Daily US Equity Opening News - C sees markets revenue rising; SPCX IPO demand exceeds USD 250bln; TSM May revenue rises; GOOG India cloud hit by data centre fire; SBUX weighs Japan stake sale/IPO; GM partners Peak Energy on grid batteries; US CPI ahead

DAY AHEAD:

EVENTS: Apple WWDC continues (8-12 June).
DATA: In North America, US CPI data for May is expected to see the headline rise 0.5% M/M (prev. 0.6%), the annual rate climb to 4.2% Y/Y (prev. 3.8%); meanwhile, core inflation is seen rising 0.3% M/M (prev. 0.4%) and the annual rate of core CPI is expected to rise to 2.9% Y/Y (prev. 2.8%). Later, the US monthly budget statement for May is due (exp. USD -270bln, prev. USD 215bln).
CENTRAL BANKS: Bank of Canada is expected to keep rates at 2.25%; there will be a post-meeting press conference with Governor Macklem. Riksbank’s Thedeen speaks on safeguarding confidence and liquidity reserves in bank crisis. Hungary NBH meeting minutes are published.
SUPPLY: US auctions USD 39bln of 10yr notes. Germany auctions EUR 5bln of 2036 Bunds.
ENERGY: The DoE’s weekly energy inventories are due; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a larger than expected draw of -9.1mln bbls (exp. -3.4mln), Cushing stocks drew down by -1.1mln bbls; in the products, distillate stocks posted a build of +1.3mln bbls (exp. -0.2mln), while gasoline drew by a larger than expected -1.2mln bbls (exp. -0.6mln).
EARNINGS: Notable US corporates reporting today include: Oracle (ORCL).
PRIMER - US CPI (13:30BST/08:30EDT): US CPI data for May is expected to see the headline rise 0.5% M/M (prev. 0.6%), driven primarily by another jump in energy prices, with the annual rate climbing to 4.2% Y/Y (prev. 3.8%), the highest since April 2023; meanwhile, core inflation is seen rising 0.3% M/M (prev. 0.4%) and the annual rate of core CPI is expected to rise to 2.9% Y/Y (prev. 2.8%). The Cleveland Fed’s inflation nowcasting model sees May headline CPI at +0.46% M/M and 4.18% Y/Y, with the core rate at +0.23% M/M and 2.82% Y/Y. Ahead, its June modelling sees headline CPI at +0.12% M/M and 4.05% Y/Y, with a June core rate of +0.23% M/M and 2.83% Y/Y. BofA and Citi are at or below consensus on core, forecasting +0.20% and +0.22% M/M respectively; both expect shelter inflation to normalise following April’s outsized print, which was distorted by government shutdown-related measurement issues; BofA specifically pencilled in OER at +0.26% M/M and rent at +0.25% M/M. Core goods and other services are also expected to print modestly. A key forward-looking risk flagged by BofA is that while most tariff-driven inflation has run its course, Iran war-related supply chain pressures are building and could push core goods inflation firmer in H2 of this year. Analysts will use the CPI and PPI data to model how the core PCE (the Fed’s preferred gauge) will come in; notably, core PCE has been running above core CPI since November, and that wedge looks set to persist; BofA initialised its core PCE tracking at +0.17% M/M (and 3.2% Y/Y) but flags upside risk from portfolio management fees; Citi expects a considerably firmer +0.37% M/M, driven by rising equity prices and AI-related components. The Cleveland Fed’s nowcast models May PCE headline at +0.4% M/M and 3.99% Y/Y; for June, headline PCE is seen at +0.2% M/M and 3.9% Y/Y, with core PCE at +0.27% M/M and 3.34% Y/Y.
PREVIEW - BOC (14:45BST/09:45EDT): The BoC is widely expected to leave its policy rate unchanged at 2.25% for a fifth consecutive meeting as it balances trade uncertainty against lingering inflation risks. The Bank sits at the lower end of its estimated neutral range, providing scope to remain patient while assessing the impact of the upcoming USMCA review, which begins in July, and developments in the Middle East. Markets continue to lean hawkish, pricing around 35bps of tightening by year-end, although economist consensus remains centred on unchanged policy through 2026. Bank of America argues markets are overpricing the prospect of hikes, expecting rates to remain unchanged through year-end and citing Canada's technical recession, labour market softness and uncertainty surrounding USMCA negotiations as factors that raise the bar for tighter policy.
Click here for Newsquawk's ful BoC preview.

