Daily US Equity Opening News - NVDA plans USD 3bln META investment; AMAT raises BESIY stake; CDNS up after beat & raise; HSBC Q3 pretax profit miss; DASH nears USD 17bln CART buy; JBLU up on expected return to profit; NVO loses bid to block LLY adverts

• EVENTS: Israel holds its Knesset legislative election.
• DATA: In North America, US September durable goods orders (exp. 1.5% M/M, prev. 0.0%); Conference Board consumer confidence (prev. 81.9); new home sales (prev. 684K; prev. 6.4% M/M), S&P/Case-Shiller (prev. 2.5% Y/Y) and FHFA house prices (prev. 2.6% Y/Y); Richmond Fed manufacturing index (prev. -2); weekly ADP employment change (prev. 18.5K). Atlanta Fed will update its GDPNow tracking estimate (prev. 3.5%). In Canada, wholesale sales (prev. -1.6% M/M).
• SUPPLY: US auctions USD 70bln of 5-year notes, and a 20-30-year Treasury buyback; UK sells GBP 4.5bln of 2032 debt; Germany auctions EUR 5bln of 2028 Schatz; Italy offers EUR 1.5-2bln of 2028 BTP Short Term, and EUR 1-1.5bln of 2032 and 2035 BTPei.
• ENERGY: API weekly energy inventories.
• EARNINGS: Notable corporates reporting today include: Visa (V), Coca-Cola (KO), Seagate (STX), Boeing (BA), S&P Global (SPGI), Corning (GLW), HCA Healthcare (HCA), Freeport-McMoRan (FCX), Waste Management (WM), Robinhood (HOOD), Johnson Controls (JCI), United Parcel Service (UPS), American Tower (AMT), Sherwin-Williams (SHW), Hilton (HLT), Ecolab (ECL), Illinois Tool Works (ITW), Royal Caribbean (RCL), NXP Semiconductors (NXPI), ONEOK (OKE), PACCAR (PCAR), Baker Hughes (BKR), Teradyne (TER), PayPal (PYPL), IQVIA (IQV), Ventas Inc. (VTR), Centene (CNC), EQT (EQT).

• US-EU Trade - USTR Greer warned that the European Investment Bank’s USD 3.4bln loan to Airbus (EADSY) threatens the US-EU aircraft trade truce, Reuters reports. Airbus and the EIB maintain the financing is commercially priced, while Washington seeks details to assess compliance with the agreement. Boeing (BA) has previously demanded transparency over potential subsidies.
• EU-ASEAN - German Chancellor Merz said the EU is pursuing deeper trade partnerships with Southeast Asia and CPTPP members to counter global trade restrictions, Reuters reports. Merz also proposed closer coordination of bilateral trade agreements and cooperation on regional power grids, defence and security. Singapore PM Wong pledged to advance ASEAN-EU free trade negotiations during Singapore’s 2027 ASEAN chairmanship.

• Global Equities - HSBC downgraded global equities to neutral from maximum overweight, citing Middle East tensions and potential AI regulation ahead of US midterms. it specifically expressed caution on Eurozone and EM equities. The bank upgraded DM sovereign bonds to overweight from maximum underweight, citing possible fiscal relief. It also reduced gold to neutral, upgraded oil to overweight.
• US Bonds - JPMorgan Asset Management’s Bob Michele expects US bonds to return 7-8% over the next 12 months. He favours longer-dated Treasuries, citing potential price appreciation and carry, and expects the Fed to hold rates this week before signalling a hawkish stance in December.
• China Industrial Profits - NBS data showed China’s industrial profits rose 14.4% Y/Y in September (prev. 4.2%), the fastest pace in three months, lifted by a rebound in producer prices amid surging oil costs and AI hardware demand. For the first nine months, profits grew 15.5% Y/Y (prev. 15.7%), with gains concentrated in mining and electronics, while broader industries lagged.
• BoJ - The BoJ’s underlying inflation gauge rose to a three-year high of 3.2% Y/Y in September (prev. 2.6% in August), exceeding its 2% inflation target. The BoJ raised rates to 1.25% in September and is expected to hold steady on Friday, though analysts still anticipate another hike in December.

