Daily US Equity Opening News - MS limits some fund redemptions; DG FY SSS outlook slight

TODAY’S AGENDA:

US INDEX FUTURES: ES -0.7%, NQ -0.6%, YM -0.8%, RUT -1.3%
DAY AHEAD: The Census Bureau will publish the Quarterly Services Survey. After today’s data, the Atlanta Fed will update its Q1 GDP tracking estimate, which is currently modelling growth of 2.1%. In speakers, Fed’s Bowman (voter, dove; text and Q&A expected) will discuss bank capital rules, but will not touch on monpol or the economic outlook ahead of the FOMC meeting next week. In supply, the UST will auction USD 22bln of 30yr bonds. Notable corporates reporting results today include: Adobe (ADBE), Ulta Beauty (ULTA), and Lennar (LEN).
BROKER MOVES: OXY double upgraded at Wells Fargo, GIS downgraded. For the full list, click here.
MAJOR MORNING MOVES RECAP: CF/MOS/IPI, TEAM, OXY, TEL, PLTR, LLY, GFS, DG. For the full list, click here.
US DAILY CONFERENCE CALENDAR: MCO, SPGI, MAR, MA. For the full list, click here.

IRAN

Strait of Hormuz - Iran denied reports that it had allowed India-flagged tankers to pass through the Strait of Hormuz after talks between officials. NDTV said at least two Indian tankers were reported to be transiting safely, adding that a Liberian-flagged tanker bound for India also cleared the Strait and berthed in Mumbai.
West Coast - CBS reported that multiple US and state law enforcement and intel officials said there is no credible intelligence supporting the bulletin on a possible Iranian drone retaliation against the US West Coast; one official said the bulletin is “not actionable.”
SPR Release - The US said it will release 172mln bbls from its emergency oil reserve as part of an IEA plan to discharge 400mln bbls globally to ease rising crude and fuel prices. Energy Secretary Wright said the release will take about 120 days to fully deliver.
Oman, Iraq - Oman evacuated its Mina Al Fahal oil export terminal and ordered ships to leave as a precaution, while two crude tankers, Marshall Islands-flagged Safesea Vishnu and Malta-flagged Zefyros, were hit in Iraqi waters. The attacks prompted Iraq’s SOMO to suspend operations at the country’s oil terminals, worsening Middle East energy supply risks.
China Fuel Exports - Chinese refiners have begun cancelling agreed gasoline and diesel export cargoes after Beijing tightened curbs in response to Middle East war-related oil supply pressures, Bloomberg said. Major processors were told last week to stop signing new export contracts and seek cancellation of already agreed cargoes.
Asia LNG - Asian LNG buyers are preparing for Middle East war disruption to last for months as tighter supply and higher prices prompt additional purchases, Bloomberg reports. Traders said Thailand is seeking cargoes through May, Bangladesh has bought April shipments and is considering May onward, while buyers in Taiwan and South Korea are also preparing to secure more supply.

GEOPOLITICS

Russia-US - Russia President Putin’s envoy Kirill Dmitriev said he discussed the global energy market crisis with US officials in Florida. He said many countries, particularly the US, are beginning to better understand the role of Russian oil and gas in global economic stability, and the ineffectiveness of sanctions against Russia.
Venezuela Oil - Venezuela’s acting President Rodriguez appointed oil engineer Paula Henao as hydrocarbons minister, replacing Rodriguez in the role. Henao takes over as Venezuela seeks to revive its energy sector under a new oil law and broader industry reforms.
China-Taiwan - China sent more military aircraft into an area off Taiwan after a brief lull, Bloomberg reports. Taiwan’s defence ministry said five PLA aircraft entered its air defence identification zone between 6am Wednesday and 6am Thursday.

TRADE

US Trade Probe - The US began the first of several broad trade investigations that could pave the way for new tariffs to replace levies struck down by the SCOTUS. USTR Greer said his office would launch a Section 301 probe into more than a dozen major economies focused on alleged excess manufacturing capacity.
Tariff Refunds - A Costco (COST) member sued the retailer, seeking reimbursement for customers who paid higher prices due to President Trump’s tariffs; the lawsuit is one of at least five proposed class actions identified by Bloomberg seeking tariff refunds, with clients also suing EssilorLuxottica (ESLOY) and FedEx (FDX).
US-China - A bipartisan US congressional delegation will visit China in May following President Trump’s trip to the country; Republican Senator Daines, a Trump ally, said the delegation will travel to Shanghai and Beijing and take a high-speed train between the two cities. Separately, Soybeans are likely to feature when trade chiefs from the US and China meet in Paris this weekend, in a discussion that could indicate when Beijing plans to resume purchases in earnest, Bloomberg reports. US Treasury Secretary Bessent, USTR Greer and China Vice Premier He are expected to attend ahead of a Trump-Xi Jinping summit in Beijing at the end of the month.

