Daily US Equity Opening News - NVDA discusses USD 250bln OpenAI data-centre financing backstop; SPCX Starship completes test flight; CXMT surges on Shanghai debut; SSNLF weighs Chinese DRAM for China smartphones; BF.B rejects Sazerac takeover offer

DAY AHEAD:

• EVENTS: Eurogroup Economic and Financial Affairs Council convenes on budget matters. UK PM Burnham will host Ukraine President Zelensky in the UK, his first international visitor since becoming PM; Zelensky will meet US President Trump on Tuesday.
• DATA: In North America, US durable goods orders for June are seen rising 2.3% M/M (prev. -4.5%), with the ex-transport figure at 0.9% M/M (prev. 1.3%); Dallas Fed manufacturing index is seen slipping to -1 (prev. 0); after today’s data, the Atlanta Fed will update its Q2 GDPNow tracking estimate (prev. 1.70%).
• CENTRAL BANKS: BoC publishes Market Participants Survey; BoE releases June capital issuance data.
• SUPPLY: US sells USD 69bln of 2-year notes and USD 70bln of 5-year notes.
• EARNINGS: Notable companies reporting today include: AstraZeneca (AZN), Welltower (WELL), Cadence Design Systems (CDNS), Baker Hughes (BKR), Nucor (NUE), Cincinnati Financial (CINF), Principal Financial Group (PFG), Brown & Brown (BRO), F5 Inc. (FFIV), UDR (UDR), Universal Health Services (UHS).
• WEEK AHEAD: This week’s major data/policy announcements include: rate announcements from the Fed, BoE, BoJ, US PCE inflation data and Q2 GDP stats, as well as Eurozone inflation metrics. Notable companies reporting this week include: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta (META), Visa (V), ExxonMobil (XOM), Mastercard (MA), AbbVie (ABBV), Lam Research (LRCX), Chevron (CVX), Coca-Cola (KO), Procter & Gamble (PG), ARM Holdings (ARM), KLA (KLAC), Linde (LIN), QUALCOMM (QCOM), Boeing (BA), Corning (GLW), Bristol-Myers Squibb (BMY), Starbucks (SBUX), General Dynamics (GD), United Parcel Service (UPS), Robinhood Markets (HOOD), Cadence Design (CDNS).

NEWS:

GEOPOLITICS:

• US-Iran - The US paused strikes against Iran over the weekend. Still, President Trump posted generated images depicting attacks on Kharg Island and Iran, an Iranian vessel explosion and himself aboard an Iranian vessel. Elsewhere, the President denied ammunition shortages, saying US stockpiles exceed those of any other country and operational requirements. CENTCOM Admiral Brad Cooper advised that the US should either resume a large-scale operation against the remaining 20% of marked Iranian targets or end the current bombing campaign, according to Axios; he said two weeks of strikes around the Strait of Hormuz had significantly reduced Iran’s ability to attack ships.
• US-Iran - Iran’s Supreme Leader reiterated support for Hezbollah and demanded an end to Israeli operations in Lebanon. Iran’s Foreign Ministry rejected US dominance in the Arabian Gulf and Strait of Hormuz, while saying indirect exchanges and mediation continue. Foreign Minister Araghchi warned Iran would respond to Ukraine’s reported attack on an Iranian ship in the Caspian Sea.
• North Korea - North Korea rejected denuclearisation calls, with Director of the General Affairs Department of the Workers’ Party Kim Yo Jong describing nuclear deterrence as the country’s ultimate protection for sovereignty. Her comments came as Ukraine warned that additional North Korean troops could join Russia’s war effort.

MACRO:

• KRW - SK Hynix’ (SKHY) USD 26.5bln US listing and subsequent dollar sales helped strengthen the KRW currency, encouraging South Korean authorities to press exporters to repatriate overseas funds, Bloomberg reports. The KRW was up around 6% in July, while Q2 net forward dollar sales by exporters and importers reached an 18-year high of USD 17.4bln.
• Indonesia Central Bank - Bank Indonesia Governor Perry Warjiyo unexpectedly resigned for unspecified personal reasons, Bloomberg reports; Warjiyo was seen as a stabilising force for the economy. Senior Deputy Governor Destry Damayanti will serve as acting governor.
• UK Politics - UK PM Burnham ruled out an early general election, saying voters had backed a manifesto that he would honour with parliamentary support, adding that his priority was to focus the UK on restoring effective government and getting the country working. Burnham also said welfare spending must be reduced by making some benefits conditional on taking work opportunities; he highlighted youth employment reforms as the government seeks to curb a welfare bill, which is projected to exceed GBP 330bln this fiscal year. Burnham is expected to announce further cost-of-living and housing measures this week.
• German Politics - Chancellor Merz appointed Steffen Bilger as transport minister after his initial choice declined the role; Bilger will oversee a EUR 34bln transport budget for 2026. The appointment forms part of a broader government reshuffle ahead of September’s regional elections.

