Daily US Equity News - US markets shut for President's Day; AAPL reportedly to double NAND price it pays KXIAY; India fines INTC; WBD mulls reopening PSKY talks; DIS sends cease-and-desist to ByteDance; F chief discussed US-China JVs

TODAY’S AGENDA:

SERVICE NOTICE: It is President’s Day in the US; Newsquawk EU coverage will run as usual today; thereafter, the desk will shut at 18:00GMT/13:00ET and then re-open for APAC coverage at 22:00GMT/17:00ET.

• DAY AHEAD: Today’s docket is thin, on account of President’s Day. In Europe, the ECB will release parts of its economic bulletin, with today’s update on ‘structural barriers to the green transition’. Eurozone industrial production data for December is due. The Eurogroup will hold a meeting to discuss the draft Council recommendation on the economic policy of the Euro area for 2026, with a view to its approval by the Economic and Financial Affairs Council on Tuesday. In the afternoon, Fed’s Bowman (voter, dovish) will speak at a bankers conference.
• WEEK AHEAD: Highlights include US PCE and GDP; FOMC minutes, RBNZ policy announcement; flash PMIs; UK, Canadian and Japanese inflation metrics. US-Iran talks are taking place on Tuesday. Notable corporate earnings announcements due this week include: Walmart (WMT), Alibaba (BABA), Deere (DE), Analog Devices (ADI), Booking Holdings (BKNG), Newmont (NEM), Medtronic (MDT), Palo Alto Networks (PANW), Southern Company (SO), CRH (CRH), Cadence Design (CDNS), Quanta (PWR), Carvana (CVNA), Republic Services (RSG), DoorDash (DASH), Moody’s (MCO).
• Click here for Newsquawk’s week ahead preview.
• Click here for this week’s US earnings estimates.

NEWS:

MACRO:

• Fedspeak - Fed’s Goolsbee (2027 voter) said further interest-rate cuts are possible, but require more progress toward the Fed’s 2% inflation target. He cited persistent services inflation as a concern, despite stable goods prices, and a steady job market.
• DHS Shutdown - A shutdown of the US Department of Homeland Security has left Transportation Security Administration officers working without pay, though about 95% are deemed essential and must report to duty. While air traffic controllers remain funded, travel groups warn prolonged funding lapses could lengthen security lines and delay flights. Lawmakers have yet to agree on DHS appropriations.
• JPY - Japan’s former vice finance minister for international affairs Takehiko Nakao said the BoJ is “behind the curve” on policy action, and that steady, gradual rate hikes are needed to address inflation, curb excessive JPY depreciation, and stabilise long-term bond yields.
• Japan Growth - Japan’s real GDP rose 0.1% in Q4, following a 0.7% contraction in Q3, marking a narrow return to growth. The modest expansion offers the BoJ scope to continue raising rates, though some economists say the tepid rebound may support PM Takaichi’s case for more aggressive fiscal spending.
• ECB - ECB President Lagarde said incentives to boost investment in Europe are preferable to imposing taxes to curb capital outflows. She told the Munich Security Conference that current market developments indicate investors are showing greater interest in allocating capital to Europe.
• EUR - The ECB will offer EUR liquidity to monetary authorities worldwide to help prevent market tensions and boost global use of the currency, Bloomberg reports. The central bank said it will extend repo lines to all central banks, except those excluded for reasons including money laundering, terrorist financing or international sanctions. The changes will take effect in Q3.
• BoE - BoE’s Mann said the UK economy is “sluggish” and “tepid,” with consumers “scarred” by high inflation and spending less as a result, The Telegraph reports. She said key elements needed to support growth are currently missing.

