Daily US Equity Opening News: ASML raises FY outlook, but Q2 view disappoints; MS & BAC beat

TODAY’S AGENDA:

US INDEX FUTURES: ES unch, NQ unch, YM +0.2%, RUT -0.1%
DAY AHEAD: Japan PM Takaichi is expected to on Wednesday announce plans to provide up to USD 10bln in financial support to Southeast Asian nations to help manage soaring crude oil prices linked to the Middle East war during a virtual meeting with regional leaders. Stateside, the NAHB Housing Market Index, the Fed’s Beige Book, and TIC/foreign bond investment data are due. On the speaker slate, Fed’s Bowman (voter, dove; no text expected) will speak at the IIF; ECB President Lagarde will give a keynote address at a conference (no text expected), ECB’s Schnabel will participate in a panel discussion on mid-term challenges for central banks (text expected), and ECB’s Cipollone are also scheduled; BoE Governor Bailey appears on panels at the IIF; SNB’s Schlegel. In energy, API data reportedly showed headline crude posting a surprise build of +6.1mln bbls (exp -1.3mln), though stocks at Cushing drew down by -1.7mln bbls; distillate stocks saw a larger than expected draw of -3.4mln bbls (exp. -2.5mln), while gasoline inventories posted a surprised build of +0.6mln bbls (exp. -2.2mln). The more widely followed DoE figures will be published later today. In supply, Germany will sell EUR 2.0bln across 2052 and 2056 lines. Notable corporate earnings due today include: ASML Holding (ASML), Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), PNC Financial (PNC), M&T Bank (MTB), J.B. Hunt (JBHT), First Horizon (FHN).
BROKER MOVES: AMT upgraded at Miuzho; SEDG downgraded at Goldman Sachs. For the full list, click here.
MAJOR MORNING MOVES RECAP: MS, BAC, PNC, SNAP, GTLB, AVGO, AMT, ASML, SEDG, WULF. For the full list, click here.
US DAILY CONFERENCE CALENDAR: KO, CSCO. For the full list, click here.

NEWS:

IRAN

Talks - The US and Iran are seeking a second round of peace talks in the coming days as tensions in the Strait of Hormuz deepen the global energy crisis and complicate diplomacy; the aim is to hold further discussions before the ceasefire expires next week, with Pakistan among the venues under consideration. President Trump said on Fox Business’ Mornings With Maria that he sees the Iran war as “very close to being over”, adding that talks could resume “over the next two days”; the clip was presented as a preview of his remarks on the state of the conflict, and the interview will be aired on Fox at 06:00EDT/11:00BST.
Blockade - US Central Command said the blockade of Iranian ports is fully implemented, with US forces directing ships to return and eight oil tankers reversing course; more than 20 commercial ships recently passed through the Strait of Hormuz. Still, Bloomberg reports that an Iraq-bound super tanker that abandoned a weekend attempt to cross the Strait of Hormuz is now sailing through the waterway, and would be the first crude carrier to head west since the US blockade began on Monday. Separately, Iran is to use alternative ports to those in southern Iran to bypass the US blockade in the Strait, according to Mehr News.
Iran Sanctions - The Trump administration will let a waiver allowing the purchase of certain Iranian crude already stranded at sea expire this weekend, Bloomberg reports. The US Treasury said the short-term authorisation will not be renewed and that it plans to use other available measures to maintain pressure on Iran.
Iran Internet - Iran has begun restoring limited internet access to some businesses and individuals, suggesting an effort to reduce economic damage from the nationwide shutdown that began more than six weeks ago. State-backed telecoms firms are offering a “pro internet” package for businesses, resulting in a small return of outside connectivity, according to ASL19 and internet monitoring firms.

