Daily US Equity Opening News - HONA to join SPX, GOOG to replace VZ in Dow; SSNLF plans employee buyback; SEGXF rejects PLD's GBP 12.6bln bid; FDX falls on guide; CBRS falls on margin view; NKE names new CFO; GME CEO forgoes pay package to pursue EBAY bid

DAY AHEAD:

EVENTS: US President Trump will sign Road to Housing Act at 12:00EDT/17:00BST, will attend Senate Steering Committee lunch at 13:00EDT/18:00BST, and will meet NATO Secretary General at 15:30EDT/20:30BST. Canada provincial holiday (Quebec).
DATA: In North America, US new home sales for May (prev. -6.2% M/M); building permits final for May (prev. 4.4% M/M); current account for Q1 (prev. USD -190.7bln); weekly MBA mortgage applications. Canada will release preliminary May manufacturing sales.
CENTRAL BANKS: Fed Bank Stress Tests are due after the US close. The ECB Economic Bulletin pre-release assessing the growth headwinds from higher oil prices amid the Middle East war; ECB Convergence Report for 2026 is also due to be published. BoC and Riksbank will publish meeting minutes. Today’s speakers slate include: Fed Governor Cook (voter) will give pre-recorded opening remarks. BoE’s Dhingra (dove) will speak on geopolitical shocks and clean energy (text expected), BoE’s Breeden (neutral) will give remarks on infrastructure; BoC’s Rogers speaks on infrastructure (text expected). RBA’s Hauser and ECB’s Cipollone are also due.
SUPPLY: US auctions USD 70bln of 5yr notes and USD 28bln of 2yr FRNs; UK auctions GBP 4.25bln of 2031 debt; Germany auctions EUR 2bln across 2037 and 2047 lines; Italy auctions EUR 2-2.5bln of 2028 BTPs, and EUR 1.5-1.75bln of 2039 BTPei.
ENERGY: DoE weekly energy inventories are due; data released by the API afterhours on Tuesday showed headline crude stocks posting a smaller than expected draw of -0.8mln bbls (exp. -5.0mln), Cushing stocks drew down by -1.0mln bbls, distillates posted a surprise build of +1.4mln bbls (exp. -0.4mln), and gasoline also saw a surprise build of +1.2mln bbls (exp. -0.4mln).
EARNINGS: Notable US corporates reporting today include: Micron (MU), Paychex (PAYX), Jefferies (JEF).

NEWS:

GEOPOLITICS:

US-Iran - President Trump said the US is making a deal with Iran and will see how it goes, adding that talks are going quite well and both sides are trying to work out a fair agreement. When told Iran disputed any scheduled IAEA inspector visit, Trump said Iran was wrong, adding that inspectors would be on the ground at an appropriate time, but there was no rush. Separately, the US Senate voted 50-48 to pass a resolution requiring President Trump to seek congressional approval to continue the Iran war. The White House said the resolution is non-binding, and will not be sent to Trump, while Trump criticised its passage, claiming it provides “aid and comfort” to the enemy.
Qatar LNG - Qatar PM Al-Thani said QatarEnergy is preparing for restart as US-Iran peace talks signal progress towards ending the war and reopening the Strait of Hormuz, and plans to return normal LNG output from undamaged parts of its Ras Laffan facility within weeks, FT reports.
Freight Rates - A Sinokor supertanker was provisionally booked to carry Persian Gulf oil to India at 897 Worldscale points, or 897% of benchmark freight costs, Bloomberg reports citing shipbrokers. The rate reflects a shortage of empty vessels after many tanker owners diverted fleets during the three-month Strait of Hormuz closure.
North Korea - North Korea commissioned its first 5,000-ton class destroyer, state media reports. Leader Kim Jong Un said the warship has complex operational and combat capability and vowed to build more ships up to twice that size, adding that the programme to equip the navy with nuclear weapons is proceeding as planned.