• Brazil Election - Flavio Bolsonaro’s Liberal Party recognised President Lula’s re-election despite Bolsonaro seeking annulment over extended polling hours. Brazilian markets plunged nearly 17% on Monday due to fiscal concerns. President Trump, who supported Bolsonaro, has also questioned the election’s legitimacy.
• Israel Election - Israelis vote Tuesday in an election polls show is too close to call, with neither current PM Netanyahu’s bloc nor the opposition, led by ex-military chief Eisenkot, likely to win the 61-seat majority needed to govern. Analysts say that Israeli Arab voters, about 20% of the population, could prove decisive in the outcome.
• UK Cost of Living - The UK government unveiled five cost-of-living measures ahead of Wednesday’s Budget: higher tax-free mileage rates, parental pay extended to over 150K additional parents, and an end to the Carer’s Allowance cliff edge. Tariffs on more than 100 products will be scrapped, Post Office drop boxes will expand to 1,000, and a Warm Homes loan scheme will fund clean energy upgrades. Other reports suggest that Chancellor Healey will announce plans to increase the minimum wage by nearly 4%, but slow the rise for young people after warnings that they are being priced out of jobs.
• French Protests - French FinMin Lescure warned that appeasing protesters must not involve additional unfunded spending, FT reports. France targets a 2027 deficit of 5% of GDP, with EUR 43bln in proposed fiscal measures. Ten-year bond yields recently reached 5%, while the government may invoke constitutional powers to pass its budget despite parliamentary opposition.

• OpenAI - OpenAI announced AI-generated discoveries in mathematics, computer science and physics, including claimed proofs of the local smoothing and Kakeya conjectures, a refutation of the Exponential Time Hypothesis, and rigorous existence results for quantum field theories. External academic groups will independently examine the findings, with some proofs publicly released and others withheld pending further review.
• SoftBank (SFTBY) - SoftBank is reportedly planning USD 50bln in Malaysian AI infrastructure investments, including data centres and emerging technologies. SoftBank has signed a framework agreement with Grab and Petroleum Sarawak.
• Intel (INTC) - Intel agreed to acquire quantum computing software provider Classiq; terms were not disclosed. The deal combines Classiq’s synthesis platform with Intel’s spin-qubit manufacturing and software capabilities to develop a full-stack quantum computing platform. Intel intends to maintain Classiq’s hardware-agnostic integrations. Completion is expected in H1 2027.
• Infineon (IFNNY) - Infineon is investing EUR 1.1bln at its Villach site in Austria to establish the world’s first high-volume production facility for gallium nitride power semiconductors on 300mm wafers in Europe.
• Cadence Design Systems (CDNS) - Shares rose 1.8% in extended trading after a Q3 beat and raised guidance. Q3 EPS 2.11 (exp. 2.05), Q3 revenue USD 1.63bln (exp. 1.62bln). Recurring revenue +18% Y/Y. Backlog reached a record USD 8.2bln. CEO said broad-based business momentum, expanding technology leadership and record backlog supported a stronger outlook, while the launch of Maestro and accelerating deployment of AI Super Agents position Cadence to benefit from agentic AI demand in chip and system design. Raises FY26 EPS view to between 8.37-8.43 (exp. 8.14; prev. saw 8.05-8.15), and raises FY26 revenue view to between USD 6.387-6.417bln (exp. 6.32bln; prev. saw 6.26-6.34bln).
• Amkor Technology (AMKR) - Shares rose 2.6% in extended trading despite missing quarterly earnings and revenue expectations, as record computing and automotive revenue and continued margin expansion outweighed the softer results and cautious Q4 outlook. Q3 EPS 0.76 (exp. 0.78), Q3 revenue USD 1.99bln (exp. 2.04bln). Management said Computing and Automotive & Industrial delivered record revenue and margins continued to expand, partly offset by expected weakness in Communications. CEO said Amkor is advancing key customer programmes and benefiting from expanding customer commitments that are improving visibility and supporting disciplined investment for future demand. Sees Q4 EPS between 0.65-0.75 (exp. 0.78) and Q4 revenue between USD 1.9-2.0bln (exp. 2.04bln).
• BE Semiconductor (BESIY), Applied Materials (AMAT) - Applied Materials is increasing its stake in BE Semiconductor Industries to approximately 20%, expanding its strategic partnership in advanced semiconductor packaging. The investment is subject to antitrust clearance; Applied Materials has signalled no plans to increase its stake further, or seek board representation.
• Spanish Data Centres - Spain is reportedly easing proposed data centre power usage rules, requiring 60% of peak-hour electricity demand to be met by renewables until 2029, rising to 70% in 2029 and 80% in 2032 (prev. proposed 80% requirement throughout the day with immediate effect), Bloomberg reports.

