Daily US Equity Opening News - INTC rises after beat, stronger AI-led guidance; SAP rises as cloud growth eases AI concerns; PSKY-WBD deal pause extended until 17th Aug; VWAGY cuts FY revenue outlook; SPCX bets on Starship replacing Falcon

DAY AHEAD:

DATA: In North America, US flash July PMIs are likely to see the composite rise to 52.3 (prev. 51.9), manufacturing to 54.3 (prev. 53.9) and services at 51.5 (prev. 51.2). Elsewhere, US new home sales and final building permits are due. Canada PPI is seen falling by -0.4% M/M in June (prev. 1.2%).
CENTRAL BANKS: ECB’s Lane (dovish) speaks (slide release expected). The BoE releases its Agents’ summary of business conditions and Decision Maker Panel survey. Russia’s CBR expected to cut rates by 25bps to 14.00%.
CRA: Potential rating reviews are due from: Scope Ratings on Norway (AAA).
ENERGY: Baker Hughes reports weekly rig count data (prev. oil 452, gas 126, total 588).
EARNINGS: Notable US corporate earnings reports due today include: American Express (AXP), NextEra (NEE), Verizon (VZ), HCA Healthcare (HCA), SLB (SLB), Charter Communications (CHTR), Booz Allen Hamilton (BAH).

NEWS:

GEOPOLITICS:

US-Iran - Iran rejected a US ceasefire proposal delivered by Iraqi PM al-Zaidi. Iranian officials said Tehran opposed a temporary deal leaving control of the Strait of Hormuz unresolved. Officials warned Iran could expand the conflict regionally if the US strikes Tehran or critical infrastructure, including targeting Tel Aviv and seeking closure of Bab al-Mandab.
US-Iran - Central Command conducted a 13th night of strikes on Iranian military targets to reduce IRGC threats to commercial shipping. CENTCOM said the Strait of Hormuz remains open, with vessels navigating under US military support. It also redirected 12 commercial ships and disabled one to prevent access to Iranian ports or coastal areas. Explosions were reported across Qeshm, Larak Island, Khorramabad, Bandar Abbas and several other Iranian locations, while air defences were activated in Tehran, Iranian media reported. Arab sources reported Iranian drone and missile attacks on Kuwait’s Ali Al-Salem base, while Tasnim said explosions occurred at US bases in Jordan.
US-Iran - President Trump said the US will use Iranian funds under US control to pay for damages to ships, cargo and related losses until further notice. He also said Iran wants to act but is not ready. Separately, WSJ reported, citing a senior administration official, that Trump is losing patience with the conflict, has grown sceptical of diplomacy and is in “revenge mode” towards Tehran.

TRADE:

US Currency Report - The US Treasury found no major trading partner manipulated its currency for unfair trade advantage in 2025. Ten leading partners, including China and Japan, remain on an enhanced FX monitoring list. The US Treasury criticised China’s limited transparency on currency management, but declined to label it a manipulator; The Treasury warned China could face designation if evidence shows intervention to resist RMB appreciation, while Singapore, Switzerland and Thailand may be removed next time.
US Tariffs - USTR Greer announced new Section 301 forced labour tariffs of 10% for countries with a forced labour prohibition and 12.5% for those without, effective 00:01EDT on 24th July (applying to goods in transit from 00:01EDT on 28th July), as the 10% global tariff expired. Oil, gas, fertilisers and foodstuffs are exempt.
US-China - China is expected to oppose President Trump’s new 12.5% tariffs without significant retaliation, Bloomberg reports. Easing tensions, an existing trade truce and preparations for President Xi Jinping’s expected September US visit may limit Beijing’s response. Separately, Chinese officials are said to be seeking clarity on the scope and expected outcomes of forthcoming AI talks with the US; Vice Foreign Minister Ma Zhaoxu visited Washington to consult US agencies, helping Beijing determine the agenda and who should represent China as the Trump administration increases pressure on the country’s AI sector, Bloomberg notes.
US-Canada - Canada PM Carney said recent US engagement reflects the importance of the trade relationship. He said all options remain available if no agreement is reached on new US tariff threats. Canada has not signed a partial USMCA deal, with talks focused on critical sectors and some discussions expected to continue through end-2026.
US-Mexico - President Sheinbaum said Mexico and the US are progressing with the USMCA review. Economy Minister Ebrard added that Mexico sees no change in the effective tariff it pays following the US announcement of new tariffs.
US-Brazil - Brazil rejected the US 12.5% forced-labour tariff on Brazilian goods as arbitrary and unjustified. The government will begin procedures under its reciprocity law and challenge the measure through the WTO dispute settlement mechanism.
US-Japan - Japan’s Trade Minister Akazawa called the latest US tariff move regrettable, but confirmed Washington would not exceed the terms of the 2025 tariff agreement.