NEWS:

GEOPOLITICS:

US-Iran - US Central Command said it completed self-defence strikes on Iranian air defence and radar systems near the Strait of Hormuz after Iran downed a US Army Apache helicopter earlier in the week. President Trump told ABC the US response was strong and necessary, adding both pilots were safe. A White House senior official said an Iran agreement remained close. The IRGC said it attacked US bases and the Fifth Fleet in Bahrain with drones, warning of harsher responses; reports cited attacks in Bahrain, Kuwait and Jordan. Elsewhere, US and Iran had reportedly narrowed talks to four nuclear issues before the latest flare-ups, with Trump aides discussing a deal to halt Iran’s nuclear programme for around 15 years, NYT reports; Washington sought no enrichment for 20 years, Iran proposed 10, and US demands included down blending stockpiles, dismantling Natanz, Fordo and Isfahan, and snap inspections.
N.Korea - The US and Japan reaffirmed commitment to North Korea’s complete denuclearisation and rejected Russia’s claim that the issue was closed. The statement followed talks in Tokyo, after China’s Xi Jinping made no public mention of denuclearisation during a Pyongyang visit, fuelling speculation Beijing may tacitly accept North Korea as a de facto nuclear power.

TRADE:

US Tariff Refunds - A US judge urged the Trump administration to drop its appeal of an order to refund USD 166bln in tariffs overturned by the Supreme Court. Customs said about USD 11.4bln remains disputed, while USD 23bln in refunds has been sent to Treasury and USD 480mln more are due this week.
US-Canada - USTR Greer said Canada’s retaliatory tariffs on US products are impeding trade negotiations between the two countries ahead of a 1st July USMCA review. Greer noted that formal talks are under way with Mexico, but Canada’s approach differs.
Thailand-EU - Thailand is accelerating a free-trade agreement with the European Union to diversify amid US tariff uncertainty, Thai Trade Representative said, adding that Thailand wants to reduce reliance on Chinese and US supply chains.

MACRO:

China Inflation - China’s CPI rose 1.2% Y/Y (exp. 1.3%), while Core CPI slowed to 1.1% Y/Y (from 1.2%). PPI picked up to 3.9% (exp. 3.8%). Weak demand limited pass-through from higher energy, chip and metals costs, widening the PPI-CPI gap, analysts said.
Japan - Japan’s producer prices +0.9% M/M in May (exp. 0.5%), with annual prices climbing the most in three years (6.3% Y/Y vs exp. 5.5%). Higher petroleum and coal products, electric power, gas and chemicals drove the increase. Economists said import costs are feeding into producer prices, supporting the case for earlier BoJ rate hikes as energy costs pressure margins. Separately, Japan’s 30yr government bond auction drew the weakest demand since June 2025, with bid-to-cover falling to 2.94x (from 3.49). JGB futures declined, while inflation, fiscal policy concerns and expectations of a possible BoJ rate rise this month weighed on sentiment. Most economists expect the BoJ to raise its key rate 25bps to 1% on next week, with another hike to 1.25% by year-end, according to Bloomberg; war-driven oil inflation, Governor Ueda’s price-risk concerns and fears of falling behind the curve have increased hawkish expectations.

TECH:

US AI Policy - Thomas Lind, head of policy at the Office of the National Cyber Director and adviser to Sean Cairncross, plans to leave government, according to sources cited by Politico. His departure follows other White House tech policy exits.
San Fran Taxes - A San Francisco ballot measure to expand a surcharge on companies where top executive pay exceeds 100x the median local staff salary has failed, securing under 47% of the vote against 53% in opposition, WSJ reports. Proposition D’s defeat was backed by moderate Democrats, including Mayor Daniel Lurie, who argued higher taxes risk pushing businesses out of the city.
TSMC (TSM) - TSMC reported a +30% Y/Y rise in May revenue to TWD 416.98bln (prev. 410.7bln), with combined April-May sales up approximately 24%; analysts expect a 35% Q2 sales increase.
SK Hynix (HXSCL) - SK Hynix plans a US listing as soon as August, with SEC approval for its ADR application expected during the week of 22nd June, according to sources cited by Reuters. The South Korean memory chipmaker, which confirmed it plans to issue ADRs within 2026 without confirming timing or size, previously indicated the offering could raise as much as USD 14bln.
SoftBank (SFTBY), OpenAI - SoftBank’s talks with potential creditors to raise at least USD 6bln via a margin loan backed by its OpenAI stake have stalled, Bloomberg reports. The company is considering various fundraising options and could still pursue the loan later. SoftBank faces USD 40bln bridge financing repayment in March 2027.
Nvidia (NVDA), OpenAI - OpenAI is in advanced talks to lease a proposed 10GW data centre campus on federal land in Ohio, potentially with Nvidia financial backing, The Information reports. The project could cost at least USD 500bln if fully built out, with OpenAI controlling equipment under a long-term lease. First operations are expected in 2028.
Microsoft (MSFT) - Microsoft is cutting 200-400 Azure cloud roles in Beijing and Shanghai, with jobs ending 6th July, SCMP says. Other China units remain unaffected; some staff may receive relocation offers to Canada. The cuts follow earlier AI researcher relocations to Vancouver and global cloud hiring freezes.
ASML (ASML) - Bloomberg notes that although ASML shares have recently hit record highs, its relative valuation is the lowest in years, as gains lag Applied Materials (AMAT) and Samsung Electronics (SSNLF). The report says investors are concerned about ASML’s pricing approach, whether customers will adopt its high-NA tools quickly after Taiwan Semiconductor Manufacturing Co. (TSM) delayed deployment until after 2029, and whether ASML can expand capacity fast enough to meet demand.
Super Micro (SMCI) - Super Micro announced USD 7.0bln of equity and equity-linked financing to fund components for about USD 39bln of recent AI server orders from over 20 customers. The plan includes USD 5.0bln of public offerings, and up to USD 2.0bln ATM programme.
Micron (MU) - Goldman Sachs raised Micron’s price target to USD 900 (from USD 400) and kept a Neutral rating ahead of its Q3 results. GS expects another strong quarter, citing tight supply-demand through 2027, while noting investor positioning remains very bullish after the share price run-up, and optimism around long-term customer agreements.

COMMUNICATIONS:

Alphabet (GOOG) - Some Google Cloud customers in India experienced intermittent network disruption after a fire at a third-party data centre caused an emergency power shutdown, isolating a Delhi point of presence and reducing regional capacity, Reuters reports. Traffic from Delhi, Chennai, Mumbai and nearby regions was affected, with elevated latency and no workaround while restoration efforts continued.
Meta Platforms (META), Reliance Industries (RIGD) - Meta has partnered Reliance for its first AI-enabled data centre in India; Reliance will build a 168MW facility in Jamnagar that Meta will lease with options to scale, Reuters reports.
Nintendo (NTDOY) - Nintendo shares fell overnight as much as 8.2% after its Nintendo Direct showcase disappointed investors with few brand-new heavyweight franchise titles. Additionally, concerns persist over Switch 2 software strength, sluggish sales and rising component costs.

FINANCIALS:

Fed Stress Tests - The Fed will release results of its annual bank stress test on 24th June, though it stated the outcome will not affect capital requirements this year. The exercise will assess how 32 large banks would withstand a severe global recession involving heightened stress in commercial and residential real estate and corporate debt markets.
US Bank Insurance - The FDIC plans reforms allowing banks to pay lower Deposit Insurance Fund fees, especially if large lenders improve resolution readiness. Chair Travis Hill said small banks could see assessments cut by 2bps, while large banks could qualify through faster data access. The FDIC is also considering nonbank bidders for failed banks and deposit insurance changes.
Citi (C) - Citigroup CFO Luchetti expects markets revenue to rise by a high single-digit to low double-digit percentage (exp. +2%). He also forecast mid-double-digit investment banking fee growth, broadly in line with estimates.
Mastercard (MA), Visa (V) - A US judge granted preliminary approval to Visa and Mastercard’s revised USD 38bln settlement with merchants over credit-card processing fees, Reuters reports. The deal would lower swipe fees by 0.1ppt for five years, cap standard consumer rates at 1.25% for eight years, expand surcharge options, and effectively end the “Honor All Cards” rule.
KKR & Co. (KKR), SK Group - SK Group is partnering with KKR to combine renewable energy assets held by SK Innovation, SK Ecoplant and SK Eternix into a unified platform. Industry sources said KKR is expected to be a key investment partner, as rising demand from artificial intelligence and data centres increases interest in large-scale clean energy projects.
CME Group (CME) - CME Group launched Nasdaq CME Crypto Index futures, which are financially settled at expiration to the Nasdaq CME Crypto Settlement Price Index. The index measures the largest and most actively traded cryptocurrencies.
Robinhood (HOOD) - Robinhood director Meye Malka purchased 250K common shares on 5th June, for a total USD 20.2mln. Separately, CEO and co-founder Vlad Tenev said Robinhood Securities is now approved to serve as an underwriter. Elsewhere, Robinhood reported May funded customers of 27.7mln, and total platform assets of USD 377bln. Net deposits were USD 5.6bln in May (+19% annualised growth rate vs April platform assets), while trailing 12-month net deposits were USD 69.1bln (+27% annual growth rate vs May 2025).
W. R. Berkley (WRB) - W. R. Berkley announced the death of founder and Executive Chairman William Berkley, aged 80. Berkley founded the company in 1967 and built it into a Fortune 500 commercial insurance organisation. The board appointed W. Robert Berkley, Jr. as Chairman, effective immediately.
ING Groep (ING) - ING Groep is introducing a four-tier subscription banking model for retail clients across nine markets, including the Netherlands, Germany, Spain, Italy and Australia, Bloomberg reports. Bundled services include investing discounts, insurance cover, streaming and airport-lounge access, as ING seeks more loyalty, personalisation and fee income above EUR 5bln within 2027 revenue above EUR 25bln.
UniCredit (UNCRY), Commerzbank (CRZBY) - UniCredit said market take-up of its Commerzbank buyout offer reached 10.9%, while Commerzbank said no institutional investor had tendered shares.

