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

0705 GMT - South Korea's trade surplus could hit a monthly record in September on strong semiconductor exports, Citigroup's Jin-Wook Kim says. The economist expects the surplus to reach $42.70 billion, widening from the prior month's revised $34.79 billion and surpassing the previous record of $35.91 billion set in June. Semiconductor exports hit another record high in the first 20 days of September, with growth accelerating from the same period in August, Kim says. Citi forecasts the country's full-month exports to jump 68.4% from a year earlier and imports to rise 21.0% in September. Citi expects headline inflation to remain at 3.0% in September, following 3.1% in August. (kwanwoo.jun@wsj.com)

0657 GMT - Bitcoin remains elevated above $81,000 after reaching a two-and-a-half-week high overnight. Bitcoin is supported by stronger exchange traded fund inflows, positive regulatory developments and investors closing earlier bets against the cryptocurrency, Zaye Capital Markets analyst Naeem Aslam says in a note. The U.S. Securities and Exchange Commission has introduced a five-year exemption for platforms that facilitate trading tokenized stocks and other securities through blockchain technology. This could strengthen confidence in the wider blockchain ecosystem by reducing uncertainty around how institutional products and trading venues will operate, Aslam says. A more constructive U.S. tone ahead of talks with China could also improve risk appetite, he says. Bitcoin rises 0.5% to $81,520 after reaching as high as $82,050 overnight, LSEG data show. (renae.dyer@wsj.com)

0634 GMT - The dollar rises as it continues to receive support from expectations for further interest rate rises by the Federal Reserve. The Fed voted unanimously to raise rates by 25 bps last week and officials pencilled in at least one more increase by year-end. "Although further U.S. rate hikes had already been largely priced in and longer-term inflation expectations had remained stable near the Fed's inflation target, there apparently remained some doubt as to whether the central bank would actually be willing to raise rates sufficiently quickly and decisively," Commerzbank's Thu Lan Nguyen says in a note. The DXY dollar index rises 0.1% to 100.335 after reaching a seven-week high of 100.564 Friday.(renae.dyer@wsj.com)

0626 GMT - Kingboard Laminates' revenue is likely to be supported by stronger laminate average selling prices and new fiberglass yarn capacity, says DBS Group Research's Tsz Wang Tam in a note. Laminate average selling prices are likely to grow more than 30% in 2026, before rising a further 15% in 2027 and 10% in 2028, supported by artificial-intelligence yarn and fabric shortages, the analyst says. The analyst projects the copper-clad laminate producer's 2026-2027 top line to grow 23%-61%, while earnings are expected to gain 24%-179%. DBS starts its coverage with a buy rating and target price of 67.50 Hong Kong dollars. Shares are up 1.3% at HK$47.70. (megan.cheah@wsj.com)

0555 GMT - Despite its resilience, Hermes also faces industry challenges, including subdued Chinese demand environment over the summer, analysts at Bernstein write in a note. The luxury sector has been dealing with lower demand for luxuries in China, once a key growth driver for high-end brands. While the Birkin bag maker has been among the most resilient companies in the sector, it isn't immune to the broader trend, the brokerage says. "At current valuation levels Hermes is compelling for medium-term investors," they say.(andrea.figueras@wsj.com)

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.