Daily US Equity Opening News - ON to buy SYNA in USD 7bln all-stock deal; OpenAI leans towards 2027 IPO; SSNLF plans huge investments; Dimon seen remaining JPM CEO for 3yrs; SPCX said to plan Starlink mobile service; EU extends EADSY-BA tariff suspension

DAY AHEAD:

DATA: In North America, US final Michigan consumer sentiment for June is seen at 50.0 (prev. 44.8), current conditions at 48.9 (prev. 45.8), consumer expectations at 50.5 (prev. 44.1), 1-year inflation expectations at 4.6% (prev. 4.8%) and 5-year inflation expectations at 3.4% (prev. 3.9%); US advance goods trade balance for May (exp. USD -81.0bln, prev. USD -83.0bln).
CENTRAL BANKS: The ECB’s Consumer Expectations Survey results for May are due to be published. ECB’s Nagel (hawk), and ECB VP Vujcic (neutral, on climate change) both speak. Fed’s Kashkari (2026 voter) is due. RBNZ Governor Bremen and Norges Bank Governor Bache both participate at the BIS 25th Annual Conference.
OPTION EXPIRIES: Gilt June 2026 futures expiry; Bund, Bobl and Schatz July options on September futures expiry; UST June 2026 futures expiry.
SUPPLY: Italy auctions EUR 5.5-7bln across 2031, 2036 and 2036 lines, plus EUR 1.5-2bln of 2036 CCTeu.
ENERGY: Baker Hughes will publish weekly rig counts data (prev. oil 433, total 563).

NEWS:

GEOPOLITICS:

Hormuz flows - At least eight empty LNG tankers have gathered outside QatarEnergy’s Ras Laffan facility after most transited the Strait of Hormuz, Bloomberg reports. Qatar is seeking to increase production after early progress in US-Iran peace talks. PM Al-Thani said Qatar plans to return normal LNG output from undamaged facilities within weeks.
Ukraine-Russia - Ukrainian President Zelensky approved a 40-day operation to “influence” Russia into ending the war. He gave no details, but praised Ukraine’s security services after a briefing on strikes against Russian targets. Russia’s Defence Ministry reported downing 660 Ukrainian drones overnight across multiple regions.

MACRO:

Fedspeak - Fed’s Williams (voter) said inflation remains too high but monetary policy is well positioned to return it to the 2% target, pushing back his timeline to 2028 (he prev. saw 2027). He expects inflation to cool to 3.5% by year-end, and growth of around 2.25%/yr over the next three years, with unemployment falling to 4% by 2028. Fed’s Goolsbee (2027 voter) said he saw hopeful signs in the latest inflation report, but warned core inflation remains too high and is “trending the wrong way”.
US Antitrust - Associate Attorney General Stanley Woodward has told antitrust enforcers he prefers settlements over trials, a directive some DoJ lawyers interpreted as discouraging litigation, according to the WSJ citing sources. The department is battling Apple (AAPL) and Visa (V) in court over monopolisation claims, and is trying to settle a challenge to the Hewlett Packard Enterprise (HPE) merger. A DoJ spokeswoman said Woodward hasn’t discouraged litigating cases.
US Ags - President Trump signed an executive order advancing regenerative agriculture. USDA Secretary Rollins announced the final Regenerative Feedstock Rule. USDA said the rule links regenerative practices to biofuel markets for corn, soybeans, sorghum and spring canola, and follows a USD 700mln pilot programme covering more than 49mln acres.
Japan Fiscal - Japan FinMin Katayama said the government would maintain fiscal sustainability while compiling budgets and investment decisions.
Tokyo CPI - Tokyo CPI rose to 1.7% Y/Y in June (exp. 1.7%, prev. 1.4%), with the core measure rising to 1.6% Y/Y (exp. 1.6%, prev. 1.3%), picking up for the first time in eight months, and the ex-food and energy gauge rising to 1.9% Y/Y (exp. 1.8%, prev. 1.6%). Analysts said the data keeps the BoJ on track for further rate hikes following last week’s hike.
PBoC - The PBoC may set its inaugural overnight reverse repo rate at 1.35% vs the 1.4% 7-day rate held steady since May 2025, according to a Bloomberg survey. Forecasts ranged from 1.30-1.40%. The PBoC will introduce the overnight tool on 29th and 30th June. Nomura cautioned that a lower rate doesn’t necessarily imply a policy cut. Separately, the PBoC has reportedly requested that some commercial banks increase lending in June amid ongoing weak credit demand.
BoC - The BoC is being urged by economists, think tanks and other stakeholders to focus more on headline inflation rather than core gauges in its public communications. Public consultations found core inflation metrics confusing, ahead of the bank’s mandate framework renewal with the federal government later this year.

