Daily US Equity Opening News - ARM outlook tops expectations; MRK to acquire TERN

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.8%, NQ +1.0%, YM +0.8%, RUT +0.9%
DAY AHEAD: On the speakers’ slate, Fed’s Miran (voter, dovish dissenter; no text expected, but there will be a Q&A) will speak at the Digital Asset Summit. In supply, the US Treasury will auction USD 28bln 2yr FRNs, and USD 70bln 5yr notes. In energy, API weekly energy inventory data reportedly showed headline crude stocks posting a surprise build of +2.3mln bbls (exp. -1.4mln), Cushing +4.0mln bbls, distillate posting a surprise build of +1.4mln bbls (exp. -1.4mln), and gasoline stocks posting a surprise build of +0.5mln bbls (exp. -1.9mln). The more widely followed DoE weekly energy inventory report will be published later today. The White House is preparing to waive US volatility requirements for E15 gasoline this summer, expanding sales of the higher-ethanol blend; the EPA is due to brief industry stakeholders on the planned approach today. Notable corporate earnings due today include: Jefferies (JEF). The SNB will release its quarterly bulletin for Q1.
BROKER MOVES: GM upgraded at Wolfe; MDLZ downgraded at Rothschild & Redburn. For the full list, click here.
MAJOR MORNING MOVES RECAP: ARM, TERN, HOOD, KBH, ONON, RGR, GM, BRZE. For the full list, click here.
US DAILY CONFERENCE CALENDAR: TMO, MSFT, DOW. For the full list, click here.

NEWS:

IRAN

Ceasefire Hopes - US officials are seeking a one-month ceasefire with Iran to negotiate its nuclear programme and help end the war, according to Israel’s Channel 12. The reported 15-point plan includes Iran dismantling its nuclear programme, forswearing nuclear weapons, ending support for militias and reopening the Strait of Hormuz, in exchange for US civilian nuclear assistance. The AP, citing Pakistani officials, reported that Iran has received the US' plan; it reportedly covers sanctions relief, civilian nuclear cooperation, a rollback of Iran’s nuclear programme, IAEA monitoring, missile limits and shipping access through the Strait of Hormuz. Other reports note that diplomacy remains uncertain given unresolved questions around the format, participants and structure of any deal. WSJ reports that Turkey, Egypt and Pakistan are pushing to arrange US-Iran talks within 48 hours; Gulf Arab states are urging Trump to keep pressure on Tehran, and the Pentagon is planning to deploy about 3,000 troops from the 82nd Airborne Division to the Middle East, as the US continues to increase its military presence in the region. US President Trump also said Iran offered a goodwill “present” tied to Strait of Hormuz energy flows, though did not specify the gift. Ending the war is only possible by achieving Iran's strategic goals, according to Fars News; "Iran does not accept a ceasefire. Basically, it is not logical to enter into such a process with those who violate the agreement." An informed person in an interview with Fars correspondent, referring to the failure of the opposing axis to achieve its goals, stated: "Iran does not accept a ceasefire. Basically, it is not logical to enter into such a process with those who violate the agreement."
Strait of Hormuz - Iran said foreign ships can cross the Strait of Hormuz if they are not supporting acts of aggression and comply with regulations set by Tehran. In a letter circulated to IMO members, Iran said countries could obtain safe passage “in co-ordination with the competent Iranian authorities.”
Freighters - Cosco (1919 HK) has resumed new bookings for standard containers to the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Iraq, effective immediately.
Crude Trading - UBS said investors looking to trade Asian stocks after oil-price spikes should execute in the first few minutes of the trading day and then stay out of the market. The bank’s study of six regional markets in the first week of March found turnover clustered at the open, with execution quality deteriorating thereafter, Bloomberg reports.
Fertilisers - Governments are scrambling to secure fertiliser supplies ahead of spring planting as the Middle East war disrupts commodity flows and raises fears of a food crisis, Bloomberg reports, as shipments from the key supplying region stall.
Helium, Air Liquide (AIQUY) - Air Liquide unit Airgas will curtail helium shipments after Qatar halted production at a major LNG facility following an Iranian strike, Bloomberg reports. Airgas declared force majeure effective 17th March, and expects some customers to receive as little as half their normal monthly helium deliveries, while adding a USD 13.50 per 100 cubic feet surcharge.

