Daily US Equity Opening News - UBER weighs higher DELHY takeover bid; SMCI to strengthen compliance; SPCX Starship deploys mock Starlink satellites; BAYRY Roundup settlement faces lawyer opposition; DIS' Mandalorian film leads holiday box office

DAY AHEAD:

EVENTS: It is US Memorial Day; NYSE, NASDAQ, SIFMA fixed income and CME Globex (equities, rates, FX, energy, metals; early halt 17:00 GMT) all closed or curtailed. UK Spring Bank Holiday means the LSE and UK fixed income are closed. In the EU, it is Whit Monday, with the Swiss SIX, Oslo, Copenhagen and Vienna exchanges closed.
CENTRAL BANKS: Bank of Israel interest is expected to cut rates by 25bps to 3.75%, according to analysts surveyed by Bloomberg.
WEEK AHEAD: This week’s highlights includes US PCE, Australian CPI, Tokyo CPI, ECB Minutes and rate decisions from RBNZ, SARB, BoK.
Newsquawk’s week ahead preview can be accessed here.
EARNINGS: Notable US corporates reporting this week includes: Costco (COST), Marvell Technology (MRVL), Dell Technologies (DELL), Salesforce (CRM), PDD Holdings (PDD), Synopsys (SNPS), Snowflake (SNOW), AutoZone (AZO), Autodesk (ADSK), Agilent (A), NetApp (NTAP), Zscaler (ZS), Dick’s Sporting Goods (DKS), Best Buy (BBY), HP (HPQ), Hormel (HRL), XPeng (XPEV), Gap (GAP), Abercrombie & Fitch (ANF), Kohl’s (KSS).
Newsquawk’s Weekly US Earnings Estimates can be accessed here.

NEWS:

US-IRAN:

US-Iran - President Trump posted on Saturday that a deal with Iran was largely negotiated and it would reopen the Strait of Hormuz, before posting on Sunday that negotiators had been told not to rush and that the blockade would remain until an agreement is certified and signed. Trump separately posted that any deal would be the opposite of the Obama-era agreement, and had not yet been fully negotiated. Axios cited two US officials as saying Trump convened a national security meeting on Friday and was seriously considering new strikes against Iran absent a last-minute breakthrough in negotiations. Secretary of State Rubio said there may be “some good news” on the Strait, that a deal is possible on Monday, but that if diplomacy failed, other means would be pursued.
Deal Details - The US and Iran are close to signing a 60-day ceasefire extension, extendable by mutual consent, Axios says, with an agreement reached on around 95% of a deal that still requires drafting. The naval blockade will only be lifted after Iran opens the Strait of Hormuz, and no funds will be released until enriched uranium is handed over. Receiving approval from Supreme Leader Khamenei is estimated to take 5-6 days, with any further changes also requiring his consent. Trump separately told Arab and Muslim leaders that ending the war should be accompanied by joining the Abraham Accords.
Iran - Iran's Foreign Ministry spokesperson said a framework has been reached in negotiations to end the war but that an agreement is not imminent, with nuclear issues not currently under discussion. The spokesperson said a potential memorandum of understanding contains no specific details on management of the Strait of Hormuz, which belongs to coastal countries, and that conclusions had been reached on many topics without signalling a deal was close. Iran said it was not tied to terms dictated by adversaries and cautioned that the US may not honour commitments.
Republican Backlash - Republican hardliners including senators Lindsey Graham, Ted Cruz and Roger Wicker have publicly criticised Trump’s Iran negotiations, warning that a deal granting sanctions relief and allowing uranium enrichment to continue would be a strategic failure. The proposed framework would extend the ceasefire by 60 days, reopen the Strait of Hormuz and initiate talks on Iran’s nuclear programme in exchange for phased sanctions relief and asset unfreezing. Secretary of State Marco Rubio rejected the criticism, defending Trump’s record on Iranian nuclear containment.
Strait of Hormuz - A US-Iran agreement in principle to reopen the Strait of Hormuz will ease oil-driven inflation but benefits will be slow and uneven, per the WSJ. Global oil stockpiles fell 250mln barrels over March and April, per the IEA, with Adnoc’s CEO saying flows would take at least four months to reach 80% of pre-war levels. Meanwhile, several vessels have already begun transiting the strait, including supertanker Eagle Verona carrying around 2mln barrels of Iraqi crude to China, Adnoc’s Al Hamra LNG tanker bound for India, and three further LNG tankers from Qatar and the UAE.

