Daily US Equity Opening News - NVDA CEO joins Trump China trip delegation; AAPL plans customisable Camera app update; SSNLF union pay talks fail, strike risk rises; BF.B rejected Sazerac USD 15bln takeover offer; JPM reshuffles senior IB roles

DAY AHEAD:

EVENTS: Kevin Warsh was on Tuesday confirmed by the Senate to a 14-year Federal Reserve Board term in a 51-45 vote, teeing up a Senate vote today on his nomination to lead the Fed as Chair for a four-year term. UK King’s speech will outline the government’s policy priorities; PM Starmer will meet Health Secretary Streeting at Downing Street ahead of the speech amid pressure after four ministers resigned and more than 80 Labour MPs urged him to quit or set a timetable to leave.
DATA: In Europe, Eurozone second estimate of GDP (exp. 0.1% Q/Q, prev. 0.2%; the annual measures are seen at 0.8% Y/Y from 1.2%), employment change preliminary (exp. 0.6% Y/Y, prev. 0.7%; exp. 0.1% Q/Q, prev. 0.2%) and March industrial production (exp. 0.5% M/M, prev. 0.4%). Germany’s March current account (prev. EUR 22bln). In North America, US PPI inflation data is expected to show the headline at 4.9% Y/Y (prev. 4%), rising 0.5% M/M (prev. 0.5%), core PPI is seen rising to 4.3% Y/Y (prev. 3.8%), rising 0.3% M/M in the month (prev. 0.1%); weekly MBA mortgage applications are also scheduled.
CENTRAL BANKS: ECB Economic Bulletin articles on labour force drivers and older worker employment trends released. Riksbank and BoC meeting minutes are also due.
SPEAKERS: ECB President Lagarde (neutral) will speak at an awards ceremony; ECB chief economist Lane (dovish) will give remarks at a dinner organised by Centre for European Reform in London (text and slides will be released); ECB’s Buch (supervisory) will give a lecture in Germany. BoE’s Mann (hawk) will speak on UK international exposures and vulnerabilities (text is due). Fed’s Collins (2028 voter, neutral) will speak on the economic outlook; Fed’s Kashari (2026 voter, hawk) will participate in a moderated discussion. Fed’s Logan (2026, hawk) will also participate in a moderated discussion.
SUPPLY: Italy auctions EUR 6.25–7.5bln of 2029, 2033 and 2038 BTPs; Germany sells EUR 1.5bln of 2054 and EUR 1bln 2047 debt; US will sell USD 25bln of 30yr bonds.
ENERGY: DoE weekly energy inventories data are due; afterhours on Tuesday, API weekly inventory data reportedly showed headline crude posted a draw of -2.2mln bbls (exp. -2.3mln), Cushing stocks drew down by -1.8mln bbls, distillates drew down by a smaller than expected -0.3mln bbls (exp. -1.3mln), and gasoline saw a surprise build of +0.5mln bbls (exp. -2.5mln). OPEC Monthly Oil Market Report will also be published today.
EARNINGS: Notable corporates reporting today include: Cisco Systems (CSCO) and Alibaba (BABA).

NEWS:

GEOPOLITICS:

US - President Trump said he will have a long talk with Chinese President Xi on the Iran war, but does not think he needs Xi’s help, adding the blockade has been effective. Trump said Iran will make a deal or be decimated, criticised media coverage of Iran, and discussed Middle East developments with the UAE’s president. The Pentagon is considering renaming the Iran war “Sledgehammer” if the ceasefire collapses, NBC reports. US intelligence shows Iran retains missile sites and launchers, with operational access to 30 of 33 missile sites along the Strait of Hormuz, contradicting US claims of decimation, according to the NYT.
US War Powers - Senate Democrats are preparing a seventh vote on the measure, which seeks to prevent presidents from continuing military conflicts without congressional approval beyond 60 days, with a vote possible this week. Senate Democratic leader Schumer urged Republicans to back a War Powers Resolution to end President Trump’s military campaign against Iran.
Iran - Iran’s negotiating directives reportedly require five conditions before nuclear talks with the US: ending the war on all fronts, lifting all sanctions, releasing frozen funds, compensation for war damages and recognition of Iran’s sovereignty over the Strait of Hormuz. Foreign Minister Araghchi cited US bad faith and the continued blockade, while Iran rejected Kuwait’s hostile-action claims.
Hormuz - Iran said it has significantly expanded its definition of the Strait of Hormuz, signalling an intent to widen its grip on the key waterway, The Wall Street Journal reports. IRGC naval official Mohammad Akbarzadeh said Tehran now considers the strait to cover a much larger area and would not allow encroachment on its waters or interests. Elsewhere, Chinese oil supertanker Yuan Hua Hu appeared to be sailing out of the Persian Gulf through the Strait of Hormuz ahead of talks between Presidents Trump and Xi, Bloomberg reports. Ship-tracking data showed the Cosco Shipping-owned vessel moving past Iran’s Larak Island on Wednesday morning and heading south.

TRADE:

US-China - US and Chinese trade negotiators began talks in Seoul ahead of this week’s Trump-Xi summit. The delegations are led by Treasury Secretary Bessent and Chinese Vice Premier He Lifeng. The agenda includes the war in Iran and bilateral trade developments. US President Trump said trade would be the main priority in his summit with President Xi, stating that the two would discuss many issues but “more than anything, trade”, while downplaying the amount of attention they would devote to the Iran war.
US-China - China expects soybean imports to fall 7.6% in the season starting October to 95.5mln tons as its pig herd declines, Bloomberg reports. The agriculture ministry also sees consumption falling about 6% in 2026-27, heightening competition for market share as the US seeks to increase sales.
US-EU - The EU Commission has outlined a potential compromise to break the EU-US trade deal deadlock, with specific reference to the sunrise clause, Politico reports.
India Gold/Silver Tariffs - India more than doubled import tariffs on gold and silver to about 15% (from 6%) to defend the INR currency and support its FX reserves. The change includes a 10% basic customs duty, and a 5% agriculture infrastructure and development levy, as India seeks to limit Middle East war-related damage.

MACRO:

USD & Treasuries - Goldman Sachs expects further near-term USD strength as the energy-price shock keeps yields elevated, while economic growth remains relatively resilient. Strategists said these dynamics imply higher-for-longer rates, with concerns over the energy shock’s duration supporting broad USD strength vs G10. Separately, Standard Bank expects the 10yr Treasury yield to hit 5% this year because of persistent inflation; that level has not been surpassed since 2007, aside from a brief period in October 2023.
US Gas Taxes - House Speaker Johnson called suspending the federal gas tax “an intriguing idea” but did not commit to a timeline, as momentum builds in both chambers for action. He said potential unintended consequences must be evaluated.
JPY - The BoJ said there was no meeting held between the US Treasury Secretary Bessent and BoJ Governor Ueda. Bessent this week told Japan that FX volatility was ‘undesirable’.
NZ Inflation - New Zealand near-term inflation expectations rose to the highest since 2023 as soaring fuel prices are seen lifting prices across the economy; one-year ahead expectations increased to 3.41% (from 2.59%), two-year ahead expectations rose to 2.5%, both the highest in 10 quarters.
Australia Wages - Australian wages rose 0.8% in Q1 (exp. 0.8%, prev. 0.8%), while annual growth eased to 3.3% (from 3.4%). Private-sector wage growth slowed to 3.2%, the weakest since late 2022, and public wage growth fell to 3.3% (from 4.0%). Healthcare and social assistance contributed most to growth.
UK Politics - UK PM Starmer will try to regain momentum with 35 planned bills in the King’s Speech, covering housing, immigration, energy, EU alignment, British Steel nationalisation, leasehold reform, NHS England abolition and special educational needs. The programme comes as Labour MPs demand his resignation and amid reported palace concerns over potential embarrassment for King Charles. Starmer will meet Health Secretary Streeting at Downing Street ahead of the speech amid pressure after four ministers resigned and more than 80 Labour MPs urged him to quit or set a timetable to leave; still, more than 100 Labour MPs have signed a statement backing him, and opposing a leadership contest.
German Politics - German Chancellor Merz’s Christian Democratic-led bloc and the Social Democrats agreed to press ahead with reform measures in the coming weeks after a six-hour coalition meeting produced few concrete agreements; the parties set out a working process to coordinate and implement a legislative agenda, a government official said.
French Jobs - French unemployment unexpectedly rose to 8.1% in Q1 (exp. 7.8%); joblessness increased across all age categories, adding to signs of weakness in the Eurozone’s second-largest economy.
Brazil Elections - President Lula scrapped a tax on imports valued at USD 50 or less. Analysts described the measure as likely to boost his popularity less than five months before Brazil’s election, Bloomberg said.
Mexico Credit Rating - S&P Global Ratings revised Mexico’s credit outlook to negative from stable, citing persistently weak fiscal results, rising debt levels and weak economic growth. It affirmed ratings at BBB, two notches above junk.