GEOPOLITICS

India-Russia - Indian refiners have bought about 60mln bbls of Russian oil for April delivery, Bloomberg reports. The cargoes were booked at premiums of USD 5-15/bbl to Brent. The volume is similar to March purchases, and more than double February levels, according to Kpler.
Russia-Ukraine - A fire was being contained at Russia’s Ust-Luga port after 56 drones were destroyed over the Leningrad region, the regional Governor said.

TRADE

US-China - The US is increasingly concerned about so-called “foreigner butchering” scams, operations that allegedly run from China that target foreigners specifically, which could add another issue ahead of a planned Trump-Xi meeting, Bloomberg reports. The US-China Economic and Security Review Commission said crackdowns on scam centres in countries such as Cambodia had pushed Chinese criminals to return home and run smaller operations.
US-Brazil - Brazil is preparing a BRL 15bln credit programme to support companies affected by US tariffs and the Middle East war. President Lula could sign the provisional measure as early as Wednesday, according to a draft seen by Bloomberg, which says the financing is aimed at helping firms cope with geopolitical and international instability.
China Aluminium, Fortescue (FSUGY) - Fortescue Chairman said China Mineral Resources Group should stop tactics aimed at lowering iron ore prices. He said the state-backed buyer was trying to “create a cartel” and warned it should not “poke a bear,” referring to Australia’s economy.
China-Mexico - China’s MOFCOM said its investigation into Mexican measures affecting Chinese interests has concluded that Mexico’s tariff increases on products from China and other non-free-trade partners constitute a trade and investment barrier under China’s foreign trade law and trade barrier investigation rules.

MACRO

Fedspeak - Fed Governor Barr (voter) said rates may need to stay steady for some time as inflation remains notably above its 2% target. Barr wants evidence that goods and services inflation is sustainably retreating before considering further rate cuts, provided labour market conditions remain stable.
CBRT Gold Holdings - Turkey's central bank opened a 1-week gold-for-Lira sell-side swap auction, via traditional methods, for four tonnes; follows news on Tuesday that the CBRT was mulling tapping its USD 135bln gold reserve for Lira defense.

TECH

Apple (AAPL) - Apple is testing a standalone Siri app and a new “Ask Siri” feature that would work across its software as part of a broader AI overhaul, Bloomberg reports. The company is also revamping Siri with a new look and chatbot-style experience, with an unveiling planned for 8th June.
OpenAI - OpenAI plans to shut its Sora video platform months after launch, WSJ reports. The move is part of a broader refocus on business and coding functions ahead of a potential IPO as soon as Q4 this year. The Information reports that Sam Altman told staff he is stepping back from direct oversight of OpenAI’s safety and security teams to focus on fundraising, supply chains and datacentre buildout. OpenAI has completed initial development of its next major model, codenamed Spud. Elsewhere, OpenAI CFO Sarah Friar told CNBC that it is raising an additional USD 10bln, taking its funding round to more than USD 120bln; Microsoft (MSFT) is joining this tranche alongside Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG and T. Rowe Price (TROW). She added that OpenAI shut Sora because of compute constraints and hard prioritisation choices.
SK Hynix (HXSCL) - SK Hynix filed with the SEC for a US listing, targeted for H2 2026. The company said the offering’s size, structure and timeline are not yet finalised. A source cited by Reuters suggested that it plans to list 2-3% of its shares, which could raise up to USD 14bln. Elsewhere, the company said that the HBM market is expected to remain a key driver of growth in 2026, with demand expected to expand over the mid to long term due to AI.
Hon Hai (HNHPF) - Foxconn is targeting US revenue at USD 100bln for end-2026.
TSMC (TSM) - Taiwan’s Ministry of Justice has proposed amendments to strengthen the National Security Act and close legal loopholes following a case involving former TSMC senior vice president Wei-Jen Lo allegedly taking sensitive company data, DigiTimes reports. The case has prompted planned revisions to national security laws after the reported data breach.
Arm Holdings (ARM) - CEO said Arm will begin selling its own chips, and expects the business to generate about USD 15bln in annual sales within five years, Bloomberg reports. Meta (META) will be the first major customer for Arm’s AGI CPU chip, which will have as many as 136 cores and draw 300 watts, with TSMC (TSM) producing the chips. Citi said Arm's fiscal 2031 outlook of USD 25bln in revenue and USD 9 in EPS beat even the most bullish of scenarios. While the company's pivot to manufacturing chips was a poorly kept secret, the news positively surprised as Arm has developed a full server chip with two key AI launch partners in Meta and OpenAI. Citi maintained a 'Buy' rating on ARM with a USD 190 PT.
Palantir (PLTR) - Anduril and Palantir are part of a consortium developing software for Trump’s Golden Dome missile shield, according to the WSJ. The group is working on the operating system for the USD 185bln project, and aims to have the software ready for testing this summer.
Sandisk (SNDK) - Sandisk unit entered an equity investment agreement with Nanya Technology, via a SEC filing. Unit to purchase 139mln Nanya shares for USD 1.0bln, representing 3.9% stake.
Block (XYZ) - Said deep job cuts across companies will be unavoidable as AI adoption increases, WSJ reports. After announcing a 40% workforce reduction last month, the company expects to generate USD 2mln in gross profit per employee this year (vs USD 1mln in 2025).
China AI Stocks - Chinese AI service stocks rose overnight after state media highlighted a sharp increase in domestic AI model adoption and token usage. Data-centre operators also advanced as expectations grew for continued capacity demand.
Braze (BRZE) Q4 2025 (USD): Adj. EPS 0.10 (exp. 0.14), Revenue 205.2mln (exp. 198.22mln); sees Q1 adj. EPS at 0.10-0.11 (exp. 0.12) and Q1 revenue of 204.5-205.5mln (exp. 197.28mln); Sees FY27 adj. EPS at 0.61-0.65 (exp. 0.64) and FY27 revenue of 884-889mln (exp. 858mln). Authorised repurchase of up to USD 100mln of class A stock.
Cipher Digital (CIFR) - Announced the execution of its third data center campus lease. This agreement is for an initial term of 15 years with an investment-grade Hyperscale tenant. Under the terms of the agreement, Cipher will develop and deliver a new HPC data centre at one of its existing sites.

