US Daily Equity Opening News - AAPL falls on margin outlook; NVDA tells partners to limit future China exposure; PLTR falls as US commercial growth slows; DIS considers more job cuts; CVI nears USD 4bln+ MPC refinery acquisition; Aramco profit surges

• EVENTS: US midterm elections; Japan closed for Culture Day.
• DATA: In North America, US JOLTS job openings (exp. 7.13mln, prev. 7.079mln) and quits (prev. 3.066mln), factory orders (prev. 0.1% M/M) and Q3 household debt (prev. USD 18.8tln). NZ dairy auction results are due.
• CENTRAL BANKS: BoC Governor Macklem and Deputy Governor Rogers appear before Parliament.
• SUPPLY: UK auctions GBP 3.25bln of 2037 green gilts; Germany sells EUR 5bln of 2031 Bobl; US 10-20yr Treasury buyback announcement.
• ENERGY: API weekly energy inventories.* EARNINGS: Notable corporate earnings due today include: Advanced Micro Devices (AMD), Amgen (AMGN), Arista Networks (ANET), Shopify (SHOP), Pfizer (PFE), Eaton Corp. (ETN), Marathon Petroleum (MPC), Booking Holdings (BKNG), Apollo Global Management (APO), AMETEK (AME), Astera (ALAB), Keurig Dr Pepper (KDP), Waters (WAT), Block (XYZ), AIG (AIG), Yum! Brands (YUM), Sysco (SYY), Prudential (PRU), Archer-Daniels-Midland (ADM), Fiserv (FISV), International Flavors & Fragrances (IFF), Super Micro Computer (SMCI), Skyworks Solutions (SWKS), DuPont (DD), Leidos (LDOS), Ball (BALL).

• US-Iran - The US struck Iran’s Qeshm Island on Monday amid weeks of undisclosed limited attacks, WSJ reported. US officials described the strikes as defensive, including responses to Iranian missiles targeting a US fighter jet and commercial shipping. Despite ongoing military preparations, President Trump downplayed prospects of renewed war and expressed support for continued nuclear negotiations.
• US-Iran - President Trump told Axios that he was in no rush to decide whether to resume strikes on Iran, allowing negotiations to continue while retaining military options. Trump said Iran wants a deal but lacks urgency. Axios also reported that the CIA Director John Ratcliffe is advising Trump to maintain the current no-war/no-deal position towards Iran while continuing economic pressure; Ratcliffe believes prolonged economic hardship could force Tehran to offer further concessions or generate sufficient domestic instability to trigger a popular revolt.
• US-Iran - Iran is reportedly preparing a more devastating response to potential US attacks, having preserved significant missile and drone capabilities alongside its weapons production capacity, according to a report cited by IRIB. The report claims Iran is better prepared for renewed confrontation than previously. Iranian Foreign Minister Araghchi said Iran has no hostility towards GCC member states, and appreciates Qatar and Oman’s positive diplomatic roles, Al Jazeera reports. Araghchi confirmed that Iran would continue talks with Saudi Arabia and pursue regional security arrangements established by regional countries without foreign military involvement.
• US, Russia-Ukraine - Special Envoy Steve Witkoff said the US will mediate Ukraine-Russia peace talks in Abu Dhabi on 10-11th November, focusing on post-war security, de-escalation and humanitarian measures. US negotiators will also meet representatives from France, Germany, the UK, EU and NATO in Brussels this week to discuss security guarantees, European security arrangements and Ukraine’s reconstruction.
• US, Russia-Ukraine - The US plans to seek additional NATO funding for Ukraine’s PURL weapons programme, potentially this month, with a USD 2bln shortfall on approved packages, Bloomberg reports. US weapons deliveries have continued despite delayed allied payments and tensions with Kyiv. Separately, Washington approved a USD 2.1bln Patriot missile sale funded by Canada, Germany, Norway and the EU.