• Meta Platforms (META), Nvidia (NVDA) - Nvidia said it plans to invest USD 3bln in Meta’s equity offering, and expand collaboration on Meta’s Muse family of AI models. The companies are considering cooperation on the OpenShell reference architecture and Nvidia Sentry. Meta will also broaden its use of Nvidia Vera Rubin, Vera CPUs, Spectrum-X and BlueField-4 technologies.
• Universal Music Group (UNVGY) - Universal Music Group has held prelim talks on going private with private equity firms including Apollo Global Management (APO), TPG and Blackstone (BX) earlier this year, though the conversations haven’t progressed and no sales process has begun, according to Bloomberg. Major shareholders Bollore (BOIVF) and Tencent (TCEHY) have not indicated willingness to sell. AI disruption and slowing streaming growth has weighed on its valuations; it is valued at EUR 29bln, and has seen shares fall about 29% this year.

• AI Funding, Broadcom (AVGO), Anthropic (ANT) - Bank of America (BAC), Blackstone (BX), Citi (C) and Morgan Stanley (MS) announced a USD 63bln deal to finance Broadcom AI compute capacity for Anthropic, part of an agreement announced by Broadcom. Via a special purpose vehicle, Bank of America, Citi and Morgan Stanley will arrange first-lien financing, Blackstone will provide second-lien financing, and Broadcom will support residual value, with deliveries starting in 2027.
• BlackRock (BLK) - BlackRock’s Rick Rieder sees AI-related debt as more attractive than long-dated US Treasuries, Bloomberg reports. Rieder favours secured debt from established companies, highlighting short-dated, single-A-rated portfolios yielding around 7% without the duration risk of longer-term government bonds.
• HSBC Group (HSBC) - Q3 pre-tax profit +32% Y/Y to USD 9.63bln (exp. 9.70bln), Q3 revenue +5% Y/Y to USD 18.6bln (exp. 18.93bln). Net interest income rose to USD 9.3bln (from USD 8.8bln), net interest margin was stable at 1.57%. Annualised return on tangible equity increased to 17.7% (from 12.3% Y/Y), while operating expenses fell by -12% Y/Y to USD 8.8bln, largely reflecting the non-recurrence of prior-year legal provisions. Hong Kong customer deposits increased by USD 21bln in the quarter. HSBC approved a third interim dividend of 0.10/shr and announced a new share buyback of up to USD 1bln, to be completed before FY26 results. Maintains FY26 banking net interest income view of at least USD 46bln, and return on average tangible equity of at least 17% for the FY26-FY28 window, ex-notable items, and said it remains on track for approximately 1% operating expense growth in FY26 on a target basis.
• Bank of New York Mellon (BNY) - BNY is tightening oversight of AI spending by tracking token costs and routing queries to appropriately priced models, Bloomberg reports. The bank operates around 400 AI agents and uses models from multiple providers, with AI representing part of its USD 4bln annual technology budget.
• Hartford Insurance (HIG) - Q3 core EPS 3.50 (exp. 3.17), Q3 revenue USD 7.22bln (exp. 7.41bln). Net income +23% Y/Y to USD 1.317bln, core earnings -6% to USD 956mln; net investment income +13% to USD 850mln. Property & Casualty written premiums +4%, including Business Insurance +6%, with Small Business and Global Specialty each +7%. Business Insurance combined ratio was 91.3 and underlying combined ratio 90.1, while Personal Insurance underlying combined ratio improved 2.9pts to 87.1. Employee Benefits fully insured ongoing premiums +4%, with persistency above 90%. Raised its quarterly dividend +12% to 0.67/shr. CEO said results reflected disciplined execution and continued investment.
• Brown & Brown (BRO) - Q3 EPS 1.07 (exp. 1.08), Q3 revenue USD 1.70bln (exp. 1.76bln). CEO said results reflected continued efforts to win new customers despite a challenging rate environment, while the addition of approximately 5,000 teammates from Accession over the past year has broadened the company’s capabilities.
• Principal Financial Group (PFG) - Q3 adj. EPS 2.49 (exp. 2.42). Returned USD 429mln to shareholders during the quarter. Management said its focus remains on areas where its expertise, differentiated solutions and customer relationships provide competitive advantages, and reaffirmed confidence in delivering its 2026 outlook.
• Revolut - The BoE ordered a review of Revolut’s product approval processes and internal controls following its UK banking licence approval in March, according to the FT. Comes as the fintech, valued at around USD 115bln with over 80mln customers, is expanding into personal loans. The ECB previously imposed growth restrictions over deficiencies in Revolut’s product approval controls.
• Munich Re (MURGY) - Africa Finance Corp. and Munich Re agreed to share USD 1bln of trade-finance risk, Bloomberg reports. The agreement covers letters of credit, trade loans and guarantees for 38 financial institutions across 11 African countries.

