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

0302 GMT - China Merchants Port's pricing power could be strengthened by tight capacity at key terminals, say DBS Group Research analysts in a note. The Chinese port operator's terminals in China are close to being fully used. Tight capacity at Chinese ports could support favorable tariff negotiations from 2027, the analysts say, citing management. The analysts expect a 2.0%-3.0% average tariff increase at the Chinese terminals from next year, compared with recent 1.0%-2.0% increases. They raise their 2027 revenue and net profit projections by 1.0%-2.0%. Meanwhile, China Merchants' moves to optimize its portfolio could be a rerating opportunity for the stock. DBS maintains its buy rating and 20.00 Hong Kong dollar target price. Shares rise 0.8% to HK$16.39. (megan.cheah@wsj.com)

0243 GMT - Askul needs to deliver tangible earnings growth to validate its recovery story from a ransomware incident in October last year, Jefferies analyst Hiroko Sato says in a note. The company posted 1Q net loss on Tuesday. As part of its margin improvement initiatives, the company opened a logistics center in Taicang, China, in January, to reduce logistics costs, Sato says. In Japan, Askul is expanding shipping hubs and reorganizing its logistics network around Tokyo to improve operational efficiency, she says. Artificial-intelligence implementation in sales and marketing remains a key focus, she says. Jefferies maintains a hold rating and a target price of 1,310 yen. Shares are 2.5% higher at Y1,259. (kosaku.narioka@wsj.com; @kosakunarioka)

0235 GMT - Hyundai Mobis' earnings could be dragged lower by a stronger won, Nomura's Angela Hong says. The South Korean auto-component supplier remains sensitive to the won's appreciation against the dollar because a substantial portion of its aftermarket parts is sourced in Korea and exported globally, the analyst writes in a note. Nomura lowers its earnings-per-share estimates for the company by 8% this year and by 10% next year, citing the won's 13% gain against the dollar since July, Hong says. Still, existing local inventory at the company could help buffer immediate foreign-exchange headwinds, she adds. Nomura cuts its target price for the stock to 470,000 won from 560,000 won but keeps a buy rating. Shares are 3.2% lower at 382,000 won. (kwanwoo.jun@wsj.com)

0217 GMT - Recent Japanese capex-related indicators show companies' investment appetite remains strong despite geopolitical headwinds, says Norinchukin Research Institute economist Takeshi Minami. "Although there is no clear end in sight to the conflict in the Middle East, capital expenditure statistics are expected to remain solid for the time being, buoyed by expanding AI demand and hopes for the Takaichi administration's growth strategy," he says. Core machinery orders, seen as a leading indicator of corporate capital spending, rose 11.2% in July from a year earlier, marking two consecutive months of growth, government data showed Wednesday. (megumi.fujikawa@wsj.com)

0156 GMT - Asian currencies are mostly weaker against the greenback in Asia's morning trade ahead of the Federal Reserve's policy decision later in the day. The Fed funds futures are pricing around a 92% probability of a 25bps hike, marking the first rate increase since 2023. Investors will also focus on Fed Chair Kevin Warsh's press conference as well as updated economic projections, Commerzbank Research analysts say. The U.S. dollar rises 0.2% to 155.43 yen and gains 0.6% to 1370.92 won, while the Australian dollar is 0.1% lower at US$0.7125, LSEG data show. (amanda.lee@wsj.com)

