Daily US Equity Opening News - US said to approve some NVDA H200 chips for China; CSCO surges after results; HNHPF beats on strong AI server demand; GME threatens hostile EBAY bid; CVX sells APAC assets for USD 2.2bln; CMCSA advances ITVPY media unit deal

DAY AHEAD:

EVENTS: US President Trump will attend a banquet with China President Xi. It is the Ascension Day holiday in Europe, with markets in Switzerland, Sweden, Norway, Finland, and Denmark shut.
DATA: In North America, US retail sales are seen rising 0.5% M/M (prev. 1.7%), with the annual rate expected to ease to 3.3% Y/Y (prev. 4.0%); weekly US initial jobless claims are seen ticking up to 205K (prev. 200K) and continuing claims at 1,790K (prev. 1,766K); US export prices are seen rising 1.1% M/M (prev. 1.6%), import prices at 1.0% M/M (prev. 0.8%); elsewhere, March business inventories are due. After today’s data, the Atlanta Fed will update its GDPNow tracking model (currently tracking Q2 growth of 3.7%). Canada’s March wholesale sales data (prev. 2%) will also be released.
SPEAKERS: Fed’s Miran (voter, dove) will give an interview to Bloomberg TV. Fed’s Schmid (2028 voter, hawk) will appear at Kansas City Fed conference; Fed’s Hammack (2026 voter, hawk) will give opening remarks at Cleveland Fed event; Fed’s Williams (voter, neutral) will participate in moderated discussion; Fed’s Bowman (voter, dove) will give opening remarks at a Kansas City Fed event; Fed’s Barr (voter) will give remarks on the Fed’s balance sheet. ECB’s Lagarde (neutral) will appear at an awards ceremony. BoE’s chief economist Pill (hawk) will speak at a roundtable event.
SUPPLY: US Treasury will announce auction size for next week’s 20yr Bond and 10yr TIPS sale.
**ENERGY: Weekly EIA natgas storage change data is expected to show a build of 86bcf (prev. 63bcf). WTI June 2026 options expire.
EARNINGS: Notable companies reporting today include: Applied Materials (AMAT).

NEWS:

US-CHINA:

Trump-Xi - President Trump described talks with President Xi as “great” after a nearly two-hour high-stakes meeting in Beijing, but did not say whether they discussed Taiwan. Later, it was reported that Xi warned Trump that mishandling the Taiwan situation could lead to “collision or even clashes” and push China-US relations into a dangerous situation, puncturing an otherwise cordial start to Trump’s China visit.
US Businesses in China - President Xi Jinping told US business leaders accompanying President Trump that China will open up further, adding that US companies have been deeply involved in China’s reform and opening up, benefiting both sides, and that China’s door “will only open wider”.
Nvidia (NVDA) - The US has reportedly approved around 10 Chinese firms to buy Nvidia H200 chips, according to Reuters citing sources. Approved buyers reportedly include Alibaba (BABA), ByteDance, Tencent (TCEHY) and JD.com (JD).
US Beef - Chinese customs appeared to halt export clearances for hundreds of US beef plants, hours after their licences were listed as renewed during the Trump-Xi summit, Reuters reports. More than 400 plants had lost eligibility as permissions lapsed. The licences briefly appeared “effective” before reverting to “expired”, with analysts viewing the issue as a trade negotiation signal. Later, reports suggested that China has in fact renewed US beef-plant import licenses.

IRAN:

Iran - Iran’s Foreign Minister Araghchi told a BRICS summit that Iran does not seek war, though added that Iran is ready to “deliver a crushing and devastating response to foreign aggressors”. He also said that the Strait of Hormuz is open to all commercial ships, but they must cooperate with Iranian naval forces, adding that Iran hopes the situation ends with the lifting of what he called an illegal US blockade.
Hormuz - Japanese supertanker Eneos Endeavor emerged in the Gulf of Oman after last signalling inside the Persian Gulf, indicating a rare transit through the Strait of Hormuz, Bloomberg said; ship-tracking data showed the vessel transmitting north of Muscat late Wednesday and heading east, after a signal gap suggesting it crossed Hormuz without broadcasting movements.
UAE - A commercial vessel anchored 38 nautical miles off Fujairah in the UAE was taken by unauthorised personnel and is now heading for Iranian waters, the UK Maritime Trade Operations said. The ship’s identity was not immediately clear.

