Daily US Equity Opening News - Tech selloff follows Asia weakness; IBM rises on Trump mention; APO fund caps redemptions

DAY AHEAD:

US INDEX FUTURES: ES -1.5%, NQ -3.0%, YM -0.5%, RUT -1.6%
BROKER MOVES: TGT upgraded at Wolfe; NKE downgraded at Evercore ISI. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, US tech names, QCOM, IBM, ORCL, PFE, ACN, AMC, TGT, NKE, APO. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BKR, PSX, EOG, CVX, AMD, AMZN, EPD, GOOGL, META, MSFT, NVDA. For the full list, click here.
EVENTS: Iranian President Pezeshkian will visit Pakistan, to discuss trade, energy, border security and connectivity. USTR Greer is meeting India’s Commerce and Industry Minister Goyal and other officials in New Delhi on Tuesday and Wednesday to resolve remaining hurdles to a bilateral trade agreement.
DATA: In North America, US flash composite PMI (exp. 50.6, prev. 51.5), manufacturing (exp. 54.8, prev. 55.1) and services (exp. 51.0, prev. 50.7); Richmond Fed manufacturing index for June (prev. 13).
CENTRAL BANKS: ECB’s Vujcic (neutral) speaks on monetary policy (slide release); ECB’s Elderson (neutral) speaks on financing the future (no text); BoE’s Taylor (dove) speaks on monetary policy (text release); BoE’s Dhingra (dove) speaks on “Brexit ten years on".
SUPPLY: US auctions USD 69bln of 2-year notes.
EARNINGS: Notable US corporates reporting today includes: FedEx (FDX).
ENERGY: API weekly energy inventories due after hours.

NEWS:

GEOPOLITICS

Iran - Iranian Deputy Foreign Minister Gharibabadi said four working groups were agreed following quadripartite consultations between Iran and the US held in Switzerland, according to Press TV; the groups will address sanctions relief, nuclear settlement, reconstruction and economic development, and monitoring.
US-Philippines - The US provided four Ocean Aero Triton autonomous underwater and surface vehicles to the Philippine military. The vehicles are worth about USD 13mln and can collect data above and below the ocean’s surface for up to 30 days. The delivery comes amid Manila’s territorial dispute with Beijing in the South China Sea.
North Korea - North Korean leader Kim Jong Un called to boost its nuclear capabilities with increasing speed after the Middle East conflict, KCNA reports. Kim criticised US practices and Japan’s military ambitions, while setting out defence expansion plans including a 10,000-ton strategic guided missile cruiser and new naval bases.
India-China - India’s National Security Adviser Ajit Doval met Chinese Foreign Minister Wang Yi in New Delhi, with both sides noting progress towards normalising ties. India called the talks constructive and forward-looking. China said relations are gradually emerging from a low point, while Wang said the border issue should not affect the overall bilateral relationship.

MACRO

Citi - Said global equity positioning improved as risk sentiment strengthened following the US-Iran MoU. In the US, increased small-cap positioning suggests broader participation, while large-cap exposure remains bullish, but elevated Nasdaq longs leave risks skewed to negative catalysts. EuroStoxx positioning rebounded strongly on short covering, leaving a cleaner setup reliant on new risk flows. In Asia, Korean positioning surged back toward extremes, contrasting with continued weakness in China-related markets and steady gains in Japan, leaving KOSPI's stretched positioning as a key risk. Elsewhere, Citi's macro-regime clustering model indicates markets remain in a "Normal" environment, though recent oil price declines and resilient economic data suggest a potential shift towards a "Goldilocks" regime of higher growth and lower inflation, which the bank says would favour commodity short volatility strategies, multi-asset vol carry, and CTA-style trends. Citi adds that, in the current regime, curve carry, congestion strategies, and US equity momentum show stronger-than-average risk-adjusted returns; a key risk is a persistent oil shock or rollback of the current US-Iran detente, which could tighten financial conditions and push markets toward stagflation.
Goldman Sachs - Said the AI boom echoes Dot-Com tensions as valuations outpace fundamentals. Goldman Sachs sees no macro imbalances yet, signalling the boom's end, but says the gap between favourable fundamentals and stretched valuations continues to widen, echoing dynamics from the 1990s tech bubble. The most credible upside case requires AI-related companies to capture an above-normal share of AI-driven productivity gains; outside AI-exposed areas, the macro backdrop may be more fragile than headline growth suggests, the bank writes. Goldman expects the investment boom to extend further, but flags rising equity volatility ahead and a higher-than-usual risk that rates end up meaningfully lower once the boom peaks.
Fedspeak - Fed’s Goolsbee (2027 voter) said inflation remains well above target and is going the wrong way. Goolsbee called a rise in services prices not linked to temporary shocks “disturbing,” and warned that such pressures tend to be more persistent.

