Daily US Equity Opening News - DoJ threatens Powell criminal indictment; Trump aims at credit card rates

DAY AHEAD: The data slate is thin ahead of key events this week including the start of US earnings season, US CPI and retail sales, UK GDP, and China trade figures. Fed speakers due today include: Fed's Bostic (2027 voter; no text expected, only Q&A), Fed's Barkin (2027 voter; no text expected, only Q&A), and Fed's Williams (voter; text and Q&A are both expected). On the supply front, the US Treasury will auction USD 58bln of 3yr notes and USD 39bln of 10yr notes today.
US INDEX FUTURES: ES -0.5%, NQ -0.7%, YM -0.7%, RUT -0.3%
WEEK AHEAD: The week ahead includes the start of US earnings season, US CPI and retail sales, UK GDP, and China trade figures. The US will host a meeting of G7 ministers this week to discuss rare earths and critical mineral supply chains, highlighting efforts to develop alternative supplies to China’s dominance. President Trump is set to be briefed on Tuesday on options to respond to protests in Iran, according to US officials cited by the WSJ. Possible measures include cyber operations, expanded sanctions, online support for anti-government groups, and potential military strikes, as the administration weighs follow-through on threats over the crackdown. Financials will kick off earnings season, with JPM, BAC, WFC, GS, MS, and C all set to report this week.
BROKER MOVES: AMAT upgraded at Susquehanna; SNOW downgraded at Barclays. For the full list, click here.
MAJOR MORNING MOVES RECAP: COF, SYF, JPM, C, MRNA, UNH, DUOL, EXEL, SHAK, SNCY, ALGT, PLTR, CRWD, SNOW. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BMY, JNJ, BA, MCK, MSI, NKE, NOC. For the full list, click here.
Click here for Newsquawk's week ahead preview.
Click here for Newsquawk's weekly US earnings estimates.

NEWS:

MACRO

Federal Reserve - Federal Reserve Chair Powell said the DoJ had served grand jury subpoenas threatening criminal indictment over his testimony last June on a building renovation project. He called the action unprecedented political pressure, denied wrongdoing, defended Fed independence and said he would continue performing his duties. Trump faced bipartisan criticism after Powell's announcement; Senator Thom Tillis said he would block Trump’s Fed nominees until the issue is resolved. Bloomberg reported that FHFA director Bill Pulte was a key force behind the administration’s decision to subpoena the Fed, adding that some allies fear the move will unsettle bond markets and deter Powell from leaving when his chairmanship ends in May.
US Economy - Goldman Sachs economists said the US economy will be supported this year by tax cuts, real wage gains and rising wealth, while inflation moderates. In its 2026 US Economic Outlook report, dated 11th January, the bank expects the Fed to deliver two 25bps rate cuts in June and September.
Japan - Speculation over a snap election in Japan is growing after Hirofumi Yoshimura of the Japan Innovation Party said politics has entered a “new stage”. He said dissolving the Diet is PM Takaichi’s prerogative and that his party is ready to campaign as a coalition partner.
Govt stock trading - US GOP policymakers are reportedly getting behind a stock-trading clampdown which aims to alleviate concerns related to lawmakers profiting off insider information, via WSJ.

INDEX CHANGES

Walmart (WMT) to replace AstraZeneca (AZN) in the Nasdaq-100 Index on January 20th.

