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

1131 GMT - Thor Industries says macroeconomic strains continue to weigh on consumers. "The pressures on the North American RV consumer that we described last quarter still remain, and in some instances, they are becoming more pronounced with the recent interest rate increase and elevated fuel prices," the RV maker says in prepared earnings remarks. Entry-level and mid-tier buyers are trading down to smaller and used RVs, or staying out of the market entirely for the time being, the company adds. Across Europe, consumers are generally operating from an overall healthier financing foundation, paying a higher percentage of the purchase price in cash with less reliance on finance, according to Thor. (connor.hart@wsj.com)

1131 GMT - European equities indexes rise as a sharp fall in oil prices supports energy-sensitive stocks on the continent. Technology and industrial stocks rally as the Europe-wide Stoxx 600 adds 0.35%, while clothes retailers also jump. Germany's DAX reverses earlier losses to move up 0.4%. Retailers Zalando and Adidas gain 4.45% and 3.2%, respectively. The CAC 40 adds 0.5% in Paris, boosted by a recovery in luxuries. Software group Capgemini rises 1.75%. London's FTSE 100 nudges up 0.1%, with gains for consumer-facing stocks outweighing a slip in oil majors. British Airways-owner IAG adds 2.9%. Italy's FTSE MIB slips 0.2%, while the Spanish IBEX 35 gains 0.8%, boosted by a 4.2% gain for Puig Brands. The Dutch AEX gains 0.7% as AI-linked stocks gain momentum. ASML adds 0.4%.(josephmichael.stonor@wsj.com)

1116 GMT - There were signs at the Bank of England's meeting last week that policymakers' patience around the energy-price shock is wearing thin, Deutsche Bank economists Sanjay Raja and Maui Brennan say in a note. Following the BOE's decision to hold, Deutsche revised its expectation to two quarter-point hikes in November and February, changing its call from no hikes previously. While there wasn't a fundamental shift in rate-setters' thinking, continued high inflation increases the likelihood second-round effects build, the Deutsche economists say. "Put simply, we think the monetary-policy committee may embark on a modest tightening cycle as an insurance policy against second-round effects." However, should energy prices rapidly lower in the coming weeks, the case for hikes may start to weaken, they add. (edward.frankl@wsj.com)

1108 GMT - Bitcoin is at risk of a downward correction in the near term as the cryptocurrency's recent rally pauses, ING analyst Roelof-Jan van den Akker says in a note. Bitcoin is last down 1.2% at $85,901 after reaching $87,315 Monday, its highest level since late January, according to LSEG. While bitcoin has risen above the $82,805 resistance level this week, daily momentum indicators have failed to register new highs, he says. A weekly close below $82,805 would increase the risk that a short-term peak is forming and raise the likelihood of a downward corrective phase in the weeks ahead, he says. (renae.dyer@wsj.com)

1052 GMT - U.S. diesel prices continue to reach new highs, hitting a fresh record Tuesday as curtailed Russian exports and prolonged disruptions to crude flows in the Strait of Hormuz squeeze global supplies. The national average price of diesel rose to a record of $6.527 a gallon, according to the American Automobile Association, up sharply from $3.688 a gallon a year ago. According to a Bloomberg report, Russia is set to extend a ban on most diesel exports that was introduced earlier this year due to continued Ukrainian attacks on its refineries. "The diesel market is likely to face a challenging winter if the situation in the Middle East does not ease and Russia's ban on diesel exports remains in place for even longer," says Carsten Fritsch from Commerzbank. (giulia.petroni@wsj.com)

1053 GMT - European utilities' earnings will benefit from higher-for-longer natural gas prices on the continent, Bank of America analysts write. Continuing disruption in Qatar, increased demand in Asia and low storage levels in Europe will combine to keep benchmark European natural gas prices at 55 euros a megawatt hour in 2027, the analysts say. Markets are underestimating the impact on utilities' companies EPS by around 6%-9%, the analysts say. European governments could impose lower power price caps, but levels will likely be above prices set in the 2022 energy crisis, the analysts say. SSE and RWE are both likely to deliver strong results in November, they say. A basket of European utilities stocks rise by 0.1%. (josephmichael.stonor@wsj.com)