GEOPOLITICS:

Russian Oil Waivers - India asked the US to extend its waiver on Russian oil. The US first granted approval in March, and widened it with authorisation running until 16th May.
US-EU - The Pentagon abruptly cancelled deployment of an armoured brigade to Poland, a major step in President Trump’s plan to shrink the US military posture in Europe, WSJ reports. The move follows a Pentagon announcement that 5,000 troops would be removed from Germany after Trump objected to German Chancellor Merz’s criticism of the Iran war.
UK Politics - UK leadership candidates are considering an early statement that Chancellor Reeves would be retained to support market stability if a longer leadership contest takes place, a Mail on Sunday reporter said citing MPs. Separately, Angela Rayner was cleared of deliberate wrongdoing or carelessness by HMRC in a tax affairs probe, potentially paving the way for a leadership bid against PM Keir Starmer.
Alberta - Alberta will appeal a court ruling blocking a potential vote on separation from Canada. A court found the provincial government failed to meet its obligation to consult Indigenous peoples. Premier Danielle Smith and Stay Free Alberta said they would appeal. The decision is a setback for Alberta’s independence movement, Bloomberg reports.
Brazil Elections - Leaked audio messages linking Brazilian presidential candidate Flavio Bolsonaro to jailed former Banco Master CEO Daniel Vorcaro are threatening his campaign; The Intercept Brasil reported Bolsonaro sought millions of dollars in financial support from Vorcaro for a film about his father, former President Jair Bolsonaro, citing documents and text messages. Elsewhere, Brazil plans to spend up to BRL 2.9bln/month subsidising gasoline and diesel to cushion the inflation impact of the Iran war; the subsidies will apply to domestically produced and imported fuel, as President Lula ramps up election stimulus.

MACRO:

Fed - Fed’s Collins (2028 voter) told the WSJ that the Fed may need to raise rates if inflation pressures broaden, though that is not her base case; she expects inflation pressures from the Iran war to eventually fade, and said the shock has masked evidence that underlying inflation was still moving lower.
BoJ - BoJ board member Masu said it is desirable to raise the policy rate at the earliest stage possible if data do not show clear signs of an economic downturn, Bloomberg reports. He cited more enduring inflation risks from the war in Iran.
ECB - An ECB rate hike in June is becoming less certain, according to Bloomberg, which notes that officials appear to be shifting their views as oil prices have not risen as sharply as feared, wider inflation spillovers from higher energy costs have yet to emerge, and the Eurozone economy is stagnating. Overnight, ECB chief economist Lane did not say whether he will propose a rate hike in June, stating that officials must carefully assess the impact on growth and inflation before deciding.
UK GDP - UK GDP rose 0.6% in the three months through March (exp. 0.5%), while the annual rate rose from 1.0% Y/Y to 1.2% Y/Y (exp. 0.7%). Pantheon Macroeconomics said the headline flattered by front-running of potential supply disruptions and noise in sectors like construction and hospitality, but stressed this should not mask a genuinely solid underlying trend; in terms of the policy implications, Pantheon said that with the economy growing close to its potential rate, spare capacity is unlikely to open up materially, which limits the case for aggressive monetary easing; however, Pantheon’s view that firms and households are treating the Iran War oil shock as temporary suggests the MPC need not panic, and can proceed cautiously rather than react to what may prove transient volatility.