TRADE:

China - Senior Chinese lawmakers reviewed a bill this week that would empower state prosecutors to file civil suits against foreign organisations and individuals who allegedly damage China’s interests, state media said. The “procuratorial public-interest litigation” law had its second reading at a legislative session concluding Friday, with a third reading possible by year-end.
US-Canada - US Commerce Secretary Lutnick delayed the opening of the Gordie Howe International Bridge between the US and Canada to seek a larger share of toll revenue, Bloomberg reports citing sources. Michigan and Canadian officials had planned an opening ceremony for the CAD 6.4bln bridge before abandoning it.
US-EU - EU member states agreed to extend on an open-ended basis the suspension of tariffs on USD 4bln of American products tied to the Airbus (EADSY)-Boeing (BA) subsidy dispute, according to Politico. European Commission spokesman Olof Gill said discussions with the US are ongoing to ensure stability and continue the suspension on both sides.
UAE, Philippines, Indonesia - The Philippines, UAE and Indonesia will start preparatory talks to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Bloomberg reports. The 12-nation bloc also reaffirmed its commitment to formalise Costa Rica’s accession, expedite work on Uruguay’s application, and engage with the EU on possible investment and trade dialogues.

TECH:

Onsemi (ON), Synaptics (SYNA) - Onsemi agreed to acquire Synaptics in an all-stock deal valued at about USD 7bln. Synaptics shareholders will receive 1.350 Onsemi shares for each Synaptics share, representing a 19% premium. Onsemi said the deal expands its presence in AI-enabled devices, physical AI, robotics and humanoid markets. Onsemi backed its Q2 EPS guidance of USD 0.65-0.77 (exp. 0.71), and Q2 revenue guidance of USD 1.54bln-1.64bln (exp. 1.59bln).
OpenAI - OpenAI is leaning towards delaying its IPO until 2027, with CEO Sam Altman insisting on a USD 1tln valuation; overnight in APAC trade, SoftBank (SFTBY) shares fell sharply on concerns surrounding the delay (SoftBank’s investment in OpenAI is expected to reach about USD 65bln by October, while expectations for OpenAI’s IPO had helped lift SoftBank shares to record highs). Separately, The Trump administration asked OpenAI to stagger GPT 5.6’s release due to security concerns, The Information reports; Altman told staff the model would launch in limited preview, with government approving access customer by customer.
DeepSeek - DeepSeek plans to double its workforce after raising more than USD 7.4bln in its first funding round at a valuation above USD 50bln, the company said.
Samsung (SSNLF), SK Hynix (HXSCL) - Samsung is set to unveil a decade-long investment plan worth KRW 1,000tln (around USD 648bln) on Monday, including a possible KRW 300tln push to build chip factories in southwest South Korea, according to local media. The plan, covering AI data centres, batteries and displays, will reportedly be presented to President Lee Jae Myung alongside executives from Samsung and SK Hynix. Separately, SK Hynix’s inclusion in the Nasdaq 100 (NDX) within this year is considered a near certainty, while the possibility of Samsung Electronics pursuing an ADR is being discussed in Korea’s securities industry, according to local media reports.
TSMC (TSM) - TSMC said on Friday that all its fabs were operating normally during heavy rain and flooding in Taiwan, having proactively taken measures across its Taiwan facilities to prepare.
Lenovo Group (LNVGY) - Lenovo warned at the ISC 2026 conference that DRAM and NAND prices have entered a structural uptrend that will persist beyond 2030, even as Samsung, SK Hynix and Micron expand capacity, since supply gaps are outpacing production ramp-up.
Microsoft (MSFT) - The Italian Competition Authority has launched an investigation into Microsoft Ireland Operations and Microsoft S.r.l. over an alleged unfair commercial practice relating to the Microsoft 365 subscription price increase. The Authority said information on the integration of Copilot and Designer AI services appeared fragmented, with consumers placed by default on a higher-priced plan unless they exercised their right of withdrawal, potentially restricting consumer choice.
Wise Group plc (WSE) - Wise reported FY26 revenue of USD 2.5bln (exp. 1.87bln). Active customers reached 18.9mln, while Wise supported 19mln people and businesses moving USD 243bln globally, with an average take rate of 52bps and 75% of Q4 payments completed in under 20 seconds. Customer holdings grew 40% Y/Y to USD 39bln, and card spend rose 37% to USD 44bln. CEO Kaarmann said Wise added new licences, direct connections in Brazil and Japan, product features and platform partners including Raiffeisen Bank and UniCredit, while gaining licence approvals in South Africa, the UAE and Thailand. Sees FY27 revenue growth between 15-20%, and income before tax margin between 20-25%.