TECH

Smartphone Makers - India proposed 83 smartphone security standards that could require sharing source code, alerting authorities to major software updates and enabling greater controls, prompting opposition from Apple (AAPL), Samsung (SSNLF), Google (GOOG) and Xiaomi (XIACY), Reuters reports. The plan targets rising fraud in a market of nearly 750mln phones, with consultations ongoing and the government disputing source code claims.
Apple (AAPL) - Global smartphone shipments increased by 2% Y/Y in 2025, with Apple (AAPL) leading market share with 20% supported by demand in mid-sized markets and strong iPhone 17 sales, Counterpoint Research said. Samsung (SSNLF) held second place with a 19% share, and Xiaomi (XIACY) was third place with a 13% share.
TSMC (TSM) - TSMC showed a mixed performance in December 2025, with AI demand keeping advanced logic and packaging near peak utilisation, mature nodes seeing a mild recovery, and memory rebounding, according to DigiTimes, highlighting uneven momentum across the sector. DigiTimes also said that TSMC is rapidly expanding its advanced packaging operations and is reportedly preparing to appoint its first general plant manager to oversee all facilities; the role is expected to be filled by Cheng-Xian Chen, who currently leads the company’s SoIC operations.
Oracle (ORCL) - Unveiled Oracle Retail Supply Chain Collaboration, a new cloud solution designed to help retailers manage complex supplier environments. Separately, Goldman Sachs assumed coverage of Oracle with a 'Buy' rating and a USD 240 price target as it began coverage of 12 software stocks; GS said AI adoption should be a positive long-term tailwind.
Super Micro (SMCI) - Announced a collaboration with technology partners to deliver AI-powered intelligent in-store retail solutions, which the company said are designed to meet rising customer expectations through scalability, improved productivity and increased profitability.
HP Inc (HPQ) - HP is reportedly assessing Chinese memory suppliers as a global DRAM shortage tightens supply for consumer devices, according to analyst commentary citing discussions with Bank of America, DigiTimes reports. The move reflects mounting pressure on manufacturers as constrained memory capacity affects availability and pricing across markets.
Software Names - Goldman Sachs assumed coverage of 12 software stocks, citing AI as a long-term growth tailwind. Buy ratings were assigned to Microsoft (MSFT) with a PT of USD 655, Oracle (ORCL) at USD 240, Salesforce (CRM) at USD 330, ServiceNow (NOW) at USD 205, Snowflake (SNOW) at USD 286, and Navan (NAVN) at USD 30. Neutral ratings were given to CoreWeave (CRWV) at USD 86, Figma (FIG) at USD 40, Intuit (INTU) at USD 720, and Workday (WDAY) at USD 238. Adobe (ADBE) was rated Sell with a PT of USD 290, alongside Datadog (DDOG) at USD 113, reflecting competitive and execution pressures.
Anthropic - Said it is expanding into healthcare by adding features that let patients and clinicians use its Claude chatbot to access medical information. It launched a HIPAA-compliant offering for providers, integrated scientific databases, enhanced biological research tools, and enabled consumers to export health data from apps such as Apple Health.
Palantir (PLTR) - Upgraded at Citi to 'Buy' from 'Neutral' with a USD 235 PT (prev. 210). The firm sees 2026 bringing significantly higher consensus estimates for Palantir. Citi's recent CIO survey and industry conversations suggest Palantir's use cases are accelerating in the enterprise. Citi believes accelerating defense budgets and modernization urgency provide a "supercycle" for Palantir's government unit. It thinks Palantir can post 70%-80% revenue growth in 2026.
Applied Materials (AMAT) - Upgraded at Susquehanna to 'Positive' from 'Neutral' with a USD 400 PT (prev. 180). Recent channel checks suggest the semiconductor capital equipment industry is preparing for USD 120bln wafter fab equipment spending. Susquehanna said that with global semi revenues trending to over USD 1tln, the wafer fab equipment supply chain must prepare for spending well above USD 150bln. It believes WFE fundamental trends "remain strong" and upgraded both Advanced Energy and Applied Materials to Positive.
CrowdStrike (CRWD) - Downgraded at KeyBanc to 'Sector Weight' from 'Overweight' as part of its 2026 outlook for the security, data and AI software names. KeyBanc is "measured" on security stocks based on its recent chief investment office survey and "yet-to-be-seen" AI tailwinds. CrowdStrike is facing "more balanced security spend intentions," as indicated by the survey.
Snowflake (SNOW) - Downgraded at Barclays to 'Equal Weight' from 'Overweight' with a USD 250 PT (prev. 290). Barclays sees a favorable setup for software in 2026. Macro and IT spending are stable, while stock valuation levels are low and the sector is out of favor. Barclays cites valuation for the downgrade of Snowflake following the stock's 42% rally in 2025. A higher valuation level, increased investor expectations, and heightened competition for new workloads are creating an unfavorable setup for the shares, the firm argued.
Zoom (ZM) - Upgraded at Citi to 'Buy' from 'Neutral' with a USD 106 PT (prev. 94). Citi views the stock's valuation as "undemanding" given the company's path to "sustainable" 5% sales growth. Zoom's contact center unit has multi-product growth drivers while its custom artificial intelligence companion provides an AI monetization path.
Cisco (CSCO) - SCOTUS on Friday agreed to hear an appeal by Cisco Systems in which Cisco and President Donald Trump's administration are asking the justices to limit the reach of a federal law that has been used to hold corporations liable for human rights abuses committed abroad.
Duolingo (DUOL) - Announced Gillian Munson as CFO, effective February 23. Matt Skaruppa will step down after nearly six years with the company. He will remain CFO until Munson starts her new role, at which time he will assume an advisory role to help provide for a seamless transition. Duolingo also announced Q4 DAU growth of ~30% Y/Y and noted Q4 bookings at or slightly above the high end of the USD 329.5-335.5mln range.
Blackline (BL) - Activist investor Engaged ready to nominate four directors at Blackline to press for possible sale, according to sources.

