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

0900 GMT - Malaysia's telecommunications sector is expected to see improvement in core EPS sequentially in 3Q, supported by seasonality, mobile monetization and fiber connectivity demand, CIMB Securities analyst Choong Chen Foong says in a note. The outlook remains supported by a potential review of telecom access prices. This is likely to begin in September or October and conclude by December or January 2027, he notes. The transfer of shares in Malaysia's state-backed 5G infrastructure firm Digital Nasional from the Ministry of Finance to Maxis, CelcomDigi and YTL Power International could be completed by end-3Q, providing greater clarity on DNB's net losses and the telcos' plans to mitigate the impact on earnings over the next two to three years, he adds. CIMB maintains an overweight rating on the sector.(yingxian.wong@wsj.com)

0815 GMT - Venezuela crude oil production isn't expected to return to pre-2018 levels of above 2 million barrels a day over the next few years, despite renewed interest from U.S. and European oil companies, Goldman Sachs says. Production stood at around 1.1 million barrels a day in July, while crude and condensate exports have risen 400,000 barrels a day year-on-year, with the U.S. overtaking China as the largest buyer. Chevron and Eni are among the companies expected to expand operations, supporting a gradual increase in output. However, significant infrastructure damage and an unreliable power grid remain major constraints, making a rapid recovery difficult and costly, analysts at the U.S. bank say. (giulia.petroni@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)

0800 GMT - Furukawa Electric's earnings are likely to be boosted by cooling products used at data centers, Jefferies analysts say in a note. As artificial-intelligence servers consume more power, cold plates and liquid-cooling systems are likely to drive earnings growth in the coming years, the U.S. bank says. Jefferies forecasts operating profit to grow 37% annually over the four years ending March 2030. The bank raises its target price for Furukawa to 10,500 yen from Y9,000 and maintains a buy rating on the stock. Shares close 3.7% lower at Y3,613. (kosaku.narioka@wsj.com; @kosakunarioka)

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)

0728 GMT - Shares in U.K. home builders fall after Crest Nicholson issues a profit warning on lower sales. The company said market conditions had been more subdued than expected during the summer period, while competitive pricing and affordability constraints continued to weigh on open market sales rates. It cut sales guidance for the year to 1,350-1,400 home completions from 1,400-1,500, and now expects a loss before interest and taxes of around 10 million pounds compared with previous EBIT guidance of 5 million to 10 million pounds. Crest Nicholson shares are down 12%, with Vistry falling 3.7% and Bellway slipping 2.1%.(anthony.orunagoriainoff@dowjones.com)

0717 GMT - European indexes are largely unmoved in muted early trade. Media and healthcare stocks rise as the Stoxx 600 nudges 0.05% higher. Germany's DAX rises 0.1%. Deutsche Telekom leads the index, up 1.55% on a report that activist investment group Elliott Investment Management took a stake in the company. In Paris, the CAC 40 edges 0.1% lower as luxury stocks slip, with LVMH falling 1%. London's FTSE 100 is flat as miners nudge higher after recent losses, though financial services groups fall--led by a 2.45% decline for M&G. Italy's FTSE MIB is flat. The Spanish IBEX 35 rises 0.3% as steel group Acerinox jumps 2.3%. The Dutch AEX is flat.(josephmichael.stonor@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. (dominic.chopping@wsj.com)

0658 GMT - Barclays is undervalued as the bank's stock has fallen 6.2% over the past month and hasn't recovered from a decline after second-quarter results, Berenberg's Michael Christodoulou says. Two-year forward consensus earnings per share estimates have remained broadly the same during the period, while the operating performance of the London-listed company continues to improve, Berenberg notes. The investment bank's returns are set to continue to rise due to revenue and cost initiatives, while the U.K. corporate bank has room to grow. Berenberg maintains its buy recommendation on the stock with a price target of 620 pence. Barclays shares closed at 483.35 pence on Wednesday.