Newsquawk Daily US Equity Opening News - Ternus takes the helm at AAPL; Anthropic signs USD 35bln cloud deal with NVDA's Lambda

DAY AHEAD:

• EVENTS: President Trump is set to meet representatives of oil refining and fuel distribution companies today to discuss high gasoline prices, domestic refining capacity and potential policy changes. UK PM Burnham will signal new measures to help voters with the cost of living.
• DATA: In North America, US JOLTS data for July is expected to ease to 7.3mln (prev. 7.359mln); in June, the quits rate was unchanged at 2.0%, while the vacancy rate fell to 4.40% from 4.50%. ISM manufacturing PMI headline is seen easing to 55.2 (from 55.6), prices are seen rising to 72 (prev. 71.1), new orders paring to 56 (prev. 56.7) and employment is seen at 52.5 (prev. 52.8). Construction spending is also due (prev. -0.1% M/M). After today’s data, the Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 4.61%).
• CENTRAL BANKS: Fed’s Barr (voter, neutral) speaks on the economic outlook.
• ENERGY: Weekly private energy inventory data from the API are due after the US close.
• EARNINGS: Notable corporates publishing earnings reports today include: Palo Alto Networks (PANW), Dell Technologies (DELL).

TECH:

• Apple (AAPL) - John Ternus officially becomes Apple CEO today, succeeding Tim Cook, who will remain executive Chairman. Ternus is seen prioritising AI, new hardware and design, while relying on senior execs for operations. Ternus will lead as Apple prepares a foldable iPhone and expanded Siri AI, while facing talent losses to OpenAI and pressure in its services and supply chains.
• Apple (AAPL), OpenAI - Apple alleged that former senior engineer Chang Liu used a confidential circuit schematic at OpenAI, retained unauthorised cloud access, trained an AI agent using Apple information after joining OpenAI, and instructed a colleague to destroy evidence, Reuters reports. Apple says evidence came from a MacBook OpenAI provided on 21st August, and is seeking expedited discovery. OpenAI has moved to dismiss the trade-secret lawsuit.
• Anthropic, Nvidia (NVDA) - Anthropic signed a USD 35bln cloud-computing deal with Nvidia-backed Lambda, WSJ reports. Nvidia holds the lease on a Texas data centre being developed by Hut 8, where Lambda will deploy Nvidia chips. Follows Anthropic also signing a USD 45bln cloud deal with Nvidia-backed Nscale earlier in August.
• Micron (MU) - Micron Taiwan unions are demanding performance bonuses comparable with Samsung Electronics (SSNLF) and SK Hynix (SKHY), Chosunilbo reports. Around 10k union members are involved, with c. 80% of surveyed workers supporting a strike. Talks will continue until mid-September, after which unions may hold a strike vote if negotiations fail.
• Sony Group (SONY) - Sony Semiconductor Solutions will develop an AI plant-maintenance model with Saudi Aramco, Nikkei reports. Sony aims to expand the technology beyond oil and gas facilities.

COMMUNICATIONS:

• Warner Bros. Discovery (WBD), Amazon (AMZN), Disney (DIS) - HBO Max will launch in Japan on 1st October via Prime Video and Hulu Japan. Hulu Japan subscribers will receive the HBO Max Standard Tier at no extra charge, while Prime Video will offer Standard and Premium tiers as add-ons. The Hulu launch forms part of a broader partnership with Nippon Television.
• Hollywood - US President Trump said he will urge Republicans and Democrats in Congress to immediately craft legislation creating a federal production incentive aimed at supporting US movie, television and entertainment jobs.
• Charter Communications (CHTR) - CFO Jessica Fischer will step down on 15th October for another professional opportunity. Kevin Howard, currently Chief Accounting Officer and Controller, will become interim CFO while Charter searches for a permanent replacement; Co. said its previously issued outlook remains unchanged.
• AMC Entertainment (AMC) - Launched Leawood Films to distribute small and medium-budget movies from emerging filmmakers. AMC will not finance productions. Films will receive 45-day exclusive theatrical windows, and remain off streaming platforms for 90 days. WPP (WPP) - Cutting an additional 1,000 jobs by the end of the year as IT undergoes a restructuring plan that will also see non-core businesses and surplus properties offloaded.

CONSUMER DISCRETIONARY:

• Airbnb (ABNB) - Testing lower host service fees of 6% or 10% (vs an average 16%) for some US hosts using third-party listing software, Bloomberg reports. Bookings must come through host-shared direct links, which can also include discounts. The limited pilot aims to test pricing effects and counter hosts steering guests to book outside Airbnb.
• Wella (WELA), KKR & Co. (KKR) - KKR-backed Wella, owner of the Wella, Clairol and OPI beauty brands, filed for a US IPO on the NYSE under the ticker WELA. Co. reported net income of USD 2.7mln on revenue of USD 2.94bln for the FY ending in June, swinging from a net loss of USD 44.6mln on revenue of USD 2.69bln a year earlier.
• Xpeng (XPEV) - Delivered 39,107 vehicles in August, +4% Y/Y.
• Nio (NIO) Q2 2026 (CNY): EPS -0.29 (exp. -0.45), Revenue 32.1bln (exp. 33.40bln), Vehicle Sales 29.058bln (prev. 16.136bln Y/Y), Gross Profit 5.907bln (prev. 1.898bln Y/Y). In other news, delivered 35,836 vehicles in August, +14.5% Y/Y.
• Li Auto (LI) - Delivered 37,679 vehicles in August.
• Gambling names (LVS, MGM, WYNN, MLCO) - Macau reports August casino revenue of 21.89bln patacas, -1.2%.