1038 GMT - Novo Nordisk's capital markets day announcements, including the diversification plan and a vague midterm sales target, disappointed investors, AlphaValue analyst Abhishek Raval writes. "Against the backdrop of excessive dependency on a single molecule, aggressive and heavy diversification bets, along with impeccable commercial execution, are the need of the hour." However, the markets have their reservations, Raval says. The commercial success of oral Wegovy, some promising late-stage assets, and the firepower for acquisitions provide reasons to bet on Novo, which is available at a discount to peers, he adds. AlphaValue rates the Danish drugmaker's stock at buy with a 450 Danish kroner target price. Shares fall 0.2% to 259.40 kroner. (dominic.chopping@wsj.com)

1036 GMT - European mining companies' potential to benefit from the build out in artificial-intelligence capacity is underappreciated, UBS strategists Gerry Fowler and Sutanya Chedda write. Basic materials companies that supply the equipment and metals needed to build AI capacity are showing strong buy signals when analyzing market trends, earnings, valuation and sentiment, the strategists say. Copper and iron ore miner Anglo American is an especially clear example of mining's importance for industrial capacity expansion, they say. The strategists upgrade mining to a favored sector. A basket of European basic resources stocks rises 1.4%. (josephmichael.stonor@wsj.com)

1025 GMT - Societe Generale's revenue growth assumptions are conservative and slightly lacking in detail, Citi analysts write. The French bank's investor day left the analysts with "mixed feelings", but detail on cost reduction plans were welcomed. This should drive consensus earnings per share upgrades, Citi says. However, revenue forecasts, especially in the French retail division, were slightly vague. Citi trims its revenue estimates by between 0% and 1% and costs by between 1% and 2%, leading to between 0% and 1% EPS upgrades. Citi raises its target price on the stock to 100 euros from 96 euros and reiterates its buy recommendation. Shares are down 0.2% at 73.75 euros. (michael.hennessey@wsj.com)

1020 GMT - European stocks linked to the buildout in artificial intelligence are undervalued compared to their American peers, UBS strategists Gerry Fowler and Sutanya Chedda write. Investors are buying U.S. AI stocks at high valuations, while leaving European suppliers building AI capacity comparatively unloved, they say. The strategists split the AI supply chain into three tiers. Tier one companies sell directly to so-called hyperscalers, while tiers two and three are at steps removed from hyperscaler spending. Companies across all three tiers will outperform the market, they say. Electricity infrastructure group Prysmian, German industrials giant Siemens and vacuum valves-producer VAT Group are all in different tiers, but will each benefit significantly from AI expansion, the strategists say.(josephmichael.stonor@wsj.com)

1021 GMT - China's ability to produce and export green technologies at a low cost has become a key part of renewable and electric vehicle rollouts globally, including Europe, according to Capital Economics in a research note. CE estimates China's export volumes of solar panels, EVs and lithium-ion batteries, where EU counts as a key consumer, have tripled--while prices have roughly halved since 2022. Emerging markets also import growing amounts of green tech from China, it says. "Efforts to now de-risk from China and cut the country from hi-tech supply chains will put ambitions to achieve net zero emissions further out of reach," CE says. (tracy.qu@wsj.com)

1020 GMT - Europe must not remain just a spectator of this week's meeting of Presidents Trump and Xi, Volker Treier of the German Chamber of Commerce and Industry says. "When Washington and Beijing negotiate trade, raw materials, and key technologies, the German economy is directly impacted," he says. Progress in export controls imposed by China and the U.S. is particularly important, given continuing restrictions on critical raw materials, semiconductors, and key technologies, Treier says. "Further tightening could seriously affect German companies." In particular, rare earths and magnets show how vulnerable European supply chains are due to high dependencies, he notes.