• Public Storage (PSA) - Q3 core FFO/shr 4.34 (exp. 4.27), Q3 revenue USD 1.37bln (exp. 1.31bln). CEO said performance was better than expected, supported by improving churn, occupancy and move-in rates, which drove positive same-store revenue, NOI and core FFO growth. The company completed the National Storage Affiliates and Public Storage Canada acquisitions and is moving to integrate the portfolios and deploy its PS Next operating platform. Raises FY26 core FFO/shr view to between 16.90-17.10 (exp. 16.93; prev. saw 16.75-17.05).
• Welltower (WELL) - Q3 normalised FFO/shr 1.67 (exp. 1.64), Q3 revenue USD 3.72bln (exp. 3.75bln). Raises FY26 normalised FFO/shr view to between 6.47-6.53 (exp. 6.43; prev. saw 6.36-6.44).

• Alibaba (BABA) - Alibaba secured a US court order blocking enforcement of a rule barring the Pentagon from doing business with companies conducting lobbying activities for Alibaba, Bloomberg reports. The restriction had prompted US lobbying firms to abandon Chinese clients accused of military links. The judge did not rule on Alibaba’s separate challenge to its inclusion on the Pentagon’s blacklist.
• Instacart (CART), DoorDash (DASH) - DoorDash is in advanced talks to acquire Instacart; a deal could be finalised this week valuing Instacart at around USD 17bln, WSJ reports citing sources. Instacart’s market value stood near USD 13bln before the report, with shares up about 8% on Monday; DoorDash, valued at about USD 73bln, saw shares fall around 6%. WSJ also says that Uber is no longer in talks for Instacart.
• Whirlpool (WHR) - Shares fell 8.7% in extended US trading after quarterly earnings and revenue missed expectations, and it sharply cut its FY profit and revenue guidance, with margin weakness in North America and Latin America and softer small-appliance growth adding to concerns. Q3 adj. EPS -0.21 (exp. 1.01), Q3 revenue USD 3.68bln (exp. 3.93bln). CEO said structural cost reductions and pricing realisation drove consecutive margin improvement through Q3, although the pace of recovery remains slower than expected, with further improvements targeted in 2027. Cuts FY26 adj. EPS view to approximately -1.30 (exp. 1.91; prev. saw 2.50-3.00), and cuts FY26 revenue view to approximately USD 14.5bln (exp. 14.82bln; prev. saw 15bln). Maintains FY26 cash from operating activities guidance of USD 700mln, and continues to see FCF of USD 300mln. Sees year-end net debt outlook at below USD 4.5bln (prev. saw below USD 5bln).
• Porsche AG (DRPRY) - 9-month revenue fell to EUR 25.28bln (prev. 26.86bln), while operating profit rose to EUR 1.74bln (prev. 0.04bln); maintained FY26 revenue guidance of EUR 35-36bln (exp. 34.8bln). Said strong 911 demand helped offset a 16% deliveries decline, while Bugatti Rimac and Rimac Group disposals boosted cash flow.

