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

1123 GMT - On Holding can grow in key markets for sporting-goods companies, analysts at Berenberg say. There is scope for growth for the Swiss premium sportswear company in the U.S., a market that is far from saturation, they write in a research note. Furthermore, market forecasts show China leading sportswear growth to 2030, with On Holding being ideally positioned to benefit from the growth of the premium segment within this market, the analysts add. "Feedback from Chinese distributors corroborates this view and points to strong momentum at On," they add. Berenberg initiates coverage of the stock with a buy rating. (andrea.figueras@wsj.com)

1117 GMT - Cryptocurrencies could be big winners from a surprise Federal Reserve rate hold later this week, IG's Chris Beauchamp writes. The Fed is widely expected to raise rates Wednesday, with the market pricing a close to 90% likelihood of a quarter-point rise, according to LSEG. However, bitcoin and other digital currencies would likely rally if Fed chair Kevin Warsh manages an about-turn, Beauchamp says. A surprise hold would spur a rout in the dollar, which could in turn push bitcoin to challenge the $81,000 mark. Despite the expected hike, enthusiasm for crypto remains intact, the analyst says. Bitcoin rises 1.3% to $77,946.13.(josephmichael.stonor@wsj.com)

1117 GMT - Sporting-goods companies like Adidas, Puma and Nike are grappling with high competition in China where consumers prefer local brands, Citi analysts say, citing data from its Global Athletic Survey. There seems to be a growing relative preference for domestic brands in the region, the analysts write in a note. The survey also suggests a slightly improving economic backdrop in North America and Europe, with China broadly stable, the bank says. This points to consumers feeling relatively resilient after geopolitical events impacted sentiment last quarter, they add. (andrea.figueras@wsj.com)

1056 GMT - India's elevated August inflation data sets the scene for a rate hike in October, Shilan Shah of Capital Economics writes in a note. Further rises in inflation are expected, and the renewed surge in oil prices imply that the "risks are heavily stacked to the upside," Shah said. Fuel-price inflation held steady last month, but the renewed elevated energy prices due to the Middle East conflict leaves open the prospect of further pump price hikes, Shah adds. Excess banking liquidity and rising household inflation expectations also support the expectation that underlying inflation will rise over the coming months, Shah adds. CE expects a total of 75bps of hikes to the repo rate this cycle, taking it to 6.00% in the first half of 2027. (kimberley.kao@wsj.com)

1048 GMT - European luxury companies could have a difficult quarter, Jefferies analysts say in a note to clients. "The shaping up of luxury quarterly consensus expectations is proving an especially painful process this 3Q," they say. Concerns over a weakening Chinese demand backdrop and constrained access to the Middle Eastern travel hub are among the challenges that continue to drag on the industry, they say. The war in Iran is affecting both local demand and international tourism, as the Middle East is a key air connection point for Asian tourist flows to Europe, the analysts add. (andrea.figueras@wsj.com)

1037 GMT - Hermes has showed superior resilience and structural ability to outperform the broader industry, AlphaValue analyst Jie Zhang writes in a note. The French luxury-goods company has exceptional brand desirability and exposure to high-end customers, the analyst says. The challenging economic context and price increases in recent years have pushed some of so-called aspirational consumers away from luxury, Zhang says. "This structural shift clearly benefits Hermes given its particularly affluent and loyal customer base, which supports our view that the group should continue to outperform the sector," the analyst writes. However, even Hermes cannot be completely immune to lower industry traffic and weaker demand for luxuries, she adds. The stock trades 1.2% higher. (andrea.figueras@wsj.com)

1027 GMT - Brunello Cucinelli's ability to outgrow the broader luxury sector has increased following the latest results, Citi's Alberto Cecchetto and Thomas Chauvet say. The Italian high-end fashion company was the fastest-growing European soft luxury company in the second quarter, with July trends reportedly continuing along a similarly positive trajectory, the analysts write in a research note. "Revenue outperformance is increasingly well established," they say. The analysts expect measured margin progression and stronger FCF conversion. The bank reiterates its buy recommendation on the stock. Shares are down 0.1%. (andrea.figueras@wsj.com)

1023 GMT - Indonesia's new Finance Minister Suahasil Nazara will need to be much clearer about his priorities and provide investors with more consistent signals on fiscal policy, Capital Economics' Gareth Leather says in a note. Nazara replaces Purbaya Yudhi Sadewa, whose tenure was marked by mixed messages on fiscal policy and appeared to undermine the independence of Bank Indonesia. Early signs are encouraging as after Nazara's appointment, he has stressed his commitment to Indonesia's fiscal rules. Nazara's six years as deputy finance minister mean he brings considerable experience and is clearly not simply a political appointee, the economist says.(amanda.lee@wsj.com)

0920 GMT - Shares in U.K. home builders drop after Housing Secretary Angela Rayner said there is only a "slim chance" that the government will reach its target of building 1.5 million new houses in England before the next general election. Rayner said during an interview on the BBC that Prime Minister Andy Burnham's focus was now on building council houses. The secretary said the target had been affected by "headwinds" including the conflict in the Middle East. Crest Nicholson shares are down 1.9% and Barratt Redrow is down 1.6%. Vistry and Berkeley are both down 0.9%. (anthony.orunagoriainoff@dowjones.com)

0913 GMT - GSK's new data for lung-cancer drug Jideytro shows a competitive profile for a potential label expansion next year, analysts at J.P. Morgan say in a research note. The U.K. drugmaker said Jideytro helped delay the progression of the disease for a year for 90% of patients with a type of advanced lung cancer in a clinical trial, and that it would seek a label expansion based on the data. "Efficacy looks competitive with Nuvation's Ibtrozi with a stronger 12 month [progression free survival] rate," the analysts say. The data support JPM's peak sales estimate for the drug of 900 million pounds. Investors' focus turns toward the launch trajectory for Jideytro as a second-line treatment ahead of a potential expansion to first line in the second half of 2027, the analysts say. Shares rise 3.5%. (adria.calatayud@wsj.com)

0913 GMT - Safety warnings about artificial intelligence could signal the end of precipitous growth in compute and AI infrastructure investments, XTB's Kathleen Brooks writes. Leaders of Anthropic, OpenAI and SpaceX all called for a slowdown in AI model development, "a highly unusual unified message," Brooks writes. The call could signal an end to hyperscaling, which would have massive repercussions for financial markets, Brooks says. Over half of the sectors that constitute the S&P 500 are linked to AI, while hyperscalers make up a third of the weighting of the blue-chip index, Brooks notes. S&P 500 futures fall 0.7%, while futures for the tech-heavy Nasdaq drop 1.75%. (josephmichael.stonor@wsj.com)

0843 GMT - A slowdown in the development of artificial-intelligence models brings credit risk into the AI market narrative, Swissquote's Ipek Ozkardeskaya writes. Long-term financial commitments for data-center capacity and power could come under strain if the demand for such infrastructure isn't as high as anticipated, the analyst says. "If the AI race slows materially, the key question becomes: who pays for all that infrastructure?" Ozkardeskaya writes. "The leases, debt and power commitments remain even if expected compute demand and revenue growth slow." AI's central role in driving stocks higher and boosting productivity leaves markets vulnerable to any downturn in sentiment, Ozkardeskaya adds. Nasdaq futures fall 1.65%.