EQUITY NEWS:

TECH

Apple (AAPL) - Apple’s planned foldable iPhone will include iOS updates enabling iPad-like layouts and side-by-side apps, Bloomberg reports. The device is expected to have an internal foldable display about the size of an iPad mini and an external screen about the size of a small iPhone.
India Smartphones, Apple (AAPL) - India is drafting a new smartphone incentive programme that would tie subsidies to exports and greater use of locally made components, according to Bloomberg. The plan would benefit Apple (AAPL), Samsung Electronics (SSNLF) and their suppliers, and would replace the current PLI scheme, which is focused on incremental domestic output when it expires on 31st March.
Microsoft (MSFT) - Microsoft plans to train 3mln Africans on its AI technology this year, focusing on South Africa, Kenya, Nigeria and Morocco, as it seeks wider adoption against DeepSeek; the company is also partnering with MTN Group to offer Microsoft 365 and Copilot to the telecoms group’s 300mln subscribers, Bloomberg reports. Separately, Microsoft said it will prototype a new Xbox in 2027 and provide it to game developers, Nikkei reports. The announcement was made alongside the Game Developers Conference in San Francisco. Details including specifications, price and the development codename, were not disclosed.
Taiwan Tech Companies - Taiwan’s machinery industry is operating normally with no reported disruption from the Middle East conflict, according to Taiwan Association of Machinery chairman. The sector sees limited impact so far, with freight costs remaining a key focus amid concerns about industrial power supplies, Digitimes reports.
AMD (AMD) - AMD CEO Lisa Su will visit South Korea in the coming days to discuss cooperation with Samsung Electronics (SSNLF) and Naver, Digitimes reports. Some observers view the trip as an effort by AMD to challenge Nvidia’s (NVDA) dominance, the publication said.
IBM (IBM), Lam Research (LRCX) - IBM and Lam Research announced a five-year collaboration to develop materials, manufacturing processes and High-NA EUV lithography technologies for sub-1nm logic scaling, expanding their long-standing partnership, Digitimes reports.
Palo Alto Networks (PANW) - Approved an additional USD 1.0bln share repurchase, increasing its buyback authorisation after its prior USD 4.1bln programme was fully used.
Atlassian (TEAM) - Will eliminate about 10% of its workforce under a restructuring aimed at funding investment in AI and enterprise sales, reorganising teams and improving long-term efficiency. The company expects charges of USD 225-236mln, including USD 169-174mln in future cash outlays and USD 56-62mln in office-space exit charges, with most costs to be incurred in Q3 FY26.
TE Connectivity (TEL) - Authorised a USD 3.0bln increase to its share repurchase programme, and raised its quarterly dividend +10% to USD 0.78/shr.
Ge Aerospace (GE), Palantir (PLTR) - Expanded partnership to transform military Aircraft readiness with AI
Palantir (PLTR), Nvidia (NVDA) - Companies team to deliver sovereign AI operating system reference architecture.
CrowdStrike (CRWD) - CrowdStrike and Perplexity formed a strategic partnership to integrate the CrowdStrike Falcon platform with Perplexity’s Comet Enterprise browser.
GlobalFoundries (GFS) - GFS priced a 20mln share secondary offering at USD 42.00/shr, within the USD 41.60-42.60 guidance range. Mubadala Technology Investment Company is the selling shareholder. GF will concurrently repurchase about USD 300mln of shares as part of its USD 500mln buyback authorisation.
Samsung Display (005930 SK) - Reportedly increasing its supply to Apple (AAPL); according to sources cited by ajunews, panel volume from Samsung Display is set to increase to as much as 20mln units (prev. forecasted 13-15mln units).
Siltronic (SLTCY) - Confirmed FY25 sales -4.7% Y/Y at EUR 1.3467bln, and EBITDA of EUR 316.9mln vs 363.8mln in FY24) with a 23.5% margin (vs 25.8% in FY24); expects FY26 sales to fall by a mid-single-digits, with EBITDA margin of 20-24% and capex of between EUR 180-220mln; exec said structural trends in the semiconductor industry remain unchanged, with ‘megatrends’ driving a significant capacity expansion across the entire industry.
UiPath (PATH) Q4 2025 (USD): Adj. EPS 0.30 (exp. 0.25), Revenue 481mln (exp. 464.81mln); sees Q1 revenue of 395-400mln (exp. 393.4mln) and FY27 revenue of 1.754-1.759bln (exp. 1.74bln); raised long-term operating margin target to 30% from above 20%.
Netskope (NTSK) Q4 2025 (USD): EPS -0.04 (exp. -0.06), Revenue 196.33mln (exp. 189.17mln). Sees Q1 EPS of (0.07)-(0.06) (exp. -0.06) and FY27 EPS of -0.19 (exp. -0.21). For revenue, views Q1 at 197-199mln (exp. 197.09mln) and FY27 of 870-876mln (exp. 864mln).
Anthropic - Blackstone and Hellman & Friedman are in talks with Anthropic to form an AI joint venture that would deploy Anthropic’s Claude AI across PE portfolio companies, with consulting-style integration similar to Palantir Technologies, The Information reports. Talks were briefly affected by US government tensions with Anthropic, but are ongoing.
IBM (IBM) - Today unveiled the industry's first published quantum‑centric supercomputing reference architecture, a new blueprint for integrating quantum computing into modern supercomputing environments.
Navitas Semiconductor (NVTS), Lattice Semiconductor (LSCC) - Navitas Semiconductor appointed Tonya Stevens CFO, effective 30th March. She joins from Lattice Semiconductor, where she served as chief accounting officer and previously interim CFO.
Tower Semiconductor (TSEM), Lightwave Logic (LWLG) - Lightwave Logic and Tower Semiconductor signed a development agreement to enable optical modulators on Tower’s PH18 silicon photonics platform using Lightwave Logic’s EO polymer modulator technology.
Seagate (STX) - Seagate said the Middle East conflict is unlikely to significantly disrupt the technology supply chain in the near term, despite investor concerns over materials such as helium, amid fears that a prolonged war could tighten memory and storage supply further. Seagate said its 2026 hard-drive output is sold out.