MACRO

Fed - Former Fed Chair Yellen still sees a chance of a US rate cut later this year, despite the oil shock caused by the war in Iran; she said the shock was spreading across fuel, LNG, fertilisers, food, shipping costs and semiconductors, though stable long-run inflation expectations made rate rises unlikely for now. Separately, WSJ reports that prosecutors from US Attorney Pirro’s office made an unannounced visit on Tuesday to the construction site for the Fed HQ renovation; after speaking with construction workers, two deputies were told they could not access the site without preclearance, and were given contact details for the Fed’s legal staff.
US Government Funding - Senate Majority Leader Thune will reportedly press Republicans to back a narrowly focused bill to end the DHS funding lapse and drop other demands; the move adds momentum to a two-step Republican plan to end the partial shutdown, with DHS funding having expired on 14th February.
US Tax Day - Wall Street strategists expect tax payments this week to lift Treasury cash balances sharply and potentially pressure US funding markets, Bloomberg said. The concern is that individuals and companies will pull cash from banks and money market funds to meet tax obligations, disrupting short-term markets that have been relatively calm this year.
French Inflation - France's March CPI was revised up to 2.0% Y/Y (vs initial reading of 1.9%), driven by surging energy costs linked to the Iran war. The revision follows a similar upward move by Spain, where March inflation was revised up to 3.4% Y/Y vs prelim 3.3%.

