Daily US Equity Opening News - NVDA CDS trading rises sharply; TSM reportedly plans 3-6% foundry price hike; PSKY begins investor meetings for WBD financing; META plans Muse AI agent transaction fees; PPLI withdraws bid for remaining MGM stake

DAY AHEAD:

• EVENTS: US President Trump will greet Chinese President Xi at 10:00EDT/15:00BST, leaders will give remarks at 10:15EDT/15:15BST, with bilateral meeting at 11:30EDT/16:30BST; they will also speak at State Dinner at 19:55EDT/00:55BST.
• DATA: US weekly initial jobless claims (exp. 201K, prev. 196K) and continuing claims (exp. 1,750K, prev. 1,730K); new home sales (prev. 0.607mln; prev. -10.5% M/M); the Q2 current account (prev. USD -226.8bln); Kansas City Fed manufacturing (prev. 17), and composite (prev. 10). Canada releases retail sales data for July (exp. -0.8% M/M, prev. 0.6%).
• CENTRAL BANKS: Norges Bank expected to hike 25bps (exp. 4.50%, prev. 4.25%); Riksbank (exp. 1.75%, prev. 1.75%), SNB (exp. 0%, prev. 0%) and Banxico (exp. 6.5%, prev. 6.5%) all expected to hold. Norges Bank’s Bache and Riksbank’s Thedeen speak post-decision; SNB’s Schlegel post-announcement. Fed publishes its September Senior Loan Officer Opinion Survey (SCOOS). There is a busy slate around the macro policy forum: BoE’s Lombardelli (neutral) delivers remarks; BoE’s Dhingra (dove) on a panel and Breeden (dovish) in a fireside chat. Fed’s Williams (neutral), Barkin (2027 voter, neutral), Hammack (2026 voter, hawk) and Paulson (2026 voter, neutral) all speak. ECB’s Schnabel (hawk) holds a conversation (no text), and chief economist Lane (dovish) delivers a lecture (slides released). ECB publishes Economic Bulletin Issue 6/2026.
• OPTION EXPIRIES: Gilt Sep 2026 futures; Bund, Bobl and Schatz Oct options on Dec futures; Gold, Silver and Copper Oct 2026 options; Brent Nov 2026 options.
• SUPPLY: US sells USD 44bln of 7yr notes, and a 20-30 year liquidity support buyback. Italy auctions EUR 2.25-2.5bln of 2028 BTPs and EUR 1.5-2bln of 2031 and 2037 BTPeis.
• ENERGY: EIA reports weekly natural gas stocks change (prev. +44bcf).
• EARNINGS: Notable corporates reporting today includes: COST, DRI.

TRADE:

• US-China - US President Trump welcomed Chinese President Xi with a red carpet and military flyover as Xi began a three-day US visit. The leaders then travelled to Washington. Chinese President Xi said he looks forward to in-depth exchanges with US President Trump and expanding bilateral cooperation across various areas. Xi said he is confident his US trip will produce fruitful results, adding that China and the US must be allies rather than adversaries, and expressed confidence that the two countries can find the right path to coexist in a new era. Tariffs, AI, Iran and Taiwan are among issues expected to feature in talks. US Treasury Secretary Scott Bessent said the US-China trade truce was extended to 10th January, and could simply be rolled forward if a broader deal is not reached. He said Presidents Trump and Xi are expected to meet four times this year, and that China is so far meeting its 2026 commitments.
• US-China - Chinese ports handled a record 7.3mln containers in the week through 20th September, up 9% Y/Y, according to Bloomberg. Trade volumes in the first two weeks of September rose about 6%; economists now expect 2026 export and import growth of 17% and 22%, respectively.
• US-Argentina - The US Export-Import Bank offered up to USD 6bln of financing for Argentina LNG. YPF, Eni and Adnoc are developing the USD 24bln project, which would produce 12mln tonnes of LNG annually. The partners expect a final investment decision in November, with operations projected to begin in 2030.

