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Daily US Equity Opening News - TSM Q3 revenue up on strong AI demand; SSNLF slips after prelim Q3 miss; TCEHY mulls USD 5bln offshore bond sale; STX & TSHTY bidding war for TTDKY unit; SBUX raises dividend; US weighs temporary peptide compounding access

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Daily US Equity Opening News - TSM Q3 revenue up on strong AI demand; SSNLF slips after prelim Q3 miss; TCEHY mulls USD 5bln offshore bond sale; STX & TSHTY bidding war for TTDKY unit; SBUX raises dividend; US weighs temporary peptide compounding access

Fed’s Waller says more rate hikes are likely needed to tame inflation, but there is flexibility over the pace and hikes do not need to be consecutive

SNB's Martin says inflation pressures have slightly increase since June; recent rise is due to a lift in oil prices

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DAY AHEAD

  • EVENTS: UK holds the Holborn and St Pancras parliamentary by-election. President Trump delivers remarks in San Antonio; Trump will attend a summit meant to empower scientists and position the US as a leader in breakthroughs driven by “super intelligence”. UK PM Burnham will hold security talks with German Chancellor Merz in Berlin. EU-China trade talks get underway today.
  • DATA: In North America, weekly US initial jobless claims are seen rising a little to 200K (prev. 197K) and continuing claims are seen at 1,710K (prev. 1,701K); wholesale inventories are expected to rise 0.7% M/M (prev. 1.3%); after today’s data, the Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 3.7%).
  • CENTRAL BANKS: ECB releases September meeting minutes. UK BoE publishes BoE publishes credit conditions and bank liabilities surveys. Banxico publishes September meeting minutes. Today’s Fedspeak includes: Fed’s Waller (voter) on the economic outlook; Fed’s Kashkari (2026 voter) moderates a discussion; Fed’s Musalem (2028 voter) speaks on the policy and economic outlook. BoE Governor Bailey speaks from Turkey (text released); BoE’s Lombardelli gives a speech; BoE’s Greene speaks in South Africa. At the ECB, chief economist Lane participates in a fireside chat and Q&A (no text). Riksbank’s Thedeen speaks on the economic situation and current monetary policy.
  • SUPPLY: US sells USD 22bln of 30yr bonds, and a 20-30yr liquidity support buyback.
  • ENERGY: EIA reports weekly natural gas stocks change (prev. +64bcf).
  • EARNINGS: Notable earnings reports due today include: PepsiCo (PEP).

GEOPOLITICS

  • US-Iran - The US military has been ordered to prepare for possible strikes on Iran as President Trump weighs the timing, according to multiple reports citing US and Israeli sources. The Pentagon reportedly told CENTCOM to complete preparations for renewed major combat operations, potentially involving a joint US-Israeli campaign targeting Iranian energy, infrastructure and nuclear sites. NBS said Trump and his national security team have discussed resuming large scale US military operations in coming weeks, including possible strikes before next month’s midterm elections. No final decision has been made.
  • Qatar - UKMTO reported that a tanker was struck by projectiles off Qatar’s northern coast, marking the first reported attack deep inside the Persian Gulf in about a month. Casualties were reported, while security consultants identified the vessel as a small Antigua and Barbuda-flagged fuel or chemical tanker.
  • UK-Germany - UK PM Burnham and German Chancellor Merz will ratify the 2025 Kensington Treaty in Berlin today, BBC reports. The pact deepens cooperation on science, technology, defence, security and growth, with talks focused on hybrid threats including cyberattacks, sabotage and misinformation.

TRADE

  • EU-China - The EU is taking a tougher stance on China’s trade imbalance, with trade chief Sefcovic to meet China’s Commerce Minister Wang, as Brussels weighs safeguards on Chinese hybrid car imports. France and Germany are pushing stronger trade tools, while Beijing has warned against protectionist measures and threatened retaliation, including through rare-earth leverage and trade investigations.