COMMUNICATIONS:

Warner Bros. (WBD), Paramount (PSKY) - FCC Chairman Carr said the agency is awaiting Team Telecom’s review of Paramount Skydance’s proposed USD 110bln acquisition of Warner Bros. Discovery before deciding on financing approval, Bloomberg reports. The deal includes USD 24bln from three Middle East sovereign wealth funds, which would own nearly 40% of non-voting equity.
Alphabet (GOOG) - Waymo registered a local entity in Germany, Waymo Germany GmbH, to offer driverless robotaxi services, expanding the Alphabet unit beyond the US, FAZ reports. There is no indication of an imminent launch. A Waymo spokesperson said the company also plans to bring its service to London and Tokyo, having already eyed 21 more cities globally.

FINANCIALS:

Deposit Insurance Fund - The FDIC proposed on Thursday letting banks pay lower fees to its Deposit Insurance Fund, reflecting recent fund growth, and raising the assessment threshold to USD 30bln from USD 10bln in assets, subject to 60 days of public input. Small banks could see assessments cut by 2bps and big banks by 1bps, with big lenders eligible for a further cut via a “resolution readiness adjustment.” The fund’s reserve ratio stands at 1.43%, above the required 1.35% minimum.
JPMorgan (JPM) - JPMorgan plans for Jamie Dimon to remain CEO for at least three more years, Reuters reports citing sources. Dimon narrowed JPMorgan’s CEO succession race to two candidates, on Thursday announcing that Doug Petno and Troy Rohrbaugh will become co-presidents (Rohrbaugh will run the Chase retail business; Petno will lead the commercial and investment bank), while Marianne Lake was told she was no longer in the running and decided to leave the bank, FT said.
American Express (AXP) - Amex is to raise quarterly its dividend +16% to 0.95/shr.
X Money, Payment Names - Elon Musk is expanding access to X Money to some premium X users in the US, Bloomberg reports. Dhruv Batura, who leads X Money, said the company would collect feedback before a broader launch. The payments tool is intended to let users send money, pay businesses and store funds on X.
Fannie, Freddie - Draft legislation in Congress would direct Fannie Mae and Freddie Mac to buy homebuilder construction loans and package them into bonds, Bloomberg reports. The bill is one of three aimed at reforming the government-sponsored enterprises, and seeks to cut homebuilding costs and boost housing supply.

CONSUMER:

Housing Bill - House Speaker Johnson said he would send President Trump a bipartisan housing bill cleared by Congress, despite Trump’s decision a day earlier to scrap a planned signing ceremony for the measure. Trump has yet to commit to signing the bill, having called it “of minor importance,” even as his own party views it as a key win ahead of midterms. Johnson said he and Trump were “on exactly the same page” after a White House meeting.
Coca-Cola (KO) - Coca-Cola said Jennifer Mann will step down as EVP and President, North America Operating Unit, effective 1st August. President and CFO John Murphy will assume responsibility for the unit on an interim basis. Mann will remain with Coca-Cola as senior adviser through April 2027 to support the transition.
Swatch Group AG (SWGAY), Samsung (SSNLF) - Swatch is demanding USD 170mln from Samsung over claims that 26 digital watch face apps created digital clones of its luxury brands including Omega, Tissot and Breguet. Samsung was found liable for trademark infringement by the High Court in 2022, and lost a subsequent appeal; the court is now determining damages.
Zalando (ZLNDY) - BaFin has launched an investigation into Zalando’s consolidated financial statements as at 31st December 2025, and accompanying management report. Information regarding a related-party transaction in connection with the acquisition of About You may have been incorrectly omitted from the notes to the consolidated financial statements.
Michelin (MGDDY) - Michelin plans to gradually shut down its BFGoodrich tyre plant in Alabama in phases from early 2027, with closure expected by the end of 2028; accordingly, the company will book a provision of around EUR 220mln this year.
Stellantis (STLA), Nissan (NSANY) - Stellantis and Nissan are in talks to take over assets from bankrupt auto-parts maker Marelli; Stellantis is discussing Marelli’s suspensions business in Italy, Poland, Brazil and Mexico, while Nissan is looking at cockpit assets in Japan.