REAL ESTATE:

Realty Income (O) - Realty Income raised its monthly common stock cash dividend to USD 0.2710/shr (from USD 0.2705).

CONSUMER:

Starbucks (SBUX) - Starbucks is considering options for its Japanese business, including a stake sale or IPO, after selling a majority stake in China operations to Boyu Capital, Bloomberg reports. A Japan stake sale could be valued at JPY 400bln-500bln and attract industry players or private equity firms, though discussions are preliminary and no decision has been made.
General Motors (GM) - General Motors is partnering with Peak Energy Technologies on stationary grid batteries, seeking to tap AI-driven data-centre power demand and repurpose EV investments, Bloomberg reports. The companies will work on sodium-ion batteries. GM is also pursuing bidirectional EV charging and partnerships involving Redwood Materials and LG Energy Solution for storage applications.
Mercedes-Benz (MBG) - Mercedes is set to sign an MoU with Tytan Technologies to protect European critical infrastructure from hostile drones, as part of an attempt to expand into the defence sector.
Casey’s General Stores (CASY) - Q4 EPS 4.37 (exp. 3.31), Q4 revenue USD 4.57bln (exp. 4.34bln). Inside same-store sales +5.5% Y/Y (+7.4% on a two-year stack basis), with inside margin of 42.4%; total inside gross profit +10.5% to USD 643.4mln, fuel same-store gallons +1.5%, fuel margin was 46.9c/gallon, and total fuel gross profit +29.1% to USD 397.4mln. Raised its quarterly dividend +14% to 0.65/shr. Sees FY27 inside same-store sales growth of +2-5%, inside margin above 42%, same-store fuel gallons between -1% and +1%, operating expenses growth of +5-7%, EBITDA rising +8-10%, capex approximately USD 800mln.
Grocery Outlet (GO) - Grocery Outlet appointed Paul Miller as executive VP, chief purchasing and merchandising officer, replacing Matt Delly; it also promoted Ian Ferry to executive VP and CFO, succeeding retiring CFO Chris Miller, who will remain through 26th June to support the transition. GO affirmed FY26 adj. EPS view between 0.45-0.55 (exp. 0.51), FY26 revenue between USD 4.6-4.72bln (exp. 4.66bln). It also maintained FY26 adj. EBITDA outlook between USD 220-235mln, and comp sales growth between -2% and flat.
Cracker Barrel (CBRL) - Q3 adj. EPS 0.29 (exp. -0.48), Q3 revenue USD 797.47mln (exp. 776.69mln). Comparable restaurant sales -2.6% Y/Y, comparable retail sales -1.8%. CEO said initiatives to improve operations, deepen guest connection and enhance profitability continue to gain traction. sees FY26 revenue between USD 3.27-3.30bln (exp. 3.25bln), raised FY26 adj. EBITDA view to between USD 120-125mln (prev. saw 85-100mln), and sees commodity inflation in the low 2% range, hourly wage inflation in the low 2% range, and capex between USD 105-115mln.