• RBA - Australia’s central bank raised its cash rate by 25bps to an 18-year high of 4.85%, as expected, in a 6-3 vote. The bank removed explicit guidance on further increases, signalling a potential December pause. At her post-meeting press conference, Governor Bullock also signalled a potential pause, though retained the option of further tightening amid persistent inflation. On the vote split, Bullock said dissenting policymakers placed greater weight on downside economic risks and saw less evidence of accelerating wage growth than staff forecasts suggested; they were also more confident that slower economic growth would prevent elevated inflation expectations from becoming entrenched. After the meeting, analysts at Westpac wrote that while risks are still skewed to the upside, it is sticking with its existing base case that this is likely the peak of the cycle.
• PBoC - The PBoC will raise the FX reserve requirement ratio by 2ppts to 6%, effective 15th November, Reuters reports. The move is expected to withdraw USD 24bln from the financial system to manage foreign currency liquidity and curb yuan appreciation.
• China IPOs - Chinese regulators have reportedly instructed banks to pause IPOs and large share sales to support struggling equities, FT reports. On Monday, the CSRC, PBoC and NFRA discussed market support measures, including cutting the share-buyback relending rate to 1% (from 1.25%).
• Swiss Inflation - Swiss inflation accelerated to 1.5% Y/Y in October (exp. 1.3%; prev. 1.0%), its highest in almost three years. Rising heating oil, petrol and diesel prices, alongside a weaker CHF, drove the increase. Core inflation remained unchanged at 0.5% Y/Y (exp. 0.5%; prev. 0.5%).

• Brexit - The UK and EU have agreed a draft deal to remove post-Brexit checks on food and agricultural trade, the BBC reports. The agreement would eliminate export certificates and certain inspection fees, restore trade in restricted products and align UK standards with EU rules. The government estimates annual economic benefits of GBP 5.1bln, with separate emissions and youth-mobility agreements also proposed.
• US-China - China’s Ministry of Commerce said Vice Minister Li met with a US agricultural trade delegation to exchange views on China-US economic and trade relations, including cooperation in agricultural product trade.