TRADE:

• US-Mexico - The US asked Mexico to impose Section 232-style tariffs on steel and aluminium imports from outside North America, targeting China while preserving preferential treatment within USMCA, according to Bloomberg. Mexico is said to be open to the proposal; rates and products are still under discussion. Both are pursuing a broader trade agreement by year-end.

TECH:

• OpenAI, Nvidia (NVDA) - Nvidia is discussing a roughly USD 250bln financing backstop for OpenAI’s planned 10-gigawatt Ohio data-centre project, WSJ reports. SoftBank’s (SFTBY) energy subsidiary is developing the site, which could cost more than USD 500bln including chips, and would be the largest announced data centre project, the report adds.
• Nvidia (NVDA) - Nvidia expanded its Agent Toolkit with reworked PhysicsNeMo and updated CUDA-X libraries, enabling autonomous AI engineering agents with physics and quantum chemistry capabilities. It also said that Cadence (CDNS), Siemens (SIEGY) and Synopsys (SNPS) are using Nvidia tech across design, verification, packaging and systems.
• SoftBank (SFTBY), OpenAI - SoftBank’s USD 40bln bridge loan supporting its OpenAI investment drew 21 new lenders, Bloomberg reports. The group was allocated around USD 7bln, with First Abu Dhabi Bank, GIC and Standard Chartered each taking nearly USD 1bln. European, Japanese and Taiwanese banks received the remaining allocations. Separately, SoftBank is reportedly near a deal for Blackstone’s (BX) Japan payments firm. 
• CXMT (688825 CH) - CXMT surged in its Shanghai debut, rising by over 500%, and becomes China’s largest onshore-listed company. The chipmaker raised CNY 57.92bln in Asia’s largest IPO this year, reaching a market value of about CNY 3.5tln. It plans to fund memory-wafer production and research.
• China AI - A state media account Yuyuantantian said China should limit access to advanced AI capabilities through tiered model releases. Foundational functions could remain open, frontier capabilities face restrictions, commercial services stay closed-source and high-risk features require controls and safety reviews, reflecting limits to Beijing’s support for open AI models.
• Moonshot - China’s Moonshot AI will release its Kimi K3 model weights for public download, allowing developers to modify and host the technology freely. The Beijing-based company aims to expand its global user base through greater openness and availability than competing US proprietary AI systems.
• Samsung Electronics (SSNLF) - Samsung is considering using lower-cost Chinese-made DRAM in smartphones for China to reduce manufacturing costs and expand Galaxy A-series shipments as rivals cut output amid rising component prices, Asia Times reports.
• Uber (UBER), Alphabet (GOOG) - Google-backed Waymo is exploring ending its Uber partnership as competition and lobbying tensions intensify. Waymo plans to enter Austin and Atlanta independently from January 2028, when contracts allow. The companies have recently blamed each other for service and safety issues. Reports suggest a split could weaken Uber’s autonomous-driving ambitions.
• Microchip Technology (MCHP) - Microchip will acquire Hailo, an edge AI processor and software provider; terms undisclosed. The deal is expected to close by end-September. Separately, COO Richard Simoncic will resign, effective 17th August, to become CEO of privately held Menlo Microsystems.
• Kioxia Holdings (KXIAY) - Kioxia could face greater volatility as at least nine US-listed leveraged ETFs tied to its shares or ADRs await approval, Bloomberg reports. Corgi Strategies, GraniteShares and Tuttle Capital are among prospective issuers. The products would amplify daily gains or losses, potentially intensifying swings in Japan’s already volatile memory-chip stock, the report states.