FINANCIALS

Credit Card Companies - President Trump said on Truth Social he is calling for a one-year cap on credit card interest rates of 10%, citing some credit card interest rates of between 20-30%. He said the measure would take effect on 20th January. He gave no enforcement details in his update. FT reported that US credit card debt is around USD 1.1tln, with average rates near 20%. Some analysts said imposing a limit on rates would require legislation and could exceed presidential authority. JPMorgan writes that President Trump's proposal requiring issuers to limit interest rates on credit cards to 10% for one year creates heightened near-term volatility in the consumer finance group. JPM believes this rate reduction, if implemented, "would fundamentally reshape the card industry, substantially reducing profitability for issuers and access to credit for consumers." It views Trump's post as a "high-severity, low-probability risk likely subject to significant legal challenges." The analyst believes a defensive position continues to be warranted in the consumer finance sector.
Deutsche Bank (DB) - Deutsche Bank’s India retail and wealth management assets have drawn binding bids from Kotak Mahindra Bank. and Federal Bank, according to Bloomberg. The assets are estimated to have a book size of at least USD 2.5bln, with talks at an advanced stage, the report added.
Prudential Financial (PRU) - Prudential Financial Inc.’s investment management arm is considering selling its loss-making asset management business in India, according to Bloomberg. The potential sale comes around a decade after the US insurer acquired the unit from Deutsche Bank (DB).
KKR & & Co. (KKR) - Said Ryan Stork stepped down from his role as Chief Operating Officer with immediate effect. Stork joined KKR in 2022 as a partner and oversaw strengthened technology and operations.
Coinbase (COIN) - Pressuring US lawmakers to protect its ability to offer stablecoin rewards, warning it may withdraw support for a major crypto market-structure bill if proposed Senate markup provisions go beyond enhanced disclosure requirements, according to Bloomberg.

