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

0204 GMT - Price increases in Japan are expected to gain full momentum in the coming months across a wide range of items, including food and daily necessities, says NLI Research Institute economist Taro Saito. As the effects of utility subsidies fade, growth in consumer prices excluding fresh food is likely to accelerate above 2% in October and reach 3% toward the end of the fiscal year in March 2027, he adds. The core measure climbed 1.7% on year in August, vs. July's 1.8% increase, Friday's data showed. The Bank of Japan is widely expected to raise rates to 1.25% later in the day, with economists and investors projecting at least one more hike to come by the year's end.(megumi.fujikawa@wsj.com)

0153 GMT - Potential initial public offerings of artificial intelligence companies such as DeepSeek and Anthropic could create near-term liquidity headwinds for already-listed AI names like Z.AI, says UOB Kay Hian's Julia Pan in a note. The new listings could divert investor capital away from existing listed names as investors reassess relative growth, monetization and valuations, the analyst says. Still, the near-term dilution could be offset by a stronger valuation read-through from these potential IPOs, she adds. She notes Anthropic is targeting a potential valuation of up to $2 trillion, equivalent to around 20X its estimated $100 billion 2026 annualized revenue run rate, versus Z.AI's roughly 18X. A successful IPO at Anthropic's valuation could establish a higher valuation benchmark and support a broader sector rerating, she adds.(megan.cheah@wsj.com)

0146 GMT - Malaysia's consumer spending in 2H could remain skewed toward essentials and value-for-money purchases, CIMB Securities analyst Walter Aw Lik Hsin says in a note. Spending should be supported by inelastic demand, government assistance such as cash handouts, and a potential minimum-wage increase, he says. Discretionary spending is likely to remain subdued, with any recovery concentrated in semiessential, lower-priced categories as consumers continue to trade down, he reckons. Aw thinks defensive, mass-market names are positioned to benefit from essential spending and consumer downtrading, with affordability the key theme for 2H. CIMB maintains its neutral rating on Malaysia's consumer sector, pegging QL Resources, Empire Premium Food, Life Water and Nestle (Malaysia) as its top picks. (yingxian.wong@wsj.com)

0125 GMT - Malaysia's Budget 2027 is likely to emphasize targeted spending and resource reallocation, given limited fiscal room, says AmInvestment Bank analyst Paul Yap Ee Xing in a note. With oil prices above $100 a barrel and the fuel subsidy bill potentially rising to around 40 billion ringgit from the budgeted 15 billion ringgit, broad-based stimulus is likely to be constrained, he says. The Budget may focus on targeted cost-of-living measures and infrastructure spending while maintaining fiscal discipline, he reckons. Yap continues to favor consumer-related stocks, like 99 Speed Mart Retail. Investors should watch for potential labor-cost pressures from a minimum-wage review and identify companies that could benefit from government spending, he adds. (yingxian.wong@wsj.com)

0115 GMT - The U.S. rate increase could have minimal impact on Malaysia's semiconductor sector, as strong artificial-intelligence-related investment, data-center expansion and the broader semiconductor growth cycle continue to support demand, TA Securities analyst Chan Mun Chun says in a note. Tighter monetary policy could weigh on valuations, particularly for stocks trading at high multiples, although a stronger dollar could support earnings at export-oriented companies with dollar-denominated revenue, he says. The sector's recovery could remain uneven, with growth led by integrated-circuit design, optoelectronics and semiconductor packaging and testing. Companies exposed to AI and data centers should benefit, while those reliant on PCs and smartphones could face pressure from higher memory costs, he adds. TA Securities maintains a neutral rating on Malaysia's semiconductor sector, pegging Dagang NeXchange as its top pick. (yingxian.wong@wsj.com)