TECH

Smartphones - IDC said the global smartphone market fell 4.1% in Q1, its first decline since 2023, as a memory chip shortage and the Iran war pressured costs and growth. Apple (AAPL) and Samsung (005930 KS) were the only top-five brands to grow, each lifting shipments by more than 3%, while Chinese rivals, including Oppo and Xiaomi (XIACY), saw shipments drop sharply.
Apple (AAPL) - To adopt OLED across its tablet line up, ex-standard model, ET news reports; Samsung (005930 KS) is expected to begin mass production of OLEDs from end-2026/January-2027.
Broadcom (AVGO), Meta Platforms (META) - Broadcom and Meta announced a multi-year, multi-generation strategic partnership to support Meta’s AI compute infrastructure, extending through 2029. Broadcom will deliver technology supporting Meta’s MTIA chips as the backbone for AI data centre deployment, Bloomberg reports. The deal has an initial commitment exceeding 1GW as the first phase of a multi-gigawatt rollout. Broadcom CEO Hock Tan will step down from Meta’s board and move to an advisory role focused on custom silicon strategy.
ASML Holding (ASML) - ASML raised its FY26 net sales forecast to EUR 36-40bln (prev. saw 34-39bln), citing strong demand for its chipmaking equipment, driven by AI investment. It reported Q1 revenue of EUR 8.77bln (exp. 8.55bln; guidance was for between 8.2-8.9bln), Q1 net profit of EUR 2.76bln (exp. 2.58bln). It said order intake remains very strong as customers accelerate capacity expansion plans for 2026 and beyond, driven by ongoing AI-related infrastructure investment and chip demand continuing to outpace supply. Management said supply is not expected to meet demand for the foreseeable future, with 2026 shaping up very well and capacity increases continuing into 2027. Sees Q2 revenue between EUR 8.4-9.0bln (exp. 8.11bln), sees Q2 gross margin between 51-52%, sees FY26 revenue between EUR 36-40bln (raised from prev. view of 34-39bln), sees FY26 gross margin between 51-53%. Proposed a total FY25 dividend +17% Y/Y at of EUR 7.50/shr. CFO said the low end of the 2026 sales forecast range reflects the possibility of supply chain and restriction difficulties; guidance has been raised due to strong demand for immersion DUV systems. Repeated ASML expects 20% of sales will be in China in 2026; Increased DUV demand is coming from outside China; Other regions could partially make up for lost China sales, depending on export restrictions. Co. will be able to meet DUV demand, working with supplier Zeiss (AFX GY) to increase production. Guidance hike due to immersion DUV demand. Worries include possible export restrictions and supply chain constraints.
Micron (MU) - VP Sadana Sumit sold 24k MU shares at USD 421.35 for a total of USD 10.11mln, a filing showed.
Nvidia (NVDA) - Faces scrutiny after Elizabeth Warren questioned US agencies about national security risks tied to its planned acquisition of SchedMD and reliance on its hardware and software, Reuters reports. Warren requested details from the Departments of Energy and Defense on system dependencies and risk assessments related to the deal.
SK Hynix (HXSCL), Nvidia (NVDA) - SK Hynix is reportedly considering cutting its planned 2026 HBM4 shipments to Nvidia by 20-30% amid delays in ramping Nvidia's next-generation Vera Rubin platform, according to the Digitimes.
OpenAI, SoftBank (SFTBY) - SoftBank lenders are inviting more banks to join a USD 40bln loan backing its OpenAI investment, Bloomberg reports. The deal has entered a soft launch phase, with additional lenders being asked to participate as sub-underwriters. Interested banks are required to commit about USD 5bln each, according to sources cited.
OpenAI, Anthropic - OpenAI began limited access to GPT-5.4-Cyber on Tuesday for Trusted Access for Cyber participants, aiming to find and fix software vulnerabilities. The rollout follows Anthropic’s limited release of Mythos a week earlier. OpenAI plans to expand from hundreds to thousands of verified defenders in the coming weeks.
Anthropic - Anthropic received multiple VC offers in recent weeks at valuations up to USD 800bln, above its USD 380bln February funding valuation, and USD 688bln Caplight level, Business Insider reports. Interest reflects demand ahead of a possible IPO later this year, alongside run-rate revenue of USD 30bln, more than 1,000 USD 1mln-a-year customers, and excitement over its Mythos model. Separately, Anthropic received a positive mention from Treasury Secretary Bessent, who said Anthropic’s Mythos is a breakthrough that will help keep the US ahead of China in AI, adding that US AI was 3-6 months ahead of China.
Uber Technologies (UBER) - The FT notes that Uber has committed more than USD 10bln to buy thousands of autonomous vehicles and take stakes in their developers to counter disruption from robotaxis. The plan includes over USD 2.5bln in equity stakes, and more than USD 7.5bln on fleets, with robotaxi services targeted in at least 28 cities by 2028.
Shift4 Payments (FOUR) - Downgraded at Wolfe Research to 'Peer Perform' from 'Outperform'. While Wolfe is optimistic on Shift4 Payments' structural position in US restaurants and hotels, shares should be range-bound pending execution on Global Blue cross-sell, and valuation is less compelling
GitLab (GTLB), Alphabet (GOOG) - GitLab expanded its partnership with Google Cloud to integrate Vertex AI models into its Duo Agent Platform, enabling enterprise AI agent workflows with existing cloud commitments. The collaboration aims to enhance AI-driven software development with built-in governance, security, and compliance controls.
Cloudflare (NET) - Upgraded at Piper Sandler to 'Overweight' from 'Neutral' with a USD 222 PT. The firm is positive on the company's infrastructure positioning across multiple growth opportunities across Delivery, APSEC, NaaS, SASE, IAS, and IaaS. The firm notes that the landscape is shifting toward more EDPs, or edge distribution platforms, with Cloudflare seen as a dominant player here, with strong LLM relationships that should see it benefit from AI adoption.
SolarEdge (SEDG) - Downgraded at Goldman Sachs to 'Sell' from 'Neutral' with a USD 31 PT (prev. 36). The firm cites elevated expectations and challenging valuation for SolarEdge, especially when considering margin gains tied mostly to 45X credits. The stock's recent rally also suggests expectations for potential upside from a material improvement in European demand, stemming from rising energy prices following the outbreak of war in Iran, appear to be creating a higher bar of expectations.
CoreWeave (CRWV) - Jane Street invests USD 1bln in CoreWeave and UPS spending plans.
Salesforce (CRM) - Unveiling a new way to measure AI productivity, pushing back on Silicon Valley's fixation on "tokenmaxxing" — the belief that consuming more AI tokens signals real work, Axios reports.
TeraWulf (WULF) - Announced prelim Q1 revenue between USD 30-35mln (exp. 39.17mln), Q1 adj. EBITDA between USD 0-3mln. At the end of March, it had cash levels of USD 3.1bln, total debt of USD 5.8bln (comprised of USD 2.5bln of convertible notes at TeraWulf, USD 3.2bln of senior secured notes at Wulf Compute and USD 100mln of delayed-draw bridge loans at its Kentucky subsidiaries). Management said CB-2 was fully delivered by quarter-end, with all Core42 capacity across Wulf Den, CB-1 and CB-2 generating revenue, and added that it has received allocations for a revolving credit facility of up to USD 250mln, subject to final documentation, to support liquidity and working capital. The company also announced a 47.4mln share secondary offering priced at USD 19.00/shr (the deal size was increased to USD 900mln from USD 800mln) and priced below the last close of USD 20.95; TeraWulf said net proceeds will help finance part of the Kentucky data centre build, repay amounts outstanding under its bridge credit facility, fund future site acquisitions and support general corporate purposes.