CONSUMER DISCRETIONARY

Abercrombie & Fitch (ANF) - FY EPS view 10.30-10.40 (exp. 10.17, prev. 10-20-10.50), Operating margin view around 13% (prev. 13-13.5%), Net sales growth of at least 6% (prev. 6-7%). Q4 Outlook: Net sales growth of around 5% (prev. 4-6%); Operating margin view maintained at around 14%; EPS view 3.50-3.60 (prev. 3.40-3.70).
Lululemon (LULU) - Expects Q4 2025 net revenue and diluted EPS at the upper end of a USD 3.500-3.585bln and USD 4.66-4.76 range.
Mercedes-Benz (MBG) - Relocating production of the A-Class from Germany to Hungary, according to the Hungarian Trade Minister.
Stellantis (STLA) - Reportedly scrapping its plug-in hybrid electric Jeep SUV and Chrysler Minivan due to slowing EV sales, according to CNBC.
Xpeng (XPEV) - Xpeng has banks to prepare an IPO of its flying car unit, Xpeng Aeroht, in Hong Kong, according to Bloomberg. A potential share sale that could take place as soon as this year.
Home Depot (HD) - Home Depot and Google Cloud announced an expanded strategic partnership, deploying Google Cloud’s AI to extend home improvement expertise through enhanced Magic Apron capabilities.
Wynn Resorts (WYNN) - Announced Craig Jeffrey Fullalove will succeed Julie Cameron-Doe as CFO; Cameron-Doe will retire in mid-2026, remaining a consultant and Non-Executive Director of Wynn Macau.
Domino's Pizza Enterprises (DMZPY) - Domino’s Pizza Enterprises shares rose after Merrill Pereyra was appointed CEO for Australia and New Zealand. He joins from Yum! Brands (YUM).
Boot Barn (BOOT) - Guided Q3 adj. EPS at 2.79 (exp. 2.58) and revenue of ~USD 705.6mln (exp. 701.31mln), with same-store sales growth of about 5.7% (retail +3.7%, e-commerce +19.6%); it opened 25 new stores in the quarter, taking year-to-date openings to 55 and total stores to 514. The CEO said prelim results exceeded expectations despite a tough prior-year comparison, citing broad-based growth across geographies and categories, with high-single-digit comps in men’s and ladies’ western boots, apparel slightly ahead of the chain average led by mid-teens denim growth, and mid-single-digit positive comps in work boots. Merchandise margin rose +110bps Y/Y on buying scale, supply-chain efficiencies, and higher exclusive-brand penetration, driving EPS meaningfully above guidance; added that Q4 has started strongly with sales momentum accelerating into early January.
Shake Shak (SHAK) - Announced prelim Q4 revenue of USD 400.5mln (exp. 408.98mln); sees FY26 revenue of USD 1.6-1.7bln (exp. 1.65bln).