MACRO:

ECB Speak - Following yesterday’s meeting, ECB officials have been on the wires. ECB’s Nagel defended keeping rates unchanged after June’s 25bps hike, stating that the central bank is well positioned to monitor developments; Nagel cited intense uncertainty from the Middle East conflict, and said September’s new data and projections would guide a reassessment of inflation, without committing to the next rate move. ECB’s Kocher said recent developments in oil markets are concerning; says a 50bps rate hike was not discussed at this week’s confab, adding that it is a scenario that he hopes the ECB will not have to consider. ECB’s Moulin said he will look at the size and duration of the oil shock when deciding on policy.
Japan Inflation - Japan’s core CPI rose 1.6% Y/Y in June, matching expectations, while inflation ex-fresh food and energy reached 1.7% (2.0%); analysts said that higher energy costs and JPY weakness supported prices, keeping the BoJ on course for further rate hikes ahead, though it is widely expected to hold rates steady on 31st July.
UK Retail Sales - UK retail sales rose +1.0% M/M in June (exp. 0.2%), with the ex-fuel measure rising +1.1% (exp. -0.4%); the annual rate of retail sales growth was lifted to 4.2% Y/Y (from 3.2%). Pantheon Macroeconomics said the beat was encouraging, but weather and World Cup-driven, and it expects a pullback in July; still, the consultancy is optimistic that resilient household spending will underpin GDP growth through H2, despite easing consumer momentum.
German GfK Consumer Confidence - Germany’s GfK consumer confidence fell to -29.6 in August (exp. -28.5, prev. -29.2); GfK said income prospects saw another slight decrease, while the willingness to save has picked up moderately once again, adding that the ongoing uncertainty means that many households remain cautious about spending.

TECH:

Intel (INTC) - Shares rose over 4% in extended US trading after it topped expectations, seeing its fastest revenue growth in years, and issued stronger guidance underpinned by AI-driven demand for server processors. Q2 adj. EPS 0.38 (exp. 0.21), Q2 revenue USD 16.1bln (exp. 14.42bln). Revenue growth was supported by robust AI-driven demand, higher factory yields and improved cycle times. Q2 adj. gross margin was 41.8%, around 280bps above guidance, while demand continued to exceed supply. Intel signed three-to-five-year CPU and XPU supply agreements with customers, some including volume and pricing commitments, and said its 14A process is ahead of older technologies at the same stage of development. Management expects PC consumption to decline by a low-double-digit percentage in FY26, while server CPU industry unit demand is forecast to grow at a strong double-digit rate through 2027. Sees Q3 adj. EPS of 0.38 (exp. 0.27), Q3 revenue between USD 15.8-16.8bln (exp. 15.06bln), Q3 adj. gross margin of 42% (exp. 40.2%). Raised its FY26 capex outlook to above USD 20bln (prev. saw 18bln), and expects FY27 capex to be significantly above FY26 levels.
SAP (SAP) - SAP’s US listed shares rose slightly in extended US trading after better-than-expected earnings and strong cloud growth eased concerns that AI tools and hardware spending are displacing demand for its enterprise software. Q2 EPS 1.59 (vs 1.50 Y/Y), Q2 revenue EUR 9.88bln (exp. 9.85bln). Adj. operating profit EUR 2.74bln (exp. 2.89bln), while cloud revenue +22% Y/Y at EUR 6.28bln (exp. 6.26bln). Its current cloud backlog was up +27% Y/Y to EUR 22.9bln, while Cloud ERP Suite revenue rose +25%. CEO Christian Klein said growth was supported by SAP’s Autonomous Enterprise strategy, with strong momentum across its Autonomous Suite and Business AI Platform. Sees FY26 adj. operating profit between EUR 11.8-12.2bln (exp. 12.0bln; prev. saw 11.9-12.3bln), reflecting more than EUR 100mln of dilution from the Dremio and Prior Labs acquisitions. Maintained FY26 cloud revenue outlook between EUR 25.8-26.2bln, cloud and software revenue between EUR 36.3-36.8bln, and FCF of approximately EUR 10bln.
Oracle (ORCL) - Oracle received a USD 3.31bln 5yr US Navy software contract covering licences, support, cloud services and consulting across the Department of War, intelligence community and Coast Guard. An unexercised option could raise the value to USD 6.99bln. No funds were obligated at award; spending will occur through individual task orders.
SK Hynix (SKHY) - SK Hynix has begun developing 3D-stacked DRAM-on-logic for on-device AI and is recruiting US engineers to co-design the technology with a customer. The architecture stacks DRAM directly on logic chips, aiming to improve bandwidth, latency, power efficiency and space use. Mobile application processors are viewed as a key target market.
Amkor Technology (AMKR), Nvidia (NVDA) - Amkor shares surged by 10% in extended trading on news that it has signed a multi-year USD 1.5bln agreement with Nvidia to expand advanced semiconductor packaging and testing capacity in the US. Nvidia will prepay to support Amkor’s Arizona expansion, while the companies will jointly develop packaging technologies for AI platforms.
RingCentral (RNG) - Q2 adj. EPS 1.22 (exp. 1.17), Q2 revenue USD 657mln (exp. 650.6mln). Customers using at least one paid AI product represented approximately 13% of ARR, doubling Y/Y. Raised quarterly dividend to 0.125/shr (prev. 0.075/shr). It expanded its partnership with NiCE under a multi-year agreement that will allow NiCE to resell RingCentral’s RingEX unified communications platform. It also announced a collaboration with OpenAI following a company-wide initiative using ChatGPT Work and Codex. CEO said it is accelerating its shift towards agentic voice AI. Sees Q3 adj. EPS between 1.25-1.30 (exp. 1.26), Q3 revenue between USD 664-670mln (exp. 663.6mln). Raised its FY26 adj. EPS view to between 4.96-5.10 (exp. 4.95; prev. saw 4.76-4.97), and raised its FY26 revenue view to between USD 2.635-2.646bln (exp. 2.63bln; prev. saw 2.62-2.64bln).
OpenRouter, Stripe - Stripe is in talks to acquire AI model marketplace OpenRouter, which could be valued at about USD 10bln, WSJ reports. OpenRouter, last valued at USD 1.3bln, lets developers access and compare AI models. Stripe is also pursuing PayPal (PYPL) with Advent International, though the group’s USD 53bln offer was deemed too low.