INDEX

SPX - Barclays raised S&P 500 price target to 7,800 (from 7,650), and now sees FY26 EPS at USD 337 (from USD 321). Barclays said that equities remain choppy as peace talks stop and start, and questions linger around AI spend, funding and monetisation, higher for longer rates, and consumer strength. Barclays says it is focused on the improving earnings outlook.

TECH

Tech Selloff - The megacap tech selloff extended into Asia, where a gauge of Asian tech stocks dropped nearly 5%, snapping an eight-day winning run. South Korean stocks fell from record highs as investors sold chip heavyweights, with the KOSPI index seeing a trading halt after an 8%+ decline, and then closed with losses of around 10%. SK Hynix and Samsung Electronics lost more than 12%. Attention is turning towards Micron’s (MU) quarterly results, due Wednesday, as a test of the AI investment rally. Jukan wrote: Why did the KOSPI fall today? 1. Korean leverage trading has climbed to excessively high levels. 2. Ahead of Micron's earnings, profit taking is underway, with talk that buy-side expectations have become too elevated. 3. Korean lawmakers are discussing imposing taxes on unrealised gains from stocks. 4. SK Hynix overtaking Samsung Electronics in market capitalisation is being read as a market top signal. Commentary: With Samsung Electronics' earnings scale still exceeding that of SK Hynix, a reversal in market cap can be interpreted as a sign of market overheating. 5. A delay in SK Hynix's ADR listing. 6. The failure of the Korean market to gain inclusion in the MSCI developed markets index, and so on.
Quantum - President Trump signed two executive orders Monday aimed at accelerating quantum computing research and bolstering cyber defences. The first order targets development of a scientifically useful quantum computer by 2028, with the Energy Department setting technical specifications, alongside deployment of quantum-enabled sensors and networks within five years. The second order accelerates adoption of quantum-resistant encryption standards, with migration required by 2031 at the latest for high-value federal assets. The Commerce Department previously announced more than USD 2bln in funding in exchange for equity stakes in quantum firms, including IBM (IBM) and GlobalFoundries (GFS).
IBM (IBM) - IBM shares rose in extended trading after US President Trump positively mentioned CEO Arvind Krishna during a White House signing ceremony on quantum technology. Trump singled out Krishna’s leadership and joked that he had sold IBM stock after becoming President, calling it “not a good move”. Separately, IBM joined the OpenAI Daybreak Cyber Partner Programme, bringing frontier AI capabilities into security operations to help enterprises counter machine-speed threats. Building on Project Lightwell, IBM launched a new application security service using OpenAI model cyber capabilities to help organisations identify and validate software vulnerabilities with greater speed and precision. Additionally, IBM was upgraded at JPMorgan to 'Overweight' from 'Neutral' with a USD 291 PT (prev. 270). The firm cites greater confidence in a second half of 2026 software acceleration following an analysis of IBM's software business for the upgrade. IBM faces Red Hat and OpenShift migration tailwinds, OpenShift strength amid growing AI-driven container adoption, and automation reacceleration as HashiCorp "taps increasing C-suite sponsorship". JPM sees room for multiple expansion should IBM "gain incremental traction as a substantial AI infrastructure beneficiary."
Qualcomm (QCOM) - Qualcomm is in advanced discussions to acquire AI chip startup Modular at a valuation of about USD 4bln, according to Bloomberg. The price marks a significant step-up from the USD 1.6bln valuation Modular secured in a funding round nine months ago. Founded in 2022, Modular has raised USD 380mln to date.