GEOPOLITICS:

• US-China, Lockheed Martin (LMT) - Chinese authorities reportedly have F-35 components (LMT) after a UPS (UPS) shipment from Australia to the US was diverted to Hong Kong, according to CNBC. The cockpit canopy and weapons bay door were reportedly coated with radar-absorbing material.
• US-Canada - Canadian PM Carney said he prepared for the unlikely risk of US military action against Canada, describing it as an “extreme tail risk”, according to the NYT. Canadian military planners have also modelled a hypothetical US invasion and potential unconventional resistance, though officials stressed this was a conceptual framework, not an operational plan.
• UK-US, Iran - UK Chancellor Healey said he spoke with US Treasury Secretary Bessent about stepping up pressure on Iran, and working together to drive growth in both countries.
• North Korea - North Korea test-fired 240mm multiple-launch rockets to demonstrate accuracy and “superiority” as part of its artillery and missile modernisation programme, according to KCNA. The rockets can reach 100km on a normal trajectory and 115km in “combined glide mode”. KCNA also said Kim Jong Un oversaw a separate new weapons system test on Sunday.

MACRO:

• Fed - NEC Director Hassett criticised Fed officials advocating further rate hikes, arguing inflation is subdued and questioning last week’s increase. Hassett said Fed Chair Warsh is managing an “unusually partisan Fed”, and argued more work is needed to restore central bank independence.
• ECB President Job - Spanish PM Sanchez backed former central banker Pablo Hernandez de Cos to become the next ECB President, according to Bloomberg. Sanchez cited his leadership, capacity and knowledge. The ECB’s senior ranks face major changes in 2027, as President Lagarde’s term concludes.
• PBoC - The PBoC will offer banks up to CNY 1tln of overnight reverse repos daily from 28th September to 8th October to meet holiday liquidity needs, according to Bloomberg. The cap is the highest since the overnight tenor was introduced in June. China’s interbank bond market will be closed from 1-7 October.
• UK Fiscal - UK Chancellor Healey may accept a smaller fiscal buffer to limit tax rises in the 28th October Budget, according to the FT. Treasury and Number 10 are debating lower headroom than the GBP 23.6bln forecast in March; analysts estimate around GBP 14bln could be tolerated. Final decisions await the OBR forecasts.
• Japan Liquidity Enhancement - Japan’s Finance Ministry is considering reducing liquidity-enhancement issuance for 5-11yr government bonds from JPY 650bln per month, according to Reuters. The review reflects improved supply-demand conditions and easing shortages after BoJ bond purchase reductions. A decision is expected later this month after consultations with dealers.
• Japanese Yen - Yen intervention risk is back in focus as USD/JPY approaches 160. Japanese FinMin Katayama said FX principles established since joint US-Japan intervention remain in effect. She declined to comment on specific FX levels. Strategists said a rapid move through that level could increase the likelihood of official action, while lasting support may depend on US participation and further BoJ tightening.

TECH:

• AI Guardrails - Senate Majority Leader Thune said President Trump may be open to AI guardrails despite publicly opposing restrictions, according to Axios. Thune supports legislation requiring AI companies to mitigate and report serious frontier model risks. Democrats are seeking mandatory pre-deployment testing and Commerce Department rulemaking authority. Separately, US Treasury Secretary Bessent said reports that he is likely to become President Trump’s AI czar are probably “fake news”; he said there is only one AI czar, and that is Trump.
• Nvidia (NVDA) - Bloomberg reports that Nvidia has become one of the most actively traded names in the US CDS market as investors hedge growing debt exposure. CDS trading tied to Nvidia reached USD 6.9bln over six months, up from USD 640mln previously, helping drive its addition to the CDX Investment Grade Index.
• TSMC (TSM) - TSMC is reportedly planning a 3-6% wafer foundry price increase for 2027, according to Digitimes. Supply-chain sources said the company’s order visibility now extends to 2030.
• DeepSeek - DeepSeek’s annualised revenue run rate reached USD 1bln, more than doubling from below USD 500mln a few months earlier, according to sources cited by The Information. The company is targeting CNY 50bln in its second funding round at a CNY 500bln valuation and aims to complete the raise by end-October ahead of a planned Shanghai listing.
• CoreWeave (CRWV), Blue Owl (OWL) - A Blue Owl-backed data-centre developer raised USD 1.1bln via 5yr junk bonds yielding 9.25% to finance additional CoreWeave capacity near Richmond, Virginia, Bloomberg says. The 76MW facility will be fully leased to CoreWeave under a 15yr USD 2.94bln contract, with operations expected in 2027-2028.