FINANCIALS

Bank of America Corp (BAC) Q1 2026 (USD): EPS 1.11 (exp. 1.01), Revenue 30.3bln (exp. 29.92bln). Revenue Breakdown: Wealth and investment 6.71bln (exp. 6.59bln), Trading 6.32bln (exp. 6.34bln), FICC trading 3.50bln (exp. 3.78bln), Equities trading 2.83bln (exp. 2.51bln), IB 1.84bln (exp. 1.73bln). Key Metrics: Provision for credit losses 1.34bln (exp. 1.5bln), NII 15.75bln (exp. 15.37bln), Non-interest expenses 18.53bln (exp. 18.47bln), net-charge offs 0.48%. Commentary: Saw healthy client activity, including solid consumer spending. Remain watchful of evolving risks. Indicating a resilient American economy. Discloses private credit portfolio finance of ~ USD 20bln. Loans secured by diversified pools of predominantly first lien private credit loans to middle market Cos. and large corporates.
PNC Financial Services Group Inc. (PNC) Q1 2026 (USD): Adj. EPS 4.13 (exp. 3.91), Revenue 6.17bln (exp. 6.24bln), NII 3.96bln (exp. 3.97bln), NIM 2.95%, Net Fee Income 2.1bln, CET1 10.1%. Credit loss provision 210mln, reflected portfolio activity, including loan growth and the addition of FirstBank, as well as updates to macroeconomic factors. Net charge-offs 0.29%. FY26 guidance: Average loans +11% (prev. +8%), Non-interest expenses 7%, Revenue +11%, NII +14%.
Private credit - US Treasury has begun quietly asking private credit firms to submit information detailing their business models and ties to the regulated financial system, according to multiple sources cited by Punchbowl. The department’s Office of Capital Markets is leading the information-gathering effort and asking for written responses, according to two sources. Treasury is asking select firms to provide information about their recent performance, as well as their relationships with banks and insurance firms, including reinsurance companies. The companies have also discussed overall liquidity risk and a proposed rule from the Department of Labor to open up 401(k) retirement accounts to alternative assets.
Trading Regulations - The SEC approved changes to the pattern day trading rule, clearing the way for a major easing of limits on small investors, Bloomberg reports. FINRA had proposed revising the rule, which bars traders from making more than four day trades in five business days if their margin account holds less than USD 25,000 in assets. Robinhood (HOOD) and WeBull (BULL) have rallied on the news in the premarket.
JPMorgan (JPM) - March master trust net charge off 1.74% (prev. 1.66% M/M); credit card delinquencies 0.9% (prev. 0.92% M/M).
Progressive (PGR) Q1 2026 (USD): EPS 4.80 (exp. 4.82), Net premiums written 23.6bln (exp. 23bln).
Crypto - Goldman Sachs Group Inc plans to launch its first cryptocurrency ETF offering bitcoin exposure and options-based income, with a potential debut by end-June following a recent USD 2bln ETF provider acquisition, via SEC filing. The filing marks the bank’s entry into crypto ETFs via its asset management arm.
M&T Bank (MTB) Q1 2026 (USD): EPS 4.13 (exp. 4.01), CET1 capital ratio 10.33%, next charge offs 0.31%.
Blue Owl (OWL), Allianz SE (ALIZY) - Pimco bought the full USD 400mln bond sale issued on Monday by a Blue Owl Capital private credit fund, Bloomberg reports; the purchase comes during a sell-off that has pushed spreads on similar fund notes to multiyear highs amid concerns over lending standards and software-sector exposure to AI disruption. Separately, Blue Owl is nearing a deal for one of its funds to acquire a minority stake in Paris-based BlackFin Capital Partners; terms were not disclosed.
Private Credit, Daiichi Life (DLICY) - Daiichi Life is tightening how it selects private credit investment managers to reduce risk after several high-profile overseas defaults. The insurer will apply stricter checks on managers’ performance, the stability of their assets under management, and any sector concentration bias, according to its alternative investment unit chief.
KKR & Co. (KKR), Samsung SDS (018260 KS) - KKR and Samsung SDS have announced a strategic partnership under which KKR will collaborate on value creation initiatives including organic and inorganic growth, expanding Samsung SDS as a full-stack AI solutions provider, and entering new business areas. KKR will also advise Samsung SDS management on M&A, capital allocation, and global growth opportunities.
DBS Group Holdings (DBSDY) - Said wealthy clients in Europe and the US are increasingly seeking investment and wealth management options in Asia to protect portfolios from persistent volatility; some want to invest in businesses, while others are considering a secondary family office in Asia, amid geopolitical uncertainty, higher energy costs and more interconnected capital flows.
UniCredit (UNCRY), Commerzbank (CRZBY) - Commerzbank CEO said she has held talks with UniCredit after the Italian bank announced a takeover bid, but the two sides remain far apart on valuation. She said they also disagree on the exchange ratio and on aspects of the potential future business model.
Aegon, Standard Life - Aegon agreed to sell its UK insurance business to Standard Life for GBP 2bln in cash and stock, WSJ reports. The Dutch insurer will receive a 15.3% stake in Standard Life plus GBP 750mln in cash. Aegon’s asset-management unit will retain its UK operations. The deal is part of Aegon’s pivot toward becoming a leading US life insurance and retirement group.