COMMUNICATIONS:

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - A California federal judge extended the pause on Paramount Skydance’s USD 110bln takeover of Warner Bros. Discovery until 17th August, Bloomberg reports. A 3rd August hearing will consider further delay amid challenges from state attorneys general and the Writers Guild of America, which allege reduced competition that would arise from the deal. Reports note that Paramount faces significant daily and termination costs if closing is delayed or blocked.
New York Times (NYT) - The DoJ is withdrawing subpoenas issued to NYT journalists after a federal judge questioned the government’s handling of them. NYT had described the subpoenas as an attempt to intimidate the free press.

FINANCIALS:

Allianz (ALIZY), HSBC (HSBC) - Allianz agreed to acquire HSBC Life Singapore and enter a 15-year exclusive distribution partnership with HSBC Bank Singapore, with combined consideration of EUR 2bln. The transaction, subject to regulatory approval, is expected to close in H1 2027, and Allianz expects a double-digit mid-term return on investment.
Hartford (HIG) - Q2 core EPS 3.42 (exp. 3.14), Q2 revenue USD 7.26bln (exp. 7.19bln).

REAL ESTATE:

Digital Realty Trust (DLR) - Q2 core FFO 2.65 (exp. 1.98), Q2 revenue USD 1.90bln (exp. 1.66bln), Q2 EPS 1.21 (exp. 0.47), adj. EBITDA USD 978mln (exp. 913.2mln). CEO said robust customer demand and execution across connectivity, hyperscale and strategic private capital drove record core FFO per share and double-digit bottom-line growth. Raised its FY26 core FFO outlook to between 8.15-8.20 (exp. 8.04; prev. saw 8.00-8.10), raised its FY26 constant-currency core FFO outlook to between 8.10-8.15, and raised its FY26 adj. EBITDA outlook to between USD 3.75-3.85bln (prev. saw 3.65-3.75bln).

