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

0900 ET - Canadian dairy company Saputo could see a muted impact relative to other peers under President Trump's expanded tariffs on Canadian dairy products. Cross-border specialty-cheese exporters from, for instance, Quebec, could face immediate pressure from tariffs--but Saputo's extensive U.S. manufacturing footprint offers a potential structural buffer. The company operates numerous processing facilities across the U.S. and is one of the top producers of cheese as well as of extended shelf-life and cultured dairy products. Saputo generated over half of its revenue in the U.S. in its most recent quarter, and as a result, it could bypass the worst of the tariff pressure. Still, lingering trade friction complicates regional distribution and adds volatility across its broader supply chain. (adriano.marchese@wsj.com)

0900 ET - Canadian dairy company Saputo could see a muted impact relative to other peers under President Trump's expanded tariffs on Canadian dairy products. Cross-border specialty-cheese exporters from, for instance, Quebec, could face immediate pressure from tariffs--but Saputo's extensive U.S. manufacturing footprint offers a potential structural buffer. The company operates numerous processing facilities across the U.S. and is one of the top producers of cheese as well as of extended shelf-life and cultured dairy products. Saputo generated over half of its revenue in the U.S. in its most recent quarter, and as a result, it could bypass the worst of the tariff pressure. Still, lingering trade friction complicates regional distribution and adds volatility across its broader supply chain. (adriano.marchese@wsj.com)

0854 ET - Sandoz Group plans a major expansion of its biosimilar-drug portfolio over the coming decade and a half, but this effort will initially rely on external assets, J.P. Morgan analysts say in a research note. The Swiss maker of generic drugs on Tuesday set out plans to increase the number of biosimilars--copycat versions ofbiologic drugs--in its portfolio to 100 by 2030 from 13 currently. "Post 2035, the company aims to focus on in-house development, but through to the end of the decade expansion in the biosimilar opportunity will primarily be realized through additional partnerships, while a combination of approaches will be pursued from 2030-35," the analysts say. Sandoz shares fall 1.3%. (adria.calatayud@wsj.com)

0850 ET - Sanofi's results from a midstage study for a new asthma drug look positive, but more data will be needed to establish whether the medicine has a differentiated profile relative to a rival treatment, Citi analysts say in a research note. Results presented by the French drugmaker at a medical conference show its experimental lunsekimig asthma drug achieved a clinical benefit in a midstage study, but a late-stage trial will be needed to determine whether it beats AstraZeneca's Tezspire, the analysts say. Citi estimates lunsekimig could reach annual sales of 1.8 billion euros at its peak across asthma and chronic obstructive pulmonary disease. Sanofi shares fall 1.1%. (adria.calatayud@wsj.com)

0848 ET - Energean delivered a strong operational recovery in Israel and is advancing the offshore Katlan field, Peel Hunt analysts write. Resilient cash generation and Katlan will help the London-listed energy company deliver its 2026 targets and set it up for future growth, the analysts write. Shares rise 8.3% to 857 pence. (adam.whittaker@wsj.com)

0847 ET - Fortum's nuclear power deal with Google could have favorable implications not only for the Nordic energy company's valuation, but also the European data-center buildout story, Citi analyst Piotr Dzieciolowski writes. The deal has a long duration, is material in size, and looks to be priced at a substantial premium to current expected future wholesale prices, he says. Fortum and Google signed a 22-year power purchase agreement for 50% of the Loviisa nuclear power plant's capacity. The agreement will start in 2028 and will reach 50% of the Loviisa power plant's capacity in 2030-49. The volume linked to the deal is above 4 terawatt hours, which is about 9% of Fortum's current portfolio and 5% of Finnish demand, Citi adds. Shares rise 14%. (dominic.chopping@wsj.com)

0831 ET - Signet just reported "another sparkle qtr," as Jefferies analysts call it. "Sales came in line, EPS beat, but the quality of the quarter is what stands out," the analysts say, pointing to comparable sales growth across each of the company's fine jewelry brands and cost discipline efforts that are driving bottom line improvement ahead of plan. They also highlight the company's confident setup into the holiday season. "Execution is compounding rather than one-off," they say. Signet rallies 10% premarket.(kelly.cloonan@wsj.com)

0828 ET - AstraZeneca reported blowout data for its new chronic obstructive pulmonary disease drug, which support sales expectations sharply above current consensus estimates, Citi analysts say in a research note. Full study results from the U.K. pharmaceutical company for its tozorakimab point to potential for a broad use across all populations of COPD patients, the analysts say. Tozorakimab also achieved better data for the subgroup of patients for which Sanofi and Regeneron's Dupixent and GSK's Nucala are approved, they add. As a result, Citi says the data support potential peak sales for tozorakimab of at least its estimate of $7 billion, or roughly double what the current consensus estimate for the drug projects. AstraZeneca shares fall 1.1%. (adria.calatayud@wsj.com)

0818 ET - BRP once again finds itself in the crossfire of U.S-Canada trade tensions. President Trump modified the scope of some existing tariffs on Canada, and has now imposed 50% levies on some all-terrain vehicles and boats. BRP manufactures Can-Am ATVs and its popular personal watercraft Sea-Doo, which includes the Sea-Doo Switch pontoon boat lineup. The U.S. represents BRP's largest market, where it generates more than half of its annual revenue. The company recently said full-year net exposure is expected at C$200 million, down from earlier estimates, but BRP's tariff situation remains a complex headwind, and the continuing back-and-forth between the two neighbors adds further operational uncertainty. (adriano.marchese@wsj.com)

0811 ET - Jersey Mike's Subs says it continues to grow its customer base, reporting a 2.3% increase in same-store sales during the latest quarter. The increase was largely driven by transaction growth, says CEO Charlie Morrison, who notes the trend is particularly encouraging given challenged traffic trends across the industry as of late. "That acceleration has continued into the third quarter," he adds. However, the New Jersey-born chain didn't specify in which demographics it continues to win over customers. Jersey Mike's largely caters to well-to-do, older consumers, WSJ reported earlier this month. And to keep its growth engine running, the sandwich chain will have to start winning over Gen Z customers sooner rather than later. (connor.hart@wsj.com)

0734 ET - U.A.E. banks remain well positioned to absorb potential capital outflows despite elevated regional geopolitical risks, S&P Global Ratings says. The banking system held about $247 billion in net external assets at the end of June, equivalent to roughly 42% of domestic loans and the strongest position among GCC banking systems. A large and diversified domestic deposit base and high-quality liquid assets provide an additional buffer, while banks' direct credit exposure to sectors most vulnerable to the conflict remains limited, S&P says. (farhan.rafid@wsj.com)

0728 ET - U.S. stock futures fall into the red and losses for European equities deepen, as Brent crude's rise above $100 a barrel drags market sentiment. The Dow Jones Industrial Average continues Tuesday's pattern to lead the losses, with futures for the index shedding 207 points or 0.6%. S&P 500 futures fall 0.35% while Nasdaq futures slip 0.45%, after both indexes began the European trading day in positive territory. In energy-sensitive Europe, stock indexes are on pace to hand back more than a month's worth of gains. The Stoxx 600 drops 1.45% to lows not seen since July. The index is on course for its sharpest daily fall since July 8.