Daily US Equity Opening News - AMD surges as data centres drives beat; NOVOB DC tweaks outlook as Wegovy sales beat; SSNLF hits USD 1tln; SMCI surges on guidance; GOOG gets USD 200bln Anthropic commitment; OXY cuts output view; EQNR beats on record output

DAY AHEAD:

EVENTS: President Trump will host Brazilian President Lula for a working visit; the meeting comes amid tensions over the Iran war and its impact on the global economy, and the talks will cover economic and security matters.
DATA: In Europe, Eurozone producer prices are expected to rise to 1.6% Y/Y (prev. -3%). In North America, ADP employment change (exp. 118K, prev. 62K) comes ahead of this week’s NFP on Friday; weekly MBA mortgage applications. Canada’s Ivey PMI is seen little changed at 49.9 (prev. 49.7).
CENTRAL BANKS: Poland’s central bank is seen keeping rates unchanged at 3.75%.
SPEAKERS: ECB chief economist Lane (dovish; slide release), ECB’s Cipollone (text release). Fed’s Musalem (2028 voter, hawk), Fed’s Goolsbee (2027 voter, dovish) at panel discussion. BoC Governor Macklem and Deputy Governor Rogers (text release).
SUPPLY: UK auctions GBP 1.6bln of 2035 linkers; Germany sells EUR 3.5bln of 2032 bunds; US announces quarterly refunding, and the Treasury holds a press conference following the announcement.
ENERGY: DoE weekly energy inventories published; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a larger than expected draw of -8.1mln bbls (exp. -2.8), Cushing drawing by -1.1mln bbls; in products. gasoline stocks saw a larger than expected draw of -6.1mln bbls (exp. -1.7mln), as did distillate stocks, at -4.6mln bbls (exp. -2mln).
EARNINGS: Notable US corporate earnings due today include: ARM Holdings (ARM), Disney (DIS), Uber (UBER), AppLovin (APP), Johnson Controls (JCI), Marriott (MAR), CVS Health (CVS), Apollo (APO), DoorDash (DASH), Warner Bros. Discovery (WBD), Cencora (COR), Coherent (COHR), Fortinet (FTNT), Exelon (EXC), MetLife (MET), NRG Energy (NRG), Atmos Energy (ATO), TKO Group (TKO), Albemarle (ALB), Nutrien (NTR), Kraft Heinz (KHC), NiSource (NI), CF Industries (CF), APA (APA), Global Payments (GPN), Amcor (AMCR), Flutter Entertainment (FLUT), PTC (PTC), Snap Inc. (SNAP), Zillow (Z), Insulet (PODD).

NEWS:

GEOPOLITICS:

US-Iran - President Trump said Project Freedom will pause briefly to see whether an agreement with Iran can be finalised and signed, while the blockade remains in full force. Trump said the US has total control, Iran wants a deal, did not shoot US-guarded ships, lacks anti-aircraft capability and leaders, and reiterated that it must not obtain a nuclear weapon.
Iran Proposal - Pakistani journalist Anas Mallick said an Iranian proposal to Washington via Islamabad could come soon, while the US-Iran negotiations largely depend on Iran.
UN Security Council - The US and allies are pushing a draft UN Security Council resolution that could enable sanctions or military action if Iran does not ease its Strait of Hormuz restrictions. It is part of Trump administration efforts to pressure Tehran and win international support to reopen the waterway.
Israel-Iran - Israel told Washington its security and military leadership wants to resume attacks on Iran, Israeli Broadcasting sources said. Israel believes negotiations with Iran are a waste of time.
US-China - China ordered refineries buying Iranian crude not to comply with or enforce US sanctions, invoking a 2021 law protecting Chinese interests against foreign measures, CNN reports. The Treasury recently sanctioned five Chinese teapot refiners.
US-Ukraine* - The State Department approved Ukraine’s request to buy up to USD 374mln of GPS-guided bomb kits; the sale would include extended-range variants of Boeing’s (BA) Joint Direct Attack Munitions, up to 1,200 KMU-572 JDAM tail kits, 332 KMU-556 JDAM tail kits, fuzes, spares and support equipment.

