Daily US Equity Opening News - AKAM-Anthropic USD 11.6bln cloud deal; SPCX xAI cluster to add more NVDA chips; MGM considers bid for PPLI; BP considers USD 2-5bln US shale acquisitions; TMUS raises dividend; COST Q4 beat

DAY AHEAD:

• EVENTS: Chinese markets closed for the Mid-Autumn Festival.
• DATA: In North America, final Michigan consumer sentiment for September is due (exp. 47.8, prev. 51.7), current conditions (exp. 50.9, prev. 51.9), expectations (exp. 45.8, prev. 51.5), 1yr inflation expectations (exp. 4.6%, prev. 4.0%) and 5yr (exp. 3.4%, prev. 3.3%); US durable goods orders seen -0.4% M/M (prev. 1.1%), ex-transport at 0.4% M/M (prev. 0.4%). After today’s data, the Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 5.10%).
• CENTRAL BANKS: Fed’s Williams (voter, neutral) and BoE Governor Bailey (neutral) participate in a joint policy panel; Fed’s Schmid (2028 voter, hawk) speaks; Fed’s Hammack (2026 voter, hawk) speaks at an inflation conference; ECB’s Vujcic (neutral) participates on a policy panel.
• CRA: Potential reviews are due from Moody’s on the EU (Aaa), and Italy (Baa2); Scope Ratings reviews the EU (AAA).
• ENERGY: Baker Hughes reports weekly rig counts (prev. oil 452, gas 134, total 595).

TRADE:

• US-China - President Xi Jinping received a lavish White House welcome from President Trump, though the trade truce was extended only from November to January, short of Beijing’s hoped-for year, leaving disputes on tariffs, rare earths and chip access unresolved. Xi reiterated that US arms sales to Taiwan remain a red line, while Trump previously delayed a USD 14bln Taiwan arms package. The two leaders discussed AI without agreeing safeguards, and China confirmed pandas Ping Ping and Fu Shuang will arrive in Atlanta shortly. Elsewhere, China confirmed two pandas will soon arrive in Atlanta.
• US-UK, OpenAI, Anthropic - The White House asked OpenAI and Anthropic not to share new AI models with the UK testing agency until US government testing is completed first, according to Politico. The report said the move represents another setback for UK PM Burnham’s push for a global AI agreement.
• EU-UK, China - The EU urged the UK to align more closely with its China trade policy, including potentially matching tariffs of up to 45% on Chinese EVs, to avoid “made in Europe” barriers, according to the FT. Brussels said joining the customs union would address most concerns, while the UK continues to rule that option out for now.
• Thai Exports - Thailand’s exports rose 24.3% Y/Y in August (exp. 24.9%; prev. 21.6%), the fastest pace in 56 months, driven by AI-linked electronics and Chinese demand for durians and mangosteens. Exports to the US surged 48.7%, the 35th consecutive monthly increase. Imports increased 25.1% (exp. 33%; prev. 36.7%). The trade deficit narrowed to USD 2.48bln (exp. 3.9bln; prev. 3.61bln). The Commerce Ministry expects FY export growth of up to 15%, though warned of a possible contraction next year.

GEOPOLITICS:

• US-Iran - US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz and lift Washington’s blockade of Iranian ports. Qatar is mediating. Iran also offered a 7-day proposal tied to US concessions, including ending the blockade and unfreezing assets.
• US-Iran - The US Senate rejected a Democratic resolution seeking to end the Iran war by 49-50. Several Republicans joined Democrats in supporting the measure, while most GOP senators opposed it. The vote comes amid concern over rising fuel and food prices ahead of the November midterm elections.
• France-Saudi - France will send troops, radar systems and defence systems to help protect Saudi Arabia’s Yanbu oil port following Houthi attacks. President Macron said French forces would not take part in combat.