GEOPOLITICS:

China-Japan - China President Xi criticised Japanese PM Takaichi’s remilitarisation push during a summit with US President Trump in Beijing, FT reports. Xi was described as vocal and agitated over Japan’s increased military spending. Trump said Takaichi had taken a more assertive security stance because of North Korea’s rising threat.
UK Politics - UK PM Starmer’s leadership uncertainty is slowing UK government policymaking, Bloomberg reports. Despite pursuing a new legislative programme and inflation-related announcements, doubts are growing in Whitehall about the durability of his agenda amid talk of a leadership challenge and comparisons with possible rivals including Andy Burnham.

MACRO:

Fed - NEC Director Hassett said the White House expects energy prices to fall once there is a deal with Iran, creating room for the Fed to cut rates. He said reiterated that inflation pressure was largely energy-driven, while core prices were barely moving. As Chair Kevin Warsh takes charge at the Fed, money markets are pricing in a near-certain rate hike by December 2026, reversing expectations of cuts from three months prior. Bloomberg cited Fed watchers who say Warsh’s pledged “regime change” will require broad FOMC consensus, limiting his room for unilateral action on interest rates, the USD 6.7tln balance sheet, forward guidance and inflation metrics; the article adds that with inflation accelerating amid the Iran war and policymakers considering rate hikes rather than cuts, former Fed advisers warn that alienating the Committee would undermine Warsh’s ability to pursue his core objectives, including any eventual push to lower borrowing costs.
Bond Yields - Bloomberg reports that some strategists have warned that long-term bond yields may remain elevated even if Iran war-driven oil inflation subsides, with rising real yields, expanding fiscal deficits, AI investment and higher neutral rate expectations seen as structural drivers.
Japan Equities - Japan’s Financial Services Agency is urging listed companies to use cash, cross-shareholdings and real estate for long-term investment rather than buybacks and dividends. Senior official Shibata said firms should focus on medium- to long-term value, while institutional investors should support cash use for growth.
ECB - ECB policymakers Kocher, Stournaras and Muller have all indicated support for a rate hike at the 11th June meeting, absent a sustainable US-Iran peace deal, Bloomberg reports. Kocher said inflation will likely exceed prior forecasts while the economy remains reasonably resilient. Stournaras said the ECB’s March projection of 2.6% consumer-price growth may be revised higher, noting energy prices could fall quickly if a peace agreement is reached; the comments were also echoed by ECB President Lagarde, but she did not comment on whether this puts the ECB on course for a June 2026 rate hike.
RBI, INR - RBI Governor Malhotra said the INR may now be undervalued following its recent depreciation, in an unusual public comment on currency valuation ahead of its 5th June rate decision, Mint reports.

TRADE:

US Chip Tariffs - The Trump administration is still considering tariffs on imported semiconductors to support US chip manufacturing. USTR Greer said there were no immediate plans for new levies “tomorrow or next week”, and that discussions continue with industry over timing and scope.
US Tariff Refunds - Only around 5% of the 3,000 largest publicly traded US companies have publicly referenced refunds related to struck-down IEEPA tariffs, amid fears of political backlash and consumer class-action suitsaccording to a Bloomberg analysis. The Customs and Border Protection refund portal has seen USD 35.5bln disbursed to early filers, with total potential refunds estimated at USD 166bln. Companies disclosing expected receipts include General Motors (GM) (os around USD 500mln), Ford (F) (of around USD 1.3bln), and Apple (AAPL), which confirmed it is pursuing reimbursement.
Indonesia Commodities - Indonesia will provide updates within weeks on its new commodity export policy and centralised export agency, Bloomberg reports. Trade Vice Minister said the agency is still being set up, and will initially manage palm oil, thermal coal and some nickel product exports.
UK-EU - The UK proposed a single market for goods with the EU, but Brussels rejected the idea and instead suggested the UK join a customs union or the European Economic Area, both of which would require reversing the ban on free movement of workers, The Guardian reports. UK officials said the idea had not been definitively rejected, and remained among options for discussion ahead of a planned EU-UK summit expected in July. The Cabinet Office confirmed negotiations were under way on an “ambitious package of measures” including sanitary and phytosanitary and emissions trading agreements.
India-US - Secretary of State Rubio invited India PM Modi to visit the White House during a meeting in New Delhi. The US State Department said both sides agreed to deepen trade and defence cooperation and accelerate collaboration on critical technologies.
India-Canada - India and Canada will hold proposed free trade agreement talks from 25-27th May. Indian Commerce and Industry Minister Goyal said he will meet Canadian PM Carney and his trade counterpart, with critical minerals and supply chains among areas of focus.
China-Africa - Since 1st May, China has removed tariffs on all goods from 53 of 54 African nations, building on a 2024 initiative covering 33 least-developed countries, WSJ reports. The move, which excludes only Taiwan-aligned Eswatini, is designed to secure critical mineral supply chains and extend Beijing’s economic influence as the US pursues tariffs against African nations. Analysts caution that non-tariff barriers, infrastructure deficits and logistics bottlenecks will limit near-term trade benefits.