Intel (INTC) - Intel is deepening cooperation with Taiwan’s semiconductor supply chain and plans to broaden engagement again in mid-October, Digitimes reports. The move follows exchanges in the US with several Taiwanese suppliers in Q1.
Apple (AAPL) - A UK tribunal approved a class-action lawsuit seeking about USD 4bln in damages over iCloud services. The case could include nearly 40mln UK iCloud users, covers the period since 2018, and will be brought on behalf of consumers by Which?, Reuters reports.
Oracle (ORCL) - Oracle’s workforce fell 13% (c. 21K employees), to 141K by the end of May. The company spent USD 1.84bln on severance and other exit costs in FY26 (vs USD 374mln in FY25).
Palantir Technologies (PLTR) - Palantir said the US Army has established the foundational data architecture baseline for its Next Generation Command and Control programme, built on Palantir’s Foundry as the cloud data layer and Anduril’s Lattice as the tactical data layer. The common baseline is intended to enable scaling and interoperability across the NGC2 ecosystem as the programme moves from prototyping to delivery across additional Army formations.
Micron (MU), Anthropic - Micron and Anthropic announced a strategic agreement to scale infrastructure supporting increasingly powerful AI models, Digitimes reports.
OpenAI - OpenAI is rapidly expanding its advertising business, aiming to generate USD 100bln in ad revenue by the end of the decade, roughly half of Meta’s (META) current ad revenue, according to OpenAI advertising chief David Dugan. ChatGPT launched ads in February for free and “go” tier users across seven test markets, including the US, UK, Canada and Japan, with thousands of advertisers already onboard. The company plans to launch in Brazil and Mexico in the coming weeks, and eventually India, Semafor reports.
Samsung (SSNLF) - Samsung developed what it called the industry’s fastest UFS 5.0 memory for on-device AI, Yonhap reports. The company said the storage solution is designed for smartphones and other mobile devices, reducing latency and improving response times for large language models running locally. Mass production is scheduled to begin in Q4.
SK Hynix (HXSCL) - CSOP Asset Management’s leveraged ETF tied to SK Hynix has grown to more than USD 16.8bln in assets, becoming Hong Kong’s largest ETF, Bloomberg reports. The product, launched in October to deliver twice SK Hynix’s daily return, surpassed the USD 16.2bln Tracker Fund. SK Hynix shares have risen more than 300% this year.
Applied Digital (APLD), MDU Resources Group (MDU) - MDU Resources’ subsidiary Montana-Dakota Utilities signed an electric service agreement with Applied Digital to power Polaris Forge 3, an AI data centre in North Dakota, requiring 430 megawatts at full capacity. Applied Digital, which anticipates initial operations from August 2027, will be responsible for purchasing the energy directly.
Workday (WDAY) - A federal judge largely denied the company's attempt to dismiss claims that its AI-powered hiring software unlawfully screened out job applicants, allowing the lawsuit to proceed. The ruling also found California anti-discrimination laws may apply to some applicants outside the state, Reuters reports.
Sony Group (SONY) - Sony plans its first USD bond sale since 1998, Bloomberg reports. The company will sell 5yr and 10yr senior fixed-rate bonds for general corporate purposes.
PagerDuty (PD) - PagerDuty appointed Eric Prengel as CFO.
Accenture (ACN) - To boost share buyback by USD 2bln.
Zeta Global (ZETA), Palantir (PLTR) - Zeta Global and Palantir Technologies announced a strategic partnership to build the enterprise AI infrastructure layer that connects operational intelligence, customer intelligence, and marketing execution. Together, Palantir and Zeta are combining AI infrastructure with Zeta's intelligent decisioning and trusted data to bring a new standard of data-driven, agentic marketing to the enterprise.