MACRO

  • FOMC Meeting Minutes: Minutes of the Fed’s September meeting released on Wednesday showed that all 19 participants backed the 25bps rate rise to 3.75-4.00%. Most judged that a further rise would likely be appropriate by year-end. Officials described inflation as elevated, with risks increasingly skewed to the upside for some. They saw the labour market as near full employment, with balanced risks. Several noted stronger underlying economic momentum. Some also highlighted the potential for AI-related investment to increase demand and inflationary pressures over the medium term. Many judged financial conditions supportive of growth despite higher long-term Treasury yields, citing strong equity gains and narrow corporate spreads. Market commentary also pointed to three factors behind higher term premiums and Treasury yields, including: geopolitical developments, uncertainty over the US Treasury’s announcement and implementation of its buyback programme, and competition for capital from heavy private debt issuance to finance AI infrastructure. A few noted that the Treasury market was functioning smoothly; they still called for better preparation for market stress while limiting the Fed’s footprint in that market. The minutes are seen as stale, however, given that subsequent comments from senior Fed officials suggested limited urgency for further tightening. Since the meeting, Vice Chair Jefferson and NY Fed President Williams have signalled no rush to tighten. Market expectations for an October hike subsequently declined to around 20%, from approximately 70% following September’s decision.
  • JPY Intervention - The Fed September meeting minutes said that the NY Fed used US Treasury funds, not Fed assets, in July’s joint intervention with Japan to support the yen. The operation’s timing and size were undisclosed. Japan has disclosed that it spent JPY 15.4tln on intervention in the month through 26th August.
  • Bessent - US Treasury Secretary Bessent said elevated bond yields are a global phenomenon and core inflation is approaching target. He reiterated that the US economy is strong but said the Fed should keep an open mind.
  • Japan - Japan’s September Economy Watchers current index rose to 47.0 (exp. 46.8; prev. 46.4), while the outlook index fell to 47.4 (prev. 48.3). Elsewhere, the BoJ maintained its assessment for seven of Japan’s nine regions and upgraded two; many regions cited continued high wage offers, strong corporate investment, resilient consumption and higher output on robust global AI demand, while some warned that difficulty passing on costs could constrain wage increases. Elsewhere, Japan’s 30yr bond auction drew firm demand, with the high yield at 4.12%, bid-to-cover rising to 3.88x (prev. 3.79x; 12-month avg. 3.56x); elevated yields supported demand, although concerns over fiscal expansion continue to weigh on longer-dated bonds.
  • RBNZ - The RBNZ is recruiting two assistant governors and a chief of staff as Governor Breman reshapes senior leadership. The new assistant governor roles cover monetary policy and payments and cash, following Karen Silk’s planned departure in December.