TECH:

Super Micro Computer (SMCI), Nvidia (NVDA) - Nvidia CEO Jensen Huang urged Super Micro Computer to strengthen compliance after Taiwan detained three people for allegedly making fraudulent declarations about AI servers, marking the island’s first semiconductor smuggling crackdown. Super Micro said it would further strengthen its global trade compliance programme. The Taiwan case is separate from a US prosecution in which Super Micro’s co-founder was arrested for allegedly diverting billions of dollars worth of Nvidia chips to China.
Samsung Electronics (SSNLF), SK Hynix (HXSCL) - South Korea will debut its first single-stock leveraged ETFs tied to Samsung and SK Hynix this week, Bloomberg reports. The products seek twice the stocks’ daily moves and are expected to attract retail demand, though analysts warned they could increase volatility and concentration risk in the KOSPI .
Samsung Electronics (SSNLF) - Samsung Electronics' DX division union plans to file an injunction with Suwon District Court on 26th May to halt a vote on a provisional 2026 wage agreement, alleging it was excluded from the ballot by the company's largest union, Yonhap reports. Under the provisional agreement, semiconductor division employees stand to receive KRW 210-600mln in bonuses, while DX division employees covering smartphones, home appliances and TVs would likely receive only KRW 6mln in company stock.
Huawei, TSMC (TSM) - Huawei says it has developed “LogicFolding” technology that could narrow its chipmaking gap with TSMC, Bloomberg reports. Huawei will start making 1.4nm chips by 2031, while TSMC has said it will begin mass production of the same product in 2028, the report notes.
Anthropic - Anthropic is set to close a funding round that may exceed USD 30bln at a valuation above USD 900bln as soon as this week, Bloomberg reports. Sequoia Capital, Dragoneer Investment, Altimeter Capital and Greenoaks Capital are expected to co-lead, each planning to invest about USD 2bln.
Zoom Communications (ZM) - Zoom’s Anthropic stake is worth about USD 1.27bln after an early 2023 investment, Bloomberg reports. The company disclosed USD 51mln in strategic investments when announcing the Anthropic partnership and recently invested another USD 46mln. Zoom’s assessment is based on a February round valuing Anthropic at USD 380bln.
Viasat (VSAT) - VIASAT and INTELSAT General Communications received a combined USD 437.7mln US Air Force contract for space vehicles supporting the Protected Tactical Satellite-Global programme.

COMMUNICATIONS:

Disney (DIS) - The Mandalorian and Grogu led the US and Canada box office over the four-day holiday weekend with USD 102mln in ticket sales (exp. 100mln), Variety reports. The first Star Wars film in seven years met estimates of at least USD 100mln, but was among the franchise’s lowest debuts since Disney acquired Lucasfilm in 2012.

CONSUMER:

Delivery Hero (DELHY), Uber (UBER) - Uber’s board met to discuss raising its takeover bid for Delivery Hero after a EUR 38/shr approach to a major shareholder was rebuffed, following an earlier EUR 33/shr offer to the board. Rival DoorDash (DASH) has also approached shareholders, but purchased no shares. Several Delivery Hero shareholders are seeking above EUR 40 per share, implying a valuation of around EUR 13bln, FT said.
KB Home (KBH) - KB Home opened Enclaves and Reserves at Cloudbreak Ridge, two new gated communities in Summerlin’s La Madre Peaks Village in Las Vegas, Nevada.

