Daily US Equity Opening News - AMD buys World Labs for USD 8.2bln; GS discussed CEO succession; JEF falls on weaker asset management; AZN invests USD 2bln in SMMT; BA 737 Max 10 certification delayed by software review; RTX wins USD 20.7bln+ contracts

DAY AHEAD:

• EVENTS: President Trump will hold an AI meeting with tech execs at 12:30EDT/17:30BST.
• DATA: In North America, US JOLTS job openings (exp. 7.24mln, prev. 7.271mln), the quits rate previously fell to 1.9% from 2.0%, while the vacancy rate was unchanged at 4.4%; CB consumer confidence (prev. 89.4); S&P/Case-Shiller home prices (prev. 2.1% Y/Y; prev. 0.4% M/M), and FHFA house price index (prev. 0% M/M; prev. 2.3% Y/Y). In Canada, July GDP stats are expected to be unchanged M/M (prev. 0.3%).
• CENTRAL BANKS: There is a heavy speakers slate, centred on the ECB’s Frankfurt “Independence, not isolation” symposium, featuring remarks from President Lagarde, Vice President Vujcic, and ECB’s Cipollone, who will also deliver separate remarks on digital capital markets; ECB chief economist Lane also speaks separately. From the BoE, Taylor will speak on inflation persistence, and Mann on the global balance sheet. From the Fed, Governor Waller (voter) will give remarks on payments; Fed’s Williams (voter) will participate in a round table discussion, Fed’s Bowman (voter) will deliver opening remarks, Fed’s Barr (voter) will comment on monpol/outlook, and Fed’s Goolsbee (2027 voter) will participate in a Q&A, Fed’s Musalem (2028 voter) will give comments on the outlook. Elsewhere, BoC’s Gravelle participates in a fireside chat.
• OPTION EXPIRIES: Gold, Silver and Copper September 2026 futures.
• SUPPLY: Italy auctions EUR 5.5-6.5bln of 2032 and 2036 debt, as well as EUR 1.25-1.5bln of 2036 CCTeus. UK sells GBP 4.25bln of 2036 Gilts.
• ENERGY: After the US close, weekly energy inventory data is due from the API.

GEOPOLITICS:

• US-Iran - President Trump said the US will win the Iran war soon, with gas prices set to fall and inflation eradicated once the war ends, adding officials spoke with Iran mediators on Monday. He denied an Axios report claiming he offered Iran sanctions relief and frozen funds, calling the story a hoax. A US official said Washington is continuing positive discussions through intermediaries, with no agreement possible without addressing the nuclear issue, though Trump is reportedly prepared to ease sanctions in exchange for nuclear progress, according to Al Jazeera. Secretary of State Rubio said Iran had threatened US interests worldwide and warned of repercussions for any attacks.
• US-Iran - Iranian Foreign Minister Araghchi said Tehran expects a US response to its Strait of Hormuz reopening proposal, relayed via Qatari mediators, with conditions set by the Supreme Leader unchanged. An Iranian official denied flexibility on the nuclear issue. Iranian officials are reportedly pessimistic about a deal before the midterms, while a US source said chances of agreement are extremely slim amid significant obstacles.
• S.Korea-N.Korea - South Korea said North Korean mines were highly likely to have caused DMZ explosions injuring three soldiers on 21st September. Prelim evidence included TNT traces and lacked fragments typical of South Korean mines. Seoul said it would take corresponding measures if the final investigation confirms North Korean responsibility.

TRADE:

• US-Canada - A US ban on several Canadian imports, including alcohol, dairy products and motorcycles, has taken effect amid an ongoing trade dispute. The measures target nearly CAD 1bln of liquor exports, and follow Canadian tariffs on US goods. Canada is not expected to retaliate further, while bilateral trade talks remain stalled.
• US-UK, Diesel Exports - The UK is lobbying the US against a potential diesel export ban as domestic prices hit record highs, BBC reports. Chancellor Healey said the UK, which gets around a third of diesel imports from the US, is preparing contingencies and has domestic stocks. He described UK diesel prices as “extreme” and said the government has domestic stocks available.