COMMUNICATIONS

Disney (DIS), OpenAI - Disney is withdrawing from its deal with OpenAI after the company said it will shut the standalone Sora app, Hollywood Reporter said, citing a source; Disney will not proceed with its USD 1bln investment and character-licensing agreement tied to Sora.
Meta Platforms (META) - China has barred Manus co-founders Xiao Hong and Ji Yichao from leaving the country while regulators review whether Meta’s acquisition of the AI startup breached investment rules, according to the FT. Meta said in December it would acquire Manus in a deal valued at USD 2-3bln. Separately, A New Mexico jury found Meta violated the state’s consumer protection law and ordered it to pay USD 375mln in civil penalties over claims it misled users about safety. Meta will appeal, and a second trial phase is scheduled for May. Elsewhere, Bloomberg said that Meta is offering stock options to top executives for the first time since its 2012 IPO; the awards vest if the company meets ambitious share-price milestones over the coming years and are aimed at retaining senior leaders.
Meta Platforms (META), EssilorLuxottica (ESLOY) - Meta’s rollout of new display-equipped Ray-Ban smart glasses in the EU has been delayed by battery and AI regulations as well as supply constraints, Bloomberg said. Meta wants to launch the product in the bloc, but has been unable to secure enough supply.
Alphabet (GOOG) - Google Quantum AI said it is expanding its research to include neutral atom quantum computing alongside superconducting qubits. It said superconducting systems have scaled to millions of gate and measurement cycles, while neutral atoms have reached arrays of about 10,000 qubits, and outlined work on error correction, modelling and simulation, and experimental hardware.
GameStop (GME) Q4 2025 (USD): Adj. EPS 0.49 (exp. 0.37), Revenue 1.104bln (exp. 1.47bln); bitcoin holdings were valued at USD 368.4mln (vs 519.4mln in Q3); SG&A fell to USD 241.5mln (from USD 282.5mln); hardware and accessories sales declined to USD 535.6mln (from USD 725.8mln). The 14% revenue decline reflected continued pressure on GameStop’s brick-and-mortar model from the gaming industry’s shift toward digital downloads, streaming and online purchasing; management continues to focus on cost cuts, streamlining operations, and increasing emphasis on trading cards and collectibles. The company also said it signed an agreement related to a potential sale of its operations in France.
Trade Desk (TTD) - Trade Desk was reiterated a Hold rating, with a USD 22 price target at Jefferies; analyst notes that Omnicom (OMC) is conducting a third-party audit of Trade Desk after Publicis (PUBGY) removed it as a recommended demand-side platform. Jefferies said the situation has increased scrutiny of The Trade Desk’s industry-high take rate, and expects more major agency holdcos to conduct similar reviews.

