Daily US Equity Opening News - NVDA CFO sells shares; LLY & NVO face GLP-1 vision-loss lawsuits; US probes diverted F-35 parts; Anthropic shifts potential IPO to November; PSKY in talks with California over WBD-deal concessions

DAY AHEAD:

• EVENTS: US President Trump will meet with NYC Mayor Mamdani at 16:10EDT/21:10BST, and will meet French President Macron at 17:35EDT/22:35BST in New York.
• DATA: In Europe, the ECB publishes two Economic Bulletin pre-releases on wholesale energy price pass-through and the impact of the Middle East conflict on firm expectations. In North America, US Chicago Fed National Activity Index (prev. -0.08).
• CENTRAL BANKS: ECB President Lagarde (neutral) delivers opening remarks at an ECB roundtable (no text); ECB’s Cipollone chairs a panel at the same event (no text). Fed’s Goolsbee (2027 voter, neutral) speaks on the policy outlook. BoC Governor Macklem delivers remarks.
• WEEK AHEAD: Notable highlights this week include China President Xi’s visit to the US, Global Flash PMIs, Aussie jobs, and an SNB policy announcement. Notable corporates reporting this week include: Costco (COST), Cintas (CTAS), AutoZone (AZO), Paychex (PAYX), Darden (DRI), General Mills (GIS).

GEOPOLITICS:

• US-Iran - US President Trump said he was considering options including destroying Iran, maintaining economic pressure or reaching a deal. Trump added that he was probably open to meeting Iranian President Pezeshkian at the UN General Assembly. An IRGC spokesman said the group is prepared for a long-term conflict, has had no official or unofficial relations with the US, and would expand the geographical scope of any renewed invasion. He said Iran’s offensive and defensive capabilities outweigh US technological advantages, and that the conflict remains ongoing.
• Pakistan - Pakistan Interior Minister Naqvi is reportedly heading to Tehran to discuss mediation efforts and ways to end the stalemate, according to Al Jazeera, citing a source in Pakistan’s Interior Ministry. However, Tasnim said Pakistan’s interior minister’s trip to Iran is focused on bilateral relations and cooperation and is unrelated to Iran-US matters, adding that Pakistan is not carrying a message between Iran and the US. Earlier reports had said the visit would address the regional security impact of Houthi escalation.
• NATO - NATO selected German General Carsten Breuer to chair its Military Committee from mid-2027. Breuer will succeed Admiral Giuseppe Cavo Dragone and serve as NATO’s senior military adviser to political leaders. Germany said the appointment reflects confidence in its increased defence spending and growing role in European security.
• Qatar-US - Qatar Energy Minister Saad Al-Kaabi rejected US Treasury Secretary Bessent’s view that the Strait of Hormuz could become irrelevant within two years. He said the waterway remains vital for trade beyond oil and gas, and that Qatar does not plan pipelines to bypass it, despite regional efforts to develop alternative routes. Separately, Qatar expects first LNG output from its North Field East expansion in H1 2027, delayed from 2026; Al-Kaabi said prolonged Strait of Hormuz disruption could delay additional trains, while North Field South is slated for 2028.

TRADE:

• US-China AI - Chinese state media reported that China and the US held frank, in-depth and constructive exchanges on economic and trade issues of mutual concern; the two sides also held dialogue on issues related to AI. FT reported that the US and China agreed to establish an AI dialogue focused on safety, uncontrolled agents, cyber threats and national-security incidents; Treasury Secretary Bessent said talks could resume in two months. Separate discussions covered extending the trade truce, rare earth commitments and a mechanism to expand lower-tariff trade in non-sensitive products. Separately, Microsoft (MSFT) CEO Satya Nadella plans to attend a 24th September White House state dinner for Chinese President Xi Jinping, alongside Apple’s (AAPL) Tim Cook, Nvidia’s (NVDA) Jensen Huang, OpenAI’s Sam Altman and Qualcomm’s (QCOM) Cristiano Amon.
• US-China Rare Earths - China’s rare earth magnet exports to the US fell 21% in August to 512 tonnes. Shipments have averaged about 504 tonnes monthly this year, vs 621 tonnes in 2024. Presidents Trump and Xi are due to discuss trade and critical minerals, with China considering additional export licences as a negotiating tool.
• US-China Ags - China bought at least 260K tonnes of US soybeans ahead of the Trump-Xi summit, Bloomberg reports. State-owned firms booked four cargoes for December-January loading. China has now passed halfway towards its pledge to buy at least 25mln tonnes annually through 2028, and has separately committed to at least USD 17bln of additional US farm purchases.
• Canada-EU - Canada and France will develop and share space infrastructure, including launch systems, as Canada deepens European ties. Canada also plans expanded defence cooperation with Norway, including Kongsberg agreements with MDA Space and Telesat, joint critical minerals mapping, and possible AI-system testing. No timelines or funding were disclosed for the France initiative.