MACRO:

• USDJPY - Japanese FinMin Katayama said monetary policy tools are for the BoJ to decide, and that it will act appropriately while coordinating with the government. She said President Trump raised concerns about JPY weakness, Japan will coordinate closely with the US on FX, and PM Takaichi also expressed concern over the weak JPY. Elsewhere, Goldman Sachs revised its 12-month JPY forecast to 150 vs the USD (prev. saw 165), reversing its bearish stance; GS cites a potential faster pace of BoJ rate hikes, and greater likelihood of capital repatriation into Japanese assets. Its three-month and six-month targets were lifted to 158 and 155 respectively.
• Japan Growth - Japanese Growth Strategy Minister Kiuchi said the country has exited the phase of “Abenomics-style” reflationary policy. He said aggressive monetary easing and flexible fiscal policy are no longer needed, though Japan has not fully escaped deflation. Kiuchi added that prices and interest rates are now gradually rising.
• ECB - Dutch PM Jetten backed former central banker Klaas Knot as a potential ECB president. Jetten called Knot “very pragmatic” and said many European countries could see him as a strong fit. Knot is among the frontrunners alongside Spain’s Pablo Hernandez de Cos, with EU leaders expected to consider current President Lagarde’s successor by year-end.
• EU Energy - Netherlands reportedly wants to scrap mandatory EU gas storage targets after spending nearly EUR 1bln this year to refill reserves. A Dutch minister argued EU rules force governments to do a job the market should handle, with falling consumption and other governments’ large-scale purchases skewing storage economics. Dutch storage sites are just over 56% full vs Europe’s 70% (below the seasonal norm of 86%, Bloomberg said). The Netherlands is also considering expanding its strategic reserve from 5TWH to as much as 72TWH.
• GfK - UK GfK consumer confidence rose to -13 in September (exp. -16; prev. -14); GfK said willingness to make major purchases weakened, while savings intentions increased amid concerns over rising energy costs and inflation. German GfK consumer confidence for October printed -30.6 (exp. -27.4, prev. -26.8), its lowest since May; rising energy prices weighed on income expectations and purchasing power, while consumers’ willingness to save also increased.
• Banxico - Mexico’s central bank held its benchmark rate at 6.5% for a third straight meeting, as expected. Banxico said future decisions will consider the disinflation process, FX pass-through, slack conditions and inflation expectations; it dropped earlier guidance suggesting the rate would be maintained. Banxico also said it would not “react mechanically” to Federal Reserve decisions.

TECH:

• White House, Tech CEOs - President Trump, House Speaker Johnson and tech CEOs will hold an AI meeting on 29th September, Axios reports. The meeting comes amid increasing pressure in Washington to regulate frontier AI companies.
• Akamai (AKAM), Anthropic - Akamai signed a 7yr USD 11.6bln cloud services deal with Anthropic, and Anthropic was also granted a warrant for up to 5% of AKAM stock, according to Reuters. About 2% is tied to the initial commitment, with another 3% vesting if the deal expands by up to USD 9bln. Akamai expects roughly USD 5.5bln of related capex.
• Anthropic - Anthropic said Claude agents independently identified a novel enzyme system resembling CRISPR, but scientists cautioned the finding is preliminary, Bloomberg reports. The work has not been peer reviewed, and Anthropic said it does not yet know the discovery’s significance. Researchers said AI-driven genome mining is promising, but the result should not yet be considered a biological breakthrough.
• Hyperscalers - Goldman Sachs Asset Management is underweight major hyperscaler debt due to expectations for heavy AI-related bond issuance, according to Bloomberg. GS said the stance reflects supply concerns rather than pessimism on AI, warning continued borrowing could reprice the market.
• ASML (ASML) - Dutch PM Jetten said he has discussed preventing further US export restrictions on ASML with President Trump and lawmakers. He expressed confidence a workable agreement can be reached over the proposed MATCH Act, which would restrict sales to China of ASML’s immersion DUV lithography machines.

COMMUNICATIONS:

• T-Mobile (TMUS) - T-Mobile raised its quarterly dividend +15% to USD 1.17/shr.
• Iridium (IRDM), Rocket Lab (RKLB) - Iridium shareholders approved Rocket Lab’s acquisition of the company, with 99.6% of votes cast supporting the deal. Iridium holders will receive USD 27.00 in cash plus Rocket Lab shares, subject to an exchange-ratio collar, implying USD 54.00 per Iridium share. Completion is expected by mid-2027.
• Versant Media (VSNT), Warner Bros. Discovery (WBD) - The White House restored access for CNN, MS NOW and Politico after a federal judge temporarily blocked President Trump’s ban.

