Daily US Equity Opening News - Trump threatens French wine with 200% tariff; Danish fund to exit US

TODAY'S AGENDA:

US INDEX FUTURES: ES -1.5%, NQ -1.9%, YM -1.4%, RUT -1.9%
DAY AHEAD: Stateside, the ADP's weekly job figures are due (last week, it was averaging 11,750/week). Afterhours, the API will report its weekly energy inventory figures. Speakers today include: China Vice-Premier He Lifeng will speak at Davos; BoE's Bailey and Ramsden, who will speak on the December FSR; ECBʼs Nagel will speak at Davos; SNBʼs Schlegel will speak at Davos. Today's US corporate earnings include: UAL, IBKR, NFLX, and ZION.
BROKER MOVES: ENPH upgraded at Goldman Sachs; PLD downgraded at Morgan Stanley. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, PDD, MMM, DHI, FAST, NFLX, ENPH, FITB. For the full list, click here.
US DAILY CONFERENCE CALENDAR: CRM, GOOGL, MSFT. For the full list, click here.

NEWS:

GEOPOLITICS

Greenland - President Trump plans to meet various parties at the World Economic Forum to discuss his ambition to take control of Greenland. He said he had a very good telephone call with NATO Secretary General Mark Rutte regarding the Danish territory. Trump earlier said that the EU would not push back hard on his moves, sparking concerns among NATO allies and drawing opposition from EU leaders, including French President Macron.
Peace Board - US President Trump said he could impose a 200% tariff on French wines and champagne after French President Macron declined to join a proposed Board of Peace. Trump made the remarks to reporters, criticising Macron and linking the tariff threat to the rejection.

TECH

Chevron (CVX) - Chevron does not intend to make investment in Venezuela, WSJ reports, citing people close to the company. This will likely test the leadership of CEO Mike Wirth, who will have to balance the wishes of the president as well as his shareholders.
OpenAI, Microsoft (MSFT), xAI - Elon Musk is seeking USD 79–134bln in damages from OpenAI and Microsoft, alleging the AI group defrauded him by abandoning its nonprofit mission through the partnership, FT reports. The claim was detailed in a court filing after a judge cleared the case for a jury trial.
OpenAI - OpenAI is on track to unveil its first device in H2 2026, Chief Global Affairs Officer Lehane told Axios. CEO Altman has teased the device since acquiring Jony Ive’s company last May, but details remain undisclosed.
ByteDance - Expanding its Volcano Engine cloud business in China, using AI, aggressive pricing and bespoke agents to challenge Alibaba (BABA), Tencent (TCEHY) and Huawei, FT reports. It holds about 13% of AI cloud revenue, worth USD 390mln in H1 2025, while overall revenues reached USD 50bln in Q3 2025, the report adds.
Anthropic - Sequoia Capital is preparing its first major investment in Anthropic, joining a funding round led by GIC and Coatue, each contributing USD 1.5bln. Anthropic is seeking USD 25bln+ at a USD 350bln valuation, with Microsoft (MSFT) and Nvidia (NVDA) already committing up to USD 15bln.
Uber Technologies (UBER), Lyft (LYFT) - An Israeli ministerial committee approved a bill that would allow shared ride-hailing services such as Uber and Lyft to operate in Israel, subject to parliamentary approval.
ServiceNow (NOW) - OpenAI signed a deal to integrate platforms into ServiceNow (NOW), WSJ reports. The deal depends on customers using OpenAI’s models within ServiceNow, and also includes a revenue commitment from ServiceNow to OpenAI. More specific terms weren’t disclosed.