GEOPOLITICS:

• Iran - President Trump said regime change in Iran would be “the best thing that could happen” and urged Tehran to agree to a nuclear deal, while declining to name a preferred successor to Supreme Leader Ayatollah Ali Khamenei. The US is deploying the USS Gerald R Ford to join the USS Abraham Lincoln in the Middle East as talks continue. Iran maintains its nuclear programme is peaceful and seeks sanctions relief. Iran Deputy Foreign Minister told the BBC that it is ready to consider compromises, including diluting its 60% enriched uranium, to reach a nuclear deal if the US discusses lifting sanctions; he confirmed further talks in Geneva on Tuesday, adding that negotiations had so far been broadly positive.
• Board of Peace - President Trump said founding members of his Board of Peace have pledged more than USD 5bln for humanitarian aid and reconstruction in Gaza. Board members are scheduled to meet 19 February in Washington to confirm the pledges, and commit thousands of personnel to a stabilisation force aimed at maintaining security in Gaza.
• Sanctioned Tankers - US forces boarded the sanctioned oil tanker Veronica III in the Indian Ocean after tracking it for thousands of miles, saying the vessel sought to evade President Trump’s energy blockade in the Caribbean. The Pentagon said the “right-of-visit, maritime interdiction” was conducted without incident.
• Trump Administration Personnel - John Hurley, the Trump administration’s undersecretary for terrorism and financial intelligence, is expected to leave his role following friction with Treasury Secretary Bessent, Bloomberg reports. The anticipated departure follows months of internal disagreements over US sanctions tactics and targets. Officials have discussed potential ambassadorial roles for Hurley, though his future position remains unclear.
• Poland - Poland President Nawrocki said the country should consider developing its own nuclear weapons given the growing threat from Russia, according to an interview with Polsat News. He expressed support for Poland joining a nuclear project, but said he could not specify if or when the country would begin work toward acquiring its own nuclear capabilities.

TRADE:

• China-US - Chinese Foreign Minister Wang Yi met US Secretary of State Rubio in Munich ahead of a planned April visit by President Trump to Beijing. Wang called for 2026 to mark progress toward mutual respect, while both sides agreed to strengthen dialogue and cooperation across various fields and promote stable bilateral relations, Xinhua reports.
• EU-US - EU foreign policy chief Kallas rejected the Trump administration’s portrayal of European decline, and said the bloc can work with the US despite differences on values. Kallas urged member states to accelerate Ukraine’s membership bid, calling enlargement a geopolitical priority, and endorsed Kyiv’s push for fast-track accession.
• EU-China - Chinese Foreign Minister Wang Yi told his German and French counterparts at the first trilateral meeting on the sidelines of the 2026 Munich Security Conference that China and Europe are partners, not rivals, SCMP reports. The sides agreed to maintain strategic communication and discussed China-EU relations and the Ukraine crisis. Germany and France reaffirmed adherence to the one-China policy and expressed willingness to strengthen coordination.
• China Ags - China Ministry of Finance said it will waive import VAT from 2026-2030 on selected seeds, genetic resources and working dogs to support agricultural competitiveness and breeding capacity. The exemption applies to approved seed and germplasm imports as well as military, police and rescue dogs, including related semen and embryos.
• China-Africa - China will grant zero-tariff treatment to all products from 53 African countries with diplomatic ties from 1st May, according to CCTV citing President Xi. Beijing will also advance common development economic partnership agreements and expand market access for African goods entering China.
• Japan-US - Secretary of State Rubio and Japanese Foreign Minister Motegi agreed to deepen bilateral ties during talks in Munich, as Japan faces rising tensions with China. The officials discussed modernising economic security relations and Beijing’s recent trade and export measures against Japan.
• Canada - Canada plans to direct more of its expanding military budget to domestic firms under a defence-industrial strategy aimed at unlocking more than CAD 500bln in investment over 10 years. The government seeks to more than triple industry revenue, raise defence exports by 50%, create 125,000 jobs and increase the share of defence contracts awarded to Canadian companies to 70%.
• Ecuador-US - The United States and Ecuador have substantially concluded negotiations on a trade agreement and expect to sign the deal in the coming weeks, the USTR’s office said.