COMMUNICATIONS:

• Warner Bros. Discovery (WBD), Comcast (CMCSA) - A US federal judge ordered the White House to restore access for CNN, MS NOW and Politico, finding President Trump’s ban likely unconstitutional. The outlets had challenged the 18th September ban, which the administration defended on national security grounds.
• Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - Citigroup will begin meetings with loan investors for Paramount Skydance as banks prepare to sell debt financing its USD 110bln Warner Bros. Discovery takeover. The package includes about USD 30bln of investment grade bonds, USD 7.5bln of investment grade loans, and roughly USD 12bln of second lien bonds.
• Meta Platforms (META) - Meta plans to monetise its Muse AI agent by taking a small fee on transactions. Meta added PayPal (PYPL) support and integrations with Walmart (WMT), Best Buy (BBY), Gap (GAP), Sephora (LVMUY), Wayfair (W), American Eagle (AEO), Expedia (EXPE) and Instacart (CART). Muse is also gaining Mac computer control (AAPL) and will expand to Meta VR Glasses and the upcoming Muse Charm.
• Alphabet (GOOG) - Google is nearing release of Gemini 4, according to The Information. Google DeepMind head Koray Kavukcuoglu said the model has entered early post-training, and he hopes it will launch “much earlier” than year-end. The article also adds that Google has fallen behind Anthropic and OpenAI in the AI model race.
• Tencent (TCEHY) - Tencent launched TenPayGo, a standalone payments app for foreign visitors to China. The app supports Visa (V), Mastercard (MA) and Apple Pay (AAPL) across WeChat’s merchant network and offers meal delivery, ride-hailing, tax refunds and Shenzhen public-transit payments, competing with Ant Group’s Alipay.

CONSUMER DEFENSIVE:

• Tobacco Products - The Trump administration plans to revise FDA rules to speed authorisations for newer tobacco products including flavoured vapes and nicotine pouches, WSJ reports. Changes could simplify scientific study requirements, and shorten reviews. Tobacco companies support greater flexibility, while public health groups argue flavoured products can attract younger users.

CONSUMER CYCLICAL:

• MGM Resorts (MGM), People Inc. (PPLI) - Barry Diller withdrew People Inc.’s bid to acquire the remaining stake in MGM Resorts, according to the WSJ. The June proposal valued MGM at around USD 12.4bln, with People already owning roughly 27%. Diller said the deal’s elements were not coming together as hoped, though People remains open to a strategic transaction with MGM.
• Airbnb (ABNB), OpenAI - Airbnb is expanding access to OpenAI frontier models, including GPT-6 Astra, across engineering and product teams. The agreement builds on existing use of Codex and models including GPT-5.6 Sol, Terra and Luna, with access via OpenAI APIs and Amazon Bedrock.
• Euro Vehicle Sales - European battery-electric car registrations rose 52% Y/Y in August, helped by record fuel prices. Germany saw a 75% increase and France more than doubled. Plug-in vehicles accounted for over one-third of sales through August, while overall European deliveries rose 5.3%. Chinese brands reached nearly 12% market share.
• China Autos - Chinese automakers could capture about 11% of the US market by 2038 if sales restrictions are eased, according to Mobility Global. The firm estimates sales could reach 1.7mln vehicles annually, with BYD, Geely and SAIC potentially entering via Mexico before shifting to US production, while existing Asian brands could lose market share.
• Honda (HMC) - Honda is in final-stage talks to build a hybrid vehicle plant in Ohio for JPY 300-400bln, according to Nikkei. Operations could begin in 2030 if state negotiations are finalised. The investment would mark Honda’s first new North American factory in about 20 years, and reflects its increased focus on hybrids after revising its EV strategy.
• Peloton (PTON) - Peloton is considering its first bond sale, potentially raising USD 800mln via a secured offering yielding about 8%, according to Bloomberg. Goldman Sachs has sounded out investors, but no final decision has been made. The company previously raised USD 1bln through a term loan in 2024 alongside a convertible bond.
• H&M (HNNMY) - Q3 2026 revenue SEK 57.2bln (exp. 57.1bln), operating profit SEK 6.04bln (exp. 5.27bln), net income SEK 4.1bln (exp. 3.56bln); operating margin rose to 10.6% (from 8.6% Y/Y). Operating profit included a positive one-time tariff effect. September sales are seen up 1%.
• LVMH (LVMUY), Christian Dior (CHDRY) - Christian Dior said the Arnault family plans to simplify the structure holding LVMH by consolidating control under Agache SCA after Christian Dior is delisted; Agache would hold 49.76% of LVMH and 65.55% of voting rights, representing almost the entire Arnault family stake.