TECH:

Advanced Micro Devices (AMD) - AMD shares surged by over 17% in extended trading after earnings and revenue beat expectations, and guidance came in stronger than forecast, driven by accelerating data centre growth and strong demand for processors and GPU shipments. Q1 adj. EPS 1.37 (exp. 1.28), Q1 revenue USD 10.3bln (exp. 9.88bln); Q1 Data Centre revenue +57% Y/Y to USD 5.8bln, driven by AMD EPYC processor demand and the continued ramp of AMD Instinct GPU shipments. Client and Gaming revenue +23% Y/Y to USD 3.6bln, including Client revenue +26% to USD 2.9bln on Ryzen demand and market-share gains; Gaming revenue rose 11% Y/Y to USD 720mln on Radeon GPU demand, partly offset by lower semi-custom revenue; Embedded revenue +6% to USD 873mln. Net income rose to USD 1.38bln (vs USD 709mln Y/Y). CEO said Data Centre is now the primary driver of revenue and earnings growth, and expects server growth to accelerate as supply scales to meet demand. Sees Q2 revenue at approximately USD 11.2bln (exp. 10.5bln), and sees Q2 adj. gross margin approximately 56%.
Samsung (SSNLF) - Samsung Electronics reached a USD 1tln market valuation overnight after its shares more than quadrupled over the past year on AI chip demand. It makes Samsung the second Asian company after Taiwan Semiconductor Manufacturing Co. (TSM) to hit the mark.
OpenAI - Co-founder and president Greg Brockman said OpenAI expects to spend USD 50bln on computing power in 2026 to support its AI software, Bloomberg reports. Brockman added that computing costs had risen from about USD 30mln in 2017 to tens of billions this year as it develops more advanced models and serves a wider audience.
Super Micro Computer (SMCI) - Shares surged 18% in extended trading after it issued stronger than expected guidance, as demand for AI servers remained robust, despite a quarterly revenue miss caused by customer readiness issues that delayed revenue recognition, including insufficient power and networking for cloud deployments, alongside industrywide supply constraints, higher memory prices and shortages of GPUs and Intel (INTC) processors. Management also said customer relationships remain solid despite a federal indictment involving former associates, and CFO does not believe results will need to be restated. Reported Q3 EPS of 0.74 (exp. 0.62), Q3 revenue USD 10.2bln (exp. 12.45bln). CEO said its transformation into a total datacentre infrastructure provider is accelerating, supported by margin recovery and rapid growth in its DCBBS business; added that new US manufacturing facilities in Silicon Valley leave the company well positioned to meet demand across AI and enterprise verticals. Sees Q4 EPS between 0.65-0.79 (exp. 0.56), sees Q4 revenue between USD 11.0-12.5bln (exp. 11.31bln); for the FY, sees revenue between USD 38.9-40.4bln (exp. 41.5bln).
Arista Networks (ANET) - Shares tumbled by over 10% in extended trading, despite beating expectations and raising its outlook, as persistent supply constraints, near-term growth challenges and a steep valuation prompted investors to step back. Q1 adj. EPS 0.87 (exp. 0.81), Q1 revenue USD 2.71bln (exp. 2.62bln). CEO said it is off to a strong start in 2026. Sees Q2 adj. EPS 0.88 (exp. 0.86), sees Q2 revenue approximately USD 2.8bln (exp. 2.78bln), and sees Q2 adj. operating margin between 46-47%.
Strategy Inc (MSTR) - Strategy shares fell over 3% in extended trading after it missed Q1 top- and bottom-lines, while its Bitcoin (BTC) metrics remained positive, with BTC Yield of 9.4% in 2026 YTD and BTC Gain of 63,410, equivalent to roughly USD 5bln through the first four months of the year. It reported Q1 EPS -38.25 (exp. -18.98), Q1 revenue USD 124.3mln (exp. 125.1mln). Management said Bitcoin adoption continues to grow in 2026, citing traditional finance and major banks announcing Bitcoin ETFs, trading, custody and lending services. Bloomberg reports that executives said they would consider selling Bitcoin if it improved the company’s capital structure or increased “Bitcoin per share”, marking a potential shift after the firm built a USD 67bln Bitcoin stockpile.
Lumentum (LITE) - Q3 adj. EPS 2.37 (exp. 2.27), Q3 revenue USD 808.4mln (exp. 810.05mln). CEO noted recent margin expansion, with fiscal Q3 gross margin improving 540bps Q/Q and operating margin up 700bps Q/Q. Sees Q4 adj. EPS between 2.85-3.05 (exp. 2.69), sees Q4 revenue between USD 960mln-1.01bln (exp. 917.27mln).
Infineon Technologies (IFNNY) - Infineon forecast Q3 revenue of around EUR 4.1bln (exp. 4.04bln), as it benefits from AI infrastructure spending; also expects revenue to rise significantly Y/Y (prev. saw a moderate increase).