• Apple (AAPL) - Apple shares fell 2.5% in extended US Trading as surging memory chip prices and rising AI-related costs weighed on the outlook for its profit margins, while it also reported weaker than expected services growth guidance overshadowing strong quarterly revenue and an upbeat holiday sales outlook. Q4 EPS 2.10 (exp. 1.99), Q4 revenue USD 114.5bln (exp. 113.4bln). Net income USD 30.7bln (exp. 29bln), operating income USD 35.6bln (exp. 34.6bln) and operating expenses USD 19.2bln. Gross margin 47.9%, including a 100bps benefit from tariff refunds. Products revenue USD 82.90bln (exp. 81.85bln), iPhone revenue USD 57.58bln (exp. 56.49bln), Services revenue USD 31.57bln (exp. 31.58bln), Mac revenue USD 10.79bln (exp. 9.70bln), iPad revenue USD 6.23bln (exp. 6.89bln) and Wearables, Home & Accessories revenue USD 8.30bln (exp. 9.00bln). Americas revenue USD 48.68bln (exp. 48.51bln), Greater China revenue USD 17.54bln (exp. 18.75bln). Declared quarterly dividend of 0.27/shr. CEO Ternus highlighted record September-quarter iPhone revenue and all-time high Services revenue, with an installed base exceeding 2.5bln active devices. Sees Q1 revenue growth between 7-10% Y/Y, Services revenue growth between 8-9% Y/Y, gross margin between 45-46% (vs 47.9% in Q4), operating expenses between USD 20.4-20.8bln. CFO noted Q1 operating expense growth between 11-13% Y/Y, driven primarily by increased R&D investment, particularly in AI.
• Nvidia (NVDA) - Nvidia reportedly instructed its data centre partners to reduce exposure to Chinese customers, the FT reports citing sources. Nvidia has instructed cloud computing clients worldwide to ensure at least 51% of their services are sold to companies outside China; the guidance only applies to future contracts.
• Oracle (ORCL) - Oracle priced its USD 10bln share offering at USD 116/shr, an 11% discount to Friday’s closing price of USD 130.67.
• China AI - China plans comprehensive AI safety regulations covering data, computing power, algorithms and applications, affecting developers including DeepSeek, Moonshot and Alibaba (BABA), Bloomberg reports. Authorities will introduce regulatory sandboxes and transition periods, require safety-risk disclosures and regularly review compliance. Beijing also plans protections for workers displaced by AI while continuing to encourage open AI development through 2030.
• Palantir Technologies (PLTR) - Palantir shares fell 4.8% in extended trading, with reports citing elevated investor expectations, and a sharp slowdown in US commercial contract growth, which offset stronger than expected quarterly results, robust AI demand and accelerating free cash flow generation. Q3 adj. EPS 0.44 (exp. 0.41), Q3 revenue USD 2.31bln (exp. 2.18bln). Adj. operating income USD 1.43bln (exp. 1.3bln), adj. free cash flow USD 1.216bln, representing a 53% margin. US commercial revenue surpassed US government revenue for the first time, although US commercial total contract value growth slowed to +11% Y/Y to USD 1.46bln (vs +153% Y/Y growth in Q2). CEO Karp highlighted accelerating demand for sovereign AI and the increasing adoption of Palantir’s AI software among commercial and government customers. Sees Q4 revenue between USD 2.649-2.653bln (exp. 2.46bln), Q4 adj. operating income between USD 1.64-1.644bln (exp. 1.45bln); raises FY26 outlook, sees FY26 revenue between USD 8.530-8.534bln (exp. 8.21bln), FY26 adj. operating income between USD 5.245-5.249bln (exp. 4.92bln), FY26 US commercial revenue exceeding USD 3.559bln, representing growth of at least 143%, and FY26 adj. free cash flow between USD 4.8-5.0bln.
• ON Semiconductor (ON) - Q3 adj. EPS 0.90 (exp. 0.88), Q3 revenue USD 1.72bln (exp. 1.70bln). AI data centre revenue +175% Y/Y and +39% Q/Q, driven by accelerating demand for power management solutions. CEO highlighted strong demand across AI data centre and industrial markets, with revenue, gross margin and EPS exceeding the midpoint of company guidance. Announced an agreement to acquire Ferric for USD 600mln in cash, plus up to USD 175mln in contingent consideration, strengthening its power delivery capabilities for next-gen AI processors. The transaction is expected to close by year-end 2026, with no meaningful near-term financial impact. Sees Q4 adj. EPS between 0.88-1.00 (exp. 0.96), sees Q4 revenue between USD 1.715-1.815bln (exp. 1.74bln); raises its 2030 AI data centre revenue target by USD 500mln to more than USD 3bln, reflecting the expected contribution from Ferric and accelerating demand for advanced AI power solutions.
• Fabrinet (FN) - Q1 adj. EPS 4.34 (exp. 4.19); Q1 revenue USD 1.474bln (exp. 1.4bln), a record high, supported by broad-based demand across multiple significant programmes and new product ramps. CEO noted strong momentum entering Q2, with confidence in continued growth following results that exceeded company guidance. Announced an additional USD 103mln share repurchase authorisation, bringing the total programme authorisation to USD 637.3mln. Sees Q2 adj. EPS between 4.77-4.92 (exp. 4.43), Q2 revenue between USD 1.6-1.65bln (exp. 1.48bln).
• Lattice Semiconductor (LSCC) - Q3 adj. EPS 0.72 (exp. 0.55), Q3 revenue +118% Y/Y to a quarterly record USD 291mln (exp. 255.9mln). FPGA revenue +90% Y/Y, driven by accelerating AI data centre demand and continued momentum across Industrial & Embedded applications. CEO highlighted strong bookings, backlog and design wins supporting continued growth into 2027 and beyond. The addition of AMI expands the company’s opportunities in security, control and management solutions, with early commercial momentum across security retrofit, rack boot, plug-and-play, and power and cooling applications. Sees Q4 adj. EPS between 0.82-0.86 (exp. 0.65), Q4 revenue between USD 325-345mln (exp. 293.2mln).
• Keysight Technologies (KEYS) - Keysight Technologies appointed Jason Kary as CFO, effective 18th December, succeeding Neil Dougherty after 13 years in the role; Dougherty will remain in an advisory capacity during FY27 to support the transition. Keysight reaffirmed its Q4 outlook, citing continued strong demand across its end markets and solid execution.