MACRO:

• Fedspeak - Fed’s Kashkari (voter) said US inflation remains too high and has broadened beyond oil-related pressures into services and other parts of the economy, and added that the Fed must keep inflation from becoming entrenched. He said the economy and labour market remain resilient.
• China LPR - China held its 1-year loan prime rate unchanged at 3.0%, and the 5-year rate at 3.5%, extending the pause since May 2025. Policymakers held off further easing despite weak consumption and investment, while strong exports continued to support growth.
• China Price Competition - China will intensify enforcement against malicious price competition through cost investigations, price inspections and revised laws, according to Bloomberg. Authorities also plan tighter internet platform pricing rules, stronger checks on unusually cheap products, revised e-commerce penalties, and continued antitrust enforcement. China will also introduce pharmaceutical trial data protection, and exclusivity periods for paediatric and rare disease medicines.
• German State Election - German Chancellor Merz said he would remain in office after his CDU won just 4.9% in Mecklenburg-Western Pomerania’s state election, missing the 5% threshold to enter parliament for the first time in postwar history. The far-right AFD won with 38.2%, ahead of the Social Democrats’ 35.5%. In Berlin, the CDU was defeated by the Left party, which won 25.7% against the CDU’s 18.8%.

TECH:

• Nvidia (NVDA) - CFO Colette Kress sold 34.9K shares on 17th September for a total USD 7.65mln.
• Apple (AAPL) - Australia PM Albanese said Apple Executive Chair Tim Cook described Australia’s social media restrictions “world-leading”, according to Reuters. Australia has banned social media for under-16s and plans user controls over feed content. Albanese also said global AI frameworks are needed to mitigate risks and keep humans in control.
• Microsoft (MSFT) - Microsoft AI chief Mustafa Suleyman said concerns about China should not prevent AI regulation, according to Bloomberg. He supports shared safety standards and human control, arguing guardrails need not slow development.
• Anthropic - Anthropic plans to shift its IPO to November from October, allowing time to present Q3 financials, according to the WSJ. Investors expect a valuation near USD 2tln; current investors expect annualised revenue above USD 110bln by year-end. Separately, Anthropic is considering releasing a new AI model as OpenAI’s GPT-6 Astra gains enterprise traction ahead of a potential Anthropic IPO, according to Reuters.
• Accenture (ACN) - Accenture and Anthropic will establish embedded evaluators to red-team models, conduct alignment assessments and test safeguards. Each expects to invest at least USD 1bln over five years.
• SoftBank (SFTBY), OpenAI - SoftBank is seeking more than USD 11bln through junk bonds, partly to fund a follow-on OpenAI investment, according to Bloomberg. The planned issuance includes USD 10bln of dollar bonds, and EUR 1bln of EUR notes.
• ByteDance - An LA judge tentatively blocked part of the US government’s USD 400mln TikTok settlement, Bloomberg reports. The judge opposed vacating an order governing privacy protections for users under 13 that originally applied to Musical.ly, now part of ByteDance-owned TikTok, saying existing obligations had not been shown to be unnecessary.

COMMUNICATIONS:

• Alphabet (GOOG) - Google confirmed Gemini autonomously accessed three companies’ systems during a May cybersecurity test run by Irregular, WSJ reports. Gemini guessed one password and found credentials in public repositories in two cases, stopping each intrusion after recognising real systems. Google said no harm occurred, notified affected companies and federal authorities, and did not classify the behaviour as misalignment.
• Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - Paramount and California’s AG are discussing settlement concessions including USD 1.5bln of state production investment, according to the WSJ. Talks also cover retaining studio lots, penalties tied to a 30-film annual pledge, possible Miramax divestment, cable channel sales, and CNN editorial safeguards.
• Hollywood - President Trump publicly backed a federal film and TV production tax credit after lobbying by actor Jon Voight, Bloomberg reports. Bipartisan lawmakers are drafting legislation aimed at bringing production back to the US from countries including the UK and Canada. Supporters hope to introduce a standalone bill and attach it to year-end funding legislation.
• Disney (DIS), Comcast (CMCSA) - Disney’s US theme parks recorded 3% higher attendance in the latest quarter, helped by discounts, package deals, events and new attractions, WSJ reports. Disney expects stronger traffic to continue, while Comcast’s Universal Orlando Resort and United Parks & Resorts’ SeaWorld have reported weaker attendance and softer demand.

CONSUMER CYCLICAL:

• Nike (NKE) - Converse CEO Aaron Cain said the Nike-owned brand will review its internal processes after an advertisement was criticised as evoking the Ku Klux Klan and lynching. Converse removed the ad and apologised. Cain said the imagery should not have been used and that necessary changes would follow.
• DraftKings (DKNG) - DraftKings uses machine learning to target promotions at gamblers predicted to lose more, while shelving predictive tools intended to identify problem gambling risk, according to the NYT. DraftKings disputed claims of improper targeting, saying promotions focus on engaged customers and that existing responsible-gaming systems are more evidence-based than predictive risk models.
• Wendy’s (WEN) - Meritage Hospitality Group, one of the largest Wendy’s franchisees, filed for Chapter 11 bankruptcy with USD 651mln of liabilities and USD 725.9mln of assets. The operator cited rising beef costs, weaker Wendy’s marketing and discounting pressure. It runs 314 Wendy’s restaurants and disputes about USD 147mln in royalties and fees claimed by Wendy’s.
• Porsche AG (DRPRY), Volkswagen’s (VWAGY) - Porsche could face around 4,100 additional job cuts under Volkswagen’s restructuring plan, Handelsblatt reports. The proposed reductions would address an overhead shortfall of about EUR 700mln and come on top of previously agreed cuts.
• Volvo Cars (VLVLY) - Volvo Cars appointed Klaus Zellmer as President and CEO, effective no later than 1st October 2027. Hakan Samuelsson will work with the board to ensure a smooth transition. Zellmer most recently served as Chairman of the Board of Management and CEO of Skoda Auto, part of Volkswagen (VWAGY).

FINANCIALS:

• Trading Firms - The Fed and BoE have increased scrutiny of banks’ exposure to trading firms including Jane Street and Citadel Securities after Jane Street’s USD 15bln July loss, according to the FT. Regulators are examining intraday exposures, risk appetite and controls amid concerns about systemic risks from leveraged trading firms and prime brokerage relationships.
• Societe Generale (SCGLY) - Societe Generale raised its 2029 return on tangible equity target to between 13-14%, with more than 15% targeted thereafter. The bank plans at least EUR 21bln of shareholder distributions through 2029, around 3% annual revenue growth and a cost income ratio below 55%, supported by headcount, IT and procurement reductions and greater AI use.
• UBS Group (UBS) - UBS CEO Sergio Ermotti said a Swiss proposal allowing 50% AT1 debt to back foreign businesses would be “bearable” but still damaging, according to Neue Zuercher Zeitung. UBS would need about USD 13bln of additional Tier 1 capital under the compromise. Parliament is due to vote between this option and stricter capital requirements.
• T. Rowe Price (TROW) - T. Rowe Price is increasing exposure to Greater China companies lower in the AI supply chain, including PCB, chip equipment and power component makers, according to Bloomberg. Its USD 735mln China Evolution Equity Fund has returned more than 25% this year vs a 7% decline in its benchmark.

ENERGY:

• US Diesel Prices - US retail diesel prices exceeded USD 6.50/gallon for the first time. Supply has tightened due to the US-Iran war, reduced Strait of Hormuz shipments, lower regional crude flows and Russian export curbs. Prices are up more than USD 0.87 in September.
• US LNG - US-China talks could revive about USD 6bln annually in US LNG trade, Bloomberg says. China largely stopped importing US LNG after tariffs rose in 2025, instead reselling contracted cargoes. Existing Chinese contracts cover roughly 14mln tonnes annually, while some buyers are now exploring new long-term deals amid Persian Gulf supply constraints.
• TotalEnergies (TTE) - Venezuela and TotalEnergies signed an agreement paving the way for the French group to return to energy operations. TotalEnergies E&P New Ventures will participate in projects. The move follows recent Venezuelan energy deals involving Chevron (CVX), GE Vernova (GEV) and Eni (E), and comes after TotalEnergies exited Venezuelan oil and gas operations in 2021.
• DCC Energy (DCCPY) - Shareholders approved a takeover by KKR (KKR) and Energy Capital Partners valued at over GBP 5.7bln; the transaction is expected to complete in Q1 2027.