13F FILINGS:

• Soros Fund Management - New buys: DAY, EXAS, NGD, CFLT. Increases stake in: MSFT, TSM, EA, AL, AMZN. Cuts stake in: SW, FLUT, IBKR, SNOW. Exits: ARMK, KKR, AS.

TECH:

• Kioxia (KXIAY), Apple (AAPL) - Apple has reportedly agreed to double the unit price it pays Japan’s Kioxia for NAND flash starting in the January-March quarter, with supply contracts shifting to quarterly pricing adjustments, according to the DigiTimes.
• Intel (INTC) - India’s Competition Commission fined Intel INR 273.8mln under its Competition Act, over a discriminatory warranty policy, according to DigiTimes.
• Anthropic, Palantir (PLTR) - Anthropic’s AI model Claude was used in a US military operation to capture former Venezuelan President Maduro and his wife, including bombings in Caracas, according to sources cited by the WSJ. The tool was accessed through a Pentagon contract with Palantir. Anthropic’s guidelines prohibit use for violence, weapons development or surveillance.
• OpenAI - Peter Steinberger, creator of the open-source AI program OpenClaw, is joining OpenAI to help expand its product offerings. CEO Altman said OpenClaw will continue as an open-source project under a foundation supported by OpenAI, and that Steinberger will work on developing the next generation of personal AI agents.
• China Military - Overnight, Alibaba (BABA) led a selloff in Chinese tech shares after the Pentagon briefly added several companies to a list of firms aiding the military before withdrawing it without explanation; Alibaba fell more than 3% in Hong Kong, while BYD (BYDDY) and Baidu (BIDU) dropped about 1%. The unpublished list also removed ChangXin Memory Technologies and Yangtze Memory Technologies.
• China Tech Platforms - China regulators summoned major online platforms including Alibaba (BABA), Douyin and Meituan (MPNGY), instructing them to comply with laws and curb promotional practices. The regulator told the companies to eliminate so-called “involution-style” competition, according to a statement posted on WeChat.
• India AI Summit - Nvidia (NVDA) said CEO Huang will not attend the India AI Impact Summit in New Delhi this week, citing unforeseen circumstances, without providing further details, DigiTimes reports. Ahead of the summit, OpenAI CEO Altman said that India has the potential to become a “full-stack AI leader,” citing its talent base, national ambition and public optimism.

COMMUNICATIONS:

• Disney (DIS), ByteDance - Disney sent a cease-and-desist letter to ByteDance, alleging its Seedance 2.0 AI video model infringes Disney’s copyrighted characters by reproducing and distributing derivative works without permission, Axios reports. Disney previously took action against Character.AI, Google, Midjourney and MiniMax, and has a licensing deal with OpenAI.
• Warner Bros. Discovery (WBD), Netflix (NFLX), Paramount (PSKY) - Warner is considering reopening sale negotiations with Paramount after receiving an amended hostile offer, according to sources cited by Bloomberg. Board members are assessing whether Paramount could deliver a superior deal, potentially triggering a renewed bidding contest with Netflix. Warner remains bound by an existing agreement with Netflix, and has not decided how to respond.

CONSUMER:

• Ford Motor (F) - Ford CEO discussed with senior Trump administration officials a potential framework allowing Chinese automakers to build cars in the US through JVs with US companies holding controlling stakes, Bloomberg reports. The proposed structure would involve shared profits and technology between Chinese and US partners.
• Lowe’s Companies (LOW) - Lowe’s is eliminating about 600 corporate and support roles, representing less than 1% of its total workforce, WSJ reports. Lowe’s said the move is intended to better align resources to support its stores and customer-facing associates.
• Pirelli (PRLLY) - Pirelli’s largest shareholder Sinochem (holds a 34% stake), is considering selling a convertible bond to temporarily reduce its stake by 10-15%, Corriere della Sera reported. The move would aim to ease US government scrutiny of the Italian tiremaker, and would allow the Chinese state-backed group to regain the shares upon bond repayment at maturity.
• Volkswagen (VWAGY) - Volkswagen has been ordered to stand criminal trial in France over the diesel-emissions scandal, according to AFP. The German carmaker will face charges of deceit “concerning goods that endanger human and animal health”.
• Nestle (NSRGY), Danone (DANOY) - The Paris public prosecutor has opened five investigations into baby milk brands distributed by multiple companies, including Nestle and Danone, after contamination with toxin cereulide, Bloomberg reports.
• China Tea, Liquor - China plans measures to boost its tea and liquor industries, targeting more than five tea clusters with annual revenue above CNY 10bln by 2028, and over three traditional liquor production bases, each generating more than CNY 100bln in output.

FINANCIALS:

• Cboe Global Markets (CBOE), Nasdaq (NDAQ) - US equity options exchanges are seeking to overhaul the Options Regulatory Fee, moving away from a model that allows exchanges to collect fees on trades executed on rival venues, Bloomberg reports. Major operators including Cboe, Nasdaq, and Miami International have asked the SEC to permit charging the ORF only on their own transactions. The fee helps fund compliance and market surveillance costs.
• Blackstone (BX) - A group led by Blackstone plans to invest up to USD 600mln in Indian AI cloud startup Neysa via an equity raise, Bloomberg reports. The company will also seek an additional USD 600mln in debt financing. Neysa intends to use the funds to deploy more than 20,000 graphics processing units in India for AI training and high-performance applications.

INDUSTRIALS:

• Hapag-Lloyd (HPGLY) - Hapag-Lloyd confirmed that is in advanced talks to acquire Israeli rival Zim Integrated Shipping Services. Discussions with FIMI Opportunity Funds regarding the assumption of obligations under special rights held by the state of Israel are also advanced, Bloomberg reports, adding that no binding agreements have yet been signed.
• Oshkosh Corporation (OSK) - Texas AG opened an investigation into fire truck manufacturers over potential anticompetitive conduct following complaints from municipalities and fire departments about sharp price increases and delivery delays for equipment. Companies under investigation include REV Group, Oshkosh and Rosenbauer Group.
• C.H. Robinson (CHRW) - CFO Damon Lee purchased 620 shares on 12th February for a total USD 100.8K; CEO David Bozeman purchased 1.2K shares on 12th February for a total USD 199.8K.

MATERIALS:

• Vulcan Materials (VMC) - Board raised its quarterly cash dividend +6% to 0.52/shr.

ENERGY:

• California Energy - US gasoline is being exported and rerouted via the Bahamas before arriving in California, which faces shrinking refining capacity and elevated pump prices, Bloomberg reports. Shipments on the route are rising, with California importing a record volume of gasoline in November, more than 40% of which originated from the Bahamas.
• Eni (E) - Announced a significant oil discovery in an exploration well offshore Angola; prelim estimates indicate around 500mln bbls of oil.

HEALTHCARE:

• Exact Sciences (EXAS) - Q4 EPS -0.45 (vs -0.27 Y/Y), Q4 revenue USD 878mln (exp. 860.76mln). Revenue growth was driven by continued strength in its core screening and precision oncology portfolio, with the company screening more patients year over year and launching three new tests during 2025. CEO highlighted expanding product momentum, adding that the company is well positioned to drive sustained growth and long-term change in cancer detection and treatment globally.
• Roche (RHHBY) - Roche announced positive Phase III results for Gazyva/Gazyvaro in primary membranous nephropathy, marking a significant milestone in autoimmune disease.
• Sanofi (SNY) - Sanofi said a study in The Lancet Infectious Diseases found its RSV immunisation Beyfortus reduced RSV hospitalisations 85.9% in first season and 55.3% in second season, with fewer care visits.