0141 GMT - Larvotto Resources has felt the recent softness in gold slightly more than its peers, says MA Moelis Australia. "This is potentially a function of its status right at the critical point of the development cycle, as well as some anecdotal evidence of the potential of the largest shareholder considering a sell down," it says. But after slipping to a five-month low, the stock's risk-reward is becoming more favorable, MA says. It has a buy rating and A$1.50 target on Larvotto, which owns a gold and antimony mine in Australia. "Our current valuation does not factor in the potential for further exploration success or any opportunity to monetize what appears to be a growing tungsten resource at Hillgrove," it says. Shares are flat at A$1.01. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0104 GMT - RBC's positive view on South32 is reaffirmed by a business update and strategy presentation that highlights the miner's rising exposure to base metals, planned production growth and simplified operating model. "Historically some perceived S32 as overly complicated with too many commodities and assets in different countries," says RBC. The stock was weighed by relatively short mine lives and low margins, as well as significant rehabilitation needs and high emissions intensity. "We believe the recently agreed aluminum transaction and S32's increasing earnings contribution from base metals driven by Hermosa, Sierra Gorda and Cannington life extension significantly transforms S32 and warrants a higher valuation multiple," RBC says. The broker reiterates its outperform rating and A$5.50/share price target on South32. The stock is up 1.2% at A$4.92. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0015 GMT - Japan's Nikkei Stock Average is down 0.2% at 63359.03 as losses in chip-related stocks help offset gains in energy companies and trading houses. SoftBank Group is down 4.2% and Kioxia Holdings is 3.9% lower while Eneos Holdings is up 3.8% and Mitsui & Co. is 3.0% higher. Broader market index Topix is up 0.5% at 4057.60. The dollar is at 155.22 yen, compared with Y154.77 as of Tuesday's Tokyo stock market close. Investors are closely watching developments in the Middle East conflict, crude oil prices and bond yields ahead of the Fed's rate decision later Wednesday. (kosaku.narioka@wsj.com; @kosakunarioka)

2345 GMT - Japanese stocks may remain rangebound amid caution ahead of the Fed's policy decision later Wednesday. Nikkei futures are up 0.3% at 63480 on the SGX. The dollar is at 155.19 yen, compared with Y154.77 as of Tuesday's Tokyo stock market close. Investors are focusing on developments in the Middle East, crude oil prices and bond yields. The Nikkei Stock Average closed flat at 63484.10 on Tuesday. (kosaku.narioka@wsj.com)

2320 GMT - Australian stocks look set to rise at the open, lifting from a three-month low despite a soft lead from U.S. equities. Local futures are up by almost 0.4% ahead of Wednesday's session, suggesting that the S&P/ASX 200 will recover some of its 0.9% deficit of the prior session. The benchmark index is down by 4.5% so far in September amid growing expectations that the country's central bank will resume interest-rate rises at its next board meeting. Ahead of the open, building-materials supplier James Hardie said it expected to generate US$125 million of synergies a year earlier than previously anticipated. U.S. stocks fell ahead of the Fed's rate decision later this week. (stuart.condie@wsj.com)

1934 GMT - The prospect of slowing or pausing AI development doesn't herald any change to the fundamentals of the AI infrastructure buildout, Morgan Stanley co-president Dan Simkowitz says in a CNBC interview. "I think the pause or the slowing of release on the frontier really doesn't change the core dynamics," Simkowitz says, adding that spending on computing power and semiconductors doesn't show any signs of stopping. "The pacing at the frontier doesn't change the build, it doesn't change the demand, and it doesn't change the financing of that demand." He adds that capital markets remain ready for large M&A activity and IPOs. (elias.schisgall@wsj.com)

1926 GMT - Sen. Kirsten Gillibrand (D., NY) voted no on a measure to advance the Clarity Act, a piece of legislation backed by President Trump that would boost the cryptocurrency industry. The measure was ultimately defeated 49 to 50. Gillibrand was the Democrat that Republican Sen. Cynthia Lummis (Wyo.) has been leaning on in her arguments that the bill had bipartisan support. The senators introduced legislation together in 2022 to try to establish a framework for digital assets. Lummis praised Gillibrand at a conference on Friday for her work in pushing the Clarity Act forward. Ahead of Gillibrand's no vote, her Democratic colleague Sen. Elizabeth Warren voiced concerns that the bill lacked adequate safeguards against corruption in the light of President Trump's deep financial ties to the crypto industry.