CONSUMER:

Amazon (AMZN) - Amazon is redesigning Prime Video around AI under founder Jeff Bezos’s oversight, Reuters reports. Project Lighthouse would improve recommendations, personalisation and voice search for over 200mln users, potentially integrating Alexa. Amazon is testing versions of the homepage overhaul as well, as it seeks to strengthen its AI reputation after committing about USD 200bln in 2026 capex.
Volkswagen (VWAGY) - Volkswagen cut its FY revenue outlook, now expecting a decline of up to 3% versus previous guidance of no worse than flat. It reported Q2 operating profit EUR 3.47bln (exp. 4.07bln), Q2 revenue EUR 82.4bln (exp. 81.7bln), Q2 EBT EUR 1.54bln (exp. 2.37bln), vehicle unit sales -9.7% Y/Y, deliveries -8.6% Y/Y, production -13.4% Y/Y. Vehicle sales +5.2% in South America, +1.3% in Western Europe, +9.6% in Central and Eastern Europe, -31.6% in China. H1 revenue was EUR 158.1bln (vs 158.4bln Y/Y), H1 operating profit EUR 5.9bln (vs 6.7bln Y/Y), net cash flow EUR 3.2bln (vs -1.4bln Y/Y). CEO Oliver Blume said geopolitical crises, trade conflicts, regulation, volatile markets and intensified competition continue to weigh on the industry. CFO said current initiatives are insufficient given a 20% contraction in the Chinese market, and rising competitive pressure from Chinese exports. Lowered its FY26 revenue growth outlook to between -3% and 0% (prev. saw 0-3%).
Taylor Farms - Mexico’s health ministry said all 10 lettuce, raw material and finished-product samples from Taylor Farms tested negative for Cyclospora cayetanensis, Reuters reports.
Deckers Outdoor (DECK) - Q1 EPS 0.94 (exp. 0.88), Q1 revenue USD 1.02bln (exp. 1.02bln). Revenue exceeded USD 1bln in Q1 for the first time, supported by continued strength at HOKA and UGG and growing global demand. Raised its FY27 EPS outlook to between 7.35-7.50 (exp. 7.50; prev. saw 7.30-7.45), and maintained its FY27 revenue outlook between USD 5.86-5.91bln (exp. 5.91bln). HOKA revenue is still expected to grow by a low-double-digit percentage Y/Y; UGG revenue is expected to increase by a mid-single-digits; gross margin seen slightly above 56.5% (prev. saw around 56.5%).
Boston Beer (SAM) - Q2 EPS 4.96 (exp. 4.83), Q2 revenue USD 607.8mln (exp. 567.45mln). Depletions declined 6% Y/Y and shipments fell 4.5% Y/Y. CEO said the company is navigating a challenging operating environment. Maintained its FY26 EPS view between 8.50-10.50 (exp. 9.38), and its FY26 depletions and shipments outlook for a low-single-digit to mid-single-digit decline. Exec added that results will remain sensitive to volume assumptions, supply-chain performance, inflation, commodity costs and tariff policy.
Boyd Gaming (BYD) - Q2 adj. EPS 1.93 (exp. 1.89), Q2 revenue USD 1.03bln (exp. 1.04bln). Property operating margin was 40%.

ENERGY:

China-Russia - Chinese refiners are buying Russia’s ESPO crude earlier than usual as Middle East risks threaten Persian Gulf supplies, Bloomberg reports. All August cargoes and several September shipments are now sold, narrowing ESPO’s discount to about USD 1/bbl (from previous levels of around USD 3-4/bbl). China’s seaborne Russian crude imports are also on track for their highest level since March, the report adds.

MATERIALS:

China Gold Imports - China’s gold imports rose for a third month to around 173 tonnes in June, the highest since March 2024, Bloomberg reports. Lower international prices, a stronger yuan, bank inventory needs and expiring import quotas supported demand. Gold-backed ETFs recorded net inflows of about 28 tonnes this year.
Antofagasta (ANFGY) - Antofagasta said operations at Los Pelambres have resumed after heavy precipitation affected parts of Chile; the group also maintained its FY production guidance range.
Newmont (NEM) - Q2 adj. EPS 2.10 (exp. 2.02), Q2 revenue USD 6.12bln (exp. 6.34bln), Q2 adj. EBITDA USD 3.76bln (exp. 3.83bln); attributable gold production -1% Q/Q to 1.293mln ounces, consolidated gold sales were 1.195mln ounces. Lower output at Cadia following seismic events, as well as planned lower grades at Ahafo South, Penasquito and Yanacocha, was partly offset by stronger production at Lihir, Boddington and the Pueblo Viejo joint venture; Cadia returned to normal operating levels by mid-June. It reported record Q2 FCF of USD 2.2bln. Sees Q3 attributable gold production broadly in line with Q2 levels, with higher unit costs expected due to increased sustaining capex, oil prices and gold-linked royalties, partly offset by higher co-product volumes. Backed its FY26 attributable gold production outlook at 5.3mln ounces, with production weighted towards Q4.