0011 GMT - Japanese stocks are higher in early trade after a fall in crude oil prices amid eased fears about Middle Eastern supplies. Chip-related stocks are leading the gains. Lasertec is up 5.3% and Advantest is 3.9% higher. The dollar is at 156.15 yen, compared with Y155.58 as of Thursday's Tokyo stock market close. Investors are closely watching developments in the Iran conflict and the Bank of Japan's rate decision later Friday. The Nikkei Stock Average is up 0.8% at 64646.49. (kosaku.narioka@wsj.com; @kosakunarioka)

2350 GMT - Japanese stocks might rise as crude oil declined overnight amid easing concerns about Middle Eastern supplies. Nikkei futures are up 0.9% at 64795 on the SGX. The dollar is at 156.03 yen, compared with Y155.58 as of Thursday's Tokyo stock market close. Investors are focusing on developments in the Iran conflict as well as the Bank of Japan's rate decision due later Friday. The Nikkei Stock Average rose 0.3% to 64136.25 on Thursday. (kosaku.narioka@wsj.com)

2316 GMT - Australian stocks look set to rise at the open, following a positive lead by major U.S. indices. ASX futures are up by 0.5% ahead of Friday's session, suggesting that the S&P/ASX 200 will extend its rally from a three-month earlier this week. The benchmark index added 0.7% across the past two sessions but remains 0.1% lower so far this week, putting it on track for a third straight weekly decline. The S&P 500 and Nasdaq Composite posted their biggest one-day gains in six weeks on a rally by technology stocks. The Nasdaq gained 1.7%, the S&P 500 rose 1.1%, and the Dow Jones Industrial Average added 0.6% as investors temporarily set aside worries over rising interest rates and inflation. (stuart.condie@wsj.com)

2100 GMT - The Federal Reserve raising interest rates by a quarter of a point will have more of an impact on regional banks than big global ones, UBS analysts say in a research note. Shareholders are going to be keenly focused on deposit growth and pricing dynamics at regional banks, which are underperforming the bigger banks, the analysts say. Even with no discernable shift in tone on deposit competition at this week's global bank conference, banks are expected to have higher deposit costs in 3Q from having to pay customers higher interest on their savings, they say. The analysts have preferred major global banks to regionals all year and the rate outlook supports that stance, they say. (dean.seal@wsj.com)

2049 GMT - Rising secondary deal activity involving private market-fund stakes is driving the establishment of strategies to focus on specific asset classes such as private credit and infrastructure, as opposed to the generalist secondary funds that investment firms favored in the past, according to Christine Patrinos, a partner at Monument Group. She co-leads the Boston-based advisory firm's secondaries team. "In general across the industry we are seeing some more specialization and we expect that to continue," she says during a discussion with reporters. Private-market investor HarbourVest Partners, for one, as of earlier this month had raised $2.4 billion for a new strategy focused on private-credit secondaries. Patrinos adds that large secondary fund managers increasingly are introducing evergreen vehicles tailored to wealthy individuals and that "some of those strategies are also now becoming specialized." (luis.garcia@wsj.com; @lhvgarcia)

1855 GMT - In a restaurant industry that's highly promotional, Cava stands out as a player with broad-based strength across the sector, including geographies and income cohorts--with outsized growth among lower-income customers, according to William Blair in a note. Analysts Sharon Zackfia and Tania Anderson say customers are flocking to the fast-casual Mediterranean chain for its everyday value, helping it post better-than-expected 9% 2Q comparable sales growth, the majority of which came from a traffic boost. Cava has underpriced inflation since 2019, they add. What's more, they say "new unit productivity remains stellar, with new unit sales at or greater than the systemwide average across all geographies, formats, and markets." They say it suggests Cava has the opportunity to become a much larger brand versus its nearly 480 units today. (kelly.cloonan@wsj.com)

1823 GMT - Palantir CEO Alex Karp isn't bullish on the prospect of President Trump and President Xi agreeing on shared AI risks. "I would love it if it happened," Karp says on CNBC. "The problem is, we're tight enough as competitors that both sides believe they could win." He adds that a framework of joint U.S.-China control over AI would "change the world."