TECH

  • TSMC (TSM) - TSMC Q3 revenue rose 51% Y/Y to TWD 1.49tln (exp. 1.46tln), according to Bloomberg calculations based on monthly revenue disclosures; September revenue rose TWD to 551.9bln (from 331bln in the same period last year). Bloomberg said that the result supports continued strong AI-related chip demand, with TSMC also considering further US expansion after previously committing USD 265bln to Arizona.
  • Samsung Electronics (SSNLF) - Shares slipped in overnight trade after it announced prelim Q3 operating profit +783% Y/Y at KRW 107.4tln (exp. 108.7tln), missing consensus expectations, while Q3 revenue +127% Y/Y at KRW 195tln (exp. 199tln), also missing expectations.
  • China Data Centres - China is rapidly expanding AI data centre capacity, with Ulanqab in Inner Mongolia emerging as a major hub, FT reports. The city has 89 data centres built or planned and about 15GW of committed computing capacity, supported by cheap land and power. The article notes that China’s main constraint remains access to advanced chips.
  • TDK (TTDKY), Seagate Technology (STX), Toshiba (TSHTY) - Seagate and Toshiba are competing to acquire TDK’s hard disk drive magnetic heads business in a deal potentially worth several billion dollars, Bloomberg reports citing sources, which said a bidding war is underway. TDK is the only independent supplier of HDD heads; a Seagate win could weaken Toshiba’s HDD ambitions, while Toshiba may raise its bid as AI data centre demand boosts storage-market growth.
  • Microsoft (MSFT), Apple (AAPL) - Microsoft unveiled the Surface Laptop Ultra using Nvidia (NVDA) chips, saying it runs local AI prompts twice as fast and generates video six times faster than Apple’s MacBook Pro M5.
  • BE Semiconductor (BESIY) - BE Semiconductor Industries shares have fallen 14% this week as investors questioned the pace of hybrid-bonding adoption amid the memory shortage, Bloomberg reports. UBS downgraded Besi to sell and Bank of America to neutral, citing weaker earnings expectations and technology risks. The stock is down 45% since late June.
  • Oracle (ORCL), Broadcom (AVGO), SpaceX (SPCX) - WSJ notes that Broadcom is arranging more than USD 50bln of financing for OpenAI’s custom AI chips, while Oracle is seeking separate funding for Nvidia (NVDA) hardware. Broadcom’s deal could cover several gigawatts, and close this year; Oracle may use an investor-funded vehicle to buy chips and lease them back, limiting additional borrowing; SpaceX is pursuing a similar debt deal for AI chips.
  • Lattice Semiconductor (LSCC), Arm (ARM) - Lattice Semiconductor announced a collaboration with Arm to enable secure control, management and platform adaptability for AI infrastructure. The solution combines Arm AGI CPU server platforms with Lattice FPGAs and AMI firmware.
  • Firmus Grid, Nvidia (NVDA) - Nvidia-backed Firmus Grid closed books on its Australian IPO amid concerns over valuation and investor support, Bloomberg reports. The company sought up to USD 5.5bln, at an implied AUD 43.7bln valuation, but investors grew wary of aggressive pricing and potential post-listing share overhang.
  • IBM (IBM) - IBM advanced to Stage C of DARPA’s Quantum Benchmarking Initiative, moving into independent verification and validation of its quantum hardware, systems engineering and architecture. DARPA launched the programme to assess whether an industrially useful fault-tolerant quantum computer can be built by 2033.
  • ByteDance - NY AG James added allegations that TikTok secretly withheld a safety feature from 10% of US users during testing, including teens. TikTok said it regularly tests features, but denied making the platform less safe. The company faces multiple youth safety lawsuits, and agreed in September to pay up to USD 300mln in Alabama.
  • Wolfspeed (WOLF) - Wolfspeed received a conditional USD 1.5bln, 30yr loan commitment from the US Department of Defense to expand domestic silicon carbide production. The funding would also support gallium nitride upgrades and radiation-hardening capabilities. Wolfspeed will potentially issue warrants for up to 7.5% of fully diluted equity.
  • Applied Digital (APLD) - Applied Digital shares rose 5.3% in extended US trading after quarterly earnings, revenue and adj. EBITDA topped expectations, supported by surging services and HPC hosting revenue, and a large contracted revenue pipeline with hyperscale customers. Q1 adj. EPS -0.01 (exp. -0.30), Q1 revenue USD 341.9mln (exp. 116.3mln). Adj. EBITDA USD 64.4mln (exp. 37.3mln). Services revenue +225% Y/Y to USD 262.8mln, driven by approximately USD 157.2mln of additional tenant fit-out services and USD 23mln of GPU hardware sales related to ChronoScale. HPC Hosting revenue was USD 262.6mln, including USD 65.8mln of base rent, USD 183.5mln of tenant fit-out services and USD 13.3mln of tenant recoveries. Applied Digital had leases covering approximately 1.41GW of critical IT load across five campuses, representing about USD 36bln of contracted base-term revenue, or approximately USD 86bln including renewal options.