TECH:

Nvidia (NVDA) - Nvidia CEO Jensen Huang joined President Donald Trump’s China trip after Trump called him following reports he was absent from the delegation, CNBC reports. Trump is taking more than a dozen US executives to Beijing to meet Chinese President Xi Jinping. Separately, Huang’s total pay package fell 27% to USD 36.3mln in FY26 after the value of his stock awards declined; equity awards, the largest part of his compensation, dropped 36% to USD 24.8mln, vs USD 38.8mln in stock awards and USD 49.9mln total pay in 2025.
Apple (AAPL) - Apple plans to make its Camera app fully customisable in its next iPhone software update, allowing users to choose which features appear and where they are placed, Bloomberg reports. Controls could include flash, exposure, timer and resolution, with the changes part of wider user interface updates in iOS 27.
SoftBank (SFTBY) - SoftBank reported Q4 net income of JPY 1.83tln (exp. 295.2bln), revenue of JPY 2.08tln (exp. 2.04tln). Profit surged on valuation gains from OpenAI; cumulative investment in OpenAI reached USD 34.6bln, while cumulative investment gains from OpenAI reached USD 45bln.
Anthropic - Anthropic is in early talks with investors to raise at least USD 30bln in fresh financing at a valuation above USD 900bln, Bloomberg reports. The round could close as soon as the end of this month.
Cerebras Systems IPO - Cerebras is guiding investors that it expects to price its IPO above the top of its marketed range amid strong demand, Bloomberg reports. The AI chipmaker is offering 30mln shares at USD 150-160 each after increasing the range and share count, which would raise USD 4.8bln at that price and size.
Samsung Electronics (SSNLF) - Samsung and its union failed to reach a pay deal, raising the risk of an 18-day strike from 21st May, Reuters reports. The union cites bonus pay gaps with SK Hynix (HXSCL) and demands higher salaries, profit-based bonuses and clearer bonus calculations. South Korea PM Kim Min-seok urged dialogue to prevent a strike; the government also convened an emergency cabinet meeting on the matter.
Nextpower (NXT) - Nextpower agreed to acquire complementary assets of Zigor Corporation’s power conversion business and US-based subsidiary Apex Power. The deal is for about USD 80.5mln, including USD 46mln at closing and up to USD 34.5mln in earnouts, and will help expand its utility-scale solar power conversion capabilities and support entry into battery energy storage and data centre markets. Nextpower reported Q4 adj. EPS 1.05 (exp. 0.93), Q4 revenue USD 881mln (exp. 829.82mln). CEO said its core tracker business remains very strong after one of the highest booking quarters in company history, with traction across eBOS, foundations and robotics solutions. Raises FY27 revenue to between USD 3.8-4.1bln (exp. 3.93bln; prev. saw 3.6-3.8bln), and backed its FY27 EPS view between 4.21-4.59 (exp. 4.79).

