Daily US Equity Opening News - GOOG to raise USD 80bln for AI infrastructure; HPE shares surge on beat & raise; MCHP plans selective price increases; KO explores 2027 India bottler listing; UNP execs say no Trump stake talks held

DAY AHEAD:

EVENTS: Canada-US Trade Minister LeBlanc and Chief Negotiator Charette are scheduled to meet USTR Greer in Washington. The Computex conference takes place between 2-5th June.
DATA: In Europe, Eurozone flash inflation for May is expected to see the headline rise to 3.4% Y/Y (prev. 3.0%), while core inflation is seen at 2.3% Y/Y (from 2.2%). BoE mortgage approvals, consumer credit and net lending data is due today. Stateside, JOLTs job openings data for April is the highlight (exp. 6.8mln vs a prior 6.866mln; last time out, the quits rate rose to 2.0% from 1.9%, while the vacancy rate eased to 4.1% from 4.2%). The RCM/TIPP economic optimism index is also due for release today.
CENTRAL BANKS: Poland’s central bank is expected to keep rates unchanged at 3.75%.
SPEAKERS: Fed’s Hammack (2026 voter). ECB’s Vujcic. BoE’s Bailey (neutral) gives oral evidence to the Lords Economic Affairs Committee; BoE’s Greene (hawk) speaks on assessing inflation risks from the recent energy shock (text expected).
**SUPPLY: UK auctions GBP 3.25bln of 2037 Green Gilts. Germany auctions EUR 6bln of 2028 Schatz.
ENERGY: After the US close, API will publish its weekly energy inventories data.
EARNINGS: Notable corporates publishing earnings today include: Palo Alto Networks (PANW), Dollar General (DG), Ulta Beauty (ULTA), Signet Jewelers (SIG).

NEWS:

GEOPOLITICS:

US-Iran - President Trump said talks with Iran were continuing at a rapid pace, telling ABC News that he expects an agreement to extend the ceasefire and reopen the Strait of Hormuz within the next week, adding that a peace deal could be better than a military victory. Trump said he had not heard from Iran regarding reports of suspended talks, and suggested going silent would be beneficial, while maintaining the Strait blockade would remain. In separate comments, the President said he did not care if negotiations were over and was unconcerned about oil prices, predicting they would drop sharply in the near term.
US-Israel - President Trump said he had a productive call with Israeli PM Netanyahu, asking him not to launch a major raid on Beirut, with Netanyahu turning his troops around. Trump also said he spoke with Hezbollah representatives, who agreed to stop shooting at Israel, with Israel reciprocating. Separately, Axios reported Trump lashed out at Netanyahu in an expletive-laden call on Monday over Israel’s escalation in Lebanon, citing two US officials; a US source told Al Hadath that the Lebanese position had succeeded in convincing Israel not to expand its military escalation.
Iran - Iran’s Foreign Ministry said the US bears direct responsibility for ceasefire violations by both the US and Israel, warning Iran would exercise its right to self-defence as necessary. Parliament Speaker Ghalibaf warned talks would halt if Israeli actions in Lebanon persisted, while an advisor to Iran’s Supreme Leader said Tehran would not allow the Strait of Hormuz blockade to continue. An IRGC commander warned that Israeli operations could lead to restrictions on the Bab El Mandeb Strait, mirroring those on the Strait of Hormuz. Iran’s IRGC also reported targeting a US-owned commercial vessel with a cruise missile, according to Al Jazeera.
US-Europe - The US is discussing whether to deploy nuclear weapons in additional European NATO states beyond the existing six countries, with countries on NATO’s eastern flank including Poland and Baltic states showing interest in hosting dual-capable aircraft bases, according to the FT. The talks are highly confidential and may not lead to any changes, with one source saying an expansion agreement is not imminent. The discussions are intended to reassure allies that reduced US conventional military support does not weaken security guarantees.