CONSUMER DISCRETIONARY

Nike (NKE) - CEO Elliott Hill purchased 23.7K shares on 13th April, for a total USD 1.0mln; director Timothy Cook Hill purchased 25K shares on 10th April, for a total USD 1.06mln.
Hermes (HESAY) - Q1 revenue -1% at EUR 4.07bln (exp. 4.15bln) as the Iran war weighed on Middle East and tourist-driven sales; FX-adjusted sales grew +6% (exp. 7.1%); Middle East sales -6% to EUR 160mln (prev. EUR 185mln); UAE luxury mall sales were -40% in March; Asia ex-Japan saw growth, while Greater China continued its slight growth.
Lululemon (LULU) - A Texas investigation into whether Lululemon’s clothing contains PFAS has triggered widespread debate on Chinese social media, Bloomberg notes; the scrutiny highlights potential risks for the brand in China, one of its key growth markets, after news of the probe spread online, the article said.
Tesla (TSLA) - CEO Musk congratulated Tesla’s AI team on taping out AI5 and said AI6, Dojo3 and other chips are in development. He said AI5 will be one of the most-produced AI chips ever, and thanked TSMC and Samsung for supporting its move into production.
BRP (DOO) - Suspended its FY2027 outlook after a US tariff amendment of Section 232 tariffs imposed a 25% levy on total imported vehicle value, replacing prior metal-content tariffs. The company estimates incremental tariff costs exceeding USD 500mln for the remainder of the year, citing heightened uncertainty.
Stellantis (STLAM) - Said global shipments rose 12% in Q1, driven by stronger North American demand for refreshed Jeep and Ram models. North American shipments increased 17% to 379,000 units, and the company said it grew in all regions, including Europe; analysts described it as further evidence of a recovery following its strategy reset. Meanwhile, Stellantis reportedly mulls a Dongfeng carmaking deal in Europe and China.
Hyundai Motor (HYMPY), LG Energy (73220 KS) - Hyundai and LG’s battery plant near Savannah is set to open this month after delays caused by a US immigration raid last September, Semafor reports. Hyundai CEO Jose Munoz said the raid did not alter the company’s US strategy, with Hyundai planning to invest USD 26bln in the US through 2028 and increase local production.
Toyota (TM), Isuzu Motors (ISUZY) - Toyota and Isuzu agreed to jointly develop small fuel-cell trucks and aim to begin production in FY2027/28, Reuters reports. Earlier this week, reports noted that Isuzu would delay the launch of a fuel-cell truck developed with Honda (HMC) that it had aimed to introduce in 2027.