INDUSTRIALS:

SpaceX (SPCX) - SpaceX is reportedly turning away some Falcon 9 customers beyond 2028, and has stopped building certain non-reusable components, making a major strategic bet on Starship replacing Falcon, Bloomberg reports. Reservations for Falcon 9 rideshare launches are also paused, though defence and NASA missions may continue.
General Dynamics (GD) - General Dynamics received a USD 127.05mln US Navy contract modification for long-lead materials supporting internal communications systems on Virginia-class submarines.
Genco Shipping (GNK), Diana Shipping (DSX) - Genco Shipping is reviewing Diana Shipping’s non-binding offer of USD 24.80/shr in cash + one Diana share per Genco share. Genco questioned the valuation, dilution risk, proposed vessel sales to Star Bulk and dividend adjustments. Its board urged shareholders to reject Diana’s separate USD 24.80/shr offer pending a formal response.
SkyWest (SKYW) - Q2 EPS 2.54 (exp. 2.55), q2 revenue USD 1.1bln (exp. 1.12bln). The company maintained a solid block-hour production outlook, and plans to own and operate 34 additional E175 aircraft by the end of 2028.

UTILITIES:

Oklo (OKLO) - Oklo received DoE startup authorisation for its Groves Isotope Test Reactor, clearing fuel loading, testing and operations. The low-power reactor will build operating experience for future isotope production supporting cancer care, manufacturing, research, space and national security. Oklo said the privately funded project reached substantial completion at record speed.

HEALTHCARE:

Edwards Lifesciences (EW) - Q2 adj. EPS 0.78 (exp. 0.74), Q2 revenue USD 1.74bln (exp. 1.70bln). TAVR sales +11.3% Y/Y to USD 1.3bln supported by procedural growth, sustained clinical momentum and SAPIEN durability data; average selling prices were stable globally. CEO said growth was broad-based across TAVR, mitral, tricuspid and surgical therapies and across regions. Sees Q3 adj. EPS between 0.71-0.77 (exp. 0.75), sees Q3 revenue between USD 1.63-1.71bln (exp. 1.69bln). Raised the bottom-end of its FY26 sales growth view to between +10-11% (prev. saw +9-11%), raised TAVR growth to between 8-9% (prev. saw 7-9%), and raised TMTT sales view to between USD 760-780mln (prev. saw 740-780mln). Sees FY26 revenue between USD 6.6-6.9bln (exp. 6.74bln), TAVR sales between USD 4.75-5.0bln; backed its FY26 adj. EPS view between 2.95-3.05 (exp. 3.01).
Genmab (GMAB), AbbVie (ABBV) - Genmab and AbbVie clarified that the Phase 3 EPCORE DLBCL-1 trial had region-specific primary endpoints. In the US, overall survival was the sole primary endpoint, and epcoritamab did not deliver a statistically significant improvement versus investigator-selected chemoimmunotherapy. Additional results will be submitted to a peer-reviewed journal.
GE Healthcare (GEHC) - GE HealthCare appointed Controller and Chief Accounting Officer George Newcomb as interim CFO after Jay Saccaro decided to leave for an expanded role outside medical technology. Saccaro will remain until 14th August 2026 to support the transition. The company has begun searching for a permanent successor. Guided Q2 adj. EPS growth above prior expectation, Q2 revenue growth of +5.7% Y/Y, with organic revenue growth is expected at 3.5% Y/Y; diluted EPS and adj. EPS are expected to increase Y/Y. Maintained its FY26 adj. EPS outlook between 4.80-5.00 (exp. 4.87). Complete Q2 results are due on 29th July.
Tenet Healthcare (THC) - Q2 adj. EPS 6.12 (exp. 4.26), Q2 revenue USD 5.63bln (exp. 5.44bln). Raised FY26 adj. EPS guidance to between 20.30-21.69 (exp. 17.85), revenue guidance to between USD 21.9-22.5bln (exp. 21.98bln) and adj. EBITDA guidance to between USD 4.83-5.03bln. Board authorised a USD 2bln increase to the share repurchase programme.
Sanofi (SNY) - Sanofi will discontinue clinical development of Amlitelimab for atopic dermatitis following a strategic pipeline assessment. The company said its FY26 guidance remains unchanged.
Ipsen (IPSEY) - Ipsen said its Phase III BOLD trial of Bylvay in biliary atresia patients who had undergone Kasai hepatoportoenterostomy did not meet its primary endpoint of improved native liver survival.