Daily US Equity Opening News - META signs AI deal with AMD; NVO to cut US Ozempic & Wegovy prices; JPM lifts NII outlook

TODAY’S AGENDA:

US INDEX FUTURES: ES +0.2%, NQ +0.5%, YM +0.3%, RUT +0.2%
DAY AHEAD: Stateside, events busy: The Conference Board’s gauge of consumer confidence is expected to see the headline rise to 87.3 from 84.5. Richmond and Dallas Fed business surveys are out, and the Atlanta Fed will update its GDP now tracking estimate for Q1 (currently modelling 3.1% growth). Fed’s Waller (voter, dove), Fed’s Cook (voter, neutral), Fed’s Barkin (2027 voter, neutral), Fed’s Bostic (retiring, hawk), Fed’s Collins (2028 voter, neutral). Meanwhile, the BoE’s Treasury Select Committee hearing will feature Governor Bailey (neutral), BoE’s Greene (hawkish), BoE’s Taylor (dove), BoE Chief Economist Pill (hawkish), and BoE’s Lombardelli (hawkish) is also due to speak elsewhere; ECB President Lagarde will participate in a panel discussion. On the supply front, the US Treasury will auction USD 69bln of 2yr notes. Notable US companies reporting today include: MercadoLibre (MELI), EOG Resources (EOG), Realty Income (O), Workday (WDAY), Axon Enterprise (AXON), First Solar (FSLR), CoStar Group (CSGP), HP Inc. (HPQ), GoDaddy (GDDY), and Mosaic Company (MOS). On the energy front, the API will release its weekly gauge of energy inventories after the close. Afterhours, President Trump will deliver his State of the Union address; the WSJ reports that it will have a focus on the economy.
BROKER MOVES: QCOM upgraded at Loop Capital and Wells Fargo; OWL downgraded at Deutsche Bank. For the full list, click here.
MAJOR MORNING MOVES RECAP: AMD/META/NVDA, KEYS, HD, KDP, WBD, PYPL, JPM, FANG, NVO/LLY, HIMS. For the full list, click here.
US DAILY CONFERENCE CALENDAR: T, MSI, MCHP, ABBV, AMGN, APH, ADI, LLY, JNJ, HP. For the full list, click here.

NEWS:

TECH

Meta (META), AMD (AMD) - AMD and Meta have signed a major 6GW, multi-year agreement to power Meta’s next-generation AI infrastructure using multiple generations of AMD Instinct GPUs. The first deployment, expected in H2 2026, will use a custom MI450-based AMD Instinct GPU alongside 6th Gen EPYC “Venice” CPUs, running on the ROCm software stack. These systems will be built on AMD’s Helios rack-scale architecture, developed jointly with Meta through the Open Compute Project, enabling highly scalable, gigawatt-level AI infrastructure. Meta is to acquire shares of AMD as part of its expanded partnership; Meta to receive warrants to purchase 160mln AMD shares in stages.
Data Centres - White House officials are urging technology companies to pledge that their data centres will not raise electricity prices or burden consumers, Bloomberg reports. The initiative involves seeking non-binding commitments from executives that their companies will bear the costs of building infrastructure needed to support data centre operations, sources said.
Apple (AAPL) - Will expand its Houston operations, bringing Mac mini production to the US for the first time, scaling AI server manufacturing, and launching a new training center—creating thousands of jobs, CEO Cook said. Announced that it is on track to purchase well over 100mln advanced chips produced by TSMC (TSM) at its Arizona facility. Elsewhere, the Journal notes that Apple is supporting construction of a large chip-manufacturing facility near Phoenix as it seeks to expand US-based supply, diversify its supply chain, and reduce reliance on foreign producers.
Keysight Technologies (KEYS) - Shares jumped in extended trading after reporting a Q4 beat and issued stronger than expected guidance for Q2. Q4 2025 (USD): EPS 2.17 (exp. 2.00), Revenue 1.60bln (exp. 1.54bln). Management said the company delivered a strong start to the fiscal year, with results exceeding expectations and recent investments positioning it to capture ongoing market momentum and drive value. For Q2, sees EPS between 2.27-2.33 (exp. 1.91), and revenue between USD 1.69-1.71bln (exp. 1.51bln).
Fidelity National Information Services (FIS) Q4 2025 (USD): Adj. EPS 1.68 (exp. 1.69), Revenue 2.81bln (exp. 2.74bln); sees Q1 adj. EPS at 1.26-1.30 (exp. 1.34) and Q1 revenue of 3.27-3.29bln (exp. 3.04bln). Sees FY26 revenue of 6.22-6.32 (exp. 6.25) and FY26 revenue of 13.77-13.85bln (exp. 13.52bln).
Intuit (INTU) - Formed a multi-year partnership with Anthropic to develop AI agents for mid-market businesses, integrating Anthropic’s Claude tools into Intuit’s platform and embedding Intuit’s tax and finance capabilities into Anthropic products.
SK Hynix (HXSCL) - SK Group Chairman said that AI infrastructure spending is tightening global memory supply and reshaping the semiconductor cycle, underscoring rising demand for DRAM and advanced memory as AI investment accelerates, with SK Hynix expanding its focus on high-bandwidth memory and related chips.
Gen AI Pricing - Appier CEO said generative AI is prompting a rethink of traditional SaaS pricing and product design, contributing to weakness in SaaS stocks and eroding investor confidence, DigiTimes reports. He said generative AI is raising doubts about the conventional software-as-a-service growth model and reshaping how companies approach revenue and product strategy.
Cerebras Systems - Cerebras has confidentially filed for a US IPO for a second time, seeking to capitalise on strong demand for high-performance computing infrastructure and a major supply agreement with OpenAI. The AI chip designer is renewing its public listing efforts amid heightened interest in advanced computing capacity, DigiTimes reports.
Anthropic - Said three Chinese AI companies (DeepSeek, Moonshot AI and MiniMax) created more than 24k fraudulent accounts to access its Claude model, prompting it over 16mln times to extract information to train and improve their own systems, WSJ reports. The allegations mirror claims by OpenAI, which told House lawmakers that DeepSeek used distillation to enhance its models. Separately, Anthropic is offering current and former employees the opportunity to sell shares at a valuation of about USD 350bln, matching its recent USD 30bln fundraising, according to Bloomberg; the company has lined up USD 5-6bln for the share sale.
Grok AI - Elon Musk’s xAI has signed an agreement allowing the Pentagon to use its Grok model in classified systems, joining Anthropic’s Claude, which had been the only model available, Axios reports. The Pentagon is pressuring Anthropic over safeguards and may replace it, the report added. Google’s Gemini and OpenAI’s ChatGPT are also in talks for classified use.
Teradata (TDC), SAP SE (SAP) - Teradata entered a settlement agreement with SAP, SAP America and SAP Labs to resolve all past and pending litigation, with mutual releases of claims. Teradata will receive a gross USD 480mln within 60 days of the effective date. Net cash benefit is expected at USD 355-362mln before taxes after fees and expenses. The company will update on use of proceeds during its 2026 Q1 earnings call.
Qualcomm (QCOM) - Upgraded at Loop Capital to 'Buy' from 'Hold' with a USD 185 PT. The firm says that YTD share price underperformance has been "fueled by a perfect storm of circumstances," but memory chips won't remain in short supply forever and the smartphone market should recover and normalize from the initial shock. By this time next year, Qualcomm's chip shipments to Apple (AAPL) will be on pace to be less than 10% of total revenue, and investors will feel more confident in the scenario whereby FY29 Automotive and IoT sales approach or eclipse Handset sales for the first time, signaling a "milestone" in Qualcomm's diversification path.
Intel (INTC) - SambaNova introduced its SN50 AI chip, which has a max speed 5x faster than its competitors; the Co. also announced a collaboration with Intel (INTC), with over USD 350mln in investment in AI inference solutions.
Uber Technologies (UBER) - Uber is acquiring parking reservation app SpotHero for an undisclosed sum, with the deal expected to close in H1 2026. Uber plans to integrate a parking reservation service powered by SpotHero into its app for events, venues and airports, expanding beyond ride-hailing and food delivery. Meanwhile, India is launching a government-backed taxi service to compete with Uber, using a cooperative model where drivers pay INR 500 to become shareholders, avoid commissions, and receive profit shares after three years, aiming to prioritise driver benefits over company profits.