MACRO:

Fed’s Warsh - US Treasury Secretary Bessent signalled confidence in Fed Chairman Warsh, and predicted inflation would ease as the Iran conflict subsides. Bessent said he was confident that Warsh would optimise the path for both inflation and growth.
PBoC - PBoC monetary policy committee member Huang Yiping said China may still cut interest rates this year, though the economy needs more targeted support for technological innovation and improving livelihoods beyond looser monetary policy.
BoJ - The BoJ signalled the need for further rate increases in its summary of opinions from its 15-16th June meeting, when it raised the policy rate to 1%. One board member said the neutral rate appears to be around 2%, with the BoJ estimating a neutral range of 1.1-2.5%. A Bloomberg survey found about 90% of economists expect another hike by December, with more than a third forecasting October; economists now see rates reaching 1.75% in this cycle, up from 1.5% in an earlier survey.
Australia Inflation - Australia’s trimmed mean CPI rose 3.6% Y/Y in May (exp. 3.5%; prev. 3.4%), above the RBA’s 2-3% target; headline CPI rose 4% Y/Y (exp. 4.3%; prev. 4.2%). Housing remained the largest contributor to annual inflation, rising 6.5%, while automotive fuel prices fell 11.9% in May; weakness was seen in transport, clothing and footwear, and holiday travel, offset by stronger rents and new dwelling inflation. Westpac said it expects Q2 trimmed mean inflation of 1.0%, taking annual inflation to 3.8%, and retains its view that the RBA’s next hike is likely in August.
BoK - The BoK said higher interest rates will be needed at an appropriate time as rising home prices, household debt and leveraged investment risk fuelling financial imbalances. Its Financial Stability Report said South Korea’s financial system remained broadly stable despite domestic and external uncertainty.
RBI - RBI Governor Malhotra said it was “premature” to discuss future interest-rate hikes given elevated geopolitical uncertainty, ET Now reports. He said the RBI had deliberately kept its policy stance neutral rather than restrictive, noting that a shift to restrictive would have signalled certainty about upcoming hikes that does not currently exist.

TRADE:

US-China - US Commerce Secretary Lutnick told executives the department is reviewing state-subsidised robotics imports, Politico reported. US officials increasingly see China’s state-backed robotics industry as a national security threat, and fear subsidised Chinese robots could dominate global markets before US manufacturers have enough scale to compete, the report said.
Alibaba (BABA) - Alibaba sued the US government to be removed from a Pentagon blacklist alleging links to the Chinese military. Alibaba said the determinations had “no basis in fact or law” and that no independent board members had military affiliations. The Department of Defence said Alibaba was a “military-civil fusion contributor”.
US-EU - Germany plans to proceed with lower drug prices despite a US probe, Bloomberg reports. The health ministry called US accusations of unfair trade practices unfounded, and said deeper discounts are needed to stabilise public health-insurance finances. The reforms seek to narrow a funding shortfall expected to exceed EUR 40bln by decade-end.

INDEX:

S&P 500 - Honeywell Aerospace (HONA) will join the S&P 500 and S&P 100 on 29th June; Honeywell Aerospace will replace Conagra Brands (CAG) in the S&P 500, while Conagra will replace Grid Dynamics (GDYN) in the S&P SmallCap 600. Honeywell International (HON) will be renamed Honeywell Technologies after the spin-off.
Dow Jones Industrial Average - Alphabet (GOOGL) will be added to the index, replacing Verizon Communications (VZ), effective prior to the open on 29th June. Honeywell International (HON) will remain in the index following the spin-off of Honeywell Aerospace (HONA), which is expected to complete on 29th June; Honeywell Aerospace (HONA) will not be added to the DJIA.
MSCI, Indonesia, South Korea - MSCI has delayed its decision on whether to downgrade Indonesia to a frontier market, saying it needs more time to evaluate reforms regulators have announced to address investability concerns, FT reports. MSCI said it will continue assessing the scope, consistency and sustained effectiveness of those measures, with a downgrade still possible if insufficient progress is shown by November. MSCI also retained South Korea’s emerging-market classification, frustrating the country’s longstanding effort to achieve developed-market status.

TECH:

Apple (AAPL) - Apple is set to begin mass production of its first foldable iPhone in late July, with key specifications for the display, case and mechanical components finalised, according to sources in Apple's Korean and Taiwanese supply chains cited by The Elec. Foxconn (HNHPF) will handle initial production, following an early trial run in April, and a September unveiling remains on track.
Qualcomm (QCOM) - Qualcomm is in talks to provide custom chip-design services to ByteDance, as it seeks to reduce reliance on smartphones, its largest revenue source, according to sources cited by Reuters. The chips would be based partly on technology from AlphaWave Semi, which Qualcomm acquired last year, with discussions reportedly involving video processing units and an eye toward mass production by year-end. The outcome remains uncertain, with ByteDance potentially pursuing other partners.
China AI - Chinese fund managers are shifting toward more targeted AI stock positioning, concentrating bets on industry leaders capable of delivering orders and addressing capacity bottlenecks, according to China Securities Journal. The report suggests the broader “anything related to AI would rise” narrative may be fading.
Samsung Electronics (SSNLF) - Samsung Electronics plans a USD 58.61bln share buyback linked to employee stock bonuses, Yonhap reports. Separately, Samsung Electronics has allocated about half its HBM production capacity to HBM4, Chosun reports; around 75K of 150K monthly HBM DRAM wafer inputs are reportedly assigned to HBM4, with the rest to 12-layer HBM3E.
Samsung Electronics (SSNLF), SK Hynix (HXSCL) - Leveraged ETFs tracking Samsung or SK Hynix likely sold a combined USD 6bln of the Korean chipmakers’ shares on Tuesday to maintain ratios, Bloomberg said. The sales accounted for about 14% of Samsung and SK Hynix turnover, underscoring how leveraged single-stock ETFs amplified market moves.
SK Hynix (HXSCL) - SK Hynix is expected to file a statement with Korea’s financial regulator for an ADR offering, marking the next step toward a US listing, Korea Economic Daily reports. Industry estimates put the offering’s size at as much as USD 26bln, though earlier reports suggested it could raise up to USD 10bln. A more recent report has suggested a figure of around USD 29.5bln. The regulator’s review could conclude by 3rd July, potentially allowing trading to begin as early as next month.
SoftBank (SFTBY) - SoftBank’s Masayoshi Son said he plans to remain at the helm for another decade or more, abandoning his long-held intention to retire in his sixties, in order to accelerate AI proliferation and build SoftBank into the world’s leading AI-powered robotics company. The 68-year-old said he has revised his “50-year plan” and will work another 10-15 years.
Intel (INTC), TSMC (TSM), SoftBank (SFTBY) - SoftBank CEO Masayoshi Son said Intel is an indispensable national security play for the US, with its manufacturing role seen as vital for looking beyond TSMC.
ByteDance - ByteDance is in prelim talks with banks for an offshore loan of about USD 20bln, Bloomberg reports. The borrowing would be its largest offshore loan and could have a 3yr tenor, extendable to 5yrs.
ASE Technology Holding (ASX) - The world’s largest chip packaging and testing provider is expanding capacity to meet AI demand, COO said. The company is adding 15 new sites this year, including six greenfield ASE sites, seven for unit Siliconware Precision Industries, and sites acquired from Innolux. CapEx is budgeted at USD 8.5bln, and may exceed that figure, with COO stating that the expansion targets demand through 2029 and beyond. ASE has two testing factories in California with two more planned, while it is still evaluating potential Arizona investment requested by a particular customer.
Cerebras Systems (CBRS) - Shares fell over 10% in extended trading after the AI chipmaker forecast a decline in gross margins, overshadowing strong revenue growth in its first earnings report since going public. Q1 EPS -0.22 (exp. -0.16), Q1 revenue USD 193.4mln (exp. 181.2mln). Core revenue was USD 191.3mln (vs 99.5mln Y/Y). CEO Andrew Feldman said it was an outstanding start to 2026 as AI moves from novelty to productivity and demand builds for faster AI infrastructure; said Cerebras’ wafer-scale technology is driving momentum with customers including OpenAI and AWS, as advanced AI applications require infrastructure capable of delivering at unprecedented speed. Sees Q2 core revenue around USD 194mln (exp. 177.67mln), core gross margin between 36-38%, and core operating margin between -32% and -30%; sees FY26 core revenue between USD 855-865mln (exp. 824.8mln) and core gross margin between 38-41%.
STMicroelectronics (STM) - STMicroelectronics unveiled the ST54M secure mobile chip, featuring post-quantum cryptography hardware acceleration; certifications are targeted for July 2026.
Grindr (GRND) - Grindr appointed CEO George Arison as Chairman, effective 23rd June. J. Michael Gearon, Jr. will remain Lead Independent Director.