TRADE:

US Agricultural Equipment Tariffs - The US has cut tariffs on agricultural equipment such as combines and harvesters to 15% (from 25%), with a lower 10% rate available for capital equipment containing at least 85% US steel or aluminium. The concession takes effect 8th June, and runs through end of 2027. The move follows rising farm costs linked to higher fuel and fertiliser prices since the outbreak of the Iran war.
China Trade Rules - China expanded trade secret rules to cover data, algorithms, computer programmes and code. The rules require companies to strengthen protections for remote work and cross-border collaboration, including file-access limits and activity tracking. Regulators also began a month-long enforcement campaign targeting sectors including biomedicine, semiconductors and AI.
US-Canada - Canada-US Trade Minister LeBlanc and chief negotiator Charette are scheduled to meet USTR Greer in Washington on Tuesday, with Canada stressing the importance of maintaining the integrated North American energy market. The talks come as Greer faces a deadline to notify Congress of US intentions for the USMCA review ahead of its 1st July review date.
US-Brazil - The USTR has proposed 25% tariffs on Brazilian goods under Section 301, citing unreasonable trade practices including anti-corruption enforcement, intellectual property protection, ethanol market access and illegal deforestation. A hearing on the proposed action is scheduled for 6th July.

MACRO:

PBoC - The PBoC cut its daily open-market operation to a record-low CNY 200mln via 7-day reverse repos, causing a net CNY 248.8bln liquidity withdrawal, Bloomberg reports. The move extends efforts to drain excess cash after slowing loan growth helped push bond yields lower. Separately, China’s yuan rose to its highest level against a trading-partner currency basket since September 2022; the Bloomberg-simulated CFETS index reached 101.41, while the offshore yuan gained 1% against the USD in May. Demand has been supported by China’s limited Middle East exposure and concerns over imported inflation.
JPY - Japanese FinMin Katayama said authorities stand ready to take appropriate action on FX at any time. The comments follow data last week showing Japan spent JPY 11.73tln in a record month-long intervention between 28th April and 27th May to support the JPY.
JGBs - Japan’s 10yr bond yields fell after an auction drew firmer-than-average demand; bid-to-cover was 3.53x (vs 12-month average of 3.35x). Investors are watching BoJ rate-hike prospects, with swap markets suggesting a roughly 76% chance of a hike this month.
RBA - RBA’s Harper said Australia’s longer-term inflation expectations have edged higher and may require strong action if they become unanchored. He said higher rates should slow the economy and reduce embedded inflation risks.
Aussie Minimum Wage - Australia raised the national minimum wage by 4.75% (AUD 26.44/hour), from 1st July; the decision affects about 2.8mln workers. President Hatcher cited economic uncertainty, inflation pressures and expected RBA-driven slowing.
Southeast Asia Manufacturing - Southeast Asia’s manufacturing PMI rose to 51.5 in May (vs 50.7 in April), ending a three-month slowdown, according to S&P Global data. Domestic demand drove new orders and production despite weaker exports. Vietnam led with 52.8, followed by Thailand at 52.6, while Myanmar and Malaysia remained in contraction.

TECH:

AI Chip Loophole - Democratic Senators Warren and Kim criticised the Trump administration over a potential loophole allowing advanced US AI chips to reach overseas subsidiaries of Chinese firms, Reuters reports. Warren called for Commerce Secretary Lutnick to testify before the Senate Banking Committee, saying the issue may put national security at risk.
Nvidia (NVDA) - At least seven Chinese universities supporting the military or defence industry are seeking access to Nvidia H200 chips, Bloomberg reports. Beihang University and Northwestern Polytechnical University, both US-blacklisted Seven Sons institutions, sought H200 leases. Bloomberg also identified over 25 Chinese universities and labs using or seeking older Nvidia chips. Nvidia dismissed concerns over small second-hand GPU quantities.
Apple (AAPL) - Apple is planning a bill-splitting feature for iOS 27 that allows users to photograph a receipt, assign items to individuals and generate payment requests via Apple Cash. The feature is expected to be announced at Apple’s Worldwide Developers Conference as early as next week.
Hewlett Packard Enterprises (HPE) - Shares rose 28% in extended US trading after the company beat expectations, lifted its profit outlook and highlighted strong server demand tied to AI infrastructure growth. Q2 adj. EPS 0.79 (exp. 0.54), Q2 revenue USD 10.7bln (exp. 9.82bln). The company said it delivered record-breaking revenue, higher-than-anticipated profitability and increased free cash flow, reflecting strong execution and healthy demand as customers modernise infrastructure and scale AI, with CEO highlighting the strength of the combined networking portfolio. CFO said profitability and cash generation were helped by operational discipline and faster-than-planned Juniper Networks and Catalyst cost synergies. HPE also named Elliott Management partner Chris Hsu to its board, effective immediately, where he will join the Strategy Committee and Finance & Investment Committee. HPE sees Q3 adj. EPS between 0.88-0.93 (exp. 0.58), sees Q3 revenue between USD 11.5-12.1bln (exp. 10.9bln). Raised FY26 guidance, sees adj. EPS between 3.35-3.45 (exp. 2.42; prev. saw 2.30-2.50) and revenue growth between 29-33% Y/Y (exp. 40.84bln; prev. saw 17-22%).
SK Hynix (HXSCL) - SK Hynix plans to double its memory chip wafer capacity over the next five years to address a global shortage that Chairman Chey Tae-won said could last until 2030. The expansion comes as memory chips have become a key bottleneck for AI development, with shortages expected to persist through 2027, Bloomberg notes.
Microchip (MCHP) - Microchip said its Data Centre Solutions business unit generated USD 302.7mln revenue in 2025, and is expected to grow about 65% to roughly USD 500mln in calendar 2026. March-quarter revenue +62.9% Y/Y. Microchip plans selective price increases, with no impact on guidance for the quarter ending June 2026.
STMicroelectronics (STM) - STMicroelectronics raised its data centre revenue ambitions, citing continued strong AI infrastructure demand and progress on capacity ramp-up; data centre revenue is now expected at about USD 1bln in 2026 (vs a prior view of USD 500mln+), and it said this could double in 2027 if current dynamics and engagements continue.
Marvell (MRVL) - In remarks at the Computex conference, Nvidia (NVDA) chief Jensen Huang reportedly said the next trillion-dollar company will be Marvell, according to an X post by Citrini’s Jukan.
Anthropic - Anthropic has confidentially submitted draft IPO paperwork to the SEC, potentially beating rival OpenAI to a Wall Street debut as soon as this Autumn, according to Bloomberg. The filing comes after Anthropic raised USD 65bln last week at a USD 965bln valuation. The company expects Q2 revenue of USD 10.9bln, more than doubling Q/Q, and has told investors its annualised run rate will surpass USD 50bln by end of June. Goldman Sachs (GS), JPMorgan (JPM) and Morgan Stanley (MS) are under consideration for key roles on the listing, Bloomberg said.
Snowflake (SNOW), Anthropic - Snowflake and Anthropic announced accelerating momentum in their strategic partnership at Snowflake Summit 26, with enterprises increasingly adopting Claude in Snowflake’s Cortex AI suite.
GoPro (GPRO) - GoPro has warned of substantial doubt about its ability to continue as a going concern and is seeking financing to avert a default, Bloomberg reports. The company reported a 26% revenue decline in Q1 and said its earnings forecast has been significantly impacted by an 80-115% rise in memory prices driven by AI-related demand. GoPro has engaged advisers to evaluate strategic alternatives including a potential sale or merger, and plans to cut global staff by approximately 23%.

COMMUNICATIONS:

Alphabet (GOOG) - Alphabet plans to raise USD 80bln through equity offerings to fund AI infrastructure, Reuters reports. Berkshire Hathaway (BRK.B) will invest USD 10bln via private placement, while Alphabet plans USD 30bln of public offerings and a USD 40bln at-the-market programme. Alphabet said AI demand is exceeding available supply. It backed its FY26 CapEx view between 180-190bln. Its debt levels currently exceeds USD 100bln.
Tencent Holdings (TCEHY) - Tencent is testing a prototype AI agent for WeChat and aims to begin the compliance process required for a public launch as soon as this month, FT reports. The agent would allow users to complete tasks across WeChat’s millions of mini-apps by swiping right on the main screen. Challenges remain around computing power following US Nvidia (NVDA) export restrictions, with early internal estimates suggesting a full rollout would be very costly.
Array Digital Infrastructure (AD) - Array Digital has declared a special cash dividend of USD 11.00/shr following the closing of a USD 1bln spectrum licence sale to Verizon (VZ) and USD 168mln in separate spectrum sales to T-Mobile (TMUS) completed in May. The company does not anticipate paying any additional dividends during 2026.
The Trade Desk (TTD) - The Trade Desk has appointed Nate Olmstead as CFO, effective 9th July. Olmstead joins from Penguin Solutions (PENG), where he was SVP and CFO. Tahnil Davis, who served as interim CFO, will continue as Chief Accounting Officer.
Optimum Communications (OPTU), Apollo (APO), Ares (ARES), BlackRock (BLK) - Optimum announced a deal moving key assets beyond the reach of creditors Apollo, Ares, BlackRock and other lenders, escalating an already bitter dispute over its USD 26bln of debt. The move transfers Optimum’s East Cable business and a 50% stake in its Lightpath fibre-optic network into an unrestricted subsidiary secured by USD 300mln of preferred equity, while Optimum is also warning creditors that a bankruptcy filing could trigger a USD 4bln tax liability. Optimum’s legal counsel has prepared a restructuring proposal aimed at restarting negotiations.