FINANCIALS

US Bancorp (USB) Q4 2025 (USD): EPS 1.26 (exp. 1.19), Revenue 7.37bln (exp. 7.32bln); sees FY26 revenue growth of 4-6%.
Fifth Third (FITB) Q4 2025 (USD): EPS 1.04 (exp. 0.99), Revenue 2.34bln (exp. 2.34bln).
KeyCorp (KEY) Q4 2025 (USD): Adj. EPS 0.41 (exp. 0.38), Revenue 2.01bln (exp. 1.97bln); Guided FY26 revenue up 7% Y/Y and FY26 NII between +8-10%.
Paypal (PYPL) - Introduced free DIY tax filings for debit card customers.
BlackRock (BLK) - Received investor approval to extend the investment period of its Asia Pacific Private Credit Opportunities Fund II by one year from January. During the extension, the firm may deploy up to USD 135mln in new investments as it manages challenges in Asia’s private credit markets.
Mastercard (MA) - Expanded its agentic commerce push and deepening partnerships with Alphabet's (GOOGL) Google and Microsoft (MSFT) around agent standards and AI-driven checkout, Axios reports.
State Street (STT) - State Street’s asset management arm is seeking to expand retail investor access to secondaries and other private assets, CEO Yie-Hsin Hung told Bloomberg, adding that the firm is looking for like-minded managers as value creation increasingly shifts to private markets.
KKR & Co. (KKR) - Agreed to increase its ownership stake in Altavair and its sister company AV AirFinance under a definitive agreement, funding the investment from its balance sheet, as it deepens its commitment to aviation within its asset-based finance strategy.
American International Group (AIG) - AIG and CVC formed a strategic partnership under which CVC will establish a private equity secondaries evergreen platform, with AIG acting as a cornerstone investor. AIG will contribute up to USD 1.5bln from its existing private equity portfolio to support the strategy.
Allianz (ALV) - Secured USD 690mln for its new Allianz Credit Emerging Markets fund, aimed at blending public and private capital for climate projects, Bloomberg reports. The fund is about 70% toward its USD 1bln target, with USD 150mln in concessionary junior capital from British International Investment and multilateral lenders.
UK Banks - UK parliamentarians urged regulators to begin stress-testing AI risks in banking, warning a wait-and-see approach could cause serious harm. A parliamentary committee said the BoE, FCA and Treasury are falling behind as more than three quarters of UK financial services firms now use AI.
Beazley (BZLEY), Zurich Insurance (ZURVY) - Zurich Insurance made an improved offer of GBP 7.67bln for UK speciality insurer Beazley after earlier bids were rejected. Beazley said it has yet to consider the proposal.

CONSUMER DISCRETIONARY

Amazon (AMZN) CEO Jassy says seeing some sellers passing along tariffs and others absorbing it; in the next couple of years, could see them having fewer people than they had before, CNBC.
D.R. Horton Inc. (DHI) Q1 2026 (USD): EPS 2.03 (exp. 1.93), Revenue 6.89bln (exp. 6.59bln); backed FY25 revenue view of 33.5-35.0bln (exp. 34.26bln).
Mercedes-Benz Group (MBG) - Started production of its fully electric GLB compact SUV in Hungary, concentrating output at its Kecskemet plant, Bloomberg reports. The model, priced at around EUR 59k, is shifting from Mexico as Mercedes cuts costs amid tariff risks and Chinese competition.
Tesla (TSLA), Volvo (VLVLY), Polestar (PSNY) - Tesla and brands controlled by Geely are expected to be the first beneficiaries of Canada’s decision to allow 49k China-made electric vehicles annually at a 6.1% tariff, replacing a 100% duty, under a deal announced late last week, Bloomberg reports.
Tesla (TSLA) - Tesla chief Elon Musk said the EV makers' AI5 chip design is nearly complete, while AI6 is in early development. Musk added that future chips, including AI7 through AI9, are planned, with a target nine-month design cycle, aiming for the world’s highest-volume AI chips.
PDD Holdings (PDD) - China expanded an investigation into PDD after clashes between its employees and regulators, sending more than 100 investigators to its Shanghai headquarters, Bloomberg reports. A special team from agencies, including SAMR and STA, has conducted extensive on-site checks.
Baidu (BIDU) - Said its autonomous ride-hailing service Apollo Go and K2’s AutoGo have launched fully autonomous commercial ride-hailing in the UAE, initially on Yas Island. The service is available via the AutoGo app and marks a step in commercialising autonomous driving in the Middle East. Elsewhere, Baidu’s AI-powered Ernie Assistant has surpassed 200mln monthly active users, according to sources cited by the WSJ; the assistant is integrated into Baidu’s flagship search app and PCs, highlighting intensifying competition among Chinese technology groups in AI.
Renault (RNLSY) - Said that it will help France develop a domestic drone industry after being approached by the Ministry of the Armed Forces, Bloomberg reports. The automaker will contribute its expertise as Europe responds to rising geopolitical tensions linked to US threats over Greenland.