• Disney (DIS) - Disney is considering eliminating thousands of jobs, with an announcement potentially imminent, Bloomberg reports citing sources. Some managers have been asked to identify annual cost savings of up to 20%, with workforce reductions and other expense cuts under discussion.
• Roku (ROKU) - Q3 EPS 1.20 (exp. 0.55), Q3 revenue USD 1.50bln (exp. 1.41bln), Q3 EBITDA USD 249mln (exp. 160.6mln), gross profit +24% Y/Y to USD 649mln, net income USD 183mln. Platform revenue +23% Y/Y to USD 1.3bln, with advertising and subscription revenue both growing 23% Y/Y. Devices revenue +33% Y/Y to USD 194mln, although the segment recorded a gross loss of USD 48.6mln, reflecting higher memory costs. Streaming hours +9% Y/Y to 39.9bln. Media and entertainment advertising recorded its strongest Y/Y revenue growth in four years, supported by increased spending from content providers. Management highlighted continued monetisation initiatives, including deeper third-party advertising integrations, growth in Roku-billed subscriptions and improvements to the Roku Experience. The company is not providing financial guidance or hosting an earnings call due to its pending USD 22bln acquisition by Fox Corporation, expected to close in H1 2027.
• Match Group (MTCH) - Q3 EPS 0.73 (vs 0.62 Y/Y), Q3 revenue USD 891.23mln (vs 914.28mln Y/Y). CEO Spencer Rascoff highlighted improving user engagement at Tinder, with Sparks and Sparks Coverage delivering their strongest quarterly Y/Y performance since tracking began, while DAUs returned to Y/Y growth in September for the first time in over three years. Management said early results from Events and Group Hangouts were encouraging, while Hinge continues to offer growth opportunities across core and expansion markets. Sees Q4 revenue between USD 865-875mln, representing a decline of 1% Y/Y to flat, including a one percentage point FX headwind, with constant-currency revenue growth between 0-1% Y/Y. Sees Q4 indirect revenue of approximately USD 16mln and Q4 adj. EBITDA between USD 327.5-332.5mln, down 11% Y/Y, with an adj. EBITDA margin of approximately 38%. The expected EBITDA decline reflects increased marketing spending at Tinder and Hinge and a prior-year property disposal gain.

• Allison Transmission (ALSN) - Q3 adj. EPS 2.90 (exp. 2.48), Q3 revenue USD 1.53bln (exp. 1.47bln). CEO highlighted continued strength across most end markets, supported by higher volumes and disciplined execution. Accelerating demand for medium-duty and Class 8 vocational trucks drove record quarterly North America On-Highway revenue of USD 462mln. Mining demand remained robust, while Construction & Material Handling recorded Y/Y growth across all regions, exceeding expectations. Industrial and Agriculture demand remained subdued amid geopolitical uncertainty, while Off-Highway performance reflected customary Q3 seasonality. Raises FY26 outlook; sees FY26 revenue between USD 5.975-6.075bln (exp. 5.94bln), FY26 adj. EBITDA between USD 1.53-1.58bln.
• XPeng (XPEV) - XPeng confirmed plans to enter South Korea, appointing former Volvo Cars Korea executive Lee Man-sik as Managing Director of XPENG Motors Korea.
• Zalando (ZLNDY) - Q3 adj. EBIT EUR 106.5mln (exp. 103.7mln), Q3 revenue EUR 3.17bln (exp. 3.16bln). Q3 GMV +7.5% Y/Y to EUR 4.54bln (vs 4.22bln Y/Y). Partner business and retail media recorded double-digit growth, while B2B revenue increased almost 28% Y/Y. Management highlighted accelerating progress towards a platform business model, supported by strong demand for B2B services and increased adoption of AI technology. Reaffirms FY26 outlook; sees FY26 GMV and revenue growth in the lower half of the range between 12-17%, and FY26 adj. EBIT between EUR 680-720mln.
• Hugo Boss (BOSSY) - Q3 EBIT -15% Y/Y at EUR 81mln (vs 95mln Y/Y), Q3 revenue -4% Y/Y at EUR 946mln (exp. 924.5mln). Gross margin improved 220bps Y/Y to 63.3%. Lowers FY26 guidance; sees FY26 FX-adjusted Group sales declining by a high-single-digit percentage (prev. saw mid-to-high-single-digit decline), and FY26 EBIT between EUR 250-300mln (prev. saw 300-350mln); downgrade reflects weaker consumer demand assumptions and higher non-cash depreciation and amortisation expenses related to IT assets amid rapid AI and technology developments. Raises FY26 capex outlook to 4-5% of Group sales (prev. saw approximately 4%).