COMMUNICATIONS:

Deutsche Telekom (DTEGY) - Deutsche Telekom slightly raised 2026 guidance after growth in Germany and at T-Mobile US (TMUS). It now expects adj. EBITDA after leases to rise 7.5% to around EUR 47.5bln (prev. saw 47.4bln), and sees free cash flow after leases at more than EUR 19.8bln.

CONSUMER:

Brown-Forman (BF.B) - Brown-Forman on Monday rejected a roughly USD 15bln cash takeover offer (USD 32/shr) from rival Sazerac, according to sources cited by the WSJ.
Walmart (WMT) - Walmart will cut or relocate about 1,000 corporate workers as it combines more global-technology and product teams, WSJ reports. Global AI acceleration head Daniel Danker and global technology head Suresh Kumar reviewed internal structures after Danker’s hiring, and decided to streamline some teams to operate more efficiently, the report says.
Walmart (WMT), Costco (COST) - Chinese suppliers to major US retailers including Walmart and Costco are raising prices for the first time in years as raw material costs rise during Christmas production ramp-up, Bloomberg reports. Increases are up to about 5% for some products sold to big-box retailers and up to 15% for smaller merchants, according to suppliers cited.
Nissan Motor (NSANY) - Q4 net JPY -282.9bln (exp. -305bln); FY25/26 net loss was JPY -533bln (vs -671bln Y/Y). Operating income fell to JPY 58bln (from JPY 69.8bln), and revenue declined to JPY 12tln (from JPY 12.6tln). The company does not plan FY26 dividends; sees positive automotive free cash flow in H2. Also announced a JPY 240bln impairment loss.
General Motors (GM) - General Motors and LG Energy Solution’s Ultium Cells will bring a small number of workers back to its idled Ohio battery factory in the week of 25th May, Reuters reports. A wider restart remains uncertain, however, and depends on EV demand.
Tesla (TSLA) - Tesla’s Senior Director of Manufacturing Giga Berlin Andre Thierig said it will invest USD 250mln in its Giga Berlin cell factory. The investment is expected to enable 18GWh of annual 4680 cell production and create more than 1,500 new jobs.
Ford (F) - Morgan Stanley said Ford’s relationship with CATL is an underappreciated strategic advantage for its energy storage business. The firm sees a “fairly high likelihood” Ford signs an ESS supply agreement with large commercial customers, potentially hyperscalers, over the next few months. MS reiterated an Equal Weight rating on Ford, with a USD 14 PT.
Packaging Corporation of America (PKG) - Will raise its quarterly cash dividend +20% to an annual payout of USD 6.00.

FINANCIALS:

JPMorgan (JPM) - JPMorgan is set to reshuffle senior investment bank roles as part of a wider reorganisation, FT reports. The changes are part of a wider reorganisation, and come amid an uptick in global dealmaking activity. The reshuffle would bring M&A practitioners under industry coverage groups; Dorothee Blessing, Kevin Foley and Jared Kaye will become co-heads of global investment banking; Charles Bouckaert will replace Anu Aiyengar as global head of M&A, while Aiyengar becomes global chair of investment banking.
Allianz (ALIZY) - Allianz reported record Q1 operating profit of EUR 4.52bln (exp. 4.4bln), helped by property-casualty insurance and asset management. Pimco attracted EUR 37.6bln from outside clients; Allianz Global Investors recorded EUR 7.6bln in third-party inflows.
ABN AMRO (AAVMY) - Reported Q1 operating income of EUR 2.29bln (exp. 2.29bln), net income of EUR 693mln (exp. 569mln), NII of EUR 1.64bln (exp. 1.59bln) and a CET1 ratio of 15.5% (exp. 15.4%); lowered FY cost guidance to around EUR 5.5bln (from EUR 5.6bln).
Zurich Insurance (ZURVY) - Reported Q1 P&C gross written premiums of USD 15.6bln (vs 13.3bln Y/Y), and P&C insurance revenue of USD 12.0bln (from USD 10.8bln); premiums grew across divisions, with support from currency movements and contract timing; said it remains on track to meet or exceed FY27 targets.
Mitsubishi UFJ (MUFG) - MUFG is in talks with investors to offload exposure to about USD 2bln of loans extended to listed private credit funds, FT reports.
Commonwealth Bank of Australia (CMWAY) - CBA shares fell sharply overnight after it added AUD 200mln in provisions and investors also reacted to Australian budget tax changes. Q3 cash net profit after tax was about AUD 2.7bln, below forecasts. Westpac, NAB and ANZ Group also fell amid concerns over slower mortgage credit growth.