FINANCIALS:

Eurozone Banks - The ECB is convening banks on Tuesday to urge faster IT security efforts following risks exposed by Anthropic’s Claude Mythos Preview, FT reports. ECB’s Elderson warned that AI can uncover vulnerabilities within minutes of a patch’s release and said European banks cannot use restricted access to Mythos as an excuse for inaction, as malicious actors could soon obtain the technology.
BNP Paribas (BNPQY) - BNP Paribas has asked a federal appeals court to overturn a USD 21mln verdict against it, stemming from allegations it helped finance Sudan’s dictatorship from 1997-2011 in breach of US sanctions. The October jury verdict, which sent BNP Paribas shares lower, was a bellwether trial for claims from approximately 23,000 Sudanese refugees. The bank argues the trial judge misapplied Swiss law and that liability for the Sudanese government’s actions cannot be attributed to the bank.
Futu Holdings (FUTU), UP Fintech Holding (TIGR) - Citic Securities says China’s crackdown on unlicensed cross-border securities trading could affect up to HKD 250bln of Hong Kong assets, with Futu Holdings accounting for HKD 150-180bln and Tiger Brokers a further HKD 45-50bln. Under a two-year transition, existing investors may only sell assets and withdraw funds. Futu shares last week fell sharply after regulators proposed approximately USD 271mln in fines, while other China’s CSI stocks saw upside on expectations the curbs would redirect flows into domestic equities. The crackdown on unauthorised cross-border trading is likely to have a more limited impact on the yuan, some analysts said.
Bitcoin Options, Nasdaq (NDAQ), CME Group (CME) - The SEC approved Nasdaq’s plan to list cash-settled European-style index options based on Bitcoin’s price on an accelerated basis. The contracts, tied to the CME CF Bitcoin Real Time Index, still need final CFTC approval before listing and would bring Bitcoin options into the US equity market.
Tokenised Stocks - The SEC has delayed a planned innovation exemption for tokenised stocks while it considers feedback from exchanges and market participants. The proposal would let crypto firms trade tokenised assets linked to stocks, but concerns include third-party tokens issued without company consent, shareholder rights, dividends, voting and overseas regulatory risks.

INDUSTRIALS:

SpaceX (SPCX) - SpaceX’s upgraded Starship deployed 20 mock Starlink satellites and returned largely unscathed, though its Super Heavy booster spun out of control and broke apart over the Gulf of Mexico. The test came as SpaceX pursues a possible IPO and continues work on Starship, which is central to its satellite, NASA and Mars plans. Separately, Elon Musk could receive more than 1.3bln SpaceX shares worth about USD 760bln if the company reaches market value and operational milestones, Bloomberg reports; the awards include requirements to establish a Mars colony and non-Earth-based data centres. Musk also has Tesla equity awards, putting about USD 1.8tln on the line.
Airbus (EADSY) - Qantas Airways’ first customised Airbus A350-1000 has been delayed to April 2027 from end-2026 due to supply chain issues, Bloomberg reports. Qantas ordered 12 A350s for Project Sunrise ultra-long-haul flights linking Sydney with London and New York, and expects the next four aircraft to arrive quickly enough to restore the delivery schedule by November 2027.
DHL (DHLGY), FedEx (FDX), UPS (UPS) DHL, FedEx and UPS urged EU FinMins to phase in new duty rules on low-value packages, warning of supply chain bottlenecks and potential disruption to medical supply availability, Reuters reports; the three companies called for the EUR 3.00 flat-rate duty to proceed from 1st July, but asked for more complex elements to be deferred, citing implementation complexity that cannot realistically be met by the deadline.
Jardine Matheson (JMHLY) - Jardine Matheson agreed to acquire Australian medical imaging provider I-MED Radiology Network from Permira at an enterprise value of AUD 3.4bln, to be funded through cash and debt. The deal includes I-MED’s minority stake in radiology AI firm Harrison.ai. The transaction is expected to close later this year.
GMS - GMS CEO Anil Sharma said the company received US licences in April to buy four ships sanctioned over Iran for scrapping, Bloomberg reports. The vessels are Yogi, Timon, Rantanplan and Bigli. Sharma said the permits could create a legal route to remove old shadow-fleet ships, though banks and buyers remain cautious.

ENERGY:

US Rig Count - Baker Hughes on Friday reported that US oil rigs rose by 10 to 425, the biggest weekly increase since April 2022. The gain extended a four-week rise in rig counts, as higher crude prices linsked to the Middle East conflict supported drilling activity, mainly in West and South Texas.
US-India Energy - India sees the US as a significant and reliable energy partner after talks between External Affairs Minister Jaishankar and Secretary of State Rubio, Bloomberg reports. Jaishankar cited a significant uptick in US energy supplies to India, while saying markets should not be distorted or constrained. Rubio said the countries were strategically aligned on energy. Separately, Indian Oil, Bharat Petroleum and Hindustan Petroleum raised gasoline and diesel prices for the fourth time in 10 days, Bloomberg said; cumulative increases have now reached 7.8% for gasoline and 8.6% for diesel.
Alberta - Alberta Premier Smith said a deal with the Oil Sands Alliance on the Pathways carbon capture project is expected within one to two months, which would pave the way for a new 1mln BPD pipeline to the British Columbia coast. The agreement would fulfil the last major outstanding element of an MoU signed with PM Carney last November. Pipeline route details are due by 1st July, with conditional project approval sought by 1st October.
Alaska Crude - Alaska is seeing renewed oil industry interest and investment, helped by new discoveries and Trump administration policies, Bloomberg reports. ConocoPhillips (COP), Shell (SHEL), ExxonMobil (XOM), Santos (SSLZY) and others bid nearly USD 164mln for NPRA leases in March. Santos and Repsol (REPPY) began producing Pikka oil, while ConocoPhillips expects Willow commercial production in early 2029.
Ukraine-Russia - Ukraine said it struck Russia’s Sheskharis oil terminal and Grushovaya storage facility on the Black Sea, while Russia hit Ukrainian gas and oil assets. Ukraine also said it struck Metafrax Chemicals in Russia’s Perm region, halting operations.
European Energy Stocks - France has proposed that incoming EU climate transition fund rules permit investment in oil and gas companies with a clear path to sustainability, without requiring Scope 3 emissions data, per a draft document seen by Bloomberg. The proposal pushes back against a European Commission plan to ban climate transition and sustainable funds from holding companies expanding fossil fuel production. EU member states are negotiating the rewrite of the Sustainable Finance Disclosure Regulation ahead of parliamentary talks in the coming weeks.
Wind Projects - Around USD 50bln in wind investments and 150k jobs are at risk after the Pentagon halted approvals for roughly 130 proposed onshore wind projects, American Clean Power Association said. The Defence Department has stopped sending review determinations to the FAA, blocking projects without an existing Determination of No Hazard from proceeding. Texas accounts for approximately one quarter of the stalled projects, worth around USD 11bln.

MATERIALS:

Lithium - The US is pivoting from ternary to lithium iron phosphate batteries for EVs and energy storage, partly to circumvent Chinese patents, though fourth-generation LFP technology is also subject to China’s export restrictions, Digitimes reports
LME Copper - Trafigura withdrew more than 51K tons of copper from LME warehouses in the US and Asia, the largest such orders since 2013, valued at over USD 700mln at prevailing LME prices of around USD 13,660/ton. Over 30K tons were pulled from New Orleans and Baltimore warehouses, with the remainder withdrawn from Asian sites. The move was driven by Comex futures trading at a premium to LME prices, creating arbitrage incentives linked to potential US tariffs on the metal, Bloomberg said.
German Chemical Stocks - Germany’s EUR 635bln chemicals sector faces a potentially disorderly contraction as high energy costs, Asian competition and weak demand erode cash flows, threatening the industry’s ability to fund investment, Bloomberg reports. Between 2022-2025, 9% of Europe’s chemicals capacity was earmarked for closure, with a quarter of shutdowns concentrated in Germany. Evonik (EVKIY) CEO warned Europe could lose half its roughly 38 steam crackers within a decade, while BASF (BASFY) has cut approximately 4,800 jobs globally since end-2023, the article notes.
Egypt Minerals - Egypt will conduct its first comprehensive aerial mining survey in 42 years to map mineral wealth and attract foreign investment, authorities said.

UTILITIES:

Orsted A/S (DNNGY) - Orsted is exploring a sale of its US onshore renewables portfolio, which could fetch more than USD 1bln, Bloomberg reports. is working with advisers on the potential divestment as it refocuses on European offshore wind. It separately agreed in February to sell part of its European onshore business to Copenhagen Infrastructure Partners for EUR 1.4bln.

HEALTHCARE:

Bayer (BAYRY) - Bayer’s USD 7.25bln proposal to settle thousands of US Roundup cancer lawsuits in Missouri faces opposition from lawyers seeking review by US District Judge Vince Chhabria in California, Bloomberg reports. Bayer and supporting plaintiffs’ lawyers oppose moving the case, while final approval in St. Louis is scheduled for 9th July.
Danaher Corporation (DHR) - Danaher completed a record USD 3bln private-placement bond sale to help finance its acquisition of Masimo. It sold about CHF 2.38bln of notes in seven part; the bonds mature in five to 30 years.
Align Technology (ALGN) - Align plans to open a new manufacturing facility in Hyderabad, India, in 2027, creating more than 300 direct jobs and spending about USD 200mln in capital and operational expenses over several years.