• Clorox (CLX) - Q1 adj. EPS 1.55 (exp. 1.07), Q1 revenue USD 1.91bln (exp. 1.88bln). Gross margin declined 130bps Y/Y to 40.4% (prev. 41.7%), reflecting higher commodity, manufacturing and logistics costs, partially offset by increased volumes and cost savings, with a 50bps impact from GOJO acquisition-related inventory step-up. CEO warned of increased inflationary pressures. Maintains FY27 adj. EPS outlook; sees FY27 adj. EPS between 5.70-6.00 (exp. 5.70), and net sales growth between 13-14% Y/Y, including approximately 9.5ppts from its GOJO acquisition. Sees FY27 organic sales growth between 3.5-4.5%, including more than 3.5ppts from the prior-year ERP-related drawdown, and FY27 gross margin of approximately 41.5%, reflecting higher inflation and unfavourable product mix, partially offset by cost savings and pricing actions.

• LG Energy Solution (373220 KS) - Q3 net loss KRW 296.9bln (vs profit of 536bln Y/Y), Q3 revenue +59% Y/Y to KRW 9.64tln (vs prelim. 9.64tln). Operating profit KRW 756bln (vs prelim. 756bln), including KRW 416.9bln in North American production subsidies. Revenue growth was supported by increased energy storage system shipments and expanded EV battery supply, while improved utilisation at its Polish plant and higher ESS production efficiency supported profitability. Management highlighted growing demand for energy storage solutions and continued investment in North American battery production capacity. Raises FY26 revenue growth outlook, sees FY26 revenue growth between 35-40% (prev. saw a range of mid-teens to 20%).
• JetBlue (JBLU) - Director Peter Boneparth purchased 100K common shares on 29th October, for a total USD 300K.
• Lufthansa (DLAKY) - Q3 adj. EBIT EUR 1.4bln (exp. 1.38bln), +6% Y/Y. Airline yields +7% Y/Y, supported by strong premium travel demand and routes to Asia and North America. Higher yields and cost management helped offset a EUR 543mln increase in quarterly fuel costs. Lufthansa Cargo’s operating profit tripled Y/Y, while the maintenance business also contributed to earnings. Lowers FY26 profit outlook, sees FY26 adj. EBIT between EUR 1.7-2.0bln (prev. saw up to 2.2bln), reflecting higher fuel costs amid the Middle East conflict. Sees FY26 fuel costs of EUR 9.3bln, an increase of approximately EUR 2bln Y/Y (prev. saw increase of 1.5bln). CFO noted that performance within the revised profit range will depend on fuel costs, demand and particularly Lufthansa Cargo’s Q4 earnings.