COMMUNICATIONS

Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - Paramount Skydance has reportedly raised its bid for Warner Bros. Discovery, increasing its previous USD 30/shr offer in an effort to outbid Netflix (NFLX), Bloomberg reports. Details of the revised proposal were not disclosed. That said, Warner Bros. Discovery confirmed that it has received a revised proposal from Paramount Skydance, but the Netflix merger agreement remains in effect, and the Board continues to recommend in favour of the Netflix transaction.
Verizon Communications (VZ) - Said it is in "early stages of our transformation", aimed at reducing churn and lowering cost to achieve "a higher margin profile".
Electronic Arts (EA) - Some Electronic Arts bondholders have formed a cooperation agreement to oppose the company’s proposed debt buyback tied to its take-private transaction, Bloomberg reports. More than 75% of holders of the 2031 notes and about 90% of the 2051 securities have joined the pact. S&P Global Ratings has also questioned whether the move would ultimately generate savings for the acquiring group.
Netflix (NFLX), Amazon Prime (AMZN), Disney (DIS) - UK regulator announced that streaming services such as, Netflix, Amazon Prime and Disney+ and others will come under the scope of Ofcom.
Meta (META), EssilorLuxottica (ESLOY) - Companies are reportedly engaged in ongoing internal discussions over pricing and marketing strategy for their Ray-Ban Meta smart glasses, as demand continues to rise, Bloomberg reports. The discussions are described as a “push-and-pull” between the partners, though sources say the collaboration remains constructive and has not escalated into any serious conflict.
Meta (META) - The Internal Revenue Service is advancing a new legal strategy in its long-running case against Meta, arguing the firm underreported USD 54bln in overseas income and owes nearly USD 16bln in back taxes and penalties. If successful, the case could reshape how the agency challenges large corporate tax avoidance.
Telefonica (TELFY) - Telefonica reported Q4 adj. EBITDA of EUR 3.2bln, in line with analyst expectations, as growth in Spain and Brazil offset weakness in other European markets.

FINANCIALS

Fed Stress Tests - The Fed proposed changes to bank examinations that would prohibit examiners from penalising or barring banks from serving customers engaged in legal activities. The plan, subject to public consultation, aims to refocus scrutiny on risks to safety and soundness, following President Trump’s move to curb what he views as unfair account closures.
PayPal (PYPL) - PayPal is attracting takeover interest from banks and at least one large rival, with some parties considering the whole company and others specific assets. According to Raymond James, potential buyers include Alphabet (GOOG), Meta (META), Amazon (AMZN), Microsoft (MSFT) and Apple (AAPL), while private equity and bank deals appear unlikely given its USD 50bln+ size, Bloomberg reports.
Citigroup (C) - Agreed to sell a 24% stake in Banamex for about USD 2.5bln to investors including General Atlantic, Afore Sura, BTG Pactual, Chubb (CB), Blackstone (BX), Liberty Strategic Capital and QIA. After completion this year, Citi will hold 49%. The sale follows a December 25% stake disposal, and Citi still plans a Banamex IPO, subject to conditions.
JPMorgan (JPM) - Said Q1 investment banking fees and trading revenue are expected to rise by a mid-teens percentage Y/Y. It now sees FY net interest income of about USD 104.5bln (prev. 103bln), and maintained its FY net interest income (ex-CIB) at around USD 95bln. Elsewhere, CEO Jamie Dimon said he sees parallels to 2005-2007, when aggressive lending preceded the financial crisis, citing intense industry competition; he told investors that, while JPMorgan will not make riskier loans to boost net interest income, some rivals are “doing dumb things” to increase NII.
Erie Indemnity (ERIE) Q4 2025 (USD): EPS 1.21 (prev. 2.91 last year), Revenue 951mln (prev. 924mln last year).
Standard Chartered (SCBFY) - Reported FY pretax profit +16% at USD 6.96bln (exp. 7.2bln); non-interest revenue +12.9% to USD 9.71bln (exp. 9.95bln). Wealth income +24%, while global banking income +15%. Announced a USD 1.5bln share buyback, and increased its FY dividend +65%.
Invesco (IVZ) - Approved a new USD 1.0bln open-ended share repurchase programme with no expiration, incremental to its 2016 plan, under which about USD 213.4mln was remaining.
Blue Owl Capital (OWL) - Downgraded at Deutsche Bank to 'Hold' from 'Buy' with a USD 10 PT (prev. 15). The firm reduced estimates across the alternative asset manager group to reflect a more challenging environment for net flows into retail private credit products.