COMMUNICATIONS:

GameStop (GME), eBay (EBAY) - CEO Ryan Cohen will forgo a potential USD 35bln performance pay package, unveiled in January, to focus on his bid to acquire eBay. Will release further details on its eBay plans this week, including the strategic rationale and operational plan for the combined company.
Meta Platforms (META) - The Trump administration is pressing Meta to submit its AI models for voluntary government review, NYT reports. Meta is the only major US AI developer without such an agreement. OpenAI, Anthropic, Google, xAI and Microsoft have already agreed to submit models to the Centre for AI Standards and Innovation.
Tencent (TCEHY) - Tencent is rolling out an AI agent named Dayuan, built on DeepSeek’s latest V4 model, to select users on WeCom, the enterprise version of WeChat. The assistant can analyse users’ group chats, emails and calendar entries to assess customer feedback and automate recurring tasks such as compiling industry briefs.
BT Group (BTGOF) - BT confirmed that its pension scheme lost GBP 300mln after writing off its 8.7% stake in Thames Water in 2024; the disclosure comes before the scheme’s triennial valuation, which will set BT’s pension payments for the next three years.

FINANCIALS:

Morgan Stanley (MS) - Morgan Stanley has again limited redemptions at its USD 7bln North Haven Private Income Fund after investors sought to withdraw about 11.6% of units outstanding, with the fund meeting 43% of Q2 redemption requests. About half of the latest requests came from investors previously unable to fully cash out, following a 10.9% withdrawal request in Q1. A smaller affiliated fund faced 7.2% redemption requests, with 5% to be honoured, Reuters reports.
BlackRock (BLK), KKR & Co. (KKR), Brookfield Asset Management (BAM) - Artificial Intelligence Infrastructure Partnership, Brookfield, IFM Investors, KKR and DigitalBridge Group are possible bidders for Stack Infrastructure’s Asia-Pacific data centres, Bloomberg reports citing sources. Stack has been gauging interest and is preparing to start a sale process as soon as July.
Allianz (ALIZY) - Allianz said ship insurers face significant Iran war claims, including possible total losses, with vessels and cargo worth USD 125bln trapped in the Persian Gulf as of 15th June.

REAL ESTATE:

Housing Bill - The US House passed housing legislation in a 358-32 vote, sending it to President Trump’s desk; he is expected to sign it Wednesday, according to officials. The bill bars institutional investors with more than 350 homes from buying additional single-family properties, streamlines factory-built housing rules, and encourages localities to ease construction barriers.
SEGRO (SEGXF), Prologis (PLD) - SEGRO rejected Prologis’ all-share takeover proposal, which valued SEGRO at about GBP 12.6bln. Under the proposal, SEGRO shareholders would have received 0.084 new Prologis shares per SEGRO share held, implying a value of 925p/shr, or a 25% premium to SEGRO’s Tuesday closing price. Prologis said it sees a clear strategic rationale for combining, and urged SEGRO shareholders to push the board to engage.

CONSUMER:

Nike (NKE) - Nike appointed David M. Denton as Executive Vice-President and CFO, effective 17th August. Matthew Friend will step down as CFO, and remain until 4th September to support the transition. Friend will participate in Nike’s Q4 earnings call on 30th June, as planned. Nike added that Q4 results will include a benefit from tariff refunds that was not included in prior guidance; ex this one-time benefit, Q4 results are expected to be generally in line with previously provided guidance.
KB Home (KBH) - Q2 EPS 0.43 (exp. 0.45), Q2 revenue USD 1.11bln (exp. 1.09bln). Homes delivered -23% Y/Y to 2,395; average selling price declined to USD 461,900 (from USD 488,700 Y/Y). Exec said results met or exceeded the mid-point of key guidance ranges, with the return to a predominantly Built to Order model gaining momentum as those homes represented 73% of net orders. It opened 35 communities, reduced build times by more than a week sequentially and remained disciplined in a difficult market. Sees Q3 housing revenue between USD 1.2-1.35bln (exp. 1.35bln), deliveries between 2,600-2,800 homes, housing gross profit margin between 16.0-16.6%, SG&A as a percentage of revenue between 11.3-11.9%, on an effective tax rate between 19-21%, and ending community count between 270-280. Sees FY26 housing revenue between USD 4.9-5.3bln (exp. 5.05bln), deliveries between 10,500-11,000, housing gross profit margin between 16.1-16.5%, SG&A between 11.4-11.8%, and effective tax rate between 22-24%.
Volkswagen (VWAGY) - Volkswagen’s Audi is considering lowering its medium-term sales target to 2mln vehicles (from 2.2mln) and whether to build a new plant in the US, according to Handelsblatt.