HEALTHCARE

US Healthcare Subsidies - President Trump said he may veto legislation extending Affordable Care Act subsidies if Congress passes it. His comments came after nine swing-district House Republicans joined Democrats to advance a three-year revival of the expired subsidies.
Edwards Lifesciences (EW) - Said a US court granted the FTC an injunction blocking its proposed acquisition of JenaValve Technology, so the deal will not proceed. The company raised FY26 adjusted EPS guidance to USD 2.90-3.05 (from USD 2.80-2.95; exp. 2.87).
Moderna (MRNA) - Announced 2025 revenue outlook of about USD 1.9bln (exp. 1.89bln) and improving 2025 expected GAAP operating expenses by USD 200mln to USD 5-5.2bln. Cash, cash equivalents, and investments at year-end 2025 about USD 8.1bln. Expects GAAP operating expenses of USD 4.2-4.6bln in 2027, targeting cash breakeven in 2028. Reiterates plan to deliver up to 10% revenue growth and GAAP operating expense reductions in 2026. Potential first approvals of flu and flu/covid combination products in 2026.
AbbVie (ABBV) - AbbVie and Remegen announced an exclusive licensing agreement to develop a novel bispecific antibody for advanced solid tumours. Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialize RC148 outside of the Greater China territory. RemeGen will receive an upfront payment of USD 650mln and is eligible to receive up to USD 4.95bln in aggregate development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales outside the Greater China territory.
UnitedHealth Group (UNH) - UNH used aggressive tactics when collecting payment-boosting diagnoses for Medicaid Advantage members, WSJ reports citing a Senate committee investigation.
Exelixis (EXEL) - Prelim. FY25 revenue seen at USD 2.32bln (exp. 2.33bln), driven by continued strong commercial performance of CABOMETYX in renal cell carcinoma and advanced neuroendocrine tumours; no EPS view was provided. For FY26, sees total revenue between USD 2.525–2.625bln (exp. 2.62bln). The CEO said it enters 2026 with a strong and growing commercial business and momentum from CABOMETYX, alongside progress toward a potential second oncology franchise, highlighting positive pivotal data and a subsequent US regulatory filing for zanzalintinib and broader pipeline advancement.
Veracyte (VCYT) - Prelim. Q4 revenue seen between USD 138–140mln (exp. 131.75mln), reflecting continued testing revenue growth; the company did not provide an EPS view. For FY26, it sees total revenue between USD 570–582mln (exp. 565.8mln), implying +10–13% Y/Y growth, with testing revenue seen at USD 559–569mln excluding contributions from new tests, and an adj. EBITDA margin of ~25%. The CEO said the group ended 2025 with another strong quarter, having served more than 800k patients since inception, and highlighted expected continued growth in Decipher and Afirma alongside the planned US launches of Prosigna and the TrueMRD platform as catalysts for expanded patient reach and financial performance in 2026.
Johnson & Johnson (JNJ) - Announced longer follow-up results from the Phase 1b/2 OrigAMI-1 study of amivantamab-vmjw with FOLFOX or FOLFIRI in RAS/BRAF wild-type metastatic colorectal cancer, showing anti-tumour activity, durable responses and low discontinuations, supporting further Phase 3 investigation. Results were presented at the 2026 American Society of Clinical Oncology Gastrointestinal Cancers Symposium.
AbbVie (ABBV) - To acquire Arizona manufacturing facility from West Pharmaceutical (WST), strengthening its manufacturing presence in the US. The acquisition will see AbbVie hire approximately 200 employees at the site, investing more than USD 175mln. West Pharmaceutical to sell SmartDose 3.5mL rights to AbbVie for USD 112.5mln. The definitive agreement, which is subject to certain closing conditions, is expected to close in mid-2026.
Pfizer (PFE) - Reported results from Cohort 3 of the BREAKWATER trial showing BRAFTOVI with cetuximab and FOLFIRI significantly improved objective response rate versus standard care in previously untreated BRAF V600E metastatic colorectal cancer. ORR was 64% versus 39%. Results were presented at the 2026 American Society of Clinical Oncology Gastrointestinal Cancers Symposium.
Stoke Therapeutics (STOK), Biogen (BIIB) - Stoke Therapeutics said enrolment of 150 patients in the Phase 3 EMPEROR study is now expected in Q2 2026, supporting a data readout in mid-2027 and a rolling NDA submission in H1 2027. Zorevunersen is developed with Biogen.
Royalty Pharma (RPRX), Teva Pharmaceutical (TEVA) - Royalty Pharma entered a funding agreement of up to USD 500mln with Teva Pharmaceuticals to accelerate the clinical development of Teva’s anti-IL-15 antibody TEV-’408, targeting immune-mediated diseases.
Teva Pharmaceutical (TEVA) - Updated its guidance; sees FY25 adj. EPS between 2.55–2.65 (exp. 2.63), revenue USD 16.8–17.0bln (exp. 16.92bln); FY26 revenue expected flat to slightly down vs FY25 levels, with adj. EBITDA and FCF growing Y/Y; FY27 revenue seen low-single digit growth Y/Y, adj. EBITDA growing; longer-term, sees FY30 revenue at a mid-single digit CAGR. It highlighted a focus on profitable growth, cost discipline, and strengthening cash generation to support balance sheet progress and long-term value creation.
Sanofi (SNY) - Teizeild has been approved in the EU for patients with stage 2 type 1 diabetes; approval was based on the TN-10 phase 2 study that demonstrated a significant delay of onset of stage 3 T1D in stage 2 T1D patients.
BioNTech (BNTX) - Said 2026 poised to be a catalyst-rich year for BioNTech with continued late-stage pipeline progress with candidates across immunomodulators, antibody-drug conjugates and mRNA immunotherapies. Expected 2026 oncology milestones include seven late-stage data readouts and 15 Phase 3 clinical trials ongoing by year's end. Additional late-stage trial readouts through 2030+ set to create multiple launch opportunities across tumour types, building BioNTech into a multi-product oncology company. Financial strength with EUR 17.2 billion in cash and cash equivalents plus security investments, COVID-19 vaccine revenue stream, disciplined R&D spend, and strategic partnerships will continue to enable sustainable innovation.
Tempus AI (TEM) - Reported record Total Contract Value exceeding USD 1.1bln at the end of 2025; during the year, it signed data agreements with over 70 customers across large and mid-sized pharma, as more biopharma companies integrated into its multimodal dataset into drug discovery and development.
Inspire Medical (INSP) - Sees Q4 revenue at 268.9-269.1mln (exp. 262.3mln); sees FY26 revenue at 1.003-1.013bln (exp. 1.0bln), +10-11% Y/Y; named Matt Osberg as new CFO.
Abivax (ABVX FP), Eli Lilly (LLY) - Eli Lilly is reportedly still in the running to purchase the Abivax, for as much as EUR 15bln, La Lettre reports. Lilly is awaiting insight into whether any bid would be subject to antitrust/competition procedures.