ENERGY:

El Niño - El Niño has formed across the equatorial Pacific and may intensify into a very strong event later this year, persisting into at least December, according to the Japan Meteorological Agency. Potential impacts include droughts, floods, temperature swings, crop threats, energy strain, a delayed Indian monsoon, disrupted Peru fishing, Australian wildfire risks and altered Atlantic hurricane conditions.
China Crude Reserves - China has begun drawing commercial crude reserves to offset supply disruption from the Iran war and near-closure of the Strait of Hormuz, Bloomberg reports. Estimated draws may average about 1mln BPD, the report said.
Alberta Pipelines - Alberta will propose a general corridor by 1st July for a planned 1mln BPD oil pipeline to British Columbia’s northwest coast near Prince Rupert. Minister Rajan Sawhney said the specific route needs Indigenous consultation. Premier Danielle Smith backs the project, while BC Premier David Eby and some First Nations oppose it.
Devon Energy (DVN) - Devon Energy expects 2026 combined production of 1.38mln boe/day after completing its merger with Coterra Energy, including 500K BPD of oil. FY26 capital spending is guided at about USD 4.9bln, with over 60% allocated to the Permian Basin. It targets returning up to 70% of FCF via dividends and buybacks.

INDUSTRIALS:

SpaceX (SPCX) - SpaceX has drawn more than USD 250bln of investor demand for its IPO, against USD 75bln it seeks to raise, with demand at 3.5-4 times the offering size, Reuters reports. Elsewhere, SpaceX aims to launch orbital AI computing demonstrations by late 2027, ahead of possible 2028 deployments.
Rockwell Automation (ROK) - Rockwell Automation’s board authorised up to an additional USD 1bln to repurchase common stock. The programme adds to the 2024 authorisation to buy back USD 1bln of common stock, of which about USD 215mln remained.
Lockheed Martin (LMT) - Lockheed received a USD 153.9mln Navy contract modification to procure long-lead materials, parts and components for 11 F-35 Lightning II aircraft for a Foreign Military Sales customer.
Leonardo (FINMY) - Leonardo’s new CEO Mariani expects European approval for Project Bromo, its satellite venture with Airbus (AIR FP) and Thales (HO FP), by H2 2027. The project aims to strengthen Europe’s space sector against SpaceX (SPCX). He welcomed but cautioned on German GCAP participation, and said Saudi Arabia Public Investment Fund aerostructures JV talks target an initial agreement this year.
Germany Aviation - The German government will today approve a plan to boost Germany’s aviation competitiveness and strategic sovereignty; the plan reportedly includes EUR 2bln to expand research into sustainable aviation fuels from 2030-39.

MATERIALS:

Northern Star Resources (NESRF) - Northern Star Resources rejected Elliott Investment Management’s proposal to sell smaller assets or pursue a company sale, Bloomberg reports. Chairman Michael Chaney said now was not the right time for a sale, while the company searches for a new CEO. Elliott, which holds a 3-4% stake, had sought a strategic review after guidance cuts and operational issues at Kalgoorlie.
China Zinc - Chinese zinc smelters face a feedstock shortage that has pushed imported concentrate treatment charges to a record low of USD -50/tonne and erased profits, Bloomberg reports. Smelters began cutting output last month and may deepen curbs in July and August. Copper treatment charges also hit USD -97.50/tonne.

UTILITIES:

Solar vs Coal - Solar overtook coal in US power generation in May for the first time, supplying 12.8% of electricity versus coal’s 12.2%, according to Ember.

HEALTHCARE:

Eli Lilly (LLY) - FDA approved Ebglyss as one maintenance dose every eight weeks for adults and children aged 12 and older weighing at least 88 pounds with moderate-to-severe atopic dermatitis. Ebglyss is already approved for once-monthly maintenance dosing, and the new regimen allows as few as six maintenance injections per year.
Sanofi (SNY) - Sanofi has halted a late-stage trial of riliprubart, an experimental treatment for chronic inflammatory demyelinating polyneuropathy, after an independent data-monitoring committee concluded the drug was unlikely to achieve sufficient efficacy. The French drugmaker said it would assess whether to continue other ongoing riliprubart studies. The setback comes shortly after Belen Garijo was appointed chief executive.
Takeda (TAK) - FDA accepted Takeda’s supplemental Biologics License Application for intravenous Entyvio for moderately to severely active ulcerative colitis and Crohn’s disease in paediatric patients aged 2 and older. If approved, it would be the only gut-focused option for these patients. The FDA set a PDUFA goal date in Q1 2027.
Summit Therapeutics (SMMT) - Summit Therapeutics commenced an underwritten public offering of USD 500mln of common stock, with all shares offered by the company.
Cannabis - Vertanical’s cannabis-derived lower-back pain drug Exilby will launch in Germany and Austria after regulatory clearance and is being fast-tracked in the US for possible approval in 2028 or 2029, Bloomberg reports. Founder Clemens Fischer aims to replace opioids; trials showed no dependence or withdrawal. Vertex Pharmaceuticals’ (VRTX) Journavx is also targeting pain treatment.