INDUSTRIALS:

Intertek (IKTSY) - Intertek is leaning toward recommending EQT’s fourth and final takeover offer, Bloomberg reports. EQT bid GBP 60/shr in cash, valuing the British product-testing firm at about GBP 9.2bln. Intertek said the decision followed significant engagement with shareholders.
Siemens (SIEGY) - Siemens Q2 revenue EUR 19.8bln (exp. 20.1bln), orders EUR 24.11bln (exp. 22.6bln), net income -8.3% Y/Y at EUR 2.24bln. It announced a share buyback of up to EUR 6bln over five years; confirmed FY26 guidance; lifted forecasts for Digital Industries and Smart Infrastructure.
QXO (QXO) - Reported Q1 EPS of -0.12 (exp. -0.10), Q1 revenue USD 1.73bln (exp. 1.73bln). CEO said results reflected softness in the building products industry and investments in people and technology; continues to execute its integration plan across the legacy Beacon business. The USD 17bln acquisition of TopBuild is expected to close in Q3, and after the close, QXO will become the second-largest publicly traded building products distributor in North America. Said it remains on track to reach USD 50bln in annual revenue within a decade.
Lockheed Martin (LMT) - Lockheed Martin received a USD 212.7mln Army contract modification for PATRIOT Advanced Capability-3 logistics support, missile repair, and launcher repair and return; the modification brings the total cumulative face value to USD 875.6mln.
Hapag-Lloyd (HPGLY) - Q1 revenue USD 4.91bln (vs 5.31bln Y/Y), EBITDA of USD 494mln (from 1.10bln); CEO called the quarter unsatisfactory, citing weather-related supply chain disruptions and freight-rate pressure; backed its 2026 outlook, and sees lower earnings in a difficult market environment.
Eiffage (EFGSY) - Q1 revenue of EUR 5.7bln (exp. 5.7bln), contracting order book +5% Y/Y at EUR 31.1bln; affirmed its FY26 outlook; announced the acquisition of a majority stake in Hand & Werk to expand in the German data centre market, with closing expected this year.
Alstom (ALSMY) - FY sales EUR 19.2bln (exp. 19bln), adj. EBIT EUR 1.17bln (exp. 1.17bln), with a 6.1% margin; CEO said market momentum is strong and execution quality is a priority; confirmed its FY26/27 outlook, and ruled out an equity raise.
Babcock (BCKIY) - FY revenue GBP 5.27bln (exp. 5.12bln), contract backlog GBP 9.6bln, underlying operating profit of GBP 0.29bln (vs 0.36bln Y/Y); affirmed FY27 guidance, supported by about 70% contracted revenue, and remains confident in medium-term guidance, despite a GBP 140mln Type 31 charge.