• NatGas - IEA warned that global gas markets could remain tight into 2027 as low EU reserves and disrupted Middle East supplies threaten winter inventories. In a worst-case scenario, IEA says that EU gas storage could fall below 10% by March 2027, requiring substantial summer replenishment. The agency projects global LNG supply will decline by 3% in 2026 amid Strait of Hormuz disruptions.
• Marathon Petroleum (MPC), CVR Energy (CVI) - CVR Energy is nearing a deal exceeding USD 4bln to acquire refineries from Marathon Petroleum, with a deal announcement possible on Tuesday, WSJ reports. The proposed acquisition comes as global refining capacity remains constrained by ongoing conflicts. Carl Icahn owns approximately 71% of CVR, whose shares have surged 120% this year amid strong refining margins.
• Saudi Aramco - Q3 adj. net income SAR 117bln (exp. 107.9bln). In USD terms, adj. net income +9% Y/Y to USD 31.2bln, supported by stronger refining margins and higher oil prices amid the Iran war. Downstream EBIT more than tripled Y/Y to a record exceeding USD 10bln, while realised crude oil prices increased approximately 35% Y/Y to USD 95.20/bbl (vs 70.10/bbl Y/Y). Total liquids production -10% Y/Y to 8.7mln BPD, while natgas production -2.6% Y/Y. Free cash flow reached USD 28.2bln, covering its quarterly dividend payout. Gearing improved to 5.5% (vs 6.2% Q/Q). Aramco maintained its quarterly base dividend at USD 21.9bln. It said increased crude shipments from Ras Tanura in September will help to regain market share in Asia, following disruptions to alternative export routes through the Red Sea.
• Shell (SHEL) - XRG, the energy investment arm of ADNOC, agreed to acquire Shell’s stakes in Australia’s North West Shelf LNG project for USD 1.45bln, Bloomberg reports. The acquisition provides access to a facility with annual liquefaction capacity of 14.3mln tonnes, strengthening XRG’s presence in Asia-Pacific markets.
• Williams (WMB) - Q3 adj. EPS 0.54 (exp. 0.54), Q3 revenue USD 3.22bln (exp. 2.93bln), Q3 adj. EBITDA USD 2.04bln (exp. 2.03bln), with YTD adj. EBITDA +9% Y/Y to USD 6.2bln, supported by strength in natgas transmission, storage and gathering operations. CEO expressed growing confidence in achieving long-term adj. EBITDA CAGR target of over 11% through 2030. Maintains FY26 outlook, sees FY26 adj. EBITDA between USD 8.3-8.5bln (exp. 8.46bln), with results expected towards the upper half of the range, and sees FY26 capex between USD 7.3-7.9bln.
• Diamondback Energy (FANG) - Q3 adj. EPS 5.86 (exp. 5.72), Q3 revenue USD 5.43bln (exp. 4.6bln). Adj. net income USD 1.65bln (exp. 1.54bln), Q3 free cash flow USD 2.1bln. Average oil production reached 525K BPD. Sees Q4 average oil production between 518-528K BPD, and Q4 capex between USD 1-1.05bln. Raises FY26 annual oil production outlook to 524K BPD (prev. saw 522K) and increases FY26 capex guidance to between USD 3.95-4bln (prev. saw 3.9bln).
• Viper Energy (VNOM) - Q3 EPS 0.72 (exp. 0.68). Average daily oil production +6% Q/Q to 69,076 BPD, supported by recent acquisitions and continued development activity from Diamondback (FANG) and third-party operators. Declared an increased quarterly base dividend of USD 0.50/shr, and continued opportunistic share repurchases under its revised capital return framework. CEO highlighted the McElroy Ranch acquisition and pending Buckhorn acquisition, which are expected to add nearly 60 net drilling locations, extend inventory duration and support long-term per-share growth. Both transactions are being funded primarily with cash, limiting equity issuance. Sees Q4 average daily oil production between 70-71K BPD. Raises FY26 average daily oil production outlook to between 67,250-67,750 BPD.
• Transocean (RIG) - Q3 adj. EPS 0.02 (exp. 0.02), Q3 revenue USD 937mln (exp. 942.3mln). CEO highlighted solid operating performance and improved forward contract visibility, with new deepwater and harsh-environment contract awards increasing backlog to approximately USD 8bln and FY27 contract coverage to approximately 95%. Strong cash flow enabled the early repayment of the remaining USD 200mln in debt associated with the Deepwater Aquila notes. Sees Q4 revenue between USD 915-965mln (exp. 956mln) and Q4 capex of USD 50mln. Sees FY26 revenue between USD 3.90-3.95bln (exp. 3.94bln), and FY26 capex of USD 145mln. Sees FY27 revenue between USD 3.85-4.00bln (exp. 3.91bln), and FY27 capex between USD 130-140mln.