CONSUMER STAPLES:

• Reckitt Benckiser (RBGLY) - Reckitt Benckiser’s Mead Johnson unit won its first federal bellwether trial over allegations linking premature baby formula to necrotizing enterocolitis, Bloomberg reports. The unanimous verdict leaves Mead Johnson with no outstanding jury verdicts in the litigation.
• Bunge (BG) - Sells two sugarcane mills in Brazil.

FINANCIALS:

• Community Banks - US Treasury Secretary Bessent urged lighter financial regulation to support small and community banks, Axios reports. He argued post-crisis rules contributed to the disappearance of half of such banks and said recent capital requirement easing could unlock tens of billions for lending.
• Citigroup (C) - Plans to increase headcount by about 25% this year at corporate banking desks serving North Asian clients expanding overseas, Bloomberg reports.
• Western Union (WU) - Western Union and its Australian division are under investigation by AUSTRAC over anti-money laundering and terrorism-financing controls, Bloomberg reports. The probe will examine management of high-risk payment channels and whether Western Union can identify and mitigate known laundering typologies. Western Union said it is cooperating fully and has committed to addressing audit issues.

INDUSTRIALS:

• UPS (UPS) - Said it is adopting a new global operating model to standardise key processes across regions while retaining local flexibility. Nando Cesarone was appointed Chief Global Operations Officer, while Matt Guffey becomes Chief US Domestic Officer. UPS is also creating a Chief Global Commercial Strategy Officer role as it shifts toward integrated logistics solutions.
• Deere (DE) - Launched an AI assistant named JD within its Operations Center mobile app to help farmers use field-specific data, Bloomberg reports. The chatbot analyses information collected during planting, treatment and harvesting to support decisions such as whether fields require more or less fertiliser.

MATERIALS:

• Alcoa (AA) - The US Department of War will provide Alcoa USD 174mln to build a gallium plant at its Wagerup refinery in Western Australia, Bloomberg reports. The plant is expected to produce about 100 tons annually, and is being developed with Sojitz and Japan Organization for Metals and Energy Security, as the US seeks to reduce reliance on China.
• Air Liquide (AIQUY) - Elliott Management has built an undisclosed stake in Air Liquide, and engaged with the Co., FT reports. Elliott’s demands were not disclosed.
• Celanese (CE) - Agreed to sell an additional 19% stake in its Nutrinova food ingredients JV to Mitsui for about USD 152mln. Celanese will retain an 11% interest and transaction is expected to close in Q4.

ENERGY:

• Oil Refiners - President Trump is set to meet representatives of at least ten oil refining and fuel distribution companies today to discuss high gasoline prices, domestic refining capacity and potential policy changes. Invited companies include Marathon Petroleum (MPC), Chevron (CVX), Valero (VLO), PBF Energy (PBF) and Delek US Holdings (DK).
• Venezuela Exports - Venezuelan crude exports rose 28% M/M to 1.114mln BPD in August, as shipments to India more than doubled. The rebound followed a five-month low in July. Comes as the US will control 55% of production from a venture covering 65bln bbls of Venezuelan reserves, with oil used to refill the SPR.
• ONEOK (OKE), Apollo (APO) - Apollo plans to repackage its USD 9bln minority equity investment in ONEOK into securities that could receive investment-grade ratings, Bloomberg reports. ONEOK will use the capital to fund its USD 4.4bln Brazos Midstream acquisition and repay debt. Apollo’s return is capped at 7% for nine years, rising to 7.85% by year 15.
• Comstock (CRK) - Announces USD 1.65bln strategic partnership with Socar and USD 450mln drilling JV with Jerry Jones.

UTILITIES:

• US Energy Storage - The US installed a record 20.2 gigawatt-hours of energy storage in Q2 and is on track to add 71 gigawatt-hours in 2026, Bloomberg reports. California and Texas led utility-scale capacity at 62 and 33.1 gigawatt-hours, while Arizona added a record 6.2 gigawatt-hours. Tariffs and China-related tax rules remain industry headwinds.
• Fervo Energy (FRVO) - Confirmed overnight reports of a 396-megawatt power purchase agreement with Google (GOOGL).