COMMUNICATIONS

  • Tencent (TCEHY) - Tencent is considering an offshore bond sale of up to USD 5bln, potentially in dollars and offshore yuan, Bloomberg reports. The deal could come as early as this month, following a USD 4.7bln debt sale in June. the issuance comes as Tencent increased its AI-related capex by 176% to CNY 52.8bln in the June quarter.
  • Alphabet (GOOG) - Alphabet-spinout Isomorphic Labs is in early talks to raise funding at a valuation of USD 40-50bln, Bloomberg reports. It raised USD 2.1bln five months ago, and is developing AI-driven drug discovery technology, with partnerships including Eli Lilly (LLY) and Novartis (NVS).
  • Skydance (SKYD), Warner Bros. Discovery (WBD) - David Ellison and his family invested about USD 17bln in Paramount Skydance’s USD 110bln acquisition of Warner Bros. Discovery, Bloomberg reports. The deal included USD 47bln of equity, with Middle Eastern sovereign wealth funds contributing USD 24bln, RedBird Capital USD 4bln and Shinsegae Group USD 1bln.
  • Universal Quantum, Roblox (RBLX) - Universal Quantum raised USD 100mln in a Series A co-led by DCVC and Firgun Ventures. Investors included Singapore’s EDBI and Roblox CEO David Baszucki. The UK quantum computing startup will use the funding to expand research hubs in Germany and Singapore and aims to build a useful working quantum computer within the next decade.
  • Vodafone (VOD) - Vodafone targets mid-to-high single-digit adj. EBITDAaL growth for VodafoneThree in the UK, with operating FCF expected to more than triple by FY32; it also raised its annual cost-saving target to GBP 1bln by FY32.

CONSUMER CYCLICAL

  • Amazon (AMZN) - Amazon cut fewer than 1K white-collar jobs, mainly in its Stores division, Reuters reports citing a source. The reductions affected areas including customer service and selling partner services, with employees in the US, India and UK impacted. Founder Jeff Bezos told Fox News that continued cuts were necessary after Amazon overhired during the pandemic.
  • Starbucks (SBUX) - Starbucks raised its quarterly cash dividend to USD 0.63/shr (prev. USD 0.62).
  • Rivian (RIVN), Volkswagen (VWAGY) - Rivian disclosed funding of a USD 1.0bln, 10yr term loan facility from Volkswagen Group under their existing JV agreement. The facility carries a 6.03% fixed annual interest rate, and is secured by Rivian’s 50% equity interest in the JV.
  • Xpeng (XPEV) - XPeng completed the first production trial of its G9L SUV at Magna’s Graz, Austria facility. The G9L is the fourth XPeng model produced there, alongside the G6, G9 and P7+, marking a further expansion of the companies’ European manufacturing partnership.
  • Aurora Innovation (AUR) - The DoT granted Aurora and other autonomous trucking companies a 5yr exemption from rules requiring drivers to place warning triangles around stopped trucks, Reuters reports. Companies may instead use cab-mounted warning beacons, with prior notification to regulators and crash-reporting requirements.
  • Levi Strauss (LEVI) - Levi Strauss shares fell 1.3% in extended trading as weaker than expected revenue, soft DTC traffic and cautious Q4 guidance outweighed a quarterly earnings beat and raised FY profit view. Q3 adj. EPS 0.48 (exp. 0.36), Q3 revenue USD 1.6bln (exp. 1.62bln). Management said international and wholesale businesses remained strong, while DTC performance fell short of expectations due to softer traffic in the US and Europe, and weaker than expected back-to-school demand. CEO said recent trends have improved, and DTC is on track for mid-single-digit growth in Q4. Plans to initiate a USD 100mln accelerated share repurchase programme. Sees Q4 adj. EPS between 0.36-0.38 (exp. 0.48), revenue growth of approximately 4%. Raised FY26 adj. EPS view to between 1.54-1.56 (exp. 1.54; prev. saw 1.46-1.52), raised organic revenue growth to approximately 6% (from 5.5-6%), while cutting reported net revenue growth to approximately 7% (from 7-7.5%).
  • Lululemon (LULU) - Lululemon appointed Maggie Gauger as President & Chief Product Officer, Joseph Godsey as COO, both in newly created roles, effective 26th October. Chief Brand & Product Activation Officer Nikki Neuburger and Chief Supply Chain Officer Ted Dagnese will leave on 6th November. Searches are underway for chief brand, communications and technology officers.