• Central Bank Gold - World Gold Council said central banks purchased a net 321 tonnes of gold in Q3, the fastest pace since late 2024, bringing 2026 purchases to 675 tonnes. China added 63 tonnes, Poland 41 tonnes, while Russia sold 19 tonnes. Gold ETF holdings rose 211 tonnes to a record, while jewellery demand fell 17% to 313 tonnes.
• Celanese (CE) - Q3 adj. EPS 1.65 (exp. 1.56), Q3 revenue USD 2.6bln (exp. 2.62bln). Management expects cumulative free cash flow to exceed USD 1.5bln over 2025-2026, and divestiture proceeds to reach approximately USD 650mln by year-end 2026, towards its USD 1bln target by end-2027. Expects seasonal moderation across Q4. Sees FY26 adj. EPS between 6.00-6.25 (exp. 6.00); raises FY26 free cash flow outlook, sees FY26 free cash flow between USD 750-800mln. Expects FY26 year-end net debt-to-operating EBITDA of approximately 4.7x, reflecting continued deleveraging through cash generation and targeted divestitures.
• Chemours (CC) - Q3 adj. EPS 0.21 (exp. 0.26), Q3 revenue USD 1.5bln (exp. 1.53bln). CEO Denise Dignam highlighted strong Y/Y performance in Titanium Technologies (TT) and Advanced Performance Materials (APM), supported by improved TiO2 pricing and increased demand for AI infrastructure applications, including data centres and semiconductors. Management noted continued challenges in Thermal & Specialised Solutions (TSS) and a softer macroeconomic environment, while progressing with cost improvements and legal settlements. Sees Q4 revenue declining between 5-10% Q/Q (revenue exp. 1.42bln), reflecting seasonality in TSS and TT, Q4 adj. EBITDA between USD 160-185mln, Q4 capex between USD 75-85mln and positive free cash flow. Sees FY26 revenue growth of approximately 2% Y/Y (revenue exp. 5.91bln), FY26 adj. EBITDA between USD 775-800mln, FY26 capex between USD 220-230mln, free cash flow conversion above 15% and net leverage below 4.2x.
• Huntsman (HUN) - Q3 adj. EPS 0.04 (exp. 0.07), Q3 revenue USD 1.72bln (exp. 1.61bln). CEO said Y/Y performance improvements were driven by higher volumes, stronger margins and cost savings despite challenging macroeconomic and industry conditions; expects stronger results and cash flow to reduce net debt leverage to approximately 4x by year-end 2026, representing a significant improvement from the beginning of the year. The planned merger of equals with Olin Corporation is now expected to close in Q1 2027, subject to remaining regulatory approvals.
• WD-40 (WDFC) - WD-40 completed the sale of its X-14 and Carpet Fresh brands to Malco Products; terms were undisclosed. CEO Steve Brass said the divestitures support the company’s strategy to prioritise resources and investment in higher-growth opportunities, particularly its maintenance products portfolio.
• Mercer International (MERC) - Mercer shares surged over 100% in afterhours trading following the announcement of signed restructuring support agreements with holders of over 87% of its outstanding 2028 and 2029 senior notes and a majority of shareholders. The proposed recapitalisation is expected to significantly reduce debt, extend maturities and provide substantial new liquidity. Mercer said its mills in Germany, Canada and the US will continue operating normally.
• Evonik (EVKIY) - Q3 adj. EBITDA +40% Y/Y at EUR 629mln (exp. 593.2mln), Q3 revenue +13% Y/Y at EUR 3.83bln (exp. 3.66bln); results were supported by higher prices and volumes as Middle East supply disruptions redirected demand towards the company. Interim CEO Claus Rettig highlighted the strength of Evonik’s strategic positioning and operating resilience. Maintains FY26 adj. EBITDA outlook, sees FY26 adj. EBITDA between EUR 2.0-2.2bln, with management confident of achieving the upper half of the range. Raises FY26 ROCE guidance to above 8% (prev. saw slightly above the FY25 level of 6.1%), and reaffirms FY26 free cash flow outlook of approximately EUR 850mln.

• Jefferies (JEF) - Jefferies CEO Rich Handler is visiting India as the bank considers expanding hiring, launching an asset management business and growing private credit operations, Bloomberg reports.
• Voya Financial (VOYA) - Q3 adj. EPS 2.60 (exp. 2.58), Q3 revenue USD 2.03bln (exp. 1.96bln). CEO said improved H2 operating performance was supported by commercial momentum across Retirement and Investment Management, continued margin improvement in Employee Benefits and disciplined expense management.

• Realty Income (O) - Q3 AFFO/shr 1.12 (exp. 1.11), Q3 revenue USD 1.621bln (exp. 1.45bln). Raised its FY26 AFFO/shr outlook to between 4.45-4.46 (exp. 4.45; prev. saw 4.44-4.45). Reaffirmed its FY26 same-store rent growth outlook between 1.1-1.3%, occupancy above 98.5% and investment volume target of USD 10bln.