CONSUMER DISCRETIONARY

Home Depot Inc. (HD) Q4 2025 (USD): Adj. EPS 2.72 (exp. 2.53), Revenue 38.2bln (exp. 38.11bln); Boosts dividend +1.3%; SSS +0.4% (exp. -0.4%), US SSS +0.5%. The executive said results were largely in-line with expectations, reflecting the lack of storm activity in Q3 and ongoing consumer uncertainty and pressure in housing. Adjusting for storms, underlying demand was relatively stable throughout the year. Guidance: FY sales view +2.5-4.5% (exp. 15.10), FY SSS seen +0-2% (exp. 1.7%), FY adj. EPS seen +0-4%.
Ford (F) - NHTSA said Ford is recalling 412,774 vehicles in the US.
European Auto Sales - European new-vehicle registrations fell 3.5% Y/Y to 961,382 in January, ending a six-month growth streak, according to the European Automobile Manufacturers’ Association. Declines in France and Germany outweighed increases in the UK and Italy, with weaker consumer demand offsetting continued strength in electrified models.
BYD (BYDDY) - Reported European new-car registrations of 18,242 units in January (vs 6,884 Y/Y); the nearly threefold increase marks a strong start to 2026 for the Chinese automaker’s electric and hybrid models in the region.
Allison Transmission (ALSN) Q4 2025 (USD): EPS 1.18 (exp. 1.50), Revenue 737mln (exp. 719.14mln). Sees FY26 revenue of 5.575-5.925bln (exp. 5.53bln), adj. EBITDA at 1.365-1.515bln, capex of 295-315mln, and adj. FCF between 655-805mln.
Bed Bath & Beyond (BBBY) Q4 2025 (USD): EPS -0.30 (exp. -0.22), Revenue 273.4mln (exp. 263.7mln). Sees FY26 revenue trends up low to mid-single digits (exp. 1.1bln), driven by higher average order value, enhanced customer retention and expanded ecosystem capabilities, as it targets a transition from stabilisation to more durable
Whirlpool (WHR) - WHR launched concurrent underwritten public offerings of common stock and depositary shares, each representing a 1/20th interest in newly issued Series A Mandatory Convertible Preferred Stock. Aggregate proceeds are expected to total USD 800mln.
Super Group (SGHC) Q4 2025 (USD): Adj. EBITDA 139mln (prev. 126mln last year), Revenue 578mln (exp. 485mln); sees FY26 revenue greater than 2.55bln (exp. 2.09bln); raised quarterly dividend to 0.05/shr from 0.04.