MATERIALS

China - Announced plans to expand high-level opening of nonferrous metals future markets by steadily including eligible futures and options in foreign access. The Shanghai International Energy Exchange has announced plans to adjust margin requirements and price limits for international copper futures-related contracts, effective from the January 22nd closing settlement; to also adjust margin requirements and daily price limits for selected aluminium, gold and silver futures contracts from the 22nd of January settlements.
Precious Metals - Citi remains tactically bullish on precious metals in the short term, citing geopolitical risks, tariff uncertainty and concerns over Fed independence, WSJ reports. Citi kept its three-month targets at USD 5,000/oz for gold and USD 100/oz for silver.
BHP Group (BHP) - Raised FY26 group copper production guidance to 1.9–2.0mln metric tons (from 1.8–2.0mln), citing strong operational performance across assets. Escondida achieved record throughput, Antamina lifted guidance, and other copper operations tracked to plan, supporting strong momentum into H2. Elsewhere, BHP was refused permission to appeal a UK High Court ruling holding it liable for the 2015 Fundao dam collapse in Brazil. The London lawsuit has been valued by claimants at up to GBP 36bln. BHP said it will apply directly to the Court of Appeal. Meanwhile, RBC's analysts said BHP’s recent iron ore discounts after Chinese pressure are temporary and do not signal weaker pricing power; the miner is absorbing discounts to protect benchmark pricing, with the main risk being potential fragmentation of index structures.
Barrick Mining Corporation (B) - Appointed Helen Cai as Senior Executive Vice President and CFO. She will take her new position on 1st March, succeeding Graham Shuttleworth, after the company’s year-end results.
New Gold (NGD), Coeur Mining (CDE) - Glass Lewis & Co recommended New Gold shareholders vote for the proposed plan of arrangement under which a wholly owned subsidiary of Coeur Mining would acquire all outstanding New Gold shares, to be voted on at a Special Meeting scheduled for 27th January.
Wendel (WNDLF), Henkel (HENKY) - Wendel confirmed it is in non-exclusive discussions with Henkel regarding a potential transaction involving Stahl; it added that there was no cerainty of a deal, and will not make any further comments unless appropriate.
Centerra Gold (CGAU) - Updated its mineral resource and preliminary economic assessment for its Kemess project in British Columbia, showing an after-tax net present value of USD 1.1bln and an after-tax internal rate of return of 16%, based on long-term prices of USD 3,000/oz for gold and USD 4.50/pound for copper.
Cygnus Metals (CYGGF) - Announced gold drilling targets at its Chibougamau Copper-Gold Project in Quebec, with permit applications under way. The company said the prospects host known gold mineralisation, with historic intersections up to 480g/t at depths under 100m, supporting its 2026 resource growth strategy.