FINANCIALS

Private Credit, Morgan Stanley (MS) - Morgan Stanley limited redemptions at its North Haven Private Income Fund after investors sought to withdraw nearly 11% of shares outstanding, Reuters reports. The fund returned about USD 169mln, or 45.8% of tender requests, and will fulfil requests for 5% of units outstanding as of 31st December 2025. The bank said the fund held investments in 312 borrowers across 44 industries as of 31st January.
JPMorgan (JPM), UBS (UBS) - Both banks have reportedly dropped a hedge fund Infini Capital Management after being involved in Hong Kong probe, Bloomberg reports citing sources.
Blue Owl Capital (OWL) - Reportedly doubling down on AI infrastructure investments, including loans to two more data centres, Business Insider reports citing sources. The firm recently agreed to provide USD 240mln of financing for a data centre in Minneapolis that was purchased by investors Cloud Capital and Arcapita Group, according to sources cited. The company also plans to both invest in and lend to a recently announced large data centre development in Texas, being built by Skybox Datacenters, sources said. Meanwhile, Blue Owl was criticized by Glendon Capital Management, which said private credit lenders may be understating portfolio losses and warned of a potential debt market correction, FT reports. Glendon questioned loan valuations in Blue Owl Capital Corporation, citing larger losses than reported across parts of the ~$2T private credit market. Elsewhere, Blue Owl told investors its loan sale had no hidden incentives, Bloomberg reports.
Deutsche Bank (DB) - Flagged a USD 30bln exposure to private credit, but said in its annual report that it is not exposed to "significant risks" related to non-bank financial instituions. Sources said that the bank is part of a group of lenders who have been unable to sell about USD 1.2bln of loans backing the acquisition of a software provider.
Private Credit, Partners Group (PGPHF) - Partners Group Chair warned private credit default rates could double over the next few years, FT reports. He said lenders may face the full downside of AI-driven economic disruption while capturing only limited upside.
Hedge Funds - JPMorgan strategists said hedge funds are posting their biggest drawdown since the Liberation Day tariff turmoil as crowded trades unwind. Since the start of the Iran war, quants have faced their worst stretch in almost a year, while equity long-short funds have incurred losses tied to European, Korean and software positions, Bloomberg reports.
Prediction Markets - Democrat Senator Blumenthal introduced the Prediction Markets Security and Integrity Act, targeting prediction markets over concerns including insider trading, violent-event wagers and consumer protections; the bill would bar trading in markets where participants have a conflict of interest, and ban certain bets tied to violent acts or other harmful outcomes. Elsewhere, Prime brokers are moving to give hedge funds and other institutional investors access to Kalshi’s event contracts, highlighting efforts to open prediction markets to Wall Street, Bloomberg reports. Clear Street expects to clear its first Kalshi trade later this month, and plans a broader offering later this year, its CEO said.
HSBC Holdings (HSBC), Allianz SE (ALIZY) - Allianz and Sun Life are mulling bids for HSBC Life Singapore after HSBC began a strategic review, according to Bloomberg. Dai-ichi Life (DLICY) and Nippon Life (NIPF) may also bid. The sale process started this month and non-binding bids could emerge in the coming weeks, BBG added.
Munich Re (MURGY) - Munich Re’s asset manager MEAG plans to double infrastructure debt investments to EUR 20bln, targeting markets including Canada and smaller financing opportunities, Bloomberg reports. Since entering the business in 2014, MEAG has built a portfolio of about EUR 10bln.
Generali SpA (ARZGY) - Reported 2025 net profit +12% Y/Y at EUR 4.17bln, driven by the performance of all its units. Adj. net profit +14.5% Y/Y to EUR 4.315bln. The group said it would launch a EUR 500mln share buyback this year.
Swiss Banks - Swiss lawmakers will vote on a bill that could ban bonuses for senior executives at systemically important banks including UBS (UBS), Raiffeisen Group (RAIFY), Zuercher Kantonalbank and PostFinance, Bloomberg reports. The measure, introduced almost five years ago, targets variable pay systems lawmakers say encourage aggressive risk-taking.