HEALTHCARE

Novo Nordisk (NVO) - Announced significant reduction in US list price for Wegovy, Ozempic, and Rybelsus, building on continued efforts to expand access. New, lower list price of USD 675/month across Wegovy, Ozempic, and Rybelsus will be effective January 1st, 2027. These changes in list price do not have an impact on direct-to-patient, self-pay prices. The decision applies to all doses of these medicines.
Hims & Hers Health (HIMS) - Shares fell in extended trading after it forecast Q1 revenue below expectations, citing a headwind from changes to personalised weight-loss product shipping and ongoing regulatory pressures on its weight-loss business. Q4 2025 (USD): EPS 0.08 (exp. 0.19), Revenue 617.82mln (exp. 617.25mln). Said its platform now serves more than 2.5mln subscribers (+13%). It flagged a 65mln headwind in Q1 related to changes in shipping of personalised weight-loss products following regulatory developments; management said the majority of revenue and profitability is driven by offerings outside weight loss and reiterated plans to diversify, including international expansion. For Q1, sees revenue at 600-625mln (exp. 652.59mln), and adj. EBITDA of 35-55mln. For FY26, sees revenue of 2.7-2.9bln (exp. 2.71bln), and adj. EBITDA of 300-375mln.
Henry Schein (HSIC) Q4 2025 (USD): Adj. EPS 1.34 (exp. 1.02), Revenue 3.44bln (exp. 3.34bln); sees FY26 adj. EPS at 5.23-5.37 (exp. 4.22).
Pfizer (PFE) - Acquired exclusive rights in China to commercialise ecnoglutide, an obesity therapy developed by Hangzhou Sciwind Bioscience, in a USD 495mln deal, Bloomberg reports. The drug has been approved in China for diabetes and is under regulatory review for obesity.
Boston Scientific (BSX) - Boston Scientific board approved a USD 4bln boost to its existing USD 1bln share repurchase authorisation; it is now authorised to repurchase up to USD 5bln of stock.
AbbVie (ABBV) - Filed to sell 7-parts notes offering.
Fresenius Medical (FMS) - Sees broadly stable 2026 earnings, with operating income ranging from a slight decline to mid-single-digit growth, and revenue broadly flat. In 2025, adj. operating income rose +27% to EUR 2.21bln (upper end of guidance), while the adj. operating margin increased to 11.3% (vs 9.3% Y/Y).
BioMarin (BMRN) Q4 2025 (USD): Non-GAAP EPS 0.46 (exp. 0.56), Revenue 875mln (exp. 835mln); sees 2026 non-GAAP EPS 4.95-5.15 (exp. 5.33) and 2026 revenue of 3.325-3.425bln (exp. 3.38bln).
Vir Biotechnology (VIR) Q4 2025 (USD): EPS -0.31 (exp. -0.50), Revenue 64.1mln (exp. 19.91mln). Astellas and Vir Biotechnology will jointly develop and commercialise a prostate cancer drug, with Vir receiving USD 335mln upfront (including cash, equity, and milestones), up to USD 1.37bln in additional milestones, and double-digit royalties on ex-US sales.