• Magnum Ice Cream (MICC), KKR (KKR) - Ben & Jerry’s founders have been exploring a deal with KKR executive Pete Stavros to separate the brand from Magnum Ice Cream, and structure it as an employee stock-ownership plan, WSJ reports. Magnum, valued at EUR 11bln, is resisting, arguing separation would raise costs; Ben & Jerry’s alone could be worth around USD 3bln, the Journal says.
• Reckitt Benckiser (RBGLY) - Net revenue GBP 3.36bln (exp. 3.35bln), LFL growth of +3.2%, core LFL growth +3.3% (exp. 3.6%); it cut its FY26 core LFL revenue growth view to between 3.5-4.5% (prev. 4-5%), citing Lysol disruption and weaker Chinese VMS demand.

• US Methane Curbs - US President Trump plans to ease methane emission restrictions on US oil and gas producers, particularly low-output wells, according to Bloomberg. The EPA proposal would relax flaring requirements and end the Methane Super Emitter Programme. The administration estimates USD 45bln in savings and additional production of 210mln bbls of oil and 1.41tln cubic feet of gas through 2050.
• Chevron (CVX) - Chevron’s Australian unit signed a new long-term sale and purchase agreement to supply natural gas to South32’s Worsley Alumina operations.
• Woodside Energy Group (WDS) - Woodside sold its 33.44% stake in the stalled Greater Sunrise LNG project to Timor-Leste’s state-owned Timor Gap for up to USD 200mln, Bloomberg reports. The project faced prolonged disagreements over the location of its liquefaction plant.

• Nucor (NUE) - Nucor shares were little changed in extended US trading despite stronger-than-expected sales, supported by higher steel prices, though traders still have concerns that potential tariff easing on Canadian steel could pressure domestic pricing ahead. Q3 adj. EPS 5.80 (exp. 5.83), Q3 revenue USD 11.25bln (exp. 10.79bln), Q3 EBITDA USD 2.28bln; FCF reached approximately USD 2.7bln through the first nine months of 2026. CEO said demand remained robust across key end markets, while the first heat at the West Virginia sheet mill and start-up of the second galvanising line at Nucor Steel Berkeley expanded capacity and capabilities. Sees Q4 earnings generally in line with/modestly above Q3 levels, with stable steel mills earnings as higher realised pricing offsets seasonally lower volumes and higher costs, stable steel products earnings on higher pricing and lower seasonal volumes, and slightly lower raw materials earnings due to lower realised DRI pricing.
• Cleveland-Cliffs (CLF) - Cleveland-Cliffs confirmed subsidiary Stelco complies with all 34 undertakings linked to its Canadian acquisition, including employment commitments. Stelco expects 1,879 unionised employees and 627 salaried staff, exceeding required levels. Cleveland-Cliffs requested talks with Canadian Industry Minister Melanie Joly to address 175 temporary layoffs in Hamilton, citing concerns over imported galvanised steel and trade policy.

• Caterpillar (CAT) - Caterpillar is challenging the UK Trade Remedies Authority’s 18.81% anti-dumping tariff on Chinese-built excavators, FT reports. Imposed following a complaint by JCB, the five-year duty has halted Caterpillar’s exports of affected equipment from China to the UK. Caterpillar disputes the tariff calculation, while the UK authority maintains that its methodology is justified.
• JetBlue (JBLU) - JetBlue shares rose almost 6% in extended US trading, despite a Q3 miss, as results showed revenue growth, better-than-expected fare recovery against higher fuel costs and improving operating margins, while management reaffirmed its goal of returning to operating profit next year. Q3 EPS -0.68 (exp. -0.55), Q3 revenue USD 2.81bln (exp. 2.83bln). Capacity +2.3% Y/Y, while average fuel price rose +57% Y/Y to USD 3.91/gallon. Q3 capex (including pre-delivery deposits) USD 189mln (vs revised guidance of approximately USD 275mln), mainly due to the timing of an aircraft delivery and LGA slot payments shifting into Q4. CEO said resilient demand and strong yields drove revenue ahead of initial expectations and helped offset more of the fuel-cost increase than expected, with momentum continuing into Q4; Fort Lauderdale is performing strongly despite capacity growth. Expects further adj. operating margin improvement in Q4 despite higher fuel prices, and sees sustained operating profitability in 2027, targeting at least 1.00 of EPS and positive free cash flow in 2028.
• Virgin Galactic (SPCE) - Virgin Galactic’s lead Delta-class spaceship will arrive at Spaceport America on 28th October to begin flight test preparations. Its first commercial flight is now expected in early Q2 2027, with a second spaceship entering service in late Q2/early Q3 2027. The revised schedule reflects additional avionics software integration and validation requirements.
• Johnson Controls (JCI) - Truelink Capital has agreed to acquire Johnson Controls’ global intrusion products business for an undisclosed sum. The business will operate as an independent company following completion. Transaction expected to close in H1 2027.
• General Dynamics (GD) - General Dynamics secured a USD 135.94mln US Army contract modification for Stryker Enhanced Power Distribution Unit Version 2 Retrofit Kits, bringing the contract’s cumulative value to USD 162.4mln.