PayPay Corp. (PAYP), SoftBank (SFTBY) - PayPay and an arm of SoftBank raised USD 880mln in PayPay’s US IPO, the biggest listing for a Japanese company on a US stock exchange in a decade. The Tokyo-based company priced ADRs at USD 16 each, below the marketed range of USD 17-20.

CONSUMER DISCRETIONARY

Amazon (AMZN), Perplexity - A federal judge granted Amazon a preliminary injunction barring Perplexity from using an AI agent in its Comet browser to access password-protected parts of Amazon’s website to shop for customers while the case proceeds, WSJ reports. Perplexity has seven days to appeal, and the order is stayed during that period.
Tesla (TSLA) - Designing the production line to enable the production of hundreds of Cybercabs per week, WSJ reports citing sources. Meanwhile, Tesla won an electricity supply licence in Britain, Ofgem said. Tesla Energy Ventures granted a licence authorising it to supply electricity to domestic and non-domestic consumers in Great Britain.
Lululemon (LULU) - Founder Chip Wilson escalates campaign against board during CEO search, Bloomberg reports.
Caesars Entertainment (CZR) - Tilman Fertitta is in exclusive talks to buy Caesars Entertainment for about USD 7bln after topping a competing offer from Carl Icahn’s firm, according to the WSJ citing sources; Fertitta Entertainment has discussed paying about USD 34/shr (Caesars closed Tuesday trade at USD 26.01).
Papa John’s (PZZA) - The Qatari-backed fund Irth Capital Management has submitted a bid to take Papa John’s private, WSJ reports. Papa John’s is reviewing the offer, which includes backing from Brookfield Asset Management (BAM).
Honda Motor Co. (HMC) - Expects charges of up to JPY 2.5tln as it revises its EV strategy, BBG reports. The automaker will cancel the development and market launch of three EV models planned for North America. It forecasts losses of JPY 270-570bln for the FY ending March.
Nissan (NSANY), Wayve, Uber (UBER) - Uber, Wayve and Nissan signed an MOU to develop robotaxis, targeting a pilot in Tokyo by late 2026 using Nissan LEAF vehicles with the Wayve AI Driver on Uber’s platform. The initial phase will include a trained safety operator. Uber said this is its first autonomous-vehicle partnership in Japan.
BMW (BMWKY) - Expects automaking margin of 4-6% this year (vs 5.3% last year), with profitability seen broadly flat due to tariff costs and intensifying competition in China; it said sales in China will remain broadly stable.
Petco Health (WOOF) Q4 2025 (USD): EPS -0.01 (exp. 0.04), Revenue 1.52bln (exp. 1.51bln). It closed 7 net stores in Q4, ending the year with 1,382 stores. The CEO said FY25 saw the leadership team strengthened and the economic model rebuilt, enabling Petco to exceed its profitability goals, and added that the company is now moving into the next phase of its strategy, focused on sustainable, profitable top-line growth. Added that Petco sees opportunities across consumables, supplies and services, with its outlook assuming a return to positive comps in 2026. Sees Q1 revenue growth between -1% and flat Y/Y (exp. 1.49bln), sees Q1 adj. EBITDA between 92-94mln; sees FY26 revenue growth between flat and +1.5% Y/Y (exp. 5.99bln), sees FY26 adj. EBITDA between 415-430mln, and sees FY26 net store closures of about 15-20, with FY26 CapEx at around USD 140mln.
Fossil Group (FOSL) Q4 2025 (USD): EPS -0.33, Revenue 280.5mln (vs 342.3mln Y/Y). Exec said the initiatives under the Turnaround Plan gained traction, and added that Fossil entered 2026 from a position of strength with sustained momentum, and is now moving into the next phase of its Turnaround Plan to restore top-line growth and profitability. Sees FY26 sales -6% to -4%, with a return to growth in Q4; sees FY26 adj. operating margin between 3-5%, sees FY26 break-even free cash flow.
Mattel (MAT) - CEO told CNBC that he sees digital gaming as a significant growth opportunity, expects 2026 growth driven by toy innovation. He said Mattel has a strong balance sheet, views the stock as undervalued, and expects growth in the Barbie brand by 2027. He added that Mattel is, at its core, an IP company.