INDUSTRIALS

Boeing (BA) - The FAA approved Boeing’s 737 MAX 10 to enter phase two of flight testing, advancing its delayed certification, though engine deicing issues persist, Reuters reports. Boeing has over 1,200 MAX 10 orders. Certification of the MAX 7 remains pending, and production cannot begin until approval.
Honeywell (HON) - Announced the launch of an AI-enabled retail solution developed in collaboration with Google Cloud (GOOGL) and 66degrees that uses Google's Gemini and Google Cloud's Vertex AI platform to transform the in-store shopping experience for retailers.
China Solar, Battery Stocks - Shares of major Chinese solar companies rose after the government said it will scrap export tax rebates on some products, potentially speeding consolidation amid overcapacity. Chinese battery shares declined overnight after Beijing announced plans to cut export tax rebates.
Sun Country Airlines (SNCY), Allegiant (ALGT) - Allegiant agreed to acquire Sun Country in a cash and stock deal valued at USD 18.89/SHR, valuing Sun Country at about USD 1.5bln including USD 400mln net debt. Allegiant expects USD 140mln annual synergies and plans to close in H2 2026.

COMMUNICATIONS

Alphabet (GOOG), Walmart (WMT), Kroger (KR), Home Depot (HD), Papa John's (PZZA) - Google unveiled tools to help retailers deploy AI agents that assist shoppers with product discovery, customer support and restaurant ordering. The retail-focused agents form part of Gemini Enterprise for Customer Experience, marking Google’s first purpose-built AI agents for retail, as chains prepare for wider AI-driven shopping adoption. Walmart, Kroger, Home Depot, and Papa John's announced partnerships.
Meta Platforms (META) - Meta said that one month after Australia’s social media age ban took effect, it has begun compliance work and privacy-preserving age-appropriate measures. As of 11th December, it removed access to almost 550k accounts belonging to people it understands to be under 16.
Madison Square Garden (MSGS) - MSG is offering voluntary buyouts to staff this week, including executives, Sportico reports citing sources. Terms vary by tenure and role, with possible bonuses and accelerated stock vesting. An MSG spokesperson said it supports an efficient organisation and is not a restructuring or cost-saving measure.
Verizon (VZ), AT&T (T) - SCOTUS agreed on Friday to hear a dispute involving fines imposed by the FCC on major US wireless carriers for sharing customer location data without consent in the latest case to reach the justices challenging the powers of a US regulator. The justices are expected to hear arguments and rule by the end of June.

CONSUMER STAPLES

Walmart (WMT) - Said it plans to expand drone delivery to an additional 150 stores over the next year through a partnership with Wing, an Alphabet unit. The retailer aims to offer aerial delivery at more than 270 US locations by the end of 2027, reaching tens of millions of shoppers.
Nestle (NSRGY) - Cautious mention in a Bloomberg article, which said Nestle CEO Navratil is facing an escalating infant formula contamination crisis only months after taking charge; the issue has spread from a few European countries to more than 50 worldwide in under a week, challenging the Swiss food maker’s planned turnaround early in 2026.
Heineken (HEINY) - CEO Dolf Van Den Brink is to step down from their role on 31st May, and the beverage maker will begin a search process for his successor.