FINANCIALS:

• USD-backed Stablecoins - The Trump administration is considering promoting dollar-backed stablecoins overseas through potential public-private ventures, according to Bloomberg. The initiative could involve the Treasury, State Department and US International Development Finance Corporation, with goals including reinforcing the dollar’s reserve-currency role and increasing demand for US Treasuries.
• Morgan Stanley (MS) - Morgan Stanley is managing fallout after a banker accidentally emailed clients an internal list of more than 100 deals, according to Bloomberg. The bank apologised to affected private equity clients and tightened internal handling, while regulators in China and India are assessing the incident.
• Morgan Stanley (MS) - Morgan Stanley reshuffled leadership of its Asia macro trading team, naming Sherry Xu and Roland Jeurissen co-heads of Asia FX and emerging-markets trading. Rahul Gautam relinquished Asia ex-Japan macro trading responsibilities but remains head of international commodities trading and co-head of Southeast Asia equities.
• BlackRock (BLK), Blue Owl (OWL) - BlackRock-backed AIP and IFM entered exclusive talks to acquire Stack Infrastructure’s Asia-Pacific data centres from Blue Owl Capital, according to Bloomberg. The portfolio could be valued at USD 20-25bln, and includes sites in Tokyo, Osaka, Melbourne, Sydney and Johor Bahru.
• Wells Fargo (WFC) - Wells Fargo said Chief Risk Officer Derek Flowers will retire in mid-January after nearly three decades at the bank. Chief Operating Officer Scott Powell will succeed him as CRO.
• Blackstone (BX), Jefferies (JEF) - Blackstone shelved a USD 3bln collateralised fund obligation in its current form after investors balked at leverage and ageing private equity assets, according to Bloomberg. Jefferies was marketing the deal, which offered yields up to 12%. Blackstone could still rework the transaction and return to investors.

ENERGY:

• Diesel Export Ban - Morgan Stanley warned a US diesel export ban would carry significant implications, potentially raising gasoline prices if refiners cut runs, as barred exports would fill storage tanks within weeks, and force lower processing activity. A ban, which is not Morgan Stanley’s base case, would require refiners to cut runs by about 2mln BPD, dropping gasoline supply by roughly 650K BPD, the bank said.
• China Fuel Prices - China’s NDRC raised retail fuel prices effective 25th September, with gasoline prices increasing CNY 395 per tonne, and diesel prices rising CNY 385 per tonne.
• Shell (SHEL) - Shell, Petronas, PetroChina, Mitsubishi and Korea Gas are poised to approve doubling LNG Canada’s capacity to 28mln tonnes annually, according to Bloomberg. A final investment decision could come as soon as next week, though the project said approval remains subject to commercial, fiscal, regulatory and governance requirements.

INDUSTRIALS:

• Elmet Group (ELMT) - Elmet will buy a 4.99% stake in Masan High-Tech Materials, valuing the Vietnamese tungsten producer at about USD 2.5bln, according to Bloomberg. Elmet will also secure over eight years of supply at roughly 1,250 tonnes annually, expected to generate about USD 1.5bln in gross revenue for Masan High-Tech.
• Shelly Group (SLYG GY), Schneider Electric (SBGSY) - Schneider Electric will acquire smart device maker Shelly Group for EUR 70/shr, valuing Shelly at around EUR 1.27bln ex-debt.
• Siemens Energy (SMERY) - Siemens Energy approved a share buyback of up to EUR 2bln, starting 24th September.

MATERIALS:

• Rio Tinto (RIO) - Rio Tinto plans to expand metals trading by increasing third-party purchases and sales and using derivatives to hedge exposures, according to Bloomberg. Focus areas include alumina and North American copper. Rio said marketing its own production remains core, while third-party trading is intended to improve infrastructure utilisation and profitability.

UTILITIES:

• PG&E (PCG) - PG&E is considering separating or ring-fencing certain assets as part of a strategic review after California lawmakers failed to limit utilities’ wildfire liability. CEO said “everything’s on the table”. PG&E also plans to defer roughly USD 2bln of investments next year, though specific projects have not been finalised.

HEALTHCARE:

• EssilorLuxottica (ESLOY), Meta (META) - EssilorLuxottica unveiled the next gen of AI glasses with Meta, announcing a new line of audio glasses, a third generation of Ray-Ban Meta, as well as new models, features and geographies for existing products.
• Sanofi (SNY) - UK NICE recommended Sanofi’s Sarclisa (isatuximab) with pomalidomide and dexamethasone for adults with relapsed and refractory multiple myeloma.