COMMUNICATIONS:

Alphabet (GOOG), Anthropic - Anthropic committed to spend USD 200bln with Google Cloud over five years under a recent agreement, The Information reports. The deal covers cloud services and Google’s AI chips, and may represent more than 40% of Google’s recently disclosed cloud revenue backlog.
Electronic Arts (EA) - Shares slipped 0.7% in extended trading following a profit miss in Q4, despite sales topping expectations. It reported Q4 EPS 1.81 (exp. 1.30), Q4 revenue USD 2.12bln (exp. 1.99bln). Q4 net income rose to USD 461mln (from USD 254mln), with full-game revenue up to USD 609mln and live services and other revenue up to USD 1.511bln; operating cash flow was +6% Y/Y at USD 580mln. FY26 net revenue +1% to USD 7.531bln, net bookings +9% Y/Y reaching a record USD 8.026bln. It said Battlefield 6 was the best-performing Battlefield title in a fiscal year, Global Football net bookings rose mid-single digits, and Apex Legends net bookings rose double digits for FY26 after its strongest bookings quarter of the year in Q4. Declared a quarterly dividend of USD 0.19/shr. CEO Andrew Wilson said disciplined execution delivered a record FY26 and that EA is looking ahead to closing its transaction after strong investor demand for its debt process and continued regulatory engagement.
Match Group (MTCH) - Q1 EPS 0.68 (exp. 0.86), Q1 revenue USD 864mln (exp. 854.75mln). The decline in Tinder users moderated and Tinder returned to new-user registration growth. Hinge delivered another strong quarter and launched new features for highly intentioned daters. Sees Q2 revenue between USD 850-860mln (exp. 856.12mln), sees Q2 adj. EBITDA between USD 325-330mln.

FINANCIALS:

Private Credit, New Mountain Finance (NMFC) - New Mountain said a loan bought weeks ago at about 65 cents on the dollar is already trading around 10 cents higher, Bloomberg reports. The private credit fund had sold almost USD 500mln of assets at a discount earlier this year and used some cash to buy beaten-down loans.
Blue Owl (OWL) - Stack Infrastructure, a data centre company owned by Blue Owl Capital, is considering options including a sale of its Asia operations, Bloomberg reports. The assets in Australia, Japan and Malaysia could be sold partly or fully, with a transaction potentially valued at more than USD 30bln.
Brookfield Oaktree (OAK.A) - Oaktree Capital Management cut the value of Oaktree Specialty Lending Corp. by almost 4% after marking down software assets, Bloomberg reports. The USD 2.8bln private credit fund wrote down performing software loans by about 3%, citing declines in similar publicly traded loans, and flagged 26% AI exposure.
Sixth Street Specialty Lending (TSLX) - Sixth Street Specialty Lending cut its quarterly dividend to USD 0.42/shr (prev. 0.46/shr) after reporting a Q1 loss; its Sixth Street Partners-managed private credit fund cited credit spread widening and declining valuations.
Prudential Financial (PRU) - Q1 adj. EPS 3.61 (exp. 3.11); net investment income +11% to about USD 5bln. CEO noted growing momentum across the business. PGIM delivered strong investment performance and remains on track for its margin expansion target, while US Businesses benefited from actions to improve competitive positioning across retirement and insurance. International results were affected by the sales suspension at Prudential of Japan, though management said its broader Japan platform remains diversified and resilient, while Emerging Markets delivered a robust quarter led by record earnings in Brazil.
Banco Santander (SAN) - Santander plans to retire the TSB brand a year after announcing its acquisition of Banco Sabadell’s British unit, after it is completing the EUR 3.3bln TSB acquisition last week, and it expects about GBP 400mln of cost cuts, FT reports. The combined business will operate as Santander UK after integration.
Banco BPM (BAMI IM), Credit Agricole (ACA FP), Monte dei Paschi (BMPS IM) - Banco BPM said it considers Credit Agricole and Monte dei Paschi natural M&A targets, but added that deals are not necessarily ideal, and it will wait and see.