CONSUMER DEFENSIVE

  • Costco (COST) - Costco September net sales rose 13.0% Y/Y to USD 30.02bln (prev. +9.9%). Comp sales rose 11.4% (prev. +8.4%); by region, US +12.5% (prev. +9.0%), Canada +6.3% (prev. +4.0%) and Other International +10.8% (prev. +9.5%). Ex-gas/FX comps rose 7.6% (prev. +5.4%); digitally-enabled sales rose 19.0% (prev. +17.9%).
  • Suedzucker (SUEZY) - - H1 revenue was broadly stable at EUR 4.19bln (vs EUR 4.20bln Y/Y); strong biofuel demand partly offset weaker sugar and starch revenue, while drought reduced expected beet yields. Suedzucker had already raised its outlook in September, citing higher biofuel sales. Tesco (TSCDY) - Tesco expects FY adj. operating profit of at least GBP 3.15bln, narrowing its previous GBP 3.0-3.3bln guidance range; it said that stronger online sales helped offset rising cost pressures in H1. Imperial Brands (IMBBY) - Announced a GBP 1.50bln share buyback programme for FY27 and said it remains on track to deliver FY26 guidance across all metrics.

FINANCIALS

  • Goldman Sachs (GS), Morgan Stanley (MS) - SK Hynix’s (SKHY) Solidigm selected Goldman Sachs and Morgan Stanley for an IPO that could raise about USD 10bln, Bloomberg reports. JPMorgan (JPM), Citi (C) and UBS (UBS) are also working on the listing, which could take place as soon as next year, and value Solidigm at up to USD 100bln.
  • Goldman Sachs (GS) - Goldman Sachs exec Kevin Sneader said new finance hires will increasingly manage AI agents from the start of their careers. He said this could shift management responsibilities away from traditional middle managers, while banks may need fewer graduates for analysis and preparatory work as AI reshapes career structures.
  • Coinbase (COIN), Samsung Electronics (SSNLF) - Samsung Electronics America will add USDC stablecoin functionality to Samsung Wallet in the last week of October. Coinbase will serve as Bastion’s sub-custodian via Coinbase Prime Vault, while Bastion and Coinbase will jointly operate USDC functionality.
  • Western Union (WU) - Western Union and Publix Super Markets renewed their agreement, maintaining access to Western Union money transfers, money orders and bill-payment services across Publix locations in the Southeast.
  • Euronext (ERNXY) - Italy is reportedly considering buying Euronext’s 63% stake in European bond trading platform MTS, in a deal valued at around EUR 600mln.
  • Monte Paschi (BMPSY)** - Francesco Gaetano Caltagirone’s holding company (which owns 10.3% of Monte Paschi) will vote against Monte Paschi’s bids for Banco BPM and Banca Generali, and against its merger with Mediobanca; a shareholder vote scheduled for 29th October.

INDUSTRIALS

  • UPS (UPS), Lockheed Martin (LMT) - China obtained F-35 stealth fighter parts after a UPS employee missed an email warning not to route the shipment through Hong Kong, according to Bloomberg. Freight forwarder DSV, acting for F-35 developer Lockheed Martin, had sent the email stating the parts must not transit certain countries to comply with US International Traffic in Arms Regulations.
  • General Dynamics (GD) - General Dynamics named President Danny Deep as CEO, effective 1st January 2027, succeeding Phebe Novakovic. Novakovic, CEO since 2013, will become Executive Chairman.
  • Woodward (WWD), Airbus (EADSY) - Woodward was selected to provide a complete wing actuation system for Airbus’ Folding Wing research demonstrator. The system, including a power delivery unit and high-power hinge actuator, will be tested in Bremen and Bristol. Woodward will also support Airbus trade studies on design choices including hydraulic versus electric power.
  • Blue Origin - Founder Jeff Bezos said Blue Origin is likely to pursue an IPO within the next several years after raising USD 10bln from outside investors. Bezos said a public listing probably makes sense eventually, but would not happen for several years. He has invested USD 28bln in the company, whose New Glenn rocket is expected to fly again in December.
  • LG Energy Solution (373220 KS) - LG Energy Solution reported preliminary Q3 operating profit of KRW 756bln (exp. 365.5bln), and revenue of KRW 9.6tln (exp. 8.5tln). Earnings benefited from US tax credits, stronger energy-storage demand, restarted North American JV output and higher European EV shipments.
  • Daimler Truck (DTRUY) - Q3 unit sales 91,260 (prev. 72,277); Trucks North America sales rose 51% Y/Y and Mercedes-Benz Trucks increased 13%, while Daimler Buses sales fell by -16% Y/Y.

