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

1902 ET [Dow Jones]--Investors are likely to become more bullish about Amplitude Energy's cash flow outlook as the East Coast Supply Project advances, signals Ord Minnett. Amplitude's decision to proceed with the ECSP follows success with the Juliet-1 well. Analyst Tim Elder views Amplitude's plan to drill the Nestor prospect as a sound decision because it makes best use of the available Transocean Equinox rig. The developments materially derisk Ord Minnett's forecast for 57% production growth by FY30. "We expect this should encourage investors to look more favorably on Amplitude's capacity to significantly grow free cash flow by FY29-30, even if there are some near-term risks to exploration (i.e. Nestor) and net debt will increase to A$300 million in FY27," Ord Minnett says. (david.winning@wsj.com; @dwinningWSJ)

1401 ET - Workday's workforce reduction is likely part of its effort to streamline its business, Deutsche Bank analysts say. The company is cutting 2.5% of its staff, primarily within its product and technology teams. The analysts believe the move was not intended to free up investment capacity for this year, since Workday reiterated its full-year guidance when it announced the layoffs. Instead, the cuts likely create some additional capacity for other investment priorities next year, the analysts say.(katherine.hamilton@wsj.com)

1230 ET - Qatar leads most major Gulf stocks lower on the last trading day of 3Q. Qatar's QE Index falls 0.7%, Abu Dhabi's benchmark index declines 0.6%, the Dubai Financial Market General Index loses 0.5% and Saudi Arabia's Tadawul All Share Index slips 0.1%. The declines cap a weak September for regional equities. The S&P GCC Composite Total Return Index falls 3.0% for the month and is essentially flat for 3Q, according to S&P Dow Jones Indices. The S&P GCC Investable Total Return Index loses 2.7% in September and gains 0.1% for the quarter. (farhan.rafid@wsj.com)

1127 ET - The egg market is oversupplied, putting downward pressure on wholesale prices, Cal-Maine CEO Sherman Miller says. "The key question is the timing of rebalancing," he says on a call with analysts. No one can be sure of that timeline, Miller says, but there are some early indicators worth watching. He says the number of egg-laying hens in the U.S. and the number of chick hatchings are both decreasing, citing recent data from the American Egg Board. "These indicators do not establish that the market will turn, but they provide important context on the potential direction of supply," Miller says. Cal-Maine shares fall 4.1% after the company swings to a loss in the latest quarter. (connor.hart@wsj.com)

0934 ET - Oil prices rebound as tensions in the Middle East remain high despite a recent pickup in exports that calmed supply fears. Brent crude November futures were up 0.9% to $103.52 a barrel, while the more-active December contract climbs 2.3% to $98.37 a barrel. Front-month West Texas Intermediate traded 1.8% higher at $90.99 a barrel. Brent is headed for a monthly ​gain of around 16%, while WTI is on track for a 9% rise. The U.K. Maritime Trade Operations said Wednesday that it received a report that a tanker transiting through the Strait of Hormuz was struck by an unknown projectile. Meanwhile, in Israel, Prime Minister Benjamin Netanyahu held an emergency meeting with security officials over the incident involving a FlyDubai flight that made an emergency landing in Saudi Arabia after one of the pilots was reportedly stabbed. (giulia.petroni@wsj.com)

0913 ET - Gold prices extend gains, but remain on track for a monthly loss of more than 6% as investors await U.S. inflation data for more cues on the Federal Reserve's interest-rate path. New York futures rise 1.6% to $4,245.20 a troy ounce. The rebound was supported by an easing dollar and falling U.S. Treasury yields after New York Fed President John Williams pushed back against expectations for an imminent follow-up Fed rate hike. "Attention now turns to September ADP employment and August personal spending and PCE inflation," says Fawad Razaqzada from Forex.com. "A stronger-than-expected core PCE reading could push October rate hike pricing higher again." (giulia.petroni@wsj.com)

0827 ET - Bitcoin's recent rise to a near eight-month high largely reflected exchange-traded funds inflows but demand is now thinning, CoinMarketCap's Alice Liu says in a note. "ETF buys are a major driver for the recent price rally above $87k, with over $2.4 billion inflows in within a week." However, eight straight sessions of inflows read as $999 million, $715 million, $347 million, $191 million, $135 million, then $31 million on Monday, she says. Bitcoin rises 0.2% to $83,807 after reaching a high of $87,315 on Sep. 21, according to LSEG. In the past three months it has strengthened 39%. CoinMarketCap expects it to reach $80,000-$95,000 by year-end if the Federal Reserve keeps interest rates unchanged. (renae.dyer@wsj.com)

0825 ET - Ethena's ENA token could rise to $2.00 by the end of 2028 from $0.26 at present as its yield-bearing stablecoin USDe scales up, Standard Chartered's Geoff Kendrick says in a note. "This would outpace our projected price gains for both ethereum and bitcoin," he says. USDe popularized yield-bearing stablecoins after its 2023 launch and was the fastest stablecoin to reach a $10 billion market capitalization, he says. Yield-bearing stablecoins represent 5% of the stablecoin market and this share should increase over time as users seek yield as well as stablecoin functionality, enabling Ethena to capture users and assets under management. As USDe scales, the revenue generated will dictate a sharp move higher in ENA, he says. (renae.dyer@wsj.com)

0757 ET - The effects of higher energy costs on Johnson Matthey should be contained, and the business is well placed for sustainable shareholder returns, Jefferies analysts Helena Xu and Marcus Dunford-Castro write. The chemicals firm produces catalytic converters for combustion engines, and higher energy prices accelerate the shift to electric vehicles. "We believe the risk to JMAT is contained, given its underweight exposure to China where the acceleration is likely most pronounced," the analysts write. Jefferies reiterates its buy rating on the stock and ups its price target to 26.60 pounds from 23.30 pounds. Shares are 1.7% higher at 24.20 pounds but are down 17% year to date. (joseph.wilkins@wsj.com)

0744 ET - KBC Group investors might be overly cautious by waiting for a single catalyst this year, Jefferies' Theo Massing and Joseph Dickerson write. Investor pushback against Jefferies' initiation of KBC coverage with a buy recommendation has focused on timing and not earnings risk, the analysts note. Investors broadly accept KBC has resilient earnings, a quality franchise and structural central and eastern Europe growth. Jefferies notes that it still prefers ABN AMRO Bank to KBC. "However, investors may be setting the bar too high by waiting for a single end-2026 catalyst," the analysts say. Jefferies has a target price of 155 euros on the stock. Shares are down 0.4% at 130.80 euros. (michael.hennessey@wsj.com)

0725 ET - Julius Baer Gruppe's valuation remains undemanding compared to the wider sector after the end of a probe by Switzerland's financial regulator, Citi's Nicholas Herman writes. The regulator, Finma, ended its enforcement proceedings on Tuesday, and the Swiss bank requested approval to restart share buybacks. "In our view, these are important catalysts, not only because they should allow the bank to deploy its significant surplus capital, but also because they provide a tangible signal that regulatory relations are improving," Citi says. Citi reiterates its buy stock recommendation and says the business should be more attractive to investors. Shares are down 1.2%. (michael.hennessey@wsj.com)

0721 ET - Markets price in over 80% chance of the Bank of England increasing interest rates in November as U.K. GDP data shows resilient growth. The latest quarterly GDP data shows U.K. economy expanded by 0.5% in the second quarter, better than the 0.4% consensus forecast by economists in a WSJ survey. This raises the possibility of the BOE increasing interest rates in the coming months, to tackle inflation. Investors fully price in a total of four BOE rate increases by July 2027, LSEG data show.