COMMUNICATIONS

Social Media - Children’s online safety legislation is gaining traction in Congress, with a bipartisan House agreement requiring platforms including Meta (META) and Google (GOOG) to set strong privacy and safety defaults for minors. House Energy and Commerce Chairman Guthrie and Democrat Pallone backed the KIDS Act, while Senator Blackburn is pushing a broader Senate proposal.
Meta Platforms (META) - Meta paused an internal AI training programme called the Model Capability Initiative after sensitive employee data was accessible across the company, Business Insider reports. Screenshots showed the leak exposed private conversations, performance data and transcriptions. Meta said it had no indication that data was improperly accessed and is investigating. The programme uses staff keystrokes and mouse movements as training data. Meanwhile, the EU is set to issue prelim findings in its Digital Services Act probe into Meta Platforms, and escalate its investigation into addictive design that hooks children, Bloomberg reports.
AMC Entertainment (AMC) - Priced a USD 200mln registered direct offering, selling 95.25mln common shares. The company expects to use part of the proceeds to redeem USD 125.5mln of its 6.13% notes due 2027, reducing debt.
Tencent (TCEHY) - Tencent is negotiating exits from several Japanese game studio investments, including Tokyo-listed Marvelous, as part of a reassessment of its global gaming portfolio, Bloomberg reports. The company is evaluating minority holdings and in some cases preparing to sell stakes back to original management even at a loss, while investments in studios such as PlatinumGames and FromSoftware remain unaffected.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Amazon was ordered by a US labour board judge to collectively bargain with San Francisco delivery-centre workers, finding that Amazon violated federal law by refusing to recognise the Teamsters after it obtained majority support in 2024. Amazon disagreed, said it would appeal, and argued the Cemex precedent is unlawful.
Alibaba (BABA) - Reportedly cutting 5% of its workforce, from its Southeast Asia e-commerce unit Lazada
European New Car Registrations - ACEA data showed European new vehicle registrations rose 3.6% to 1.15mln units in May, a fourth straight month of growth driven by affordable electric and hybrid models. Battery and plug-in hybrid cars rose to make up 34% of registrations, while petrol and diesel sales each fell 19%. In Germany, EV sales jumped 39% amid a new subsidy, with BYD’s (BYDDY) registrations tripling to a 2.6% market share. Tesla (TSLA) registrations in Europe more than doubled in May, and rose 57% Y/Y in the first five months of 2026.
Tesla (TSLA) - The NHTSA opened a special crash investigation into a fatal Tesla Model 3 crash near Houston, WSJ reports. Harris County Sheriff’s Office said the driver reported using an automated driving assistance system before the car struck a home, killing Martha Avila. Tesla executive Ashok Elluswamy claims the driver manually pressed the accelerator. Meanwhile, European vehicle registrations reportedly rose to 28,610 vehicles in May, including 21,767 in the EU, more than doubling year-over-year and marking a fourth consecutive month of growth in the region, WSJ reported.
Bath & Body Works (BBWI), Ulta Beauty (ULTA) - Ulta announced a retail partnership under which Bath & Body Works products will be sold in more than 600 Ulta Beauty stores starting July 12, including fragrances, body care, hand soaps, candles, and air fresheners, as both companies pursue growth and turnaround initiatives.
Nissan (NSANY) - Nissan shareholders rejected the re-appointment of long-serving outside director Motoo Nagai, whose independence had been questioned over ties to Mizuho Financial Group, the carmaker’s main banking partner. Proxy advisers Glass Lewis and ISS had recommended voting against him. Shareholders backed the appointments of the other 11 board nominees, including Chief Executive Ivan Espinosa.
Ford Motor (F) - Unifor is seeking higher pay, retirement benefits and stronger job security from Ford in Canadian contract talks. The union, representing 5,150 Ford employees in Canada, set a 10th July deadline. Negotiations come amid uncertainty over Trump tariffs and USMCA renewal.
Nike (NKE) - Downgraded at Evercore ISI to 'In Line' from 'Outperform' with a USD 46 PT (prev. 57). About two years into the turnaround, the firm's checks are still picking up unexpected new resets lower in the wholesale channel, "minimal needle-moving innovation" in the pipeline into calendar 2027, and near-term execution issues, including World Cup delivery issues. With parts of the core business still weakening, resulting in more cancellations/order cuts than the firm thinks Nike anticipated when it gave preliminary guidance for the first half, the firm sees rising probability that Nike will have to signal consensus lower again in the near-term to avoid potential for "a far worse scenario" where it would have to lower the full FY27 outlook at the Fall 2026 analyst day.
General Motors (GM), Tencent (TCEHY) - Momenta Global, backed by General Motors and Tencent, is set to gauge investor interest for a Hong Kong IPO as early as this week, Bloomberg reports.
Wendy's (WEN) - Named Steve Cirulis CFO, with Ken Cook to step down, but is to remain in advisory role through July.
Porsche AG (DRPRY) - Porsche plans to streamline its model lineup and deepen Volkswagen (VOW3 GY) cooperation as margins face US tariffs and weak Chinese demand; CEO said the US will remain its most important market, while China’s weakness reflects a structural shift rather than short-term downturn.
Best Buy (BBY) - Best Buy CFO Matt Bilunas will step down and leave the company at the end of July. Best Buy has engaged an external search firm and expects to name a successor with prior CFO experience. CEO Corie Barry, a former CFO, will provide financial oversight during the transition if needed.
Domino’s Pizza (DPZ) - Domino’s said CEO Russell Weiner will retire, with Joe Jordan, currently COO and President of Domino’s US, appointed CEO effective 1st October. Weiner will become Executive Chairman Designate, then Executive Chairman after the 2027 annual shareholder meeting.
Shopify (SHOP) - Reuters reported that Shopify plans to ban vape sales from its platform following pressure from a coalition of US state attorneys general targeting online sales of illegal e-cigarettes. The policy has not yet been formally announced.
Nissan (NSANY) - Reuters reported that the company has stopped development of an electric version of the Qashqai, its best-selling model in Europe, as part of efforts to reduce its lineup and cut costs amid increasing competition from both traditional automakers and Chinese EV manufacturers.