HEALTHCARE

Eli Lilly (LLY) - Lilly's sofetabart mipitecan received the FDA's Breakthrough Therapy designation for the treatment of certain patients with platinum-resistant ovarian cancer.
Moderna (MRNA), Merck (MRK) - Announcd 5yr data for Intismeran in combination with Keytruda. In this pre-planned analysis, adjuvant treatment with intismeran autogene in combination with Keytruda continued to demonstrate sustained and clinically meaningful improvement in the study's primary endpoint, recurrence-free survival, RFS, reducing the risk of recurrence or death by 49% compared to KEYTRUDA alone.
AstraZeneca (AZN) - Will withdrew its ADSs and US debt securities from Nasdaq and complete a direct listing of its ordinary shares and debt securities on the NYSE after market close on 30th January; the move follows plans announced in September to harmonise its global listing structure. Its ticker will remain AZN.
RAPT Therapeutics (RAPT), GSK Plc (GSK) - GSK agreed to acquire RAPT Therapeutics for around USD 2.2bln equity value, with USD 1.9bln upfront net of cash, adding the Phase IIb anti-IgE antibody ozureprubart to its Respiratory, Immunology & Inflammation pipeline. The deal is expected to close in Q1 2026.
Daiichi Sankyo (DSNKY), AstraZeneca (AZN) - The EMA validated a Type II Variation marketing authorisation application for Enhertu with pertuzumab as a first-line treatment for unresectable or metastatic HER2 positive breast cancer.
Valneva (VALN) - Voluntarily withdrew the BLA and IND applications for its chikungunya vaccine Ixchiq in the US after the FDA suspended the licence in August 2025, and placed the IND on clinical hold following a newly reported foreign serious adverse event.

INDUSTRIALS

3M Company (MMM) Q4 2025 (USD): Adj. EPS 1.83 (exp. 1.80), Revenue 6.1bln (exp. 6.01bln). Guidance: FY EPS 8.50-8.70 (exp. 8.64) and sees FY26 revenue up 4%.
Union Pacific (UNP), Norfolk Southern (NSC) - The Surface Transportation Board on Friday it unanimously found the merger application filed on 19th December by Union Pacific and Norfolk Southern incomplete under its regulations, rejected it without prejudice, allowed refiling of a revised application, adding that the decision does not indicate how any future application would be assessed. Analysts at UBS commented that the deficiencies are straightforward to address, and estimates the review could be delayed up to three months, noting that some information could be used by opponents.
Boeing (BA), Ethiopian Airlines - Announced order for 9 787 Dreamliners
CK Hutchison (CKHUY) - In advanced talks to sell Three Ireland to Liberty Global, potentially valuing the business at up to EUR 1.5bln, FT reports. The sale would extend CK Hutchison’s European telecoms disposals, following the GBP 16.5bln merger of Three UK with Vodafone UK, and as it explores an IPO of its remaining telecoms assets.
Ryanair (RYAAY) - Elon Musk replied to a Ryanair post, asking “how much would it cost to buy you?”, adding that “I really want to put a Ryan in charge of Ryan Air. It is your destiny.” The remarks follow Ryanair CEO Michael O’Leary criticising Starlink. Analysts said EU ownership rules and Ryanair’s EUR 20bln market value make a takeover unlikely.

CONSUMER STAPLES

Gunmakers - The DoJ is considering rolling back a range of gun regulations to build support among Second Amendment advocates, according to source cited by WaPo. The potential changes are not public and reflect efforts to address criticism from gun rights groups.

COMMUNICATIONS

Netflix (NFLX), Warner Bros Discovery (WBD) - Companies announced they have amended their definitive agreement for Netflix’s pending acquisition of Warner Bros. to an all-cash transaction; valued at USD 27.75 per WBD share, unchanged from the prior.
Alphabet (GOOG) - Google said developer requests for its Gemini product have more than doubled over five months to 85bln by August, The Information reports. Separately, Google asked a US judge to defer an order requiring it to share search data with rivals while it appeals a ruling that it holds an illegal online search monopoly, arguing compliance would risk exposing trade secrets during the appeal process.
Meta Platforms (META) - Meta's CTO says the AI bubble will be great for consumers, via Axios. The UK Gambling Commission said that Meta Platforms is overlooking adverts from illegal gambling sites on Facebook and Instagram. The regulator found unlicensed operators targeting UK users via Meta’s ad library.
Tencent Holdings (TCEHY), Fidelity International, Temasek Holdings - Tencent, Fidelity International and Temasek plan to invest as cornerstone investors in the Hong Kong IPO of Chinese snack retailer Busy Ming Group, Bloomberg reports citing sources. The offering could raise up to USD 500mln, with orders expected to start as soon as Tuesday.