ENERGY

Venezuela, ExxonMobil (XOM) - Exxon CEO Woods said the oil major is ready to evaluate a potential return to Venezuela, but considers the country currently uninvestable, and the firm would need security guarantees and to see legal reform after past seizures, Reuters reports. Later, WSJ reported that President Trump said he may block Exxon from drilling in Venezuela after its CEO publicly cited barriers to operating there; Trump said he was 'inclined' to keep Exxon out following the comments.
Iraq OSP - Iraq cut February pricing for Basrah Medium crude sold to Asia, following Saudi Arabia’s move to lower oil prices. State marketer SOMO set the grade at a USD 1.30 a barrel discount to the regional benchmark, wider than the USD 1.05 discount applied in January.

MATERIALS

Albemarle (ALB) - Upgraded at Scotiabank to 'Outperform' from 'Sector Perform' with a USD 200 PT, citing a more bullish view of lithium. The firm thinks lithium has undergone only the "first leg" in what it thinks should be a multi-year tightening cycle and has raised its price deck for the mineral.
Rio Tinto (RIO), Glencore (GLNCY), BHP Group (BHP) - Rio Tinto’s talks to buy Glencore could spur mining consolidation and pressure BHP to respond, driven largely by copper demand, according to analysts cited by Reuters. The article says that a Rio-Glencore deal could create a company worth around USD 200bln, challenging BHP’s USD 161bln scale, following recent Anglo American–Teck Resources merger plans.

UILITIES

Southwest Gas (SWX) - Said its Q2 and Q3 statements should not be relied upon after identifying deferred state income tax errors. Errors date to 2017, affect Centuri Holdings deconsolidation, and will be corrected in the 2025 Form 10-K. Guidance remains unchanged for Southwest Gas Corporation.

GEOPOLITICS

US-Venezuela - President Trump declared a national emergency and signed an executive order to protect Venezuelan oil revenue held in US Treasury accounts; the directive blocks creditors from making claims or seizing funds to satisfy debts, aiming to preserve the money for US foreign policy objectives. Treasury Secretary Scott Bessent said that the US may lift additional sanctions on Venezuela to facilitate oil sales, Reuters reports. Bessent said oil being sold would be de-sanctioned, but did not specify which restrictions would be removed.
US-Iran - President Donald Trump is set to be briefed Tuesday on options to respond to protests in Iran, according to US officials cited by the WSJ. Possible measures include cyber operations, expanded sanctions, online support for anti-government groups, and potential military strikes, as the administration weighs follow-through on threats over the crackdown. Iran warned the US and Israel against intervening; demonstrations intensified after calls by exiled royal Reza Pahlavi to seize city centres and strike.
Russia-Ukraine - Ukraine said it struck three Lukoil-owned drilling platforms in the Caspian Sea overnight, targeting Russia’s ability to fund its war. The V. Filanovsky, Yuri Korchagin, and Valery Grayfe facilities sustained direct hits, with damage still being assessed.
US-Greenland - European countries led by the UK and Germany are discussing a military presence in Greenland to demonstrate commitment to Arctic security and ease US pressure over the Danish territory. Germany may propose a joint NATO mission, while UK PM Starmer has urged allies to boost security in the High North.

TRADE

US-China - China is restarting soybean auctions after a three-week pause as it continues buying from the US following a trade truce. State stockpiler Sinograin will sell 1.13mln tons on Tuesday, aiming to clear storage after multiple auctions held in December. Elsewhere, DigiTimes reports that the US Commerce Department has withdrawn a proposal that would have restricted or potentially barred imports of Chinese-made drones, stepping back from a regulatory effort aimed at addressing national security concerns.
China - China’s commerce ministry said priorities this year include strengthening legal frameworks, improving export controls and enhancing risk prevention to protect supply chain resilience and national security, reflecting concerns over safeguarding critical technologies and managing geopolitical and supply-chain risks. Separately, the US will host a meeting of G7 ministers this week to discuss rare earths and critical mineral supply chains, highlighting efforts to develop alternative supplies to China’s dominance.