MATERIALS

  • Fortescue Metals (FSUGY) - Fortescue said Q3 iron ore sales were about 8% below shipments as negotiations with China Mineral Resources Group weighed on volumes and pricing. Shipments fell 6% Y/Y to 46.8mln tonnes, realised pricing was 82% of the seaborne benchmark at USD 80/tonne, and FY shipment guidance was maintained subject to the CMRG talks.
  • Antofagasta (ANFGY) - Antofagasta said projected copper production remains unchanged despite strike-related impacts, while unions said the action will begin affecting output within weeks.

UTILITIES

  • Duke Energy (DUK) - Duke Energy reached a proposed North Carolina tariff deal requiring large-load customers, including data centres, to fund grid-connection infrastructure and pay for at least 75% of projected monthly power needs. Amazon (AMZN), Meta (META), Microsoft (MSFT), Alphabet (GOOG) and the US Department of Defense accepted the proposal, which still requires North Carolina Utilities Commission approval.

HEALTHCARE

  • US Peptide Access Plan - The Trump administration is considering temporarily allowing state-licensed compounding pharmacies to sell certain previously restricted peptides while new regulations are developed, WaPo reports citing sources. The plan could cover treatments for insomnia, obesity and wound healing, despite FDA scientists raising safety and efficacy concerns over products lacking robust clinical trials.
  • Valneva (VALN) - Valneva said the UK MHRA revoked Ixchiq’s marketing authorisation following a further benefit-risk assessment by the Commission on Human Medicines. The decision was based on existing safety data, not a new safety signal, and does not affect licences elsewhere. Valneva expects minimal sales impact and will not appeal.
  • IQVIA Holdings (IQV) - Iqvia launched Iqvia Life Science Models to help predict clinical-trial outcomes. The models combine Iqvia proprietary content and domain expertise with technologies including Nvidia (NVDA) Nemotron and Amazon (AMZN) Web Services infrastructure.
  • Bayer (BAYRY) - Bayer said the US FDA accepted its supplemental New Drug Application for finerenone, supporting a potential new indication for adults with chronic kidney disease without diabetes.
  • Zealand Pharma (ZEAL) - Reported positive Phase 2 ZUPREME-2 topline results for petrelintide in overweight or obese people with type 2 diabetes.
  • Argenx (ARGX) - Reported positive topline Phase 2 results for FB102 in adults with coeliac disease, meeting the primary endpoint. The company also said it will discontinue the Phase 3 UNITY study of subcutaneous efgartigimod in adults with moderate-to-severe Sjogren’s disease.

Context

This is the standard pre-open US equity digest rather than a single catalyst; its function is to consolidate overnight corporate, macro and geopolitical flow into one calendar anchor for the session. The through-lines worth isolating are the AI complex, where TSMC's revenue beat against a Samsung prelim miss repeats a familiar pattern in which foundry and memory diverge rather than confirm one another, and the financing angle, where the Tencent offshore bond consideration and the large AI-chip funding packages extend the recent shift of AI capex onto credit and structured vehicles rather than balance sheets alone. On the macro side, the minutes are characterised as stale relative to subsequent official commentary, a distinction that has historically muted their market weight and transferred sensitivity to the day's speakers and the claims print. The 30-year auction and accompanying buyback sit against an explicitly flagged debate over term premium drivers, so tail and concession behaviour at the long end is the cleanest read on that theme. Geopolitical items, the Gulf tanker strike and strike-preparation reporting on Iran, fit the established pattern where crude and freight insurance reprice on escalation headlines first and retrace if no follow-through materialises. Follow-ons are the ECB minutes, Fedspeak, the long-bond supply result and the GDPNow update after the data.

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