INDUSTRIALS

Boeing (BA) - UK government said a three year GBP 879mln contract has been awarded to Boeing Defence UK to maintain and support military helicopters.
Caterpillar (CAT) - Acquired self-driving electric tractor startup Monarch Tractor. Monarch had faced growth problems and laid off staff in recent months. The startup said in a LinkedIn post last week that its technology had been bought by a large global equipment manufacturer, without naming Caterpillar.
Symbotic (SYM) - Upgraded at DA Davidson to 'Buy' from 'Neutral' with a USD 70 PT (prev. 57). The firm said the company has an "unparalleled AI-enabled technology moat" which is years beyond its closest peers. Symbotic's visibility "remains unparalleled" and its balance sheet is "flush with cash".
Deutsche Lufthansa (DLAKY) - Lufthansa pilots’ union Vereinigung Cockpit has called two more strike days this week, planning a 48hr stoppage from Thursday to Friday, extending pressure on the airline. The union also proposed binding mediation through an independent third party to help resolve the labour dispute and avoid further escalation.
AAR Corp. (AIR) - Awarded an approximately USD 305mln contract to provide contractor logistics support for the US Navy and Marine Corps C-40A fleet, covering operational readiness and long-term sustainment.
Northrop Grumman (NOC) - Received a USD 475.3mln modification to its Missile Defense Agency prototype project agreement, increasing the total value to USD 1.31bln (from USD 832.78mln). The work continues development and definition of its Glide Phase Interceptor design concept on an accelerated schedule, with completion estimated in June 2028.
Sumisho Air Lease (AL) - Approved a workforce reduction affecting 64 employees, equal to 40% of its workforce versus end-2025, following completion of its merger on 8th April. Employees were notified between 8th and 10th April, with the cuts due in Q2 and Q3. Affected staff will receive severance and temporary benefits continuation.

HEALTHCARE

ACA - About 14% of Affordable Care Act enrollees failed to pay their first 2026 premiums, well above the typical mid-single-digit drop-off, with some states seeing rates of 25% or more as costs rose, WSJ reports. The trend could pressure insurers, including CVS Health, Centene, Cigna, Elevance Health, Humana, Molina Healthcare and UnitedHealth Group.
PBMs - US States' attempts to regulate pharmacy benefit managers are running into federal law, reviving a dispute over who has authority over companies that manage drug benefits for most Americans, Axios reports. Axios says the conflict centres on states seeking to curb these intermediaries while federal law governs employer health plans.
Qiagen (QGEN) - Expanding into bloodstream infection syndromic testing with the CE-IVDR-certified QIAstat-Dx BCID GPF Plus AMR Panel. It will be highlighted at ESCMID Global 2026 in Munich on 17-21st April.
Revolution Medicines (RVMD) - Common stock offering deal size was increased to USD 1.5bln from USD 750mln with the 10.563mln share spot secondary priced at USD 142.00.
Daiichi Sankyo Healthcare (DSNKY) - Suntory is set to buy Daiichi Sankyo Healthcare, Daiichi Sankyo’s over-the-counter pharmaceuticals unit, for about JPY 200bln, Nikkei reports.

MATERIALS

China Petrochemicals - China’s petrochemical producers have cut operations to the lowest seasonal level in three years as rising feedstock costs and weak export demand squeeze margins, Bloomberg reports. Several major purified terephthalic acid producers have taken units offline for maintenance, removing about 20% of national capacity, while the industry operating rate has fallen to 68%.
China Aluminium - Chinese aluminium exports are expected to rise in coming months as buyers seek alternatives to Persian Gulf supply disruptions, Bloomberg reports. The conflict in Iran has affected a region producing about 9% of global output, while higher international premiums and six-year-high local inventories are creating an opportunity for Chinese smelters.
Antofagasta (ANFGY) - Reported Q1 copper production -7.3% Y/Y at 143k tonnes, and sales -19.5% Y/Y at 137k tonnes, while gold production +8.4% Y/Y at 46.5k ounces, as a result of higher gold grades, which were partially offset by lower ore processing rates at both concentrators; FY guidance was unchanged.

ENERGY

Weekly Inventories - API data reportedly showed headline crude posting a surprise build of +6.1mln bbls (exp -1.3mln), though stocks at Cushing drew down by -1.7mln bbls; distillate stocks saw a larger than expected draw of -3.4mln bbls (exp. -2.5mln), while gasoline inventories posted a surprised build of +0.6mln bbls (exp. -2.2mln). The more widely followed DoE figures will be published later today.
APA Corporation (APA) - Estimates Q1 2026 average realised oil prices of USD 72.50/bbl in the US, and USD 85.70/bbl internationally. It curtailed about 88 MMcf/d of US natgas production and 6,800 BPD of US NGL output due to weak or negative Waha hub prices. General and administrative expenses in the quarter were around USD 115mln.