CONSUMER STAPLES

Keurig Dr Pepper (KDP) - Announced that Rafa Oliveira, head of its Coffee Operating Unit, will leave at the end of July for an external CEO role. The company has begun a search for the future CEO of Global Coffee Co. ahead of the planned early-2027 separation into Beverage Co. and Global Coffee Co. Tim Cofer will continue overseeing the coffee business until then, while Pamela Patsley is set to become Chairman of Global Coffee Co. following the separation. Maintained FY26 net sales view of 25.9-26.4bln (exp. 26.25bln) and adj. EPS growth of low double digits.
Edgewell Personal Care (EPC) - Edgewell Personal Care rejected an unsolicited USD 30/shr takeover offer from Yellow Wood Partners, stating the offer was too low, Bloomberg reports. Shares closed regular Monday trading at USD 22.72, and rose over 11% in extended trading on the news.
Alimentation Couche-Tard (ANCTF) Q4 2026 (USD): Adj. EPS 0.73 (exp. 0.54), Revenue 19.49bln (exp. 18.51bln). Profit rose to 863.4mln, including a 260.9mln pretax net recovery from long-standing legal matters. Road transportation fuel revenue increased to 14.8bln (prev. 11.95bln), while service and merchandise revenue rose to 4.51bln (prev. 4.19bln). Consolidated same-store merchandise revenue +2.2%, led by the US +3.4% and Europe and other regions +1.1%, partly offset by Canada -0.9%; same-store fuel volumes -2.1% in the US and -4.4% in Europe and other regions, while +2.0% in Canada.
Target (TGT) - Upgraded at Wolfe Research to 'Outperform' from 'Peer Perform' with a USD 162 PT. Wolfe named the stock a top pick into year-end. Target is seeing improved execution as the new management team shakes up the status quo. Wolfe sees a 3-to-1 skew in the shares, with upside to USD 160 and downside risk to USD 120. Target's summer store resets are accelerating, and it is becoming a "destination once again," contends Wolfe. It believes the company's "future is increasingly compelling" with mid-USD 9 EPS possible in 2027.
Danone (DANOY) - Danone is reportedly mulling more acquisitions in Australia and New Zealand, according to the AFR.
Heineken (HEINY) - Heineken nominated Rafael Oliveira as Executive Board Chair and CEO for four years, effective 1st October, pending shareholder approval on 5th August.