CONSUMER DISCRETIONARY

PDD Holdings (PDD) Q4 (USD): EPS 2.53 (exp. 3.41), Revenue 17.7bln (exp. 18.05bln). Operating profit RMB 27.72bln (vs 25.59bln Y/Y). Adj. operating profit RMB 29.47bln (vs 27.99bln Y/Y). Commentary: Firmly committed to our strategic focus on high-quality development; Supply chain investment is where it will place its greatest conviction; Committed to dedicating significant resources, with an all-in mindset, to drive lasting benefits to the entire ecosystem.
Amazon (AMZN) - Amazon acquired New York-based Fauna Robotics last week, entering the consumer humanoid market, according to Bloomberg. Fauna is developing a 42-inch robot that can interact with people. Separately, Qatar’s Sheikh Hamad bin Jassim Al Thani and Amazon have joined the latest funding round for German startup Neura Robotics.
General Motors (GM) - To invest USD 600mln in South Korea (incl. +USD 300mln new) to upgrade plants and boost SUV production. Meanwhile, shares were upgraded at Wolfe Research to 'Outperform' from 'Peer Perform' with a USD 96 PT. While 2026 could see a small additional step-up in raw materials, investors may be underappreciating the magnitude of potential tailwinds into 2027, including the upcoming FS Pickup refresh, further reduction in warranty costs, lower net tariff burden, and further improved EV losses.
Chewy (CHWY) Q4 2025 (USD): Adj. EPS 0.27 (exp. 0.28), Revenue 3.26bln (exp. 3.26bln); sees Q1 adj. EPS at 0.40-0.45 (exp. 0.42) and Q1 revenue of 3.33-3.36bln (exp. 3.37bln). Sees FY26 revenue of 13.6-13.75bln (exp. 13.59bln).
KB Home (KBH) Q1 2026 (USD): EPS 0.52 (exp. 0.54), Revenue 1.08bln (exp. 1.09bln). Homes delivered -14% Y/Y to 2,370, average selling price 452,100 (vs 500,700 Y/Y), net orders +3% to 2,846, ending backlog 3,604 homes (vs 4,436 Y/Y), backlog value 1.7bln (vs 2.2bln), monthly net orders per community 3.5 (vs 3.6), cancellation rate improved to 12% (from 16%), average community count +7% to 274, ending community count +8% to 276. Expects to repurchase between USD 50-100mln of shares in Q2. Exec said noted Y/Y net order growth, solid community traffic, and said it is now achieving its targeted mix of Built to Order net orders; added that a renewed focus on the core Built to Order strategy, favourable regional mix and operating leverage from higher delivery volumes are expected to support stronger financial results in H2 FY26. Sees Q2 deliveries between 2,250-2,450 homes, sees Q2 housing revenues between USD 1.05-1.15bln. Sees FY26 deliveries between 10,000-11,500 homes, sees FY26 housing revenues between USD 4.80-5.50bln.
Krispy Kreme (DNUT) - Increased WKS Restaurant Group’s Western US joint venture stake to 80%, receiving about USD 90mln including about USD 50mln cash, while adding 23 shops and expanding fresh delivery.
On Holding (ONON) - Named co-founders David Allemann and Caspar Coppetti as Co-CEOs, effective May 1st. Current CEO Martin Hoffmann stepped down, stays advisor through March 2027; Scott Maguire promoted to President & COO, new CFO Frank Sluis joins May 1.
ANTA Sports Products (2020 HK) FY (CNY): Net 13.6bln (exp. 13.3bln), rev. 80.2bln (exp. 78.7bln).
Volkswagen (VWAGY) - in talks with Rafael Advanced Defence Systems over converting the Osnabrueck plant to make components for the Iron Dome system, according to the FT. Volkswagen is exploring solutions for the site, but ruled out weapons production.
BYD (BYDDY) - Cautious mention in Bloomberg, which said that BYD’s God’s Eye driver-assistance system has come under scrutiny after incidents reported by a Yangwang U8 owner, including sudden acceleration to 93kph in a 60kph zone, and an abrupt lane move that nearly caused a collision, highlighting concerns over the performance of high-tech driving features.