ENERGY

Occidental (OXY) - Double upgraded at Wells Fargo to 'Overweight' from 'Underweight' with a USD 69 PT (prev. 47). The firm said the company's peer-leading oil sensitivity is both an opportunity and a risk, but it's primarily Permian capital efficiency trends informing this rating change. Occidental adjusted its Permian spending plan from USD 3.9bln to USD 3.1bln, while maintaining production growth, Wells adds. This capability is enabled by a combination of factors, including strong underlying productivity, pivot to child wells, and enhanced oil recovery, which dampens observable base decline. The firm believes the company can produce slightly ahead of guidance in 2026 and resume an accelerated growth trend in 2027, back to USD 3.5bln in capital.
TotalEnergies (TTE) - Will cap French petrol prices at EUR 1.99/litre and diesel at EUR 2.09/litre, from 13th March to the end of the month, citing exceptional market volatility; it will reassess the global oil market situation in early April.
Northern Oil and Gas (NOG) - Launched an underwritten public offering of USD 200mln of common stock at USD 27.75-28.25 per share; it plans to use net proceeds for general corporate purposes, including repaying part of its revolving credit facility.Chevron (CVX) - Energean agreed to buy Chevron’s stakes in two offshore Angola blocks for USD 260mln, supporting Energean’s plan to build a West Africa hub.

INDUSTRIALS

Daimler Truck (DTRUY) - Expects its 2026 industrial business adj. return on sales between 6-8% (vs 7.9% in 2025), and said H2 should be stronger than H1; it sees unit sales of 330-360k (vs 315k in 2025), and targets at least EUR 250mln of additional recurring net savings this year.
Joby Aviation (JOBY) - Joby began flight testing its first FAA-conforming aircraft for Type Inspection Authorisation, advancing toward type certification. Initial flights will support FAA pilot testing later this year at Joby’s California facility, a required step to validate the aircraft for commercial service.
Firefly Aerospace (FLY) - Said its Alpha Flight 7 mission successfully reached orbit and delivered a Lockheed Martin demonstrator payload. The flight also validated key Alpha Block II upgrades, including a new in-house avionics suite, ahead of the full Block II rollout planned for Flight 8.
LG Energy Solution (373220 KS) - Plans to commercialise a higher-performance version of its lithium-iron-phosphate battery in 2027, aiming to expand in the energy storage market and compete with Chinese rivals. The new model will feature improved energy density and longer life cycles.