INDUSTRIALS

CK Hutchison’s (CKHUY), Maersk (AMKBY) - Panama annulled port concessions held by CK Hutchison’s subsidiary Panama Port Company for the Balboa and Cristobal terminals following a Supreme Court ruling, and assumed control of the facilities; interim operations were transferred to Maersk’s (MAERSKB DC) APM Terminals, and MSC’s Terminal Investment; CK Hutchison has called the decree unlawful, and is consulting legal advisers.
FedEx (FDX) - FedEx filed suit in the US Court of International Trade seeking a refund of tariffs imposed under the IEEPA act, Reuters reports, adding that more than USD 175bln in tariff collections could be subject to refunds. FedEx’ requested refund amount was not disclosed.
Kratos Defense (KTOS) Q4 2025 (USD): Adj. EPS 0.18 (exp. 0.15), Revenue 345.1mln (exp. 327.46mln). Book-to-bill ratio 1.3x, and reported a record backlog of 1.573bln with an opportunity pipeline of 13.7bln. Sees Q1 revenue of 335-345mln (exp. 347.03mln) and adj. EBITDA of 25-30mln. Sees FY26 revenue at 1.6-1.68bln (exp. 1.6bln), adj. EBITDA of 157-167mln, capex of 135-145mln, and operating FCF of 50-60mln, reflecting ongoing investment in rocket, unmanned and hypersonic programmes.
AeroVironment (AVAV) - Announced that EVP and CFO Kevin McDonnell will retire in July. The company is seeking a successor, and McDonnell will continue to support the business through the transition period.
UPS (UPS) - Will proceed with offering USD 150k buyouts to drivers after a court rejected the International Brotherhood of Teamsters’ attempt to block the plan, as UPS seeks to cut its workforce amid declining deliveries and reduced reliance on Amazon shipments.
Tennant (TNC) Q4 2025 (USD): Adj. EPS 0.48 (exp. 1.70), Revenue 291.6mln (exp. 320.45mln). Management said results were below expectations due to production disruptions tied to a North America ERP transition, with a two-week manufacturing shutdown in early January and continued operational inefficiencies expected to weigh on Q1 sales, costs and margins, alongside gross margin pressure from tariffs implemented in H2 2025. Expects a gradual recovery through H1, with a return to more normalised operating performance by mid-year. Sees FY26 adj. EPS between 4.70-5.30 (exp. 6.67), and revenue of 1.24-1.28bln (exp. 1.3bln).
CECO Environmental (CECO), Thermon Group (THR) - Companies have agreed to merge in a ~USD 2.2bln stock-and-cash deal, offering Thermon shareholders multiple payout options and implying a ~27% premium. The combined company is expected to deliver ~USD 40mln in annual cost synergies within 3 years, with CECO shareholders owning ~62.5% post-merger, and the deal is targeted to close in mid-2026.
Toyota Industries (TYIDF), Toyota Motor (TM) - Elliott Management has offered to buy Toyota Industries shares at around market price from holders backing Toyota Motor’s (TM) JPY 18,800/shr take-private bid, which closed at JPY 20,200 on Friday and values the company below Elliott’s JPY 26,000 estimate, Reuters reports. Elliott owns about 7%, while Toyota needs 9% more shareholder support to reach the two-thirds threshold after extending the offer.
Air France-KLM (AFLYY), Accor (ACCYY) - Air France-KLM and Accor will pay financial penalties to bondholders after missing greenhouse gas targets tied to their sustainability-linked bonds, Bloomberg reports. Australian petroleum retailer Ampol also missed its embedded emissions goals. The companies will incur higher coupons and redemption prices as a result of failing to meet the specified climate objectives.

MATERIALS

Critical minerals - US Trump Adminstration is to use a Pentagon-created AI model to set reference prices for critical minerals in a global trading block, according to sources; these include Antimony, Tungsten, Germanium and Gallium.
Shanghai Gold/Silver Margins - Shanghai Gold Exchange will cut margin ratio and price limits for some gold and silver contracts from the closing settlement on February 24th.
China Steel - China’s NBS reported crude steel output fell 4.4% in 2025 to 961mln tons, dropping below 1 billion tons for the first time in six years. Analysts at JPMorgan questioned the scale of the decline, according to Bloomberg, arguing that underlying activity was stronger than official figures suggest.
SQM (SQM) - Nova Andino Litio, the SQM-Codelco lithium venture, produced 233k metric tons of lithium carbonate equivalent in 2025 (vs guidance of around 230k), and higher than 2024 levels.

ENERGY

LNG Prices - Woodside Energy said a forecast global LNG glut may pressure prices, but strong demand growth and uncertain supply additions temper expectations of sustained oversupply. Exec added that expectations of a structurally disruptive oversupply should be treated with caution.
Diamondback Energy (FANG) Q4 2025 (USD): EPS 1.74 (exp. 2.00), Revenue 3.376bln (exp. 3.25bln). Q4 average oil production of 513MBO/d. For 2026, plans to keep activity and production flat vs Q4 2025 levels, with production seen between 500-510MBO/d, and total cash capex between USD 3.6-3.9bln, including ~150mln of exploratory capital. Management said the macro backdrop was a “yellow light” scenario, and reiterated a focus on lowering breakevens, improving efficiencies and using free cash flow to reduce share count and net debt. Execs also said that fears of a global oil glut expected to depress crude prices are receding amid resilient demand.
ONEOK (OKE) Q4 2025 (USD): EPS 1.55 (exp. 1.50), Adj. EBITDA 2.15bln (exp. 2.16bln). Management said results were supported by increased volumes and continued synergy capture from its multi-year acquisition strategy, with recent project completions creating additional operating leverage alongside stable fee-based earnings. Sees FY26 EPS of 5.04-5.87 (exp. 5.83), adj. EBITDA at 7.9-8.3bln (exp. 8.47bln), and capex of 2.7-3.2bln.