FINANCIALS

CME Group (CME), Intercontinental Exchange (ICE) - The CFTC has sought public input on perpetual contracts and 24/7 trading for traditional energy derivatives, following industry concerns over offshore platforms and excessive risk. Chairman Michael Selig said the move would help the commission understand the implications of extended trading hours and new contract designs. CME Group and Intercontinental Exchange have raised concerns about energy perpetuals trading on the offshore platform Hyperliquid affecting their own exchange pricing, and CME sued the CFTC last week after it permitted Kalshi to trade crypto perpetuals contracts.
CME Group (CME) - Trading on CME Direct was disrupted on Monday after some clients experienced disconnects around 1pm Central Time, due to a third-party network issue, before service was restored. CME said affected clients also faced delays reconnecting; CME Globex was unaffected. Traders said the issue affected oil, natural gas, copper, gold and silver markets. The episode follows several similar glitches disrupting natural gas and metals trading earlier this year.
Apollo Global (APO) - Apollo Global’s private credit fund is capping investor redemptions at 5% after receiving requests to repurchase approximately 16.8% of outstanding shares as of 31st March. The fund said leveraged lending markets remain resilient outside the software sector, with new-issue spreads broadly unchanged YTD. Q2 gross inflows totalled USD 0.3bln (equivalent to 2% of NAV), while the 5% redemption cap represents an estimated USD 0.7bln in gross outflows, leaving expected net outflows of approximately USD 0.4bln (or 3% of NAV) for the quarter. US onshore redemption requests moderated to about 4.3%, while offshore redemptions rose to 12.5%.

REAL ESTATE

US Housing Bill - The US Senate passed a sweeping housing bill on Monday by 85-5, advancing legislation that would curb institutional investors’ role in the housing market while streamlining supply rules. The measure bars large investors with more than 350 homes from purchasing additional single-family properties, exempting build-to-rent projects. The bill also would prohibit the Fed from developing a central bank digital currency through 2030. It now requires House approval before reaching President Trump’s desk.
Public Storage (PSA) - Public Storage has agreed to acquire Public Storage Canada from the Hughes family in a deal valued at approximately USD 1.2bln, comprising around USD 889mln in Public Storage OP units priced at USD 321.98 each, and approximately USD 310mln in cash. The agreement also includes potential earn-out consideration of up to USD 288mln in OP units priced at USD 375 each, contingent on NOI performance targets. The transaction is expected to close in H2.
Welltower (WELL) - Welltower CFO Tim McHugh received a USD 167mln pay package in 2025, up from USD 7.2mln in 2024, making him the highest-paid finance chief among major US companies, according to the WSJ. The pay, driven largely by stock awards worth about USD 164mln, surpasses Tesla (TSLA) CFO Vaibhav Taneja’s previous record of USD 139mln in 2024, and exceeds Alphabet (GOOG) CFO Anat Ashkenazi’s USD 31.3mln. Median S&P 500 CFO compensation reached USD 6mln in 2025, up from roughly USD 5.8mln a year earlier, the Journal notes.