HEALTHCARE

AstraZeneca (AZN), Abivax (ABVX) - Abivax has granted AstraZeneca an exclusive period through March 23rd to access confidential information and formalize a potential takeover offer, La Lettre's Matthew Protard reports. After March 23rd, Abivax may reopen discussions with other interested bidders if no deal is reached.
Eli Lilly (LLY) - Warned that compounded weight-loss drugs containing vitamin B12 and tirzepatide—the active ingredient in Zepbound and Mounjaro—may pose health risks due to a newly identified impurity. Lilly said it notified the FDA and called for a nationwide recall, while continuing legal action against compounders selling alleged copies.
Thermo Fisher (TMO) - President Trump visited Thermo Fisher Scientific in Ohio, where he promoted the TrumpRx prescription programme, and said his administration had reduced drug prices. He added that Thermo Fisher is a great company.
Insulet (PODD) - Insulet presented feasibility data for its fully closed-loop Omnipod AID system for type 2 diabetes at ATTD in Barcelona. In EVOLUTION 2C, the final algorithm increased time in range to 68%, up 24% from standard injection therapy, with a median time below 70 mg/dL of 0.14%. No severe hypoglycaemia or diabetic ketoacidosis occurred.
Alibaba (BABA) - Alibaba unveiled Maoss, an AI model for early detection of fatty liver disease.
Indivior (INDV) - Plans to issue USD 400mln convertible senior notes due 2031 in a private offering, with an option for buyers to purchase an additional USD 60mln. Notes are senior unsecured, pay semiannual interest, and are convertible into cash and/or common shares under certain conditions.

COMMUNICATIONS

Alphabet (GOOG) - Google completed its USD 32bln all-cash acquisition of Wiz, which will join Google Cloud while keeping its brand and multicloud support. Wiz exceeded USD 1bln ARR in 2025 and expects 40% growth in 2026. The combined offering integrates Wiz’s cloud security with Google threat intelligence, security operations, Mandiant and Gemini AI.
Netflix (NFLX) - Netflix will pay up to USD 600mln for InterPositive, the AI moviemaking company founded by Ben Affleck, Bloomberg reports. The cash paid upfront was lower, with additional consideration tied to performance targets. Netflix had announced the acquisition in early March without disclosing terms.
Live Nation (LYV) - Bloomberg cited some internal messages from 2022, in which two Live Nation executives discussed raising fees such as parking, lawn chair rentals and VIP access at a Virginia venue. The messages quoted the executives making disparaging remarks about concertgoers and the company’s ability to increase fees.
Bumble (BMBL) Q4 2025 (USD): EPS -4.06, Revenue 224.2mln (exp. 221.45mln); Q4 ARPU +7.9% Y/Y to 22.20, total paying users -20.5% Y/Y to 3.3mln. Sees Q1 revenue between 209-213mln (exp. 210.67mln), sees Q1 adj. EBITDA between 76-80mln.

CONSUMER STAPLES

Dollar General (DG) Q4 2025 (USD): Adj. EPS 1.65 (exp. 1.64), Revenue 10.82bln (exp. 10.80bln); sees annual store sales at 2.2-2.7%, below estimates
Conagra (CAG), Campbell's (CPB), General Mills (GIS) - Wells Fargo downgraded the three food names to 'Underweight' citing their higher leverage and dividend payout ratios as well as earnings risk. The "convergence" of earnings risk, higher leverage and "tight" dividends will likely drive share underperformance relative to peers, the analyst tells investors in a research note. Wells sees negative profit catalysts for Conagra, Campbell's, and General Mills.

MATERIALS

Anglo American (NGLOY), Vale (VALE) - Disrupted iron ore shipments due to the Middle East conflict are resulting in some cargoes being diverted to East Asia, according to Kpler data; at least three Anglo American cargoes and two Vale cargoes have had their destinations changed mid-voyage, Bloomberg said.
K+S (SDF) - FY sales were flat Y/Y, while EBITDA rose; it cut its FY25 dividend to EUR 0.07/shr (prev. 0.15); it expects FY26 EBITDA of EUR 600-700mln (vs 613mln in FY25), though its outlook is dependent on sales volumes and potash prices in Brazil; sees global potash demand rising this year, which has already resulted in slightly higher prices in Brazil.

REAL ESTATE

Realty Income (O) - Raised its monthly cash dividend to USD 0.2705/shr (prev. 0.2/shr).

UTILITIES

RWE AG (RWEOY) - RWE will invest EUR 17bln in the US through 2031, about half of its planned global investment of EUR 35bln, Bloomberg reports. The company will add gas-fired power capacity in the US, where it has previously focused on renewables, while also expanding wind, solar and battery storage.