TRADE:

US-Qatar, Boeing (BA) - A top US Air Force official affirmed that an aircraft Qatar gave the US as an interim presidential jet will cost about USD 400mln to retrofit; acting acquisition chief William Bailey cited the estimate in House testimony, and declined to elaborate on the plane’s capabilities.
India Sugar - India banned sugar exports until the end of September to protect domestic supplies. The move follows a cut in production estimates.
UK Steel Tariffs - British Chambers of Commerce warned UK manufacturers and construction groups will be hit by significant financial and logistical problems as a result of ministers’ plans to double tariffs on steel imports from July 1st, FT reports.

TECH:

Nvidia (NVDA) - Speaking from China, CEO Huang said the meetings were “excellent”. Later, it was reported that the US has reportedly approved around 10 Chinese firms to buy Nvidia H200 chips, according to Reuters citing sources. Approved buyers reportedly include Alibaba (BABA), ByteDance, Tencent (TCEHY) and JD.com (JD).
Cisco (CSCO) - Cisco shares rose 20% in extended US trading after it beat earnings and revenue expectations, issued stronger-than-expected guidance, highlighted surging AI infrastructure orders despite announcing job cuts. Q3 adj. EPS 1.06 (exp. 1.04), Q3 revenue USD 15.8bln (exp. 15.56bln); Q3 RPO was +4% Y/Y at USD 43.5bln, product RPO +6% Y/Y, services RPO +2% Y/Y. Exec noted record high Q3 demand, with product revenue driven by robust demand for AI infrastructure and campus networking solutions, while FY26 hyperscaler AI infrastructure orders are now expected at around USD 9bln (prev. saw USD 5bln) after USD 5.3bln of orders YTD. The company announced a restructuring plan with up to USD 1bln of pre-tax charges, and said it will reduce its workforce in Q4 by fewer than 4,000 jobs. Sees Q4 adj. EPS between 1.16-1.18 (exp. 1.07), Q4 revenue between USD 16.7-16.9bln (exp. 15.82bln); raises FY26 adj. EPS view to between 4.27-4.29 (exp. 4.16; prev. saw 4.13-4.17), and FY26 revenue to between USD 62.8-63bln (exp. 61.6bln; prev. saw 61.2-61.7bln); expects to recognise around USD 4bln of FY26 AI infrastructure revenue from hyperscalers and at least USD 6bln in FY27.
Hon Hai Precision Industry Co. (HNHPF) - Analysts said its Q1 results highlights sustained AI hardware spending. It reported Q1 net profit TWD 49.92bln (exp. 48.88bln), citing strong demand for AI servers. Sees Q2 smart consumer electronics and components seeing ‘significant’ Y/Y growth, computing products to be ‘flattish’ Y/Y, and cloud and networking products to see ‘strong’ Y/Y growth; sees FY26 revenue showing ‘strong’ Y/Y growth, maintaining its prior view.
Samsung Electronics (SSNLF) - Samsung proposed resuming pay talks with its South Korean labour union after government-mediated negotiations collapsed, Reuters reports; the Labour Commission called for another mediated round on Saturday to avert an 18-day strike planned from 21st May. Separately, Samsung has reportedly cut production and entered emergency management ahead of a planned strikes, Money Today reports; industry sources warned a shutdown could cause KRW 100tln in losses, with over 40k workers said to have applied to strike.
Samsung Electronics (SSNLF), SK Hynix (HXSCL) - Samsung and SK Hynix are rushing to expand capacity as AI memory demand surges, DigiTimes reports, as the AI boom is triggering an unprecedented expansion race among the world’s largest memory chipmakers.
MediaTek, Intel (INTC), TSMC (TSM) - MediaTek is pursuing advanced packaging partnerships with both TSMC’s CoWoS ecosystem and Intel’s EMIB platform, DigiTimes reports. The move comes as Google (GOOG) pushes for alternatives to CoWoS, and has become a closely watched strategic development in the semiconductor industry.
Microsoft (MSFT) - Microsoft is reportedly exploring AI startup deals as it prepares for a potential future beyond its OpenAI partnership, according The Information. It has discussed a possible deal with Inception, and has weighed an acquisition of Cursor, but backed away over antitrust concerns.
Apple (AAPL) - Apple has internally discussed integrating AI agents into the App Store, according to Yicai. The plan would involve using the technology trend while ensuring apps in the store continue to comply with Apple’s rules. The Yicai report added that broader adoption of agentic AI in software creation has put Apple on the defensive.
Global AI, OpenAI - OpenAI would support a global AI governance body led by the US and including China, Bloomberg reports. The company said the US could use its AI technology lead to create a global governance mechanism aimed at safer, more resilient systems.
Cerebras Systems (CBRS) - Cerebras Systems raised USD 5.55bln in the year’s biggest US IPO. The AI chipmaker priced 30mln shares at USD 185/shr, above its marketed USD 150-160 range, after increasing the range and share count earlier in the week.