ENERGY

Gasoline - Russia may reinstate temporary ban on gasoline exports, IFX reports.
Energy Inventories - API weekly energy inventory data reportedly showed headline crude stocks posting a surprise build of +2.3mln bbls (exp. -1.4mln), Cushing +4.0mln bbls, distillate posting a surprise build of +1.4mln bbls (exp. -1.4mln), and gasoline stocks posting a surprise build of +0.5mln bbls (exp. -1.9mln). The more widely followed DoE weekly energy inventory report will be published later today.
US Gasoline - The White House is preparing to waive US volatility requirements for E15 gasoline this summer, expanding sales of the higher-ethanol blend, according to Bloomberg. The EPA is due to brief industry stakeholders on the planned approach on Wednesday.
Valero (VLO) - Said to be preparing its Port Arthur refinery (385k BPD) to restart; ramp-up to full capacity expected.
Chevron (CVX) - Chevron warned that California faces an energy crisis because of the Iran war, and said it may exit oil refining in the state unless taxes and regulations are eased, Bloomberg reports. California imports about 20% of its refined fuels from Asia, leaving it exposed to disruption in commodity markets. California’s average diesel price rose to a record USD 7.018/gallon as limited refining capacity and disruption to global energy shipments from the Iran war tightened supplies.
Enbridge (ENB) - Enbridge CEO said it has not ruled out helping build a new oil pipeline from Alberta to the British Columbia coast if regulatory conditions are right. Alberta is proposing a 1mln BPD pipeline, and has received early support from the Canadian government.
Petrobras (PBR) - Selling fuel below international prices as Brazil tries to contain war-driven energy inflation in an election year, Bloomberg reports. The policy is squeezing importers and contributing to a sharp drop in diesel inflows that could deplete inventories, while the Lula administration has also cut taxes and introduced diesel subsidies.
SLB (SLB) - To serve as modular design partner for Nvidia (NVDA) DSX AI Factories; SLB and NVDA will develop an AI factory for Energy with Generative AI models.

INDUSTRIALS

SpaceX - SpaceX aims to file its IPO prospectus with regulators later this week or next week, and advisers expect it could raise more than USD 75bln, according to The Information.
Leonardo (DRS) - Introduced THOR, an open-architecture 3U VPX embedded computing chassis designed for tactical edge use, built for combat vehicles, tactical platforms and emerging mission environments; it provides scalable processing to support AI, multi-sensor data fusion, and faster battlefield decision-making.
Lockheed Martin (LMT) - Received a USD 478.36mln Navy contract for engineering and technical support and production of the Integrated Submarine Imaging System for new-construction and in-service submarines. If options are exercised, the total value would rise to USD 1.19bln. Meanwhile, the DoW framework agreement on Precision Strike Missiles to accelerate production and quadruple capacity, builds on a USD 4.94bln US Army Contract awarded last year.
Honeywell Aerospace (HON) - Honeywell Aerospace and Department of War sign a groundbreaking agreement to accelerate production of defence technologies; to invest USD 500mln over multi-year period to upgrade production capacity. To ramp production of navigation systems under the agreement. To ramp up production of electronic warfare solutions for the US military.
AAR (AIR) Q3 2026 (USD): Adj. EPS 1.25 (exp. 1.16), Revenue 845mln (exp. 812.58mln). Parts Supply sales +45%, led by +36% organic growth in new parts Distribution, including +55% organic growth in sales to government customers; Repair & Engineering delivered strong sales growth on higher hangar and component repair volumes; Trax continued to expand recurring software revenue. The CEO noted continued momentum across the business. Sees Q4 total sales growth between 19-21%, sees Q4 organic sales growth between 6-8%, sees Q4 adj. operating margin between 10.2-10.5%. Raises FY26 total sales growth view to +19% (from approaching 17%), raises FY26 organic sales growth view to 12% (from approaching 11%).
Sturm Ruger (RGR) - Beretta pushes to raise its stake in Sturm Ruger to 30%, FT reports.

FINANCIALS

Barclays (BCS) - Reportedly pulls back on asset-based lending after MFS and Tricolor, Bloomberg reports; Shifting its focus to loans and securitizations for larger corporates. Barclays could reverse course in the future if the risk profile changes, sources said
Robinhood (HOOD) - Board approved a new share repurchase programme of up to USD 1.5bln, replacing prior authorisations; the facility includes remaining capacity rolled over from the earlier plan, adds more than USD 1.1bln of incremental capacity; expected to be executed over about three years.
Victory Capital (VCTR), Janus Henderson (JHG) - Victory Capital confirmed that it has withdrawn its proposal to acquire Janus Henderson, stating it would proceed only with a negotiated, consensual transaction backed by the Janus Henderson Special Committee. Follows news on Tuesday that Trian and General Catalyst raised their best-and-final Janus Henderson bid to USD 52.00/shr (from USD 49.00/shr), which Janus Henderson’s board unanimously reaffirmed support for.
American Express (AXP) - Launched new graphite business cash unlimited card; graphite business card will have annual fee of USD 295. Business membership to expand with eight new products, benefits, and AI-powered capabilities for businesses of all sizes in 2026. New USD 300 ChatGPT business credit on U.S. business Platinum, business gold cards to be available starting in Spring.
Brookfield Asset Management (BAM) - To acquire Boralex (BLX) in a deal valued at USD 3.8bln.