FINANCIALS:

Swaps Rules - The White House is reviewing an early-stage proposal from the SEC and CFTC to revisit reporting requirements for swaps and security-based swaps, according to Bloomberg. The measure is at a pre-rule stage, allowing for public input before a formal rule is proposed. The International Swaps and Derivatives Association and SIFMA wrote to the agencies last month urging alignment, arguing that swaps and security-based swaps behave functionally the same way and carry similar risk profiles.
Morgan Stanley (MS) - Morgan Stanley risks being drawn into a French criminal case after anti-corruption group Collectif Restitution pour l’Afrique asked a Paris judge to compel the bank to provide internal documents relating to its role in the EUR 5.7bln sale of Bollore’s (BOIVF) African transport and logistics business to MSC Mediterranean Shipping in 2022, according to Bloomberg.
Blackstone (BX) - Blackstone raised USD 13.1bln for its third Asia private equity fund, surpassing its USD 10bln target and more than doubling the size of its 2021 pool on a standalone basis, Bloomberg reports.
Commerzbank (CRZBY), UniCredit (UNCRY) - UniCredit has secured commitments taking its direct Commerzbank stake above 30%, Bloomberg reports citing sources. The threshold adds momentum to UniCredit’s EUR 38.6bln offer, which runs through 16th June, the report says. Commerzbank CEO and the German government have opposed the bid, arguing that it is too low.

CONSUMER:

Tesla (TSLA) - The SEC defended its proposed USD 1.5mln settlement with Elon Musk over alleged late disclosure of his Twitter stake, saying it followed nearly a year of negotiations and would be a record penalty for this type of case. Judge Sparkle Sooknanan had cited “red flags” and said she would not rubber-stamp the deal.
Coca-Cola (KO) - Coca-Cola is exploring a potential public listing of Hindustan Coca-Cola Holdings on the Bombay Stock Exchange and National Stock Exchange of India in 2027, alongside the sale of a portion of its shareholding. Hindustan Coca-Cola Holdings is the parent company of the largest Coca-Cola bottler in India.
McDonald’s (MCD) - McDonald’s is unveiling a strategy dubbed “Next” at a global franchisee convention, centring on higher-quality food including hand-breaded chicken, new iced beverages and tightened coffee standards, alongside airier restaurant layouts and refreshed playgrounds. CEO cited rising consumer expectations and quickening inflation as drivers of the overhaul.
General Mills (GIS) - General Mills has agreed to sell its Haagen-Dazs shops in Mainland China to an investor group including Ningji, a Chinese tea brand operator. The buyer will receive an exclusive licence to use the Haagen-Dazs brand in ice cream shops and gifting in Mainland China, while General Mills will retain its Haagen-Dazs retail and foodservice operations in China. Terms were not disclosed. The transaction is expected to close in 2026.
British American Tobacco (BTI) - British American Tobacco raised its annual new-category revenue growth forecast to the mid-teens (vs low double digits), driven by robust demand for vapes and nicotine pouches, and expectations that easing FDA enforcement will support its US market share.
Barry Callebaut (BRRLY) - Barry Callebaut expects recurring operating profit to grow by a mid- to high-single-digit percentage in local currencies over the medium term, and forecast medium-term sales volume growth of 2-4%; it backed current guidance for volumes to fall 1-3% in the year.

INDUSTRIALS:

Union Pacific (UNP) - Union Pacific executives privately told major investors last week that the company had not discussed a 15% government stake with President Trump, with CFO Jennifer Hamann saying the remarks took executives by surprise, according to Semafor. Trump has claimed he wants the US government to take an ownership stake in a combined Union Pacific-Norfolk Southern (NSC), whose USD 85bln merger is currently under regulatory review, saying the companies “said ‘No,’ but they’ll say ‘Yes.’”
Honeywell (HON) - Honeywell appointed Jill Evanko, CEO of Duravant, to its board as an Independent Director and Audit Committee member, effective immediately. Following the planned spin-off of Honeywell’s Aerospace business on 29th June 2026, Evanko will remain on the Honeywell board while Craig Arnold, Bill Ayer, Scott Davis and Deborah Flint are anticipated to join the Honeywell Aerospace board.
Bloom Energy (BE) - Bloom Energy CEO KR Sridhar said the company has no current need to sell shares despite surging data centre demand. Bloom, whose shares have more than tripled this year, recently agreed to supply Oracle (ORCL) with up to 2.8GW of fuel-cell power. Sridhar said a new 1GW factory costs USD 100-150mln and can pay back in six months.
Fluor Corporation (FLR) - Fluor’s JGC Fluor BC LNG II JV with JGC Corporation has received a limited notice to proceed for the proposed Phase 2 expansion of the LNG Canada export facility in Kitimat, British Columbia. LNG Canada is a JV comprising Shell (SHEL), Petronas (PNAGF), PetroChina (PCCYF), Mitsubishi Corporation (MTSUY) and KOGAS.
L3Harris Technologies (LHX) - L3Harris was awarded a USD 495mln Army contract modification for delivery of communication systems and related services, bringing the total cumulative contract value to USD 3.8bln.
Siemens Energy (SMERY) - Siemens Energy is to acquire Camlin Group, which will be wholly owned but independently managed; terms were not disclosed; closing is expected before end-2026.

ENERGY:

OPEC - Oil industry analysts told OPEC+ at a technical meeting in Vienna that supply disruption from the Strait of Hormuz closure will persist through year-end even if the waterway reopens promptly, with a return to pre-war operations expected to take many months, according to two attendees cited by Bloomberg. OPEC ministers are due to meet online on 7th June.
Alberta Wildfires - Wildfires in Alberta’s Lac la Biche oil sands region have been reclassified as held or under control following rainfall. The fires had broken out on Friday and Saturday within 20km of approximately 500,000 BPD of oil production operated by ConocoPhillips (COP), Cenovus Energy (CVE) and Canadian Natural Resources (CNQ), though ConocoPhillips said its Surmont oil sands operations were unaffected.
EU Energy - The European Commission is weighing plans to allow EU member states to spend around 0.3% of GDP on energy-related costs outside the EU’s fiscal framework; the proposal would function as an escape clause similar to the defence carve-out previously granted to member states, and is aimed at cushioning the impact of high energy costs stemming from the Iran War; details remain fluid, and a final decision has not yet been taken.
China LNG Imports - China’s LNG imports rose to 4.9mln tons in May, marginally higher Y/Y. The rebound reversed prior declines after April hit an eight-year low, as buyers prepared for summer demand. Lower Qatari supply from Strait of Hormuz disruptions was offset by imports from Canada, Malaysia, Oman and Russia.

MATERIALS:

Fortescue Ltd (FSUGY) - China Mineral Resources Group asked steelmakers with major Fortescue exposure to question the miner about the quality of its new 55% iron-content Fortune Fines product, Bloomberg reports. Talks on a long-term supply contract have been slower than expected, despite BHP (BHP) reaching a CMRG settlement in April that includes yuan-denominated pricing indexes.
Northern Star Resources (NESRF) - Elliott Investment Management has built a stake worth more than AUD 1bln in Australia’s largest gold miner Northern Star Resources, and is pushing for a strategic review including a potential sale, Bloomberg reports. Elliott cited operational missteps, cost overruns and inconsistent strategic direction, and is also urging a board refresh. Northern Star said it welcomes constructive dialogue with Elliott, and regularly reviews corporate opportunities including M&A.

HEALTHCARE:

Amgen (AMGN) - The European Commission granted marketing authorisation for Amgen’s Imdylltra as a monotherapy for adults with extensive-stage small cell lung cancer following disease progression on or after first-line platinum-based chemotherapy.
AbbVie (ABBV) - AbbVie announces European Commission approval of AQUIPTA for the acute treatment of migraine in adults.
AstraZeneca (AZN) - AstraZeneca received a positive CHMP recommendation in Europe for camizestrant, and said camizestrant is advancing globally, with the company also in discussions with the US FDA on the path forward.
Roche (RHHBY) - Roche said the FDA accepted its New Drug Application for giredestrant in ER-positive early-stage breast cancer.
Hikma (HKMPY) - Hikma plans to invest USD 267mln across manufacturing facilities in Ohio; the expansion will create 350 new jobs and reinforce Hikma’s generic medication manufacturing and Ohio’s pharmaceutical and biomanufacturing industry.
Abivax (ABVX) - Phase 3 ABTECT maintenance trial met the primary endpoint at Week 44, with once-daily obefazimod 25mg and 50mg showing placebo-adjusted clinical remission rates of 39.3% and 40.3%, respectively.