COMMUNICATIONS:

ITV (ITVPY), Comcast (CMCSA) - Comcast-owned Sky is reportedly advancing talks to acquire ITV’s Media and Entertainment unit in a deal partly tied to ITV’s future performance, Reuters reports. The transaction could value the unit at GBP 1.6bln, with an earn-out around GBP 200mln. ITV Studios would also buy a Sky production unit and become standalone after the deal.
Netflix (NFLX) - Netflix picked up three additional NFL games for the upcoming season, will air the league’s first game in Australia, and the NFL’s first Thanksgiving Eve game, as well as another regular-season game on in January.
Telefonica (TELFY) - Telefonica reported Q1 revenue +0.8% Y/Y at EUR 8.13bln (exp. 8.14bln), supported by service revenue growth and partly offset by lower handset sales; adj. EBITDA +1.8% Y/Y at EUR 2.84bln, operating income of EUR 1.12bln; it affirmed FY26 guidance, and a EUR 0.15/shr cash dividend.
StubHub (STUB) - Q1 EPS 0.06 (vs -0.12 Y/Y), Q1 revenue USD 446mln (exp. 425.03mln). CEO said Q1 reflected disciplined execution in a healthy operating environment for live events and the resale marketplace, adding that the company delivered a positive start to 2026 and remains on track to achieve its FY outlook as it grows globally and increases profitability through greater scale. Backs FY26 GMS between USD 9.9-10.1bln, and FY26 adj. EBITDA between USD 400-420mln.
BuzzFeed (BZFD) - Byron Allen wants to turn BuzzFeed into a free-TV super app combining news, weather reports and entertainment content; the entrepreneur said he would use his experience creating and licensing programming for mass audiences to remake the struggling online media brand.

CONSUMER:

eBay (EBAY), GameStop (GME) - GameStop CEO Ryan Cohen repeated his threat of a hostile takeover of eBay after the online marketplace rejected his USD 125/shr cash-and-stock offer, FT reports. GameStop has a 5% stake in eBay. eBay called the proposal “neither credible nor attractive”, citing financing, debt, governance and executive compensation concerns.
Tesla (TSLA) - A federal judge declined to “rubber stamp” a proposed USD 1.5mln settlement between Elon Musk and the SEC, Bloomberg reports. The SEC lawsuit alleges Musk waited too long in 2022 to disclose his growing Twitter stake. Judge Sparkle Sooknanan said details in the proposed settlement raised “red flags”.
Xpeng (XPEV), Volkswagen (VWAGY) - Xpeng is in talks with Volkswagen and other automakers about buying a European factory, FT reports; Xpeng exec said the company is exploring whether it can find a European location, and may also consider building a new plant.
Honda (HMC) - Honda forecast operating profit of JPY 500bln for the year ending March 2027 (exp. 212.4bln). It reported FY25/26 net loss of JPY 423.9bln (prev. profit 835.8bln Y/Y), and sales of JPY 21.8tln (prev. 21.7tln Y/Y).
Hasbro (HAS) - Q1 EPS of USD 1.39 (exp. 1.13), Q1 revenue USD 1.0bln (exp. 962.5mln). It highlighted progress on its “Playing to Win” strategy, including licensing partnerships with Warner Bros. Discovery (WBD) for Harry Potter, Amazon (AMZN) MGM Studios for Voltron, Legendary Entertainment for Street Fighter, and the LUMEE joint venture with Animaj.
Grocery Outlet (GO) - Q1 adj. EPS 0.05 (exp. 0.02), Q1 revenue USD 1.17bln (exp. 1.15bln). Q1 comparable store sales -1%. Backed FY26 guidance, said it adopted a business optimisation plan after a strategic review of its store fleet, providing for the closure of 36 financially underperforming stores; sees USD 20-27mln of net restructuring charges across FY26 and FY27, with actions substantially completed by Q1 FY27. Backs FY26 adj. EPS view between 0.45-0.55 (exp. 0.50), FY26 revenue between USD 4.6-4.72bln (exp. 4.66bln), FY26 adj. EBITDA between USD 220-235mln and FY26 comparable store sales down 2% to flat.
Lululemon (LULU) - Incoming CEO Heidi O’Neill pledged to put the athleisure brand back on track in her first speech to employees; she said some people had underestimated her and Lululemon since the announcement.
Burberry (BURBY) - Reported Q4 revenue of GBP 2.42bln (vs 2.46bln Y/Y), and adj. operating profit of GBP 160mln (vs 26mln Y/Y); retail comp sales +5% (exp. 4.6%), which analysts said highlights CEO Schulman’s turnaround is gaining traction, supported by demand for its signature scarves and trench coats; Burberry noted strength in Greater China and the Americas; sees FY27 revenue growth and margin expansion; announced Chair Gerry Murphy will retire in November 2026.
Watches of Switzerland (WOSG) - FY26 revenue +13% Y/Y at GBP 1.82bln, with luxury watch revenue +13%, jewellery revenue +18%; said that demand for key luxury brands remains strong and outstrips supply in the US and UK. Guided FY27 revenue growth of 5-10%, and adj. EBIT margin expansion of 40-80bps.

FINANCIALS:

Citigroup (C) - Citigroup plans to increase headcount in its Asia-Pacific prime brokerage unit by about 10% this year to win more hedge fund business, Bloomberg reports. The expansion is focused on Singapore and India, with hiring across front-office and technology roles to strengthen its global platform.
Blackstone (BX) - Blackstone Digital Infrastructure Trust raised USD 1.75bln in a US IPO. It sold 87.5mln shares at a fixed price of USD 20/shr. The data centre acquisition vehicle plans to buy already built and leased properties benefiting from the AI boom.
KeyCorp (KEY) - Board authorised a new share repurchase programme of up to USD 3bln, replacing its existing USD 1bln buyback (which had about USD 280mln remaining).
Fiserv (FISV) - Fiserv entered a definitive agreement with Bridgeport to form a joint venture covering Fiserv’s ATM Managed Services, Cash & Logistics, and MoneyPass businesses. Bridgeport Partners is expected to assume operational control and day-to-day management after closing.

ENERGY:

Biofuels - The US House passed legislation to allow year-round nationwide sales of higher-ethanol E15 gasoline in a 218-203 vote. The measure still needs Senate approval and Presidential support, but marks a major advance for biofuels after years of failed efforts to expand the E15 market, Bloomberg said.
Chevron (CVX) - Eneos Holdings agreed to buy some Chevron refining and retail assets across APAC for USD 2.17bln. The deal includes Chevron’s 50% stake in a Singapore oil refinery and retail fuel and lubricant marketing businesses. Closing is expected in 2027.
Alberta - Canada and Alberta are said to be finalising an agreement to raise Alberta’s industrial carbon price to CAD 130/metric ton by 2040; the deal would clear a hurdle for federal support of a new crude pipeline to the Pacific coast.
Pembina Pipeline (PBA) - Pembina Pipeline renewed its normal course issuer bid to repurchase up to 5% of its common shares. The programme runs from 19th May 2026 to 18th May 2027, unless completed or ended earlier. Pembina may buy back up to 29.07mln shares, which will be cancelled, after repurchasing no shares under its prior NCIB.