CONSUMER:

Coty (COTY) - Shares fell almost 4% in extended trading after weaker LFL sales, lower gross profit and margin contraction, with Middle East disruption, tariffs, lower shipments and a Consumer Beauty impairment weighing on results, despite profit coming in ahead of expectations. Q3 adj. EPS -0.03 (exp. -0.01), Q3 revenue USD 1.28bln (exp. 1.27bln). Interim CEO said Q3 marked an important step toward restoring consistent performance, though results remained below potential and were disrupted by Middle East weakness late in the quarter. Beauty demand remains resilient, with continued growth in fragrances and cosmetics, while developed-market demand has stayed broadly consistent. The company is implementing its strategic framework, focusing on core brands and markets, reducing portfolio complexity and identifying savings opportunities to support consumer engagement and profitability. Sees Q4 adj. EPS between -0.02-0.00 (exp. 0.00), Q4 LFL revenue down mid-single digits, and Q4 FCF neutral to moderately positive. Sees FY26 adj. EPS between 0.33-0.35 (exp. 0.27), sees FY26 adj. EBITDA between USD 838-848mln.
BMW (BMWKY) - Q1 automaking EBIT margin fell to 5% (exp. 4.7%) from 6.9% Y/Y, the midpoint of BMW’s forecast range for this year; the decline reflected intense pricing competition, weaker deliveries in China, tariff pressure, and raw material costs. Q1 pre-tax earnings fell 25% Y/Y to EUR 2.3bln (exp. 2.2bln), while revenue dropped 8.1% to EUR 31.0bln. Global deliveries -3.5% Y/Y to 565.78k, Brand global deliveries -4.6% Y/Y to 496k. Confirmed FY26 guidance. Exec said global automotive market is now expected to see a slight decrease.
Rivian (RIVN) - Rivian is developing variants of its more affordable R2 EVs, Reuters reports. CEO said its Georgia plant allows different variations, but did not disclose details. Deliveries of the USD 58K priced R2 SUV are planned around June, with cheaper versions to follow later this year and in 2027.
Lucid (LCID) - Q1 EPS -3.46 (vs -2.41 Y/Y), Q1 revenue USD 282.5mln (vs 235.05mln Y/Y). It suspended its FY production outlook pending a business review under incoming CEO Silvio Napoli. Produced 5,500 vehicles, up 149% Y/Y, and delivered 3,093 vehicles, with January and March deliveries ahead of prior-year periods, while February timing was affected by a supplier issue that was resolved during the quarter.
Diageo (DEO) - Q3 organic net sales rose 0.3% (exp. -2.3%); growth in Africa and LatAm offset significant weakness in the US; said it is working to revive weaker drinks sales in North America, which its new CEO called the company’s biggest challenge.
Next (NXGPY) - Q1 full-price sales +6.2% (exp. 4.0%), and it raised FY26/27 pretax profit guidance to GBP 1.218bln (from 1.210bln), while maintaining guidance for full-price sales for the rest of the year; plans moderate international price rises and cost savings to offset Middle East conflict costs.
Continental (CTTAY) - Q1 adj. EBIT rose to EUR 522mln (exp. 484mln), while sales were EUR 4.4bln (exp. 4.36bln); it confirmed FY sales guidance of EUR 17.3-18.9bln, and an adj. EBIT margin of 11.0-12.5%, citing higher profitability in Tires and ContiTech.
Zalando (ZLNDY) - Q1 revenue EUR 3bln (exp. 2.99bln), adj. EBIT EUR 64.8mln (exp. 58mln); GMV rose +21.7% to EUR 4.3bln; confirmed FY26 guidance, including adj. EBIT of EUR 660-740mln, and cited AI-driven efficiency and personalisation.
Pandora (PNDRY) - Q1 sales DKK 7.11bln (exp. 7.13bln), EBIT margin fell to 20.9% (from 22.3% Y/Y), while gross margin fell 90bps to 79.5%, reflecting tariff, commodity and FX headwinds; FY guidance was unchanged; exec said Q2 trading showed around flat LFL growth.
Ahold Delhaize (ADRNY) - Q1 sales EUR 22.3bln (exp. 22.6bln), underlying operating income +0.7% to EUR 896mln (exp. 858mln), online sales growth +8.3% at constant FX; reiterated FY guidance; plans to appoint Thierry Garnier as CEO in April 2027.