INDUSTRIALS

Defence Contractors - US President Trump said defence contractors are not allowed to conduct stock buybacks, calling them a fake way to raise the share price; follows last week’s news that a Senate Armed Services Committee-approved defence bill includes a provision that could bar some defence contractors from stock buybacks or dividend payments without Defence Department approval, after which business groups representing publicly traded defence contractors expressed concern. Trump will meet executives from major US defence contractors on Wednesday.
SpaceX (SPCX) - Successfully launched Starfell demo mission on Falcon 9 from Florida. Meanwhile, Musk ally, Valor Equity Partners, to raise USD 2.5bln fund; the new fund includes SpaceX shares, according to Bloomberg.
SpaceX (SPCX), SoftBank (SFTBY) - SoftBank Group founder Masayoshi Son said data centres in space have little merit and the AI race will be won by compute on Earth; he cited hardware, launch, maintenance and communication costs.
Caterpillar (CAT), Rio Tinto (RIO), BHP Group (BHP) - BHP and Rio Tinto are testing Caterpillar’s battery-electric haul trucks at BHP’s Jimblebar iron ore mine in Western Australia, as the miners seek to cut emissions. A three-month initial trial of two XE Early Learner trucks has shown “meaningful progress,” the companies said. The next phase will test a system allowing the trucks to charge while operating. Jimblebar hosts two of the seven Early Learner trucks being trialled globally.
Avis Budget Group (CAR) - Avis entered a Settlement and Release Agreement with Pentwater Capital Management to resolve its lawsuit seeking recovery of short-swing profits; the settlement amount is USD 650mln in cash, subject to court approval.
Boeing (BA) - Boeing received a USD 121.2mln US Navy order for nine retrofit A-kits with Increment Three Block Two Engineering Change Proposal Six capabilities, three installations on P-8A aircraft and related non-recurring engineering.
Comfort Systems USA (FIX) - Announced that Craig Sasser, currently Regional Vice President - Atlantic Region, will be appointed to serve as COO, effective July 1. Trent McKenna will continue to serve as President of the company. The company further announced that Briston Blair will transition from his current role as Senior Vice President - Innovation & Strategy to Chief Strategy & Innovation Officer, effective July 1.
Primoris Services Corporation (PRIM) - Cut FY26 EPS view to 2.05-2.60 (exp. 4.00, prev. 4.80-5.00). Announced additional cost overruns and project challenges in its renewables business, lowered expectations for 2026 renewables revenue to approximately USD 2.1bln from USD 3.0bln in 2025. Announced roughly USD 2.0bln of new project awards in Q2 2026, primarily in its Energy segment, focused on natural gas generation, industrial, and electric construction projects supporting power demand growth and data centres. Also announced that COO Jeremy Kinch is leaving the company. CEO Koti Vadlamudi will assume most COO responsibilities on an interim basis while a successor search is conducted.

ENERGY

Iraq - Iraq’s SOMO said that Kirkuk oil exports via Northern routes climb to nearly 7mln barrels per month from 4mln barrels.
US Oil-Drilling Bonds - The Department of Interior is cutting bonds required for onshore federal oil and gas drilling leases by 95%, to USD 25,000 (from USD 500,000 imposed under the Biden administration), to encourage more energy exploration. The bonds ensure that well-capping and cleanup costs do not fall to taxpayers.
TechnipFMC (FTI) - TechnipFMC has been awarded a “significant” contract by Azule Energy to supply flexible flowlines and risers for the Greater PAJ development offshore Angola, valued at between USD 75-250mln under the company’s classification.
Murphy Oil (MUR) - Murphy Oil announced an oil discovery at the Bubale-1X exploration well in Block CI-709, around 40 miles offshore Cote d’Ivoire. The well was drilled to 20,548 feet in 7,795 feet of water and encountered 100 feet of net oil pay. Murphy plans one well in H2 2026 to test the discovery’s extent.
Seadrill Limited (SDRL) - Seadrill’s Board extended its USD 500mln share repurchase programme (previously due to expire on 25th June) through to 31st December. As of 19th June, approximately USD 208mln of the authorised amount remained available under the programme.
Energy Fuels (UUUU) - Agreed to acquire VAC from Ara Partners for approximately USD 1.9bln in cash and stock, creating an integrated rare earths and magnet materials platform. The deal includes USD 718mln cash, 65.853M newly issued shares, assumption of USD 140mln net debt, and is expected to close in early 2027, subject to regulatory approvals.
BP (BP), Walmart (WMT), Marathon Petroleum (MPC), Albertsons (ACI) - Companies were named in a proposed California class-action lawsuit alleging gas station operators used Kalibrate's AI pricing platform to coordinate gasoline prices and inflate costs. The allegations have not been proven in court.
Baker Hughes (BKR) - Announced an award from ANOH Gas Processing Company to provide comprehensive lifecycle services and iCenter digital services for turbomachinery equipment at the greenfield ANOH Gas Processing Plant in Nigeria.