• Bayer (BAYRY) - Q3 adj. EBITDA EUR 1.62bln (exp. 1.42bln), Q3 revenue EUR 10.05bln (exp. 9.98bln). Adj. EBITDA margin 16.1% (exp. 14.2%). Pharmaceuticals revenue reached EUR 4.68bln. CEO highlighted a turning point in the Pharmaceuticals division’s growth trajectory. Raised FY26 adj. EBITDA outlook; sees FY26 adj. EBITDA between EUR 9.8-10.3bln (exp. 9.82bln; prev. saw 9.6-10.1bln), reflecting stronger performance in Pharmaceuticals. Raised FY26 free cash flow guidance; sees FY26 negative free cash flow between EUR 0.5-1.5bln (exp. 1.61bln; prev. saw 1.5-2.5bln). Lowers FY26 net financial debt outlook by EUR 1bln, sees FY26 net financial debt between EUR 28-29bln.
• Fresenius Medical Care (FMS) - Q3 adj. EBIT EUR 545mln (exp. 530.8mln), Q3 revenue EUR 4.94bln (exp. 4.92bln), Q3 net profit EUR 160mln (exp. 158mln). US same-market treatments declined 1.1% Y/Y, compared with declines of 0.9% in Q2 and 0.4% in Q1. Management cited regulatory and inflationary headwinds as pressures on profitability. Reaffirms FY26 broadly flat revenue growth outlook, but lowers the upper end of operating income guidance; sees FY26 operating income growth between a mid-single-digit percentage decline and flat (prev. saw a mid-single-digit decline to a mid-single-digit increase).
• Vertex (VRTX) - Q3 adj. EPS 4.76 (exp. 4.80), Q3 revenue USD 3.44bln (exp. 3.42bln). CEO noted continued progress in its R&D pipeline and the successful completion of the Crinetics Pharmaceuticals acquisition. Management expects the potential approval of povetacicept for IgA nephropathy later in November, which could establish nephrology as its fifth commercial franchise. Raises FY26 revenue outlook: sees FY26 revenue between USD 13.15-13.25bln (exp. 13.3bln; prev. saw 13.1-13.2bln), reflecting continued cystic fibrosis growth, at least USD 500mln in combined CASGEVY and JOURNAVX revenue and USD 40-50mln from PALSONIFY following the Crinetics acquisition. Guidance includes an approximately 150bps Y/Y FX benefit. Raises FY26 R&D, acquired in-process R&D and SG&A expense outlook to reflect Crinetics integration and operating costs.
• BioMarin (BMRN) - Q3 adj. EPS 0.23 (vs 0.12 Y/Y), Q3 revenue USD 1.025bln (exp. 1.02bln). CEO highlighted continued pipeline expansion, including the addition of an investigational Fabry disease treatment with the potential to become the first subcutaneous enzyme therapy for the condition. Lowers FY26 guidance: sees FY26 adj. EPS between 2.80-3.10 (exp. 3.51; prev. saw 4.90-5.10), and FY26 revenue between USD 3.8-3.9bln (exp. 3.92bln; prev. saw 3.875-3.925bln). Revenue guidance reflects uncertainty over the timing of orders from a single international customer, while EPS guidance incorporates approximately USD 320mln in pre-tax charges related to the Alesta acquisition and USD 83mln associated with the BMN 450 licensing agreement, representing respective EPS impacts of approximately 1.55 and 0.32.
• Boston Scientific (BSX), Blackstone (BX) - Blackstone Life Sciences and Boston Scientific announced a USD 455mln collaboration to co-fund development of the VITALYST Temporary Percutaneous Transvalvular Circulatory Support System.
• Philips NV (PHG) - Philips reported a Q3 adj. EBITA margin of 13% (exp. 11.9%), supported by higher sales and cost controls. Q3 adj. EBITA was EUR 569mln (exp. 522mln). Separately, its Respironics unit reached an agreement in principle with the US Department of Justice concerning faulty sleep apnoea devices and ventilators. The company recorded a Q3 provision of EUR 288mln (USD 322mln) in connection with the agreement.

This is a composite pre-open digest rather than a single catalyst, so the read is about which threads have historically carried into the session and which have faded by the open. The dominant cluster is mega-cap tech earnings, and the established pattern in this phase of the cycle is that headline beats have been sold when guidance on margins or forward growth disappoints: Apple down on memory cost pressure and soft services guidance, and Palantir down despite a large revenue beat and raised outlook because US commercial contract growth decelerated sharply, both fit the familiar template of elevated positioning meeting anything short of a clean print. The Nvidia instruction to partners to cap China exposure in future contracts extends a well-worn sequence of export-control-driven decoupling; past rounds have tended to hit the China-exposed semi and cloud peer set first, with the forward-only scope of the guidance limiting the immediate revenue read-through. On the geopolitical side, the reported US strike on Iranian territory sits alongside record downstream earnings at Aramco and a large refining acquisition by an Icahn-controlled vehicle, the standard configuration when Middle East disruption widens crack spreads and lifts refiners over upstream producers. The remaining items worth tracking into the session are the RBA's hawkish split vote with guidance removed, the PBoC reserve-requirement tightening against yuan strength, and the Oracle equity raise priced at a steep discount, a structure that has historically pressured the issuer while occasionally signalling a broader willingness to fund AI capex with dilution.