended MYR79 higher at MYR4,973 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

1054 GMT - Bunzl's performance shows something of a return to form, Interactive Investor's Richard Hunter writes in a note. The U.K. distribution and services group's North American segment's return to strength is evident following the first-half results, he says. Additionally, the guidance raise should provide further relief, he adds. "Bunzl remains a well-run and generally well-regarded company which has identified and remedied its weakest areas." Shares are down 1.7% at 27.44 pounds. (najat.kantouar@wsj.com)

1028 GMT - Standard Life is likely to report negative equity for the first half of 2026 due to higher interest rates and equity markets, UBS analysts say. There will be further headwinds for the U.K. savings and retirement firm in the second half, the Swiss bank adds. "Although this does not pose a constraint to shareholder distributions, it could deter incremental generalist investor interest, in our view." The analysts still anticipate a 200 million pound buyback to be announced in November. However, expectations for higher total cash generation and increased shareholder returns over the coming years seem priced in, the analysts add. UBS lowers its recommendation on the stock to neutral from buy but increases the price target to 1,015 pence from 995 pence. Shares are down 2.9%, but up 24% year to date. (michael.hennessey@wsj.com)

1026 GMT - Bunzl's share buyback plan and outlook should reassure investors, Peel Hunt's Andrew Nussey writes in a note. The U.K. distribution and services group raised its full-year guidance and launched a new 500 million-pound buyback program. The company seems to handle volatile market conditions well, he says. Shares are down 0.9% at 27.66 pounds. (najat.kantouar@wsj.com)

1010 GMT - Bunzl's raised guidance should drive an upgrade to earnings per share consensus, Bernstein's Will Kirkness and Filippo Giardini write in a note. The U.K. distribution and services group launched a new 500 million-pound share buyback plan and said it now expects its full-year operating margin to be broadly flat. The analysts anticipate EPS consensus to move up in the low single digits. Shares are down 0.1% at 27.90 pounds. (najat.kantouar@wsj.com)

1007 GMT - Siemens's future fortunes are likely dependent on a clear acceleration in growth in its digital industries division, AlphaValue analyst Kulwinder Rajpal says in a note. Meanwhile, the anticipation of a recovery in the automation division is keeping the German conglomerate's valuation in check, while investors are also wondering about how margins in the electrification division will evolve, Rajpal says. Until growth in digital industries speeds up, Siemens's story is likely at a standstill, the analyst adds. Shares trade 1.8% lower at 280.6 euros. (nina.kienle@wsj.com)

1005 GMT - Reckitt Benckiser will move toward selling its infant nutrition division after the subsidiary won a bellwether U.S. court case, AJ Bell's Russ Mould writes. An Illinois jury unanimously found U.S.-based Mead Johnson should bear no liability for alleged connections between its Enfamil formula and severe bowel disease in premature babies. The ruling "could help clear the way to a sale which Reckitt has been pursuing for some time," Mould writes. A deal would conclude a damaging episode for Reckitt, Mould says. Shares in the U.K. consumer-goods group jump 4.2%, leading the FTSE 100. (josephmichael.stonor@wsj.com)

0952 GMT - China's travel spending remains a bright spot amid tepid consumer demand, according to BofA Securities in a research note. "More than half of the survey respondents took or booked more overnight trips than last summer," the bank says, citing its own survey. Travel demand was also led by higher-income households, pointing to an uneven recovery, BofA says. Higher airfares following the global energy shock prompted consumers to switch transport modes, choose closer destinations instead of abandoning the trips altogether, the bank says. (tracy.qu@wsj.com)

0944 GMT - Symrise has modestly improved its business portfolio by offloading its American terpene-ingredients maker, Mwb Research's Abed Jarad writes in a note to clients. The German ingredients group said Tuesday the divestment of AmeriTerpenes to private-equity firm Mutares, for an undisclosed sum, will sharpen its focus on growth areas. "It reduces exposure to a more commodity-like business while preserving supply continuity through long-term commercial agreements," Jarad says. Mwb keeps a hold rating and a 100-euro target on Symrise stock. Shares gain around 1.4% to 93.46 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0942 GMT - European natural gas prices rise as U.S.-Iran escalations spur supply fears, while demand remains elevated. The benchmark Dutch TTF contract jumps 2.4% to 71.52 euros a megawatt-hour in late morning European trade. While limited supply out of Qatar has pushed gas prices higher, the bigger reason behind the surge in TTF contracts is increased demand, UniCredit strategists write. "Market fears are growing that Europe is behind schedule with its gas restocking, which will likely lead to sustained high demand at least through the end of 2026," the strategists say. European gas inventories are at 65.09% capacity, around 12 percentage points below levels in August 2025, they note. (josephmichael.stonor@wsj.com)

0931 GMT - Chinese companies are still years away from producing chip-making machines that could rival ASML Holding's lithography equipment, UBS analysts write in a note to clients. The Dutch group supplies deep ultraviolet machines as well as its most advanced extreme ultraviolet systems that chip makers need to produce semiconductors. "Our base case continues to be that China won't achieve an EUV tool within the next 10 years; looking at patents, they seem to be at a similar stage to ASML in 2004," analysts say. As for less advanced DUV machines, they say it could take another two to five years before China can be competitive.