COMMUNICATIONS:

• Meta Platforms (META) - Meta’s Facebook and Instagram carried about 7,600 advertisements for AI “nudify” apps supplied through Beijing-based advertising partner GatherOne, the Tech Transparency Project said. The apps could place women’s faces on naked bodies and generate sexualised videos, breaching Meta’s policies. One China-created app allegedly enabled sharing of material flagged by some users as child pornography.
• Vodafone (VOD) - Vodafone reported Q1 FY27 revenue of EUR 10.29bln, and service revenue of EUR 8.63bln (exp. 8.23bln), with service revenue growth of 5.2% (exp. 4.6%); it sees FY27 adj. FCF and adj. EBITDA at the upper ends of the EUR 2.6-2.9bln and EUR 13.0-13.3bln respective guidance ranges.

FINANCIALS:

• Robinhood (HOOD) - Robinhood is discussing adding Crypto.com’s prediction-market contracts to its trading platform, WSJ reports. Robinhood currently relies on Kalshi and others, but its relationship with Kalshi is shifting towards direct competition now, the report says.
• CME Group (CME) - CME will today launch single-stock futures on more than 50 major US companies, including Nvidia (NVDA) and SpaceX (SPCX), offering leveraged, cash-settled exposure without trading the underlying shares. The exchange is targeting retail and institutional investors, with contracts available 23hrs/day across standard and micro sizes.
• Blackstone (BX) - Blackstone will open a Kuwait office in Q3, its second GCC location after Abu Dhabi, Bloomberg reports. The move follows a USD 16bln infrastructure partnership with Brookfield and KKR involving Kuwait’s oil-export pipelines. Blackstone still plans further GCC expansion despite regional conflict.
• Blackstone (BX), HSBC (HSBC) - HSBC is nearing the sale of its AUD 30bln+ Australian loan book to Blackstone’s private credit arm, AFR reports. The deal would mark Blackstone’s entry into Australian home lending.
• EQT AB (EQBBF), Perpetual Limited (PPTTF) - EQT raised its takeover offer for Perpetual to AUD 22.50/shr, valuing the Australian investment manager at about AUD 2.6bln, Bloomberg reports. The bid is around 2% above its previous proposal, and 4% above the original offer. Perpetual’s board is assessing the proposal and has not made a recommendation.
• UniCredit (UNCRY), Commerzbank (CRZBY) - UniCredit CEO Orcel sees scope for an agreement on the proposed takeover of Commerzbank as talks with Germany resume, Corriere della Sera reports. Orcel said UniCredit’s planned concessions remain intact.

CONSUMER:

• ** Trip.com (TCOM)** - China fined Trip.com CNY 5.18bln after finding it abused its dominant position in hotel bookings by restricting hotels from working with rival platforms and limiting pricing freedom, Bloomberg reports. The penalty includes a CNY 3.52bln fine, and confiscation of CNY 1.66bln in gains. Trip.com accepted the ruling and will implement compliance measures.
• Seven & i (SVNDY), Zabka Group (ZABKY) - Seven & i ended talks to invest in Poland’s Zabka after failing to agree terms benefiting shareholders, sending its shares lower in overnight trading. Seven & i is still said to see Europe as a growth market, and plans to expand to 30 countries and regions by 2030 (vs 19 currently).
• Brown-Forman (BF.B) - Brown-Forman rejected Sazerac’s renewed USD 15bln takeover offer, Bloomberg reports. Sazerac asked shareholders and directors to reconsider its USD 32/shr cash proposal, representing a 23% premium to Friday’s close, and said it could improve the terms if Brown-Forman’s board engages.

ENERGY:

• China Crude Imports - China’s seaborne crude imports are expected to rebound to about 7.8mln BPD in July (vs 6.2mln BPD in June, the lowest level since November 2015), Bloomberg reports. Higher flows through the Strait of Hormuz and increased purchases of Russian oil are driving the recovery, Kpler said.
• Baker Hughes (BKR) - Q2 adj. EPS 0.64 (exp. 0.50), Q2 revenue USD 6.74bln, down 2% Y/Y; Q2 adj. EBITDA +2% Y/Y to USD 1.23bln, exceeding the high end of guidance, and adj. net income +3% Y/Y to USD 640mln. Orders +49% Y/Y to a record USD 10.5bln, including record Industrial & Energy Technology orders of USD 7.1bln; total remaining performance obligations reached USD 40.1bln, and the segment’s backlog rose 19% to an all-time high. Operating cash flow more than doubled Y/Y to USD 1.35bln, and FCF increased to USD 1.11bln (from USD 239mln). CEO said demand remained strong across LNG, data centres, gas infrastructure and upstream markets despite operational challenges in the Middle East. Expects to achieve the midpoint of its FY26 guidance, and raised its Industrial & Energy Technology orders outlook under its Horizon 2 plan to above USD 45bln through 2028.
• Woodside Energy Group (WDS) - Woodside Energy’s AUD 48.7bln Browse gas development was designated a State Significant Project, giving it the Western Australian government’s highest level of prioritisation, and will help accelerate its approvals process.
• DCC Energy (DCCPY), KKR & Co. (KKR) - DCC Energy is set to be acquired by KKR and ECP for GBP 67.9722/shr (vs Friday’s closing price of 62.85/shr).

INDUSTRIALS:

• SpaceX (SPCX) - SpaceX’s Starship deployed 20 upgraded Starlink satellites and completed a largely successful test flight. The Super Heavy booster suffered an engine-lighting issue before a harder splashdown, while Starship re-entered, performed a controlled ocean landing and then caught fire. The mission improved on the previous flight and advanced SpaceX’s Starlink and reusability plans.
• Delta Air Lines (DAL), United Airlines (UAL) - United Airlines approached Delta Air Lines last year about a merger that would have combined the two most valuable US carriers, WSJ reports. UAL CEO Kirby contacted Delta CEO Bastian, but preliminary talks did not advance. United later pursued talks with American Airlines (AAL), which rejected the approach.
• General Dynamics (GD) - General Dynamics won a US Air Force contract for up to USD 400.4mln for ground-segment development supporting Proliferated Warfighter Space Architecture Tranche Three.
• RTX (RTX) - RTX subsidiary Rockwell Collins received a USD 332.6mln six-year Defence Logistics Agency contract for Joint Helmet Mounted Cueing System spares and repairs supporting F-15, F-16 and F-18 aircraft.

MATERIALS:

• CATL (CYATY) - CATL shares rose after announcing a CNY 20-40bln A-share buyback, and reporting a 42% increase in H1 profit, while H1 revenue was up 55% as energy-storage demand strengthened, offsetting pressure in new-energy vehicle sales. CATL also advanced sodium-ion battery commercialisation and expects at least 10K vehicles to use the technology this year.
• Rio Tinto (RIO) - Rio Tinto and the Western Australian Government signed non-binding agreements to sell their respective JV stakes in the Dampier Seawater Desalination Plant to Yindjibarndi WaterCo.
• Fortescue Ltd. (FSUGY) - Fortescue Chair urged fair China-Australia iron ore negotiations as talks with China Mineral Resources Group remain stalled, Bloomberg reports. CMRG has pressured Fortescue by delaying cargoes and limiting purchases.

HEALTHCARE:

• AstraZeneca (AZN) - AstraZeneca reported stronger than expected quarterly profit as cancer medicines drove growth; it reported adj. EPS of 2.63 (exp. 2.48), and revenue of USD 15.4bln (exp. 15.3bln). Investors are focused on upcoming oncology trial results after the shares fell 8% this year following disappointing Wainua data. Exec AZ said it remains confident in the strength of its pipeline, and have more than twenty high-value readouts due over the next 18 months, and the company is on track to deliver its USD 80bn total revenue ambition. Elsewhere, it announced results from the CLARITY-Gastric01 Phase III trial which met the dual primary endpoints.
• Abbott (ABT) - A US federal judge dismissed a shareholder lawsuit alleging Abbott misled investors over its 2022 infant formula recall, Reuters reports. The recall and Sturgis plant closure followed bacterial infection reports and worsened a national formula shortage. The judge found shareholders failed to show intent to deceive or inflate Abbott’s share price.
• Argenx SE (ARGX), Forte Biosciences (FBRX) - Argenx will acquire Forte Biosciences for USD 77/shr in cash, valuing the company at about USD 2.2bln. The deal adds a first-in-class anti-CD122 antibody, with Phase 1b proof-of-concept in vitiligo and coeliac disease, strengthening Argenx’s immunology pipeline.