INDUSTRIALS:

Siemens (SIEGY) - Siemens agreed to buy several key businesses of Italian rail technology group MERMEC to strengthen its rail portfolio and gain access to Italy, Reuters reports; Terms were not disclosed, though earlier reports suggest the deal could be worth around EUR 1bln.

MATERIALS:

Lithium Batteries - US energy storage buyers are rushing to purchase domestically made lithium batteries as China-related restrictions tighten, DigiTimes reports. US policy is pushing buyers toward higher-cost US-made batteries, with subsidies, tariffs and stricter reviews expected to reshape global supply chains, investment flows and sourcing for energy storage systems.
USA Rare Earth (USAR) - Q1 adj. EPS -0.12 (vs -0.14 Y/Y), Q1 revenue USD 5.7mln (exp. 3.63mln). Exec said Q1 was a “period of fundamental transformation”, driven by the USD 1.5bln PIPE financing, the agreement for 100% economic consolidation of the Round Top project and Phase 1a commissioning at Stillwater; post-quarter, the company agreed to acquire Serra Verde and enter a strategic partnership with Carester, aiming to close the loop on its integrated global value chain. USA Rare Earth said registered holders were to sell up to 94.36mln shares, and separately, it filed to sell 32.5mln common shares. Expects to sign definitive US government funding agreements in May 2026, potentially giving access to USD 1.6bln under the CHIPS Programme. Sees the Colorado hydrometallurgical demonstration facility commissioned in Q2, the Round Top definitive feasibility study completed in Q4 and published in Q1 2027, 600 MTPA run-rate magnet manufacturing capacity at Stillwater in Q4, and 3,000 MTPA run-rate metal making and alloy capacity at LCM in Q4.

UTILITIES:

Oklo (OKLO) - Oklo entered an at-the-market equity offering agreement for up to USD 1bln of Class A common stock.

HEALTHCARE:

CVS Health (CVS) - CVS subsidiary Omnicare received US Bankruptcy Court approval to sell its business to GenieRx, a joint partnership between Milrose Capital and Integro Asset Management. The transaction is expected to close later this year.
Nuvation Bio (NUVB), Thermo Fisher (TMO) - Nuvation Bio completed process tech transfer and product introduction to Thermo Fisher for Ibtrozi, to treat advanced or metastatic ROS1-positive non-small cell lung cancer.
Doximity (DOCS) - Shares tumbled by over 18% in extended trading after a profit miss and soft guidance. It reported Q4 EPS of 0.26 (exp. 0.28), Q4 revenue USD 145.4mln (exp. 143.9mln). Said it reached a new engagement record of more than 800k active prescribers in Q4, with nearly half using clinical AI last quarter and prompts per user nearly doubling from January to April. Announced an integration with Aledade to embed parts of its HIPAA-compliant Clinical AI Suite into Aledade Assist. Sees Q1 revenue between USD 151-152mln (exp. 153.3mln), Q1 adj. EBITDA between USD 68.5-69.5mln; sees FY27 revenue between USD 664-676mln (exp. 697.5mln), FY27 adj. EBITDA between USD 323-335mln.
IQVIA (IQV) - IQVIA expanded its strategic collaboration with Kexing Biopharm to support a global, multi-product biosimilar development and commercialisation programme.
AstraZeneca (AZN) - Perioperative Imfinzi plus Imjudo and neoadjuvant EV showed a statistically significant and clinically meaningful improvement in event-free survival and a favourable trend for overall survival.