ENERGY:

IEA - The IEA now sees world oil supply falling by 3.9mln BPD in 2026 (prev. saw a 1.5mln BPD drop), assuming Strait of Hormuz flows gradually resume from June. It sees supply 1.78mln BPD below demand (prev. saw a 0.41mln BPD surplus). Demand is seen falling 420K BPD, while refinery runs fall 1.6mln BPD.
Weekly Inventories - API weekly inventory data reportedly showed headline crude posted a draw of -2.2mln bbls (exp. -2.3mln), Cushing stocks drew down by -1.8mln bbls, distillates drew down by a smaller than expected -0.3mln bbls (exp. -1.3mln), and gasoline saw a surprise build of +0.5mln bbls (exp. -2.5mln).
European Energy - Eurogas and the International Association of Oil & Gas Producers urged more flexibility in meeting EU natural gas storage targets to avoid market pressure during the summer refilling season, Bloomberg reports. EU energy ministers are discussing energy security as governments seek to ease rising fuel prices after the US-Israeli war on Iran disrupted oil supply.
Petrobras (PBR) - Elea Data Centres completed the first phase of a BRL 2.3bln data centre project for Brazilian state-controlled oil producer Petrobras, Bloomberg reports. The project comes as cloud computing expands in Latin America’s largest economy.

MATERIALS:

BHP Group (BHP) - BHP Group’s incoming CEO Brandon Craig did not rule out dealmaking as part of the miner’s growth strategy, Bloomberg reports. Speaking at a BofA conference, he said BHP is focused on copper for acquisitions.
USA Rare Earth (USAR) - USA Rare Earth received a USD 14.2mln grant from the Texas Semiconductor Innovation Fund to accelerate development of its Round Top Mountain heavy rare earth project in Hudspeth County.
Brenntag (BNTGY) - Q1 sales EUR 3.66bln (exp. 3.7bln), operating profit EUR 950mln (vs 1.02bln Y/Y), EPS EUR 0.68 (from 0.93); confirmed its 2026 operating EBITDA outlook; cites pricing measures and cost-cutting support.

UTILITIES:

American Electric Power (AEP) - American Electric Power announced a USD 2.6bln registered underwritten common stock offering, with the spot secondary price range USD 127.00-129.00.
RWE (RWEOY) - Q1 adj. EBITDA EUR 1.6bln (exp. 1.66bln), adj. EPS of EUR 0.85 (from 0.68 Y/Y), as stronger offshore wind offset weaker trading; offshore wind adj. EBITDA rose to EUR 570mln (from EUR 380mln); confirmed FY guidance for adj. EBITDA.
E.ON (EONGY) - Q1 adj. EBITDA EUR 3.3bln (exp. 3.17bln), adj. net income of EUR 1.34bln; reaffirmed FY26 guidance for adj. EBITDA and adj. net income, as well as its outlook through 2030.

HEALTHCARE:

Eli Lilly (LLY) - Eli Lilly said late-phase trials showed people with obesity maintained long-term weight loss with Foundayo or lower-dose Zepbound after switching from higher-dose injectable incretin therapy. SURMOUNT-MAINTAIN showed Zepbound MTD and 5mg met primary and key secondary endpoints. ATTAIN-MAINTAIN showed switching to Foundayo supported long-term weight maintenance, meeting primary and key secondary endpoints.
Novo Nordisk (NVO) - Novo Nordisk presented new sub-analyses from the Phase 3 OASIS 4 trial showing Wegovy pill efficacy in adults with obesity versus placebo; Wegovy pill delivered 21.6% weight loss in early responders and doubled mobility improvement.
Merck (MKKGY) - Q1 sales EUR 5.13bln (exp. 5.08bln), adj. EBITDA EUR 1.53bln (exp. 1.46bln), adj. EPS of EUR 2.11 (exp. 1.95); raised FY adj. EPS guidance to EUR 7.30-8.20, lifted FY net sales guidance to EUR 20.4-21.4bln and confirmed mid-term guidance.
Alignment Healthcare (ALHC) - Alignment named founder and CEO John Kao chairman while he continues leading the company day to day as CEO. Former chairman Joseph Konowiecki will become vice chairman and EVP of corporate affairs. Shane Hochradel, most recently at Elevance Health (ELV), will join as COO.