• Engie (ENGIY) - Belgium is threatening compulsory nationalisation of nuclear assets as negotiations with Engie over the takeover of the country’s nuclear power plants have made little progress, De Tijd reports.

• Novartis (NVS) - Q3 core EPS 2.46 (exp. 2.28), Q3 revenue USD 14.5bln (exp. 14.5bln). Adj. operating income was USD 6.04bln (exp. 5.51bln); Q3 Entresto sales were USD 1.17bln, Cosentyx sales USD 1.86bln. Core profitability exceeded expectations as growth from newer medicines increasingly offset generic pressure on Entresto. Raises FY26 operating income growth outlook to low single digits at constant currencies (prev. saw low-single-digit decline), and sees FY26 net sales growth at low single digits.
• Amgen (AMGN) - Amgen appointed former Yum! Brands (YUM) CEO David Gibbs to its board, effective immediately. Gibbs will serve on the Audit and Compensation Committees. He currently holds board positions at Under Armour (UAA) and PepsiCo (PEP). His appointment increases Amgen’s board to 13 directors, including 12 independent members.
• Bayer (BAYRY) - Bayer released a post hoc sub-analysis of key secondary endpoint data from its pivotal OASIS-1 and OASIS-2 trials, demonstrating Lynkuet’s efficacy in treating moderate to severe menopause-related hot flashes.
• AstraZeneca (AZN) - Enhertu has received EU approval as an adjuvant treatment for patients with residual disease following neoadjuvant treatment for HER2-positive early breast cancer.
• Novo Nordisk (NVO), Eli Lilly (LLY) - A US judge rejected Novo Nordisk’s request to temporarily block Eli Lilly from advertising claims that its drugs are more effective, finding Novo failed to demonstrate irreparable harm; Lilly may continue the disputed advertising while Novo Nordisk’s lawsuit proceeds.

This is the standard pre-open digest format rather than a single catalyst, so the read is about which threads dominate the session rather than any one print. The NVDA-META equity investment fits a now-established pattern of circular financing inside the AI complex, where the chip vendor takes stakes in, or extends capacity financing to, its own largest customers; episodes of this kind have historically drawn scrutiny over whether reported demand is organic or vendor-supported, and the Broadcom-Anthropic SPV financing noted elsewhere in the wrap is the same structure in debt form. The DASH-CART approach, if confirmed, would consolidate the delivery sector toward a near-duopoly, and comparable consumer-platform deals have tended to trade on antitrust risk rather than synergies, which is consistent with the reported divergence in the two share prices. The earnings slate is heavy enough, with payments, staples, semis and transports all reporting, that single-stock reactions are likely to set sector tone into the cash open rather than the index trading on macro. On the macro side, durable goods, Conference Board confidence and the 5-year auction are the scheduled touchpoints, and 5-year supply has historically mattered most for the belly of the curve when the preceding data have shifted rate-path pricing. The BoJ's underlying inflation gauge at a multi-year high keeps Friday's decision in frame, though the base case flagged is a hold with tightening pushed further out. The NVO-LLY advertising ruling and the AMAT-BESIY stake increase are follow-on stories, with the litigation continuing and the antitrust clearance the gating item respectively.