MACRO:

• US Economy - NEC Director Hassett said US growth could reach around 4% absent external disruptions. He also said unforeseen factors could prevent the administration achieving its 3% deficit-to-GDP target. Hassett argued higher Treasury yields partly reflect stronger investment returns, and played down federal debt by distinguishing what he called roughly USD 15tln of “external” debt.
• RBA - The RBA raised its cash rate by 25bps to a 15-year high of 4.60%, as expected, for its fourth hike this year. The board voted unanimously (a hold and a 25bps were the options considered), stating that inflation remains too high, and upside risks to inflation are materialising amid high energy costs and weak productivity. The Board will continue to take whatever action it considers necessary to return inflation sustainably to target, including raising the cash rate target further if required. At her post-meeting presser, Governor Bullock struck a dovish tone, however, stating that she would not place too much weight on the August CPI reading. She said no further rate increases may be needed if inflation falls, hopes four hikes will prove restrictive enough to slow inflation, and remains confident the RBA will bring inflation down.
• Japanese Yen - Japan FinMin Katayama said JPY weakness remains a concern, and Tokyo and Washington will stay in close contact to maintain orderly FX markets. She said the JPY is undervalued, while rising Japanese bond yields appear moderate vs global moves. Separately, Japan’s 40yr bond auction drew its strongest demand since 2020, with a bid-to-cover ratio of 3.1x (prev. 2.82x); analysts said higher yields, reduced issuance and expectations of tighter BoJ policy supported demand.

TECH:

• Trump AI Meeting - President Trump will meet technology CEOs including Meta’s (META) Mark Zuckerberg, Anthropic’s Dario Amodei, OpenAI’s Greg Brockman and Nvidia’s (NVDA) Jensen Huang, to discuss balancing AI innovation and oversight. House Speaker Johnson said he opposed a moratorium or heavy regulation, while Democratic leader Hakeem Jeffries called for stronger government action on AI safety. Representative Ro Khanna (Dem) plans to introduce an AI regulation bill imposing strict liability standards and banning “recursive” self-improving AI until government safeguards are established, CNBC said.
• AMD (AMD) - AMD agreed to acquire World Labs in an all stock deal valued at USD 8.2bln. The acquisition adds spatial intelligence and physical AI research capabilities across robotics, simulation and design. World Labs founder Fei-Fei Li will join AMD as executive vice president and chief scientist. The transaction is expected to close by end-2026.
• TSMC (TSM) - TSMC is considering a second US manufacturing hub in Dallas, potentially comprising six advanced wafer fabs with investment exceeding USD 265bln, Economic Daily News reports. Industry sources said the project remains under evaluation and TSMC’s board has not approved it. The plan would complement its Arizona expansion, and serve strong US AI and HPC customer demand.
• Nvidia (NVDA) - Nvidia launched its Open Agent Safety Platform, combining open-source OpenShell software with the Sentry reference system design. OpenShell traces agent actions and enforces runtime policies, while Sentry monitors behaviour via BlueField-4 DPUs and can quarantine agents rapidly. Partners include Anthropic, Microsoft (MSFT), Cisco (CSCO), CrowdStrike (CRWD), Dell (DELL), HPE (HPE), Palantir (PLTR), Salesforce (CRM), SAP (SAP), ServiceNow (NOW) and SpaceXAI (SPCX).
• Samsung Electronics (SSNLF), KKR & Co. (KKR) - Samsung and five affiliates will invest a combined USD 1bln in KKR-backed Helix Digital Infrastructure, expanding its exposure to AI infrastructure. Helix, led by former AWS (AMZN) CEO Adam Selipsky, now has more than USD 10bln in committed capital.
• Anthropic - In its IPO prospectus, Anthropic said 2025 revenue was USD 4.6bln, up roughly 12-fold Y/Y, while its operating loss widened to USD 8.06bln (from USD 2.98bln in 2024), and its net loss reached nearly USD 42bln, including roughly USD 34bln of accounting charges tied largely to financing liabilities. Compute and infrastructure spending tripled to USD 7.33bln, representing more than half of USD 12.65bln in total operating expenses, while cash, cash equivalents and short-term investments stood at USD 20.28bln at year-end. Nearly 25% of revenue came from two customers, with the prospectus warning that many large clients are not committed under long-term contracts. Anthropic also disclosed approximately USD 518bln of future cloud, compute and infrastructure obligations. The company’s IPO could value it at more than USD 2tln, Reuters reports, vs an internal valuation estimate of USD 965bln in May; the listing is expected to come after the November 2026 US midterm elections.
• OpenAI - OpenAI scrapped the planned October release of GPT-6.1 Astra in ChatGPT and Codex after internal testing raised safety concerns, WSJ reports. The decision follows recent reports of AI systems behaving unexpectedly and represents a rare case of a major developer cancelling a model launch over safety issues, the report adds.