HEALTHCARE

Insulin - A US bipartisan group of senators has reached a deal on capping the price of insulin at USD 35, Semafor reports.
Terns Pharma (TERN), Merck (MRK) - Merck to acquire Terns for USD 53/shr; deal valued at USD 6.7bln and expected to close in Q2 2026.
Novo Nordisk (NVO) - Said an experimental obesity and Type 2 diabetes drug it is developing with The United Bio-Technology (Hengqin) showed positive results, with mean body-weight reduction of up to 9.8% after 24 weeks, WSJ reports. Novo last year agreed to pay up to USD 2bln for rights to the drug.
Medtronic (MDT) - Cut FY26 adj. EPS guidance to USD 5.50-5.54 (exp. 5.64; prev. saw 5.62-5.66) after MiniMed Flex won FDA clearance earlier than expected. The company expects a Q4 FY26 one-time charge of USD 157mln (USD 0.08/shr), plus USD 0.04 per share of dilution from MiniMed’s IPO.
Maze Therapeutics (MAZE) - Announced positive topline data from Phase 2 Horizon trial of MZE829 demonstrating the first clinical proof-of-concept in patients with broad apol1-mediated kidney disease. The study showed an average 35.6% drop in urine protein after 12 weeks; about half of the patients saw drops of over 30%.
Beam Therapeutics (BEAM) - Reported positive Phase 1/2 data for BEAM-302, showing strong biomarker improvements and good safety; selected 60 mg dose for pivotal development. Company plans accelerated approval pathway, with pivotal cohort starting H2 2026.
Grifols (GRFS) - Said its board has decided to begin evaluating a potential US IPO of a portion of the shares of the subsidiary that is the parent of its US Biopharma business. Any transaction remains subject to regulatory and legal requirements, internal approvals and market conditions, and there is no assurance an IPO will occur or be completed. Aims to raise USD 5bln in US IPO of biopharma business; expects to sell as much as 20% of unit.
Sarepta Therapeutics (SRPT) - Said siRNA achieves high muscle concentrations without dose limiting toxicity for FSHD1 and DM1.

CONSUMER STAPLES

Mondelez (MDLZ) - Downgraded at Rothschild & Redburn to 'Neutral' from 'Buy' with a USD 55 PT (prev. 71). The company is facing "numerous near-term threats," including softening volumes and tougher competition in European chocolate, a sluggish US biscuit category and slower growth in emerging markets. The firm believes that dealing with these threats will require Mondelez to reinvest in price pack architecture and advertising, hindering its margin uplift from falling cocoa prices. As such, Rothschild cut the company's estimates and downgraded the shares.
Heineken (HEINY) - Will scale back large-scale beer production in Singapore by 2027 and shift output to Malaysia and Vietnam as part of a regional reorganisation, Bloomberg reports. Its Singapore unit will move to an import-based supply model, while the Tuas plant will become a regional logistics hub and product development brewery.
Diageo (DGE LN) - Diageo agreed to sell Royal Challengers Bengaluru to a Blackstone-backed consortium for INR 166.6bln, WSJ reports.

MATERIALS

Rio Tinto (RIO) - Rio Tinto, Australia’s Queensland government, and the Commonwealth government agreed a partnership to secure the Boyne aluminium smelter’s future through at least 2040. The governments will invest AUD 2bln over 10 years to support the transition to competitive long-term power, alongside Rio-backed agreements underwriting AUD 7.5bln in new renewable energy and storage.
BHP Group (BHP) - Expects the global potash market to tighten over the next decade as demand rises between 2-3% annually, while supply growth remains limited beyond its Jansen project. An Exec said the market is expected to move into deficit by 2035, with geopolitical risks adding strain to fertiliser supply chains.

UTILITIES

PPL Corporation (PPL) - Said the FERC set New England transmission owners’ base ROE at 9.57%, and PPL said the order is not expected to have a material financial or operational impact. PPL backed FY26 EPS guidance of USD 1.90-1.98 (exp. 1.95), and annual EPS growth of 6-8%, with CAGR expected near the top-end through at least 2029.