INDUSTRIALS:

FedEx (FDX) - Shares fell over 6% in extended trading after its weaker-than-expected profit guidance overshadowed stronger Q4 results and management’s positive comments on transformation efforts. Q4 EPS 6.31 (exp. 5.95), Q4 revenue USD 25.0bln (exp. 24.03bln). CEO said it delivered a strong finish to FY26, with transformation initiatives and profitable growth driving momentum across its global industrial network, while the FedEx Freight spin-off positions the company to optimise its network, reduce cost to serve and drive free cash flow. On call, management said B2B services drove most quarterly revenue growth, with progress in healthcare, automotive, aerospace and data centre verticals, while ground economy volume fell about 5% and international export package volumes rose 5% Y/Y. USD 1.3bln remains under its 2024 repurchase authorisation, and intends to repurchase up to USD 1bln of shares opportunistically in 2026. Sees 2026 EPS between 16.90-18.10 (exp. 19.86) and revenue growth of 11%, including around three percentage points from fuel surcharge benefit, and sees June-December revenue growth of 10% Y/Y, and capex of USD 3.9bln.
Airbus (EADSY) - The EASA ordered urgent inspections of 16 Airbus A380 aircraft after cracks were found in wing spars; EASA said the cracks could reduce wing structural integrity. Five aircraft require immediate inspection, while 11 must be inspected within 25 flight cycles.
Lockheed Martin (LMT) - Lockheed Martin received a USD 8.4bln US Army contract modification to raise the ceiling and extend the ordering period for Precision Strike Missiles Increment One production, Early Operational Capability assets, follow-on production, development and obsolescence management through FY 2032. The modification raises the contract’s total cumulative face value to USD 13.34bln.
Boeing (BA) - Boeing received a maximum USD 2bln Air Force contract for the Mobile User Objective System service life extension Phase II effort.
Rheinmetall AG (RNMBY), TKMS (TKAMY) - Rheinmetall shares fell as much as 17% in European trade after Germany was said to be planning to shelve a contract for six F126 anti-submarine frigates from the company in favour of rival TKMS, Bloomberg reports. Morgan Stanley analysts estimated the decision would result in around EUR 2bln of writeoffs, calling the potential cancellation "clearly negative news" given Rheinmetall had been confident of securing the contract before summer. TKMS shares rose as much as 12%.

ENERGY:

US Gasoline Prices - President Trump said he has ordered the DoJ to look into gasoline prices, saying oil companies are not lowering pump prices in line with sharply lower crude costs. Average nationwide gasoline prices surged to their highest since 2022 following US and Israeli strikes on Iran, but have since fallen 14% since late May to below USD 4/gallon, though still above the 5yr seasonal averages. Meanwhile, US commercial gasoline inventories are currently around their lowest for this time of year since 2014.
Energy Inventories - Data released by the API afterhours on Tuesday showed headline crude stocks posting a smaller than expected draw of -0.8mln bbls (exp. -5.0mln), Cushing stocks drew down by -1.0mln bbls, distillates posted a surprise build of +1.4mln bbls (exp. -0.4mln), and gasoline also saw a surprise build of +1.2mln bbls (exp. -0.4mln).
China Refiners - China’s independent oil refiners cut operating rates to a nine-year low, Bloomberg reports. Run rates at teapots fell to 50.5% in the week to 21st June, below pandemic-era lows and the weakest since 2017. JLC cited high feedstock costs, weak domestic fuel demand and product export curbs squeezing margins.
El Nino - El Nino-driven dryness and heat will raise the risk of severe haze in Southeast Asia this year, according to the Singapore Institute of International Affairs. The institute raised its severe-haze risk rating to high, the top category, with August-September identified as the peak danger period for Singapore, Indonesia, Malaysia and Brunei.

MATERIALS:

China Zinc - Chinese zinc producers are waiting for exports to become more profitable to clear a domestic glut, Bloomberg reports. Shanghai zinc futures are more than USD 400/ton below international prices, the biggest discount since 2022. A Jinrui Futures analyst said the window must widen by about USD 100 for LME warehouse shipments.
Rio Tinto (RIO) - A Rio Tinto exec said it expects its lithium business to grow faster than its copper, iron ore and other divisions, as it works to triple lithium production by 2028 to meet demand from the EV and battery storage markets.
Anglo American (NGLOY) - Anglo American announced a definitive agreement with Codelco to implement a joint mine plan for their adjacent Los Bronces and Andina copper mines.