COMMUNICATIONS

Alphabet (GOOGL) - Faces a new US antitrust lawsuit from Aptoide alleging Google monopolizes Android app distribution and billing, seeking an injunction and triple damages, Reuters reports. The complaint claims Google’s practices blocked rival app stores from competing on pricing and policies.
Snap Inc (SNAP) - Updated guidance (USD): Raised Q1 Revenue view to 1.53bln (prev. guided 1.5-1.53bln), Adj. EBITDA 233mln (prev. guided 170-190mln); announced that it will lay off around 16% of its workforce, ~1000% workers.
Disney (DIS) - Disney is laying off about 1,000 employees this week to streamline operations, mainly following the creation of a unified enterprise marketing division, Variety reports. CEO D’Amaro said the move aims to build a more agile, technologically enabled workforce. Separately, Forbes reports that Disney’s wider layoffs are hitting Marvel heavily, with staff cuts in New York and Burbank; the layoffs include nearly the entire Marvel Studios visual development team, with some artists expected to shift from full-time roles to project-based contractor work.

UTILITIES

Wind Farms - The Pentagon is holding a growing backlog of proposed US wind farms by withholding authorisations needed for development, Bloomberg reports. The projects are undergoing Defense Department reviews to assess whether they could interfere with military operations, with final determinations then sent to the FAA for separate airspace scrutiny.

REAL ESTATE

American Tower (AMT) - Upgraded at Mizuho to 'Outperform' from 'Neutral' with a USD 205 PT (prev. 189). Over the last 12 months, the stock has been down 19%, compared to REITs up 10%. Believes several negatives are priced in and sees two drivers of a multiple re-rating. The firm sees US and several non-US cell tower fundamentals inflecting and views the data centre business as "materially undervalued with several paths to unlocking value".

CONSUMER STAPLES

Procter & Gamble (PG) - Raised its quarterly dividend +3% to USD 1.0885/shr.
British American Tobacco (BATS LN) AGM Statement: Continues to expect performance at the lower end of our guided range this year. Expect profit delivery to remain second-half weighted. Targets 4-6% adj profit from operations and 5-8% adj diluted EPS growth mid-term. Expects to deliver over GBP 50bln free cash flow between 2024 and 2030. The Middle East conflict is not currently having a significant impact on the group's business.

GEOPOLITICS

NATO - Europe is accelerating a contingency plan to defend itself using NATO’s existing structures if the US withdraws, WSJ reports. The plan, referred to by some officials as “European NATO,” has gained backing from Germany and aims to place more Europeans in command-and-control roles, while supplementing US military assets with European ones.
Venezuela Crude - The US eased sanctions on Venezuela’s central bank to support efforts to revive the country’s oil sector, Bloomberg reports. A Treasury general licence issued on Tuesday allows financial institutions and others to do business with the central bank and a small number of other Venezuelan institutions.
Japan - Japan plans to provide up to USD 10bln in financial support to Southeast Asian nations to help manage soaring crude oil prices linked to the Middle East war, Bloomberg reports; the aid may include loans. PM Takaichi is expected to announce the aid during a virtual meeting with regional leaders on Wednesday afternoon.
Russia-China - China’s Xi Jinping met Russian Foreign Minister Lavrov in Beijing as China and Russia seek closer strategic coordination amid the Middle East conflict; the meeting followed talks on Tuesday between Lavrov and Chinese Foreign Minister Wang, who said the two countries should strengthen their partnership, protect shared interests and advance multi-polarisation.

TRADE

US Tariffs - Treasury Secretary Bessent said President Trump’s tariffs could return by the beginning of July to previous levels after the Supreme Court struck down many of them. Speaking at a WSJ event, he said the administration would use Section 301 studies to restore the measures. Separately, the Trump administration is expected to begin accepting refund claims on 20th April for tariffs ruled illegal by the Supreme Court, WSJ says; the government has confirmed it is on track to process claims with interest for some importers, following a closed conference on Tuesday.
US-China - China is considering curbs on solar manufacturing equipment exports to the US, Reuters reports, citing sources. The Commerce Ministry has issued a questionnaire and is seeking public comment as part of a probe into US measures restricting trade in green products. First Solar (FSLR) is seeing gains in the premarket following the news.