COMMUNICATIONS:

• Alphabet (GOOG) - Google is appealing an EU effort under the Digital Markets Act requiring broader Android access for rival AI assistants and greater search-data access for competitors. Google argues the measures could harm user privacy and security. The EU wants preferred AI assistants activatable by voice within 12 months and wider search-data access by January 2027.
• Meta Platforms (META) - Meta is elevating Tucker Bounds to lead communications and public affairs as David Ginsberg moves into an AI-focused product role, Axios reports. Ginsberg will become VP, Product, Insights Innovation, working on AI-driven user research and product development. Bounds previously oversaw product, app, executive, corporate and social communications.

FINANCIALS:

• Goldman Sachs (GS) - Goldman Sachs’ board has discussed replacing CEO David Solomon with President and COO John Waldron around end-2027 or 2028, WSJ reports. Solomon could become executive chairman for 1-2 years. The plan remains subject to board approval. Goldman commented that succession discussions are routine, and no definitive timeline exists.
• Jefferies Financial Group (JEF) - Shares fell 0.8% in extended US trading after a sharp decline in asset management revenue and weaker fixed income trading outweighed record equity trading and investment banking revenue, as well as an earnings beat. Q3 EPS 1.08 (exp. 1.00), Q3 revenue USD 2.22bln (exp. 2.20bln). Investment banking revenue +17% Y/Y to USD 1.33bln, driven by advisory +25% and equity underwriting +69%, while equity-trading revenue +29% Y/Y to a record USD 626mln. Fixed-income trading revenue declined by -26% Y/Y. Asset management net revenue fell to USD 85.6mln from nearly USD 177mln Y/Y, while asset management fees and investment return revenue was USD 34mln (exp. 84mln), reflecting weaker performance across several fund strategies. JEF raised its share repurchase programme to USD 250mln. Execs said Jefferies remains confident in the long-term asset management outlook as it reduces capital allocated to certain existing funds, while highlighting strong backlog and new business activity heading into 2027. Elsewhere, SMBC has increased its Jefferies ownership to approximately 20%, becoming its largest shareholder, with the planned Japan JV expected to begin serving clients in January 2027.
• MSCI Inc. (MSCI) - MSCI launched 14 AI value chain indexes covering global companies across infrastructure, digital platforms and applications, Bloomberg reports. The indexes are designed to help investors measure and hedge AI exposure more precisely.
• Julius Baer (JBAXY) - Swiss regulator Finma ended its enforcement procedure against Julius Baer concerning a major credit event in its former private debt business and legacy AML matters, Bloomberg reports. Julius Baer has submitted a share buyback request for approval, while its additional CET1 capital requirement was reduced to CHF 250mln (from CHF 500mln).

ENERGY:

• China LNG - China’s LNG imports are forecast at about 5.3mln tonnes in September, down roughly 8% Y/Y, as high prices curb demand, Bloomberg reports. Buyers have reduced spot purchases and resold contracted cargoes overseas, although imports may recover before winter as Beijing urges state owned firms to retain supply for peak heating demand.
• Shell (SHEL) - Shell-led LNG Canada shareholders approved a multibillion-dollar expansion that will roughly double capacity to 28mln tonnes annually, Bloomberg reports. Commercial operations are planned for the early 2030s.
• Sable Offshore (SOC) - Sable Offshore expects September oil sales of about 34K gross barrels per day, rising to 38K in October and near 45K before Hondo volumes (vs earlier estimates of 38K and 42K). Platform Hondo commissioning is complete, with regulatory review expected in October and restart planned for Q4. Four additional perforation operations are planned before restart.

INDUSTRIALS:

• Boeing (BA) - FAA certification of Boeing’s 737 Max 10 has been delayed while regulators assess whether a newly identified software glitch poses a flight safety risk, Bloomberg reports. The FAA said pilots remain in control, but it is reviewing workload implications before approving the aircraft.
• Airbus (EADSY) - Airbus expects September deliveries to be slower than anticipated after a quality issue affecting A321neo jets, Reuters reports. Around 20 aircraft have been pushed into Q4 partly because of the problem, though safety is unaffected and some airlines continue accepting deliveries. Airbus said its FY targets remain unchanged.
• AAR Corp. (AIR) - AAR agreed to buy a 65% stake in aircraft maintenance company MRO Holdings for USD 1.8bln, WSJ reports. AAR would have an option to acquire the remainder within six years. The deal includes about USD 780mln in new AAR shares for MRO investors, including Bain Capital, which would retain a stake. Elsewhere, AAR reported Q1 adj. EPS of 1.49 (exp. 1.29), Q1 revenue USD 918mln (exp. 879.97mln). CEO said strong airline travel demand continued to drive demand for AAR’s services, with growth across all three core segments. Sees Q2 sales growth between 14-16%, and adj. EBITDA margin ex-LCP between 13.0-13.4%. It raised FY27 sales growth outlook to low teens (from low double-digits to low teens).
• RTX (RTX) - RTX secured two US military contracts: Raytheon received a multi-year US Air Force AMRAAM contract worth up to USD 20.7bln, including foreign military sales; Collins Aerospace Government Systems received a USD 249.7mln US Navy contract for GPS-based range instrumentation test and training systems, equipment and technical support.
• Hapag-Lloyd (HPGLY) - Hapag-Lloyd raised its FY26 outlook, now expects EBITDA of USD 3.9-4.4bln, and EBIT between USD 1.25-1.75bln; it cautioned that volatile freight rates and geopolitical tensions create significant uncertainty, and could still impact its outlook.

MATERIALS:

• Burkino Faso Gold - Burkina Faso opened its first gold refinery. State-controlled Raffinor BF, built for XOF 11bln, has initial annual capacity of 164 tonnes, with a second phase planned to raise capacity to 515 tonnes. The government aims to retain more value from domestic mineral production and use mining to support industrial transformation.

CONSUMER CYCLICAL:

• Toyota Motor (TM) - Toyota’s global group vehicle sales fell by -7.5% Y/Y in August, marking a seventh consecutive monthly decline. Toyota and Lexus sales dropped 23% in China, 4.4% in the US and more than a third in the Middle East, while rising 2.6% in Europe and 9.1% in Japan.
• Volkswagen (VWAGY) - Volkswagen and Gotion High-Tech plan to invest EUR 3.22bln in battery facilities in Spain, Slovakia and Morocco. The JVs would include battery plants with 29.1GWh and 8.4GWh annual capacity, and a Moroccan facility producing about 100K tonnes of LFP cathode materials annually. The investments remain subject to regulatory approvals.

CONSUMER DEFENSIVE:

• Lindt & Sprungli (CHLSY) - Lindt cut FY26 organic sales growth view to 0-2% (from 4-6%), citing weak demand, price sensitivity and subdued consumer sentiment in key European markets. High cocoa-driven price increases and a summer heat wave also weighed on sales, particularly seasonal businesses.

HEALTHCARE:

• Summit Therapeutics (SMMT), AstraZeneca (AZN) - AstraZeneca will invest USD 2bln in Summit Therapeutics through convertible preferred shares, priced at USD 18.36/shr, WSJ reports. The companies will also expand cancer drug collaboration, including studies combining AstraZeneca’s sonesitatug vedotin and other medicines with Summit’s ivonescimab. The investment is expected to close this week.
• Hutchmed (HCM), AstraZeneca (AZN) - Hutchmed said AstraZeneca submitted a US NDA for ORPATHYS plus TAGRISSO in locally advanced or metastatic NSCLC with MET overexpression or amplification after EGFR inhibitor progression. The filing is supported by the SAFFRON Phase III trial, which showed significant improvements in progression-free and overall survival versus platinum-based chemotherapy, with no new safety concerns.
• Novo Nordisk (NVO) - Novo and Hengrui Pharma entered an exclusive licence agreement for HRS-1596, a Phase 1-ready once-weekly oral GLP-1/GIP dual receptor agonist. The deal is worth up to USD 2.6bln, including USD 300mln upfront, plus potential sales royalties.
• Eli Lilly (LLY) - Eli Lilly said orforglipron showed greater weight loss and A1C reduction than oral semaglutide 25mg at 52 weeks in a Phase 3 trial. Separately, Eli Lilly CEO Dave Ricks said the pharma company expects to pursue somewhat larger acquisitions, including deals similar to its USD 7.8bln Centessa purchase. Lilly has already completed about 40 deals worth over USD 20bln this year.
• Teva Pharmaceutical (TEVA) - FDA approved Degevma as a biosimilar to Xgeva for several bone-related cancer indications and giant cell tumour of bone. Together with Ponlimsi, approved in March 2026, Teva now has a US denosumab biosimilar portfolio covering indications corresponding to both Xgeva and Prolia.