HEALTHCARE:

• Healthcare Prices - The Trump administration struck most-favoured nation drug pricing agreements with nine additional pharmaceutical Cos. including UCB (UCB), Bridgebio Pharma (BBIO), Teva (TEVA), Astellas (ALPMY), Alcon (ALC), BeOne Medicines (ONC), CSL (CSLLY), Kyowa Kirin (KYKOY) and Sun Pharmaceutical (SMPQY). Cos. will align outpatient Medicaid drug prices with those charged in foreign countries, and collectively committed USD 19.6bln in US manufacturing investments. Trump claimed 26 companies representing 90% of the domestic pharmaceutical market have now signed on to the programme.
• Stryker (SYK) - Signed a definitive agreement to acquire privately held ZuriMED, developer of the FiberLocker System. Terms were not disclosed. The transaction is subject to customary closing conditions, and both companies will continue operating separately until completion. AstraZeneca (AZN) - Announced that its Tagrisso plus Orpathys demonstrated statistically significant and highly clinically meaningful improvement in progression-free survival in 1st-line MET-overexpressing EGFR-mutated lung cancer. Novartis (NVS) - Has paused 8 clinical trials of an experimental therapy targeting autoimmune and neurological disorders in late August after 3 fatal cases of a severe immune response; elsewhere, its remibrutinib significantly reduces relapse rates and shows favourable safety profile in Phase III RMS trials, and met primary endpoints.
• Medtronic (MDT) Q1 2027 (USD): Adj. EPS 1.45 (exp. 1.39), Revenue 9.76bln (exp. 9.55bln). Guidance: FY27 adj. EPS 5.94-6.00 (exp. 5.95, prev. 5.90-6.00), Organic revenue growth 7.25-7.75% (prev. 6.75-7.25%). Partners with Cornerstone Robotics and will invest around USD 700mln for Sentire distribution rights outside the US.
• Humana (HUM) - Reaffirmed FY26 adj. EPS guidance of at least USD 9.00 (exp. 9.12).

GEOPOLITICS:

• US-Iran - US President Trump said Iran strikes will be limited and that the Strait of Hormuz is in extremely good shape. Trump added that a lot of oil is coming out of Hormuz and they are averaging 30 ships a night out of Hormuz.
• US-Iran - Iran’s Foreign Minister Araghchi said the US must return to its commitments and adhere to the provisions of the MoU. Iranian President Pezeshkian said Iran would abide by the June interim agreement if the US does, adding that Iran would immediately reciprocate if Washington fulfils its commitments under the deal.
• US Army - Army Secretary Dan Driscoll submitted his resignation after months of tension with Defence Secretary Pete Hegseth over Army leadership and restructuring, WSJ reports. Driscoll is expected to leave within days, leaving the Army without Senate-confirmed top civilian or military leaders. Deputy undersecretary Dave Fitzgerald is also expected to step down later this week, the Journal writes.
• Strait of Hormuz - In the European morning, it was reported that two oil supertankers were reportedly hit by projectiles in the Strait of Hormuz, according to reports citing Marisks.
• China-Taiwan - China opposed Taiwan’s participation in this week’s Pacific Islands Forum, and threatened unspecified consequences over its presence.

MACRO:

• China PMI - China’s RatingDog manufacturing PMI rose to 51.5 in August (exp. 51.0, prev. 50.9). Output increased at the fastest pace in three months, while new export business posted its sharpest rise in six months. Manufacturers’ confidence for the next 12 months fell to the weakest since January.
• Japan - Japan FinMin Katayama said she and US Treasury Secretary Bessent agreed their recent joint FX market intervention was beneficial; Katayama also played down reports that Bessent has been pressing the BoJ to raise its rates. Japan’s 10yr government bond yield touched 3% for the first time since 1996, roughly doubling over the last year, as traders price further BoJ rate hikes, and as fiscal concerns weigh. OIS imply around a 92% probability of a BoJ move by September. Japan’s 10yr bond auction went smoothly after yields rose to 3%; bid-to-cover ratio rose to 3.29x (from 2.56x previously, vs 12-month average of 3.26x). Japan will also sell a 30yr bond on Thursday. Elsewhere, Japanese Q2 capital spending rose 1.6% YoY (exp. -0.2%; prev. 0.0%), while company profits jumped 24.6% (exp. 15.2%; prev. 14.6%), and company sales increased 5.9% (prev. 1.1%). The stronger figures may support an upward revision to Q2 GDP, and keep the BoJ on track for a near-term rate hike.

TRADE:

• US-Brazil - Brazilian and US officials held virtual talks on tariffs imposed by the Trump administration and agreed to further meetings, Reuters reports. Brazil’s Foreign Minister and Industry and Trade Minister met the USTR, with technical discussions planned in coming weeks before another ministerial-level review.
• UK-CPTPP - The UK gained full access to all 11 CPTPP markets on 1st September after Canada ratified its accession. The bloc, including the UK, had combined 2025 GDP of GBP 12.9tln. The deal is expected to add around GBP 2bln annually to the UK economy long term, with over 99% of current goods exports eligible for zero tariffs.