FINANCIALS:

• UBS Group (UBS) - UBS has revived discussions about leaving Switzerland, potentially via a merger with a foreign bank, after parliament advanced tougher capital requirements, according to Semafor. The article mentions possible partners could include Morgan Stanley (MS), Standard Chartered (SCBFY) or Deutsche Bank (DB).
• Stablecoins - The Fed proposed stablecoin rules requiring certain issuers to fully back tokens with permitted reserves such as short-term Treasuries and other high-quality liquid assets. Separate proposals would set capital requirements for some risks and establish a bank application process for issuing stablecoins. The plans have a 60-day comment period.
• JPMorgan (JPM), Construction Loans - JPMorgan is in talks to lead roughly USD 3.8bln of construction financing for Extell Development’s planned luxury condominium tower on Manhattan’s Upper West Side, Bloomberg reports. The project would rank among the largest US construction loans, and is planned for the former ABC headquarters site on West 66th Street.
• Citigroup (C) - Citigroup’s North America leveraged-finance head Scott Sartorius left to join a US Commerce Department unit overseeing USD 39bln of semiconductor manufacturing incentives, according to Bloomberg. The programme has been reshaped under President Trump to operate more like an investment firm.

CONSUMER CYCLICAL:

• MGM Resorts (MGM), People Inc. (PPLI) - MGM Resorts is considering a bid for Barry Diller’s People Inc., which owns about 27% of MGM, according to the WSJ. People this week withdrew its own USD 12.4bln bid for MGM; People has a market value of around USD 2.7bln, while its MGM stake is worth about USD 2.5bln.
• Nike (NKE) - Converse CEO Aaron Cain apologised over an advertisement criticised for evoking the Ku Klux Klan and lynching. Cain said Converse is hiring a third party to review its processes.
• Tesla (TSLA) - Tesla began deliveries of its Semi electric trucks to initial customers including PepsiCo (PEP), DHL (DHLGY) and US Foods (USFD), according to Reuters. Tesla reiterated plans to build 50K Semis annually in Nevada.
• Volkswagen (VWAGY) - Audi is considering a new US plant to produce large SUVs including the Q7 and Q9 from the early 2030s, Handelsblatt reports. The factory could cost between EUR 3-4bln, and would target around 150K vehicles annually, despite weak utilisation at Ingolstadt, as well as concerns that additional US capacity could threaten Audi’s Neckarsulm plant.
• China Autos - China’s global EV exports rose 33% Y/Y to 284,622 vehicles in August. Belgium was the largest destination, with shipments up 76% to 32,538. Asia imported 108,757 EVs (+2.5%), Europe 94,912 (+33%) and LatAM and the Caribbean 43,742 (+118%).
• Lear Corporation (LEA) - Lear increased its share repurchase authorisation to USD 1.5bln and extended it through 31st December 2029. At the end of Q2, around USD 600mln remained under the prior programme.

CONSUMER DEFENSIVE:

• Costco (COST) - Costco shares were flat despite quarterly beating expectations. Q4 EPS 6.75 (exp. 6.54), Q4 revenue USD 95.7bln (exp. 95.0bln), Q4 pretax profit USD 4.01bln (exp. 3.88bln), and net income USD 3.0bln (exp. 2.9bln). The profit beat was helped by USD 184mln of tariff refunds, that added USD 0.15/shr. Total company comp sales ex-gasoline/FX +6.7% (exp. +6.44%), while comps including gasoline/FX +9.4% (exp. +8.37%). Worldwide traffic +3.3%, average transaction +5.9%, or +3.3% ex-gasoline inflation/FX. Membership fee income +7.3% Y/Y to USD 1.849bln, while reported gross margin fell 11bps Y/Y to 11.02%, but increased 20bps ex-gasoline. CEO said FY26 digitally enabled sales exceeded USD 33bln, and grew more than 20%, while the gas business had a record year. Costco plans to open 30 net new warehouses annually, including four in Europe, five in Canada and one in Mexico in FY27, with a strong international pipeline for FY28.