HEALTHCARE

Pfizer (PFE) - Pfizer said Phase 3 SigVie-002 topline results showed sigvotatug vedotin did not significantly improve overall survival versus docetaxel in the overall population with previously treated non-squamous NSCLC. Safety was manageable and consistent with prior studies.
Sanofi (SNY) - Wayrilz was approved in Japan for immune thrombocytopenia after LUNA 3 Phase 3 data showed durable platelet response at week 25.
Centessa Pharmaceuticals (CNTA), Eli Lilly (LLY) - Centessa said its acquisition by Lilly was approved by the High Court of Justice of England and Wales.
AbbVie (ABBV) - Received European Commission approval for SKYRIZI to treat moderate-to-severe plaque psoriasis in children and adolescents aged 6+ who are candidates for systemic therapy. The approval includes a new 55 mg pre-filled syringe for weight-based dosing in patients under 40 kg. Meanwhile, received European Commission approval for Maviret to treat acute hepatitis C virus infection in adults and children aged 3 and older, making it the only EU-approved treatment for both acute and chronic HCV infection.
MoonLake Immunotherapeutics (MLTX) - Announced a proposed USD 150mln public offering of Class A ordinary shares, with certain investors able to purchase pre-funded warrants in lieu of shares.
uniQure (QURE) - Announced a USD 150mln offering of common stock.

MACRO (MORE)

Europe PMI - Eurozone flash PMIs showed manufacturing at 51.3 in June (exp. 51.2, prev. 51.6), services at 48.9 (exp. 48.1, prev. 47.7), and the composite at 49.5 (exp. 49.2, prev. 48.5); S&P Global said responses mostly predated the US-Iran MoU, and indicated unchanged Q2 GDP levels.
China Fiscal - China’s combined fiscal deficit under its two main budgets narrowed 4.1% in the first five months of the year to CNY 3.16tln, the first such cutback in more than two years, according to Bloomberg calculations. Government expenditure fell 3.9% Y/Y last month, the third straight monthly decline, while land sales revenue tumbled nearly 36%. Tax revenue rose 6.8% in May, lifting the January-May increase to 4.4%.
China Yuan - China’s six major state banks can now conduct offshore yuan transactions directly from the mainland, the PBoC announced last week. As of Thursday, the China Foreign Exchange Trading System had cleared CNY 43bln of offshore yuan spot transactions under the new arrangement, compared with average daily turnover of about CNY 12bln previously. Analysts say the move builds a bridge between China’s segregated onshore and offshore yuan pools, would tighten the PBoC’s grip on offshore pricing, and increase the cost of speculative shorting.
Japanese Yen - Japan’s FinMin Katayama confirmed she held a roughly hour-long phone call with US Treasury Secretary Bessent on Monday evening, a follow-up to last week’s G7 meeting, which gave the JPY a brief boost as it traded near a 40yr low. Katayama said Japan and the US maintain an unchanged understanding that “bold action should be taken if necessary,” a reference to currency intervention, adding that bilateral cooperation has strengthened. Separately, Japanese retail currency traders have stopped betting against the yen after government warnings, according to a Bloomberg analysis, which showed individual investors’ yen positions flipped to a net long bet of about JPY 500bln (vs bearish wagers of JPY 2.33tln at the end of April). Elsewhere, Japan’s 5yr government bond auction showed weaker demand than the 12-month average; bid-to-cover fell to 3.11x, the lowest since February (vs prev. 3.22, and 3.47x 12-month average); the tail widened to 0.06 (from 0.04), as JPY weakness added to rate-rise expectations.

TRADE

US-Australia - More than half of Australians see ties with China as more important than ties with the US, according to a Lowy Institute poll. China was favoured by 51%, up eight points from 2025, while 73% said the US alliance remains important to security. Support for AUKUS held at 68%, and immigration concerns rose.
US-India - USTR Greer is meeting India’s Commerce and Industry Minister Goyal and other officials in New Delhi on Tuesday and Wednesday to resolve remaining hurdles to a bilateral trade agreement. The talks follow a February framework that cut tariffs on Indian goods to 18% from 50%, later complicated when the US Supreme Court struck down President Trump’s broader global tariff regime. India wants the US to terminate Section 301 investigations and secure a competitive tariff edge before signing the pact. The push follows PM Modi’s meeting with Trump last week.