INDUSTRIALS:

• CATL (CYATY) - CATL said China’s new battery consumption tax has had limited overall impact on orders. China imposed a 2% levy on lithium-ion batteries from 1st September, rising to 4% in 2027. CATL’s energy storage production line utilisation remains above 90%, though domestic project returns are weakening and some investments are being delayed, Bloomberg adds.
• Kuehne + Nagel (KHNGY), Amazon (AMZN) - Kuehne+Nagel announced a long-term strategic collaboration with Amazon covering AWS infrastructure lifecycle services. The partnership spans construction, equipment deployment, ongoing maintenance, upgrades and expansion projects.
• Lockheed Martin (LMT), Northrop Grumman (NOC), BAE Systems (BAESY) - A US House committee is investigating the diversion of unserviceable F-35 components from Australia to Hong Kong. The Pentagon is working to retrieve the parts and strengthen safeguards. Politico reported the shipment included a canopy containing stealth technology, while Lockheed Martin said it could not discuss specific shipments for security reasons.
• Lockheed Martin (LMT) - Lockheed Martin was awarded an USD 871.2mln U.S. Navy contract modification, increasing the ceiling of an existing cost-plus-incentive-fee indefinite-delivery/indefinite-quantity contract.
• Rocket Lab (RKLB) - Rocket Lab successfully launched Synspective’s 12th StriX synthetic aperture radar satellite on the “Owl By The Dozen” mission from New Zealand on 19th September 2026. The satellite was deployed into a 572km low Earth orbit. The mission marked Rocket Lab’s 96th Electron flight and its 17th launch of 2026.

MATERIALS:

• Nippon Steel (NPSCY) - United Steelworkers said negotiations with US Steel have made little progress ahead of a 25th September deadline. The union cited unresolved issues including healthcare, job protections and wages.
• MP Materials (MP) - China Rare Earth Group is in talks to acquire control of Shenghe Resources, according to Reuters. A deal would give the state-owned group indirect exposure to Shenghe’s 3% stake in MP Materials, and could improve Shenghe’s access to Chinese rare earth quotas. Shenghe denied plans to transfer its controlling stake to external parties.
• UPM-Kymmene (UPMMY) - EU antitrust regulators are set to veto UPM-Kymmene’s EUR 1.42bln paper joint venture with Sappi after the companies declined to offer concessions addressing competition concerns, according to Reuters.

HEALTHCARE:

• Pfizer (PFE) - Pfizer agreed to share part of increased overseas drug revenue with the US Department of Health under a “most favoured nation” contract, according to Bloomberg. The provision covers existing medicines from 1st January 2026 to 20th January 2029. Revenue-sharing rates and covered medicines were redacted, and proceeds are intended to lower costs for US patients and taxpayers.
• Eli Lilly (LLY), Novo Nordisk (NVO) - Patients are suing Novo Nordisk and Eli Lilly, alleging GLP-1 drugs caused NAION, a condition involving sudden, often permanent vision loss, WSJ reports. Evidence on causation is mixed. The FDA is investigating, while European regulators classify NAION as a very rare semaglutide side effect. Novo and Lilly dispute that their drugs cause the condition.
• Telix Pharmaceuticals (TLX) - Telix Pharmaceuticals agreed to acquire 100% of ITM Isotope Technologies Munich for USD 1.65bln upfront, subject to shareholder approval. Consideration includes USD 1.25bln in Telix shares and USD 302mln of assumed net debt. Up to USD 700mln additional consideration is tied to ITM-11 milestones. Telix shareholders would own 76.3% of the combined company.
• Teva Pharmaceuticals (TEVA) - Teva presented post-hoc Phase 3 SOLARIS data showing TEV-’749, a monthly subcutaneous olanzapine LAI for adults with schizophrenia, delivered durable efficacy and safety.