UTILITIES

Constellation Energy (CEG) Q4 2025 (USD): Adj. EPS 2.30 (exp. 2.20), Revenue 6.07bln (exp. 5.49bln), raises quarterly dividend by 10%.
NRG Energy Inc. (NRG) Q4 2025 (USD): EPS 1.04 (exp. 1.02); sees FY26 adj, EBITDA at 5.325-5.825bln (exp. 5.24bln) and FY26 adj. EPS at 7.90-9.90 (exp. 8.77).

CONSUMER STAPLES

Keurig Dr Pepper Inc. (KDP) Q4 2025 (USD): Adj. EPS 0.60 (exp. 0.59), Revenue 4.50bln (exp. 4.36bln); Adj. operating income 1.19bln (exp. 1.2bln); Targets double-digit adj. EPS growth in 2026, including anticipated JDE Peet's contribution. Role of the board chair to transition from Bob Gamgort to Pamela Patsley. Updated financing for its JDE Peet’s acquisition, targeting close in early April 2026 with projected net leverage of 4.5x1. Beverage Co.’s convertible preferred equity investment led by Apollo and KKR was upsized to USD 4.5bln from USD 3bln, eliminating a partial IPO. Financing includes about USD 9bln debt, USD 8.5bln equity and USD 5bln assumed bonds. The deal is expected to be ~10% EPS accretive in its first FY.

REAL ESTATE

American Tower Corporation (AMT) Q4 2025 (USD): AFFO 2.63 (exp. 2.54), Revenue 2.74bln (exp. 2.69bln), sees FY26 AFFO at 10.78-10.95 (exp. 11.05) and FY26 adj. EBITDA between 7.09-7.16bln.

MACRO

State of the Union - President Trump will use his State of the Union address to promote the economy and outline new measures aimed at lowering costs ahead of midterm elections, WSJ reports. The speech, themed “America at 250: Strong, Prosperous and Respected,” will reference the nation’s 250th anniversary and emphasise American exceptionalism, including stories of Americans who say they benefited from his policies.
PBoC - China’s central bank left its 1yr and 5yr loan prime rates unchanged at 3% and 3.5%, respectively, marking a tenth straight month on hold, as it balances support for a slowing economy with currency stability. Reports note that the yuan has strengthened recently, and policymakers seem to be signalling tolerance for gradual appreciation. Overnight, the PBoC set its USD/CNY mid-point at 6.9414 (exp. 6.9249, prev. 6.9398).
BoJ - Japan PM Takaichi reportedly told BoJ Governor Ueda that she has reservations about further rate hikes, Mainichi reports, and was described as stricter than at a previous meeting; following the report, USD/JPY rose. Markets currently price an 80% probability of a June rate hike, and have fully priced a 25bps increase by July.

TRADE

US Tariffs - President Trump’s 10% global tariff rate took effect. He is reportedly considering new national security tariffs on several industries following the SCOTUS, with potential levies separate from a planned 15% flat-rate global tariff, according to the WSJ. An administration official said Section 122 tariffs are currently at 10%, and will rise to 15% pending separate presidential action.
CBO Estimates - The CBO will recalculate its US tariff revenue projections (previously estimated at USD 3tln over a decade) after the Trump administration finalises its plans following Friday’s SCOTUS ruling.
China-Japan - China blacklisted 20 Japanese entities and tightened scrutiny on other firms, adding companies including affiliates of Mitsubishi Heavy Industries to its export control list effective immediately. The move marks the first time Japanese firms have been added since the list’s debut in January 2025.