INDUSTRIALS:

SpaceX (SPCX) - COO Gwynne Shotwell told investors during a recent IPO roadshow that SpaceX plans to launch a Starlink mobile service for US consumers, potentially building its own terrestrial mobile network to compete with Verizon Wireless (VZ), AT&T (T) and T-Mobile (TMUS), FT reports citing sources. The move follows SpaceX’s USD 1.8tln IPO and its USD 17bln purchase of EchoStar (SATS) spectrum licences last September. Starlink served 10.3mln broadband customers worldwide as of March.
FedEx Freight (FDXF) - Q4 revenue USD 2.4bln (exp. 2.26bln), rising +4.8% Y/Y; adjusted operating income fell by -23.9% Y/Y to USD 363mln. CEO John Smith said the newly independent company is focused on profitable growth and service differentiation. Sees revenue growth between 4-6% for the seven months ending 31st December 2026 (vs USD 5.1bln Y/Y), operating income between USD 475-515mln, adj. operating income between USD 605-645mln, operating margin between 9.0-9.5%, adj. operating margin between 11.5-12.0%, interest expense of approximately USD 135mln; diluted EPS between 1.75-1.95, and adj. diluted EPS between 2.40-2.60.
Aeroplane Manufacturers - The FAA proposed a rule it said would reduce the costs and time needed to gain approvals of new aircraft and engines, a potential boon for manufacturers including Boeing (BA) and GE Aerospace (GE), Bloomberg reports. The deregulatory measure aims to cut the number of exemptions, special conditions, and safety findings required during certification, with a public comment period before finalisation. Boeing is still awaiting certification of its 737 Max 7 and 10 variants and 777X aircraft.
Airbus (EADSY), Boeing (BA) - EU member states agreed to extend on an open-ended basis the suspension of tariffs on USD 4bln of American products tied to the Airbus-Boeing subsidy dispute, according to Politico. European Commission spokesman Olof Gill said discussions with the US are ongoing to ensure stability and continue the suspension on both sides.
Delta Air Lines (DAL) - A fire broke out at Delta Air Lines’ Monroe Energy refinery in Pennsylvania on Thursday, starting in a process unit pump room. The fire is now under control, with one employee sustaining non-life-threatening injuries; air monitoring showed no risk to surrounding areas. The 190k BPD refinery has had multiple units shut since 16th June for repairs.
Rocket Lab (RKLB) - Rocket Lab was selected by NASA to provide three Electron launches for two NASA missions, PolSIR and TSIS-2. Rocket Lab will fly two back-to-back Electron launches for PolSIR from Launch Complex 1 in New Zealand no earlier than June 2027, and a separate TSIS-2 launch from the same site in early 2027.
RTX (RTX) - RTX received a USD 1.11bln US Navy contract modification for AIM-9X production Lot 26 requirements supporting the Navy, Army, Air Force and Foreign Military Sales customers.
General Dynamics (GD) - General Dynamics received a USD 209.34mln US Army contract modification for the Abrams Engineering programme, raising the contract’s total cumulative face value to USD 849.9mln.

ENERGY:

China Crude Imports - China’s seaborne crude imports will average about 6.4mln BPD in June, the lowest since October 2016 and around 8% below May levels, according to preliminary data from Kpler. Vortexa tracking also shows a similar trend. China has cut purchases by about 4mln BPD since the Iran war began in late February, helping cap prices below USD 100/bbl, Bloomberg said, adding that a weak economy and shift to EVs may keep demand subdued for months.
TechnipFMC (FTI) - TechnipFMC was awarded a large iEPCI contract by Var Energi for the Ofelia and Gjoa Nord projects in the Gjoa area of the North Sea, worth between USD 500mln-1bln. The award follows a 2025 collaboration agreement.

MATERIALS:

US Critical Minerals - The US Army struck deals with REalloys (ALOY), Titan Mining (TI), ioneer (IONR) and EnergyX to build critical minerals processing plants on military bases. REalloys will build a rare-earth facility at Tooele Army Depot, Titan Mining a graphite plant at Pine Bluff Arsenal or Anniston Army Depot, EnergyX a lithium facility, and ioneer a boron plant. Construction is expected to start by 2027, with production beginning by 2028.
BHP Group (BHP) - BHP Group’s incoming CEO Brandon Craig announced leadership changes before taking the role on 1st July. His former President of Americas role will be split, with Jessica Farrell leading North America and overseeing South America until a candidate is found.
Equinox Gold (EQX) - Equinox Gold signed 20yr land access agreements with all three communities hosting its Los Filos Mine in Guerrero, Mexico. The company has begun activities to support a gradual restart of heap leach operations and is advancing expansion studies. Los Filos contains 5.4mln ounces of mineral reserves.
Savannah Resources (SAV LN) - Savannah Resources is pursuing a secondary listing in Lisbon or Australia to tap investor appetite for battery materials, Bloomberg reports. Savannah owns Portugal’s Barroso lithium project, expected to start production in late 2028, and has signed an offtake agreement with AMG Lithium.

HEALTHCARE:

Moderna (MRNA) - Moderna CEO said the planned flu vaccine launch could help educate the public on mRNA technology. If US regulators approve the shot in August, Moderna plans to market it soon afterwards. CEO reiterated guidance that the vaccine is expected to contribute no revenue in 2026.