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

0551 GMT - Volkswagen's recent agreement to further cost cuts was a positive surprise, but the next steps will prove much harder, Bernstein analysts write. VW group last week slashed guidance due to around 9 billion euros of fresh charges. The German carmaker now expects a 2026 operating return on sales of up to 1%, against previous guidance of 4.0%-5.5%. The bank says it isn't hard to place a much higher valuation on VW group assets than the current stock price, with VW's 75% stake in Porsche AG worth 31 billion euros at the close on Friday versus VW group's then 38 billion euro market capitalization. There are also some positive signs with VW's new vehicle platform and EVs, the bank adds. "But we are a long ways from fixing decades of cost build up and strategic mistakes." (dominic.chopping@wsj.com)

0545 GMT - Weather phenomenon El Nino is starting to make its mark on agriculture production, with the peak of the impact expected in the first quarter of 2027, analysts at J.P. Morgan say in a note. El Nino in 2026 has been intensifying rapidly, and the analysts say that risk premiums could evolve across exposed agriculture commodity prices through the end of the year and start of next year. More clarity will come when harvests ramp up, as the hit on production comes to light, they say. (aimee.look@wsj.com)

0543 GMT - Suntec REIT's plans to launch formal sales of its Australian properties could help reduce the earnings drag from higher-cost borrowings in Australia, but the strategic review needs more clarity, Jefferies analysts Wilson Ng and Geraldine Wong say in a note. The REIT's pivot toward Singapore and commitment to enhancing unitholder returns through capital-recycling opportunities, particularly involving 9 Penang Road and One Raffles Quay, are welcome moves, the analysts say. Jefferies maintains its hold rating on the REIT with a target price of 1.60 Singapore dollars. Units are down 0.7% at S$1.37. (venkat.pr@wsj.com)

0533 GMT - A proposed Portuguese solidarity tax on energy profits is a headwind for the oil and gas company Galp Energia, Berenberg analysts write. The windfall tax could see a 33% levy on 2026 Portuguese profits that are more than 20% above the average of 2024 and 2025, and would likely include Galp's refining and commercial profits, they say. The analysts expect the incremental tax exposure to be around 240 million euros. However, there is considerable uncertainty around this figure as the exact structure of the tax is yet to be outlined, they say. The tax isn't expected to effect the downstream merger with Moeve, they add.(adam.whittaker@wsj.com)

1108 GMT - The average U.K. house price rose 0.7% to 367,440 pounds in September, the first monthly increase since May, after a subdued and distracted summer, says Rightmove. The property website says the number of homes for sale is at a 12-year high, while the number of buyers enquiring across the market is 9% lower than this time last year. "With a large crowd of sellers chasing a smaller number of buyers, realism on pricing or a high-quality finish are absolutely key to attracting a buyer and making a sale," Colleen Babcock, Rightmove property expert, says. A home on the market for sale has a 61% chance of successfully finding a buyer at present, Rightmove adds. (joseph.wilkins@wsj.com)

0519 GMT - Galp Energia's refining unit will post a much higher quarter-on-quarter profit as it benefits from elevated product cracks, Berenberg analysts write ahead of the Portuguese energy company's third-quarter results. Product cracks measure the profit margin from turning crude into petroleum products. The analysts hike their Ebitda expectations for the unit by 170% to 405 million euros and see it as a key cash flow driver. They increase their 2026 cash flow from operations estimate by 44%. Higher cash flow generation should also allow an increase in buybacks in 2027, they say.(adam.whittaker@wsj.com)

0518 GMT - The Australian government's recent changes to immigration policy, aimed at curbing net overseas migration, are likely to have a modest impact on the country's real estate investment trusts, Moody's Ratings says in a commentary. The announced measures will slow the pace of population growth and modestly reduce the incremental commercial real estate required to support that growth over the next two years, it says. However, development supply across most real-estate sectors remains constrained. Higher construction costs and land prices, labor cost pressures, and higher financing costs are weighing on property supply, it says. New supply will likely remain 20%-50% below historical levels across the office, retail and industrial property sectors through to 2030, it adds. (monica.gupta@wsj.com)

0509 GMT - Indonesia's colocation data-center capacity is expected to grow six times between 2026 and 2030, even after accounting for potential construction delays, Nomura analyst Ahmad Maghfur Usman says in a note. The bank initiates coverage of Total Bangun Persada at buy with a target price of 2,000 rupiah. The analyst says DCI Indonesia and unlisted Digital Edge have already started a major building phase and are expected to control 46% of the 4.8 gigawatts of planned capacity after 2030. Shares of Total Bangun Persada are up 3.6% at 1,600 rupiah, while DCI is flat at 202,000 rupiah.