ENERGY:

Saudi OSPs - Saudi Aramco cut June pricing for Arab Light crude to Asia by USD 4/bbl (exp. -8/bbl) to a USD 15.50 premium over regional benchmarks, Bloomberg reports. The price fell from May’s record-high premium.
US Gasoline Inventories - US gasoline inventories are expected to fall below 200mln barrels by the end of August, reaching historical seasonal lows, Morgan Stanley analysts said. The projected decline would further tighten a fuel market disrupted by the Iran war and suggests the global energy supply crunch could persist for months.
European NatGas - European natgas traders are buying options to hedge against a possible winter price spike as Middle East conflict disrupts supplies, Bloomberg reports. Recent contracts suggest benchmark prices could reach EUR 100/MWH next winter, more than double current levels, amid concern that prolonged conflict could hinder Europe’s slow inventory refill efforts.
Occidental Petroleum (OXY) - Occidental beat earnings expectations but revenue missed, and it lowered FY26 production outlook, while realised oil prices fell; its shares slipped 1.8% in extended trading. Reported Q1 adj. EPS of 1.06 (exp. 0.64), Q1 revenue USD 5.23bln (exp. 5.55bln). FY26 production view was lowered as the Iran war weighs on operations, with activity at its 40%-owned Shah gas field in the UAE remaining suspended since an Iranian attack on 16th March. International production is now expected between 218-228k boepd (prev. saw 230-240k). Sees Q2 production between 1.39-1.43mln boed, and sees FY26 production between 1.41-1.46mln boed (prev. saw 1.420-1.480mln boed).
Equinor (EQNR) - Q1 adj. operating income after tax totalled USD 2.86bln (exp. 2.6bln); profit was supported by higher oil and gas prices linked to the Iran war. Q1 adj. pretax profit rose to USD 9.77bln (exp. 9.0bln) from USD 8.65bln Y/Y. Output hit a record 2.31mln boed (exp. 2.22mln; prev. 2.12mln Y/Y). Maintained quarterly dividend at USD 0.39; said it will begin a second tranche of its 2026 share buyback programme of up to USD 375mln.
Marathon Petroleum (MPC) - Marathon sent fuel tankers on atypical routes in the first months of the Iran war to benefit from disrupted gasoline, diesel and jet fuel supplies, Bloomberg reports. CEO said the US refiner is largely insulated from supply constraints because it mainly sources crude from the US and Canada.

MATERIALS:

BHP Group (BHP) - CFO said AI demand is making the miner’s copper exposure more valuable and attracting more international generalist investors. CFO notes that its half-year underlying profit beat expectations as copper surpassed iron ore in earnings for the first time; also said that BHP remains comfortable with its uranium exposure from Olympic Dam.

INDUSTRIALS:

Thomson Reuters (TRI) - Q1 adj. EPS 1.23 (exp. 1.21), Q1 revenue USD 2.09bln (exp. 2.04bln). CEO said performance was supported by professionals choosing its AI products. Backed FY26 revenue growth view of 7.5-8%, FY26 adj. EBITDA margin up 100bps, and FY26 FCF of USD 2.1bln. Sees Q2 organic revenue growth between 7-8%, sees Q2 adj. EBITDA margin approximately 38%; raised its expected FY26 net interest expense to USD 180-190mln (from USD 150-160mln).
Emerson Electric (EMR) - Q2 adj. EPS 1.54 (exp. 1.53), Q2 revenue USD 4.56bln (exp. 4.59bln). CEO said sales were affected by the conflict in the Middle East, while margins exceeded expectations and underlying orders rose +5%, led by Software & Systems and growth verticals; 2026 is developing largely as expected, with a stronger H2 supported by order momentum and a robust backlog. Sees Q3 adj. EPS between 1.65-1.70 (exp. 1.68), Q3 net sales growth of 5.5% (exp. revenue 4.82bln). Narrows FY26 adj. EPS view to between 6.45-6.55 (exp. 6.49; prev. saw 6.40-6.55), and lowers FY26 net sales growth view to about 4.5% (prev. saw 5.5%). It also elected Apple (AAPL) General Counsel Jennifer Newstead to its board, effective 3rd August, expanding the board size to 11 members.
Daimler Truck (DTRUY) - Daimler Truck confirmed FY guidance, while warning that US trade tariffs and the Iran conflict are difficult-to-assess risks; reiterated FY EBIT view of up to EUR 3.7bln, and adj. return on sales of up to 8%, supported by vehicle sales forecast to rise to 360K units.
Deutsche Lufthansa (DLAKY) - Deutsche Lufthansa Q1 adj. EBIT loss narrowed 15% to EUR 612mln (exp. loss of 650mln); revenue was EUR 8.7bln, also beat expectations, as strong long-haul demand helped offset volatile fuel costs and disruption from labour strikes.
Leonardo (FINMY) - Q1 new orders rose to EUR 9.002bln (exp. 8bln); said the increase extended its streak of contract wins, ahead of the abrupt ouster of CEO Cingolani; FY26 guidance confirmed.
Vestas (VWDRY) - Q1 revenue rose to EUR 3.966bln (vs 3.466bln Y/Y), adj. EBIT margin improved to 3.2%; order backlog was EUR 76.1bln, order intake reached 4.504GW, adj. free cash flow was EUR -533mln; backed FY revenue guidance.

UTILITIES:

Entergy (ETR) - Entergy announced a common stock offering worth USD 2.175bln; a spot secondary was marketed with a price range of USD 113.00-114.00 (vs close of 117.36 on Tuesday).
Orsted (ORSTED DC) - Q1 revenue DKK 27.6bln (exp. 23bln), EBITDA ex-new partnerships and cancellation fees rose to DKK 9.545bln (exp. 9.47bln); FY EBITDA guidance was confirmed at DKK 28bln (exp. 29.3bln).

HEALTHCARE:

Novo Nordisk (NVO) - Q1 adj. net sales DKK 70.06bln (exp. 60.07bln), Q1 Wegovy sales DKK 18.25bln (exp. 17.36bln). Q1 adj. EBIT was DKK 32.85bln (exp. 28.74bln), while adj. operating profit fell 6% at CER, reported operating profit +65% at CER, driven by a provision reversal related to the 340B Drug Pricing Programme in the US. US Operations adj. sales fell 11%, reflecting lower realised prices, partly offset by volume growth across the Wegovy portfolio. Q1 total prescriptions were around 1.3mln, and more than 2mln since launch, marked the strongest-ever GLP-1 volume launch in the US. Raised its 2026 outlook, citing higher expectations for GLP-1 product sales; sees FY26 adj. sales growth at CER between -4% and -12% (prev. saw -5% to -13%), excluding the 340B provision reversal; adj. operating profit growth also seen between -4% and -12%. Pending regulatory decisions, the first Wegovy pill launches outside the US are expected during H2 2026.
Bayer (BAYRY) - Bayer is to buy eye-disease drug developer Perfuse Therapeutics for up to USD 2.45bln, WSJ reports. Bayer will pay USD 300mln upfront, with the remainder tied to development, regulatory and commercial targets. The German pharmaceutical-and-agricultural group said the deal aims to complement its ophthalmology pipeline.
Philips (PHG) - Philips reported Q1 earnings above expectations after strong orders, and pledged further savings and productivity measures to withstand a volatile environment marked by tariffs and rising costs. It will focus on controllable measures to protect earnings, including strengthening its supply chain.
Fresenius SE (FSNUY) - Q1 EBIT +6% in constant currency terms to EUR 678mln (exp. 686mln), missing expectations as pricing pressure in China weighed on its clinical nutrition business; revenue was EUR 5.74bln (exp. 5.82bln); reaffirmed FY26 guidance. It also said that it was investing in Avelios Medical, and further expanded its strategic partnership with SAP (SAP).