ENERGY:

• US Diesel Export Ban - President Trump’s advisers are analysing the potential effects of a short-term US diesel export ban, according to Bloomberg. NEC’s Hassett, Tsy Secretary Bessent and USTR Greer are assessing possible price impacts. Trump has not yet decided on restrictions. Energy Secretary Wright is working with refiners on voluntary steps to boost domestic diesel supplies, and earlier this week argued that a diesel export ban will not work.
• Repsol (REPYY) - Repsol said about 90% of its crude supply risks breaching new EU methane rules from January, Bloomberg reports. Only around 10-15% of supplies are confirmed compliant, but Repsol is still signing contracts without required provisions to avoid refinery shutdowns. The company has reserved legal rights and may challenge enforcement.
• Devon Energy (DVN), BP (BP) - BP is evaluating USD 2-5bln acquisitions to expand its US shale business, and is considering a bid for Devon Energy’s Eagle Ford assets, Reuters reports.
• Ecopetrol (EC) - Ecopetrol appointed Joaquín Gutierrez as CEO, effective 28th September, as Colombia’s government seeks to revive oil and gas exploration and restore fracking plans. Gutierrez succeeds acting CEO Alfonso Camilo Barco Munoz, marking a strategic shift toward hydrocarbons under President Abelardo de la Espriella.

INDUSTRIALS:

• SpaceX (SPCX), Nvidia (NVDA) - Elon Musk said xAI’s Colossus 2 cluster has 110K Nvidia GB200 chips and 440K GB300s, with another 220K GB300s due next week and 220K in November. A further 220K could come online in late December, potentially more than doubling the current Nvidia chip count by year-end.
• Airbus (EADSY) - Airbus identified a corrosion protection defect affecting more than 500 A321neos, including roughly 250 aircraft still in production, according to The Air Current. The issue is not considered a safety risk, but may require inspections and rework, potentially pressuring deliveries. Airbus does not currently expect to change its FY26 delivery guidance, the article adds.
• Boeing (BA) - Akasa Air is in talks to order more than 200 Boeing 737 Max aircraft. The airline already has 183 unfilled Max orders, and a new purchase could support fleet growth beyond 2032. A decision is expected early next year, with terms potentially finalised in H2 2027.
• Northrop Grumman (NOC) - Northrop Grumman was awarded a US Navy contract worth up to USD 123.8mln for F-35 APG-85 Lot 7 long-lead materials, parts and components supporting delivery of 67 production radars for the Air Force, Marine Corps and Navy.
• GE Aviation (GE) - GE Aviation Systems was awarded a USD 199.7mln 3yr US Air Force contract for R-391 propeller assemblies and component spares.

MATERIALS:

• Celanese (CE) - Celanese announced price increases for its ultra-high molecular weight polyethylene and polyoxymethylene engineered materials, citing recent market developments and global supply-chain disruptions. The increases will apply to shipments on or after 8th October, or as contracts otherwise permit.

HEALTHCARE:

• Novo Nordisk (NVO) - Novo signed a global licensing and collaboration deal with Nanexa worth up to EUR 1.165bln for long-acting injectable drug-delivery technology. The agreement includes EUR 615mln upfront, milestone payments and low-single-digit royalties, covering certain peptide drugs for obesity and type 2 diabetes.
• AstraZeneca (AZN) - AstraZeneca said perioperative Imfinzi plus neoadjuvant enfortumab vedotin received US Priority Review for muscle-invasive bladder cancer; the application is based on Phase III VOLGA results showing statistically significant and clinically meaningful improvements in event-free survival and overall survival.
• Qiagen (QGEN) - Qiagen launched QIAmini, a compact automated sample preparation system for academic and research laboratories processing smaller sample batches. The system is designed to replace repetitive manual work with a more time- and cost-efficient automated workflow.
• Alamar Biosciences (ALMR) - A Lancet Neurology study using Alamar NULISAseq CNS 120 panel found markedly different biological responses to lecanemab among patients with early symptomatic Alzheimer’s disease. Researchers measured 130 plasma proteins across 2,385 samples from 1,967 participants, covering amyloid, tau, inflammation, neurodegeneration and synaptic function.