ENERGY

China LNG - An Arctic blast has lifted China’s domestic LNG prices, ending a two-month decline as colder weather boosted heating demand. Prices at import terminals rose to CNY 4,001/ton on Monday (vs 3,998/ton on Friday).
Murphy Oil (MUR) - Said the Civette-1X exploration well in Block CI-502 offshore Cote d’Ivoire reached 13,950 feet and encountered non-commercial hydrocarbons across multiple intervals. The company said the well confirmed hydrocarbons in the frontier play and provided data to inform remaining prospectivity.

TRADE

US-China - China has bought about 12mln tons of US soybeans over the past three months, meeting a trade pledge made to the Trump administration in November, Bloomberg reports.
UAE-India - The UAE agreed to double bilateral trade with India to USD 200bln by 2032, and invest in a special hub in western India. The partnership includes development of the Dholera Special Investment Region and a long-term LNG agreement, officials said. Separately, India has allowed some exports of wheat products after a three-year ban, Bloomberg reports. The move marks a partial easing of restrictions that had been in place since the export curbs were introduced.
China-Japan - China’s exports of rare-earth magnets to Japan fell 8% in December from November to 280 tonnes, easing from a record high but remaining the second-highest level on record.

MACRO

Fed - US President Trump said he knows who he wants to be Fed Chair, and that will be announced sometime. Treasury Secretary Bessent said there were four good candidates for Fed Chair, and an announcement could come next week. Elsewhere, Fed Chair Powell plans to attend Wednesday’s SCOTUS hearing over President Trump’s attempted dismissal of Fed Governor Cook, according to Bloomberg, citing sources. The court has blocked Cook’s removal while her lawsuit proceeds.
US Economy - US Treasury Secretary Bessent said the US is seeing a capex boom that will drive employment. Bessent dismissed reports of EU plans to sell USTs as false and urged countries not to escalate trade tensions. He expects 4–5% real GDP growth and USD 1000 per worker refunds in Q1.
ECB - Croatia’s central bank governor Boris Vujcic is set to become ECB vice president, securing backing from Euro-area finance ministers to succeed Luis de Guindos when he leaves at the end of May. It marks the first Executive Board appointment from Eastern Europe.
BoC - Bank of Canada surveys showed subdued sentiment among firms and consumers as US trade uncertainty persists. The business outlook indicator rose to -1.78 in Q4 (vs a prior -2.3), its highest since before the trade war, but most firms still plan to maintain or cut staffing levels.
China - China announced incentives to boost investment and consumption, including a CNY 500bln loan guarantee facility to encourage private companies to borrow. The 2yr programme aims to support spending on equipment, raw materials and technology upgrades, China's Ministry of Finance said. Bloomberg also reports that China is considering establishing a national-level M&A fund to support technological innovation, as it competes with the US in areas including robotics and AI.
Japan - Japanese PM Takaichi’s proposed two-year suspension of sales tax on food and beverages would cost about JPY 5tln per year, according to the Finance Ministry. Unclear funding plans and assurances against issuing new deficit bonds have raised fiscal concerns and pushed bond yields higher, Bloomberg notes. Japan’s 20yr government bond auction drew weaker demand than average, with a bid-to-cover ratio of 3.19x (vs 4.1x previously, and a 12-month average of 3.34x), after proposed food tax relief unsettled the debt market. 40yr yields hit 4%, the highest on record. Analysts at Citi said the BoJ could raise rates up to three times in 2026 if the JPY remains weak, potentially doubling the current rate; it sees a 25bps hike to 1% in April if USDJPY exceeds 160, with further increases possible in July and later in the year.
European Equities - Citigroup downgraded European equities for the first time in over a year, citing worsening transatlantic tensions and tariff uncertainty linked to President Trump’s push over Greenland, Bloomberg reports. Strategists said the dispute with Washington weakens the near-term investment case and earnings outlook for European companies.
UK Small- and Mid-Cap Stocks - Norway’s sovereign wealth fund has begun selling a significant number of London-listed small- and mid-cap stocks in recent weeks, Sky News reports. The USD 2tln fund is offloading scores of holdings, while retaining large-cap positions, despite the FTSE 100 reaching record highs this week, the report adds.