US Daily Equity Opening News - Hyperscalers face scrutiny over undisclosed AI financing liabilities; OpenAI accelerates fundraising; META, SNAP, GOOG face Aus legal action; BA 737 MAX 10 certification expected today; TW acquired Trumid for USD 1.97bln

• DATA: In Europe, German ZEW economic sentiment is expected at 32.0 (prev. 34.7), and current conditions at -45.0 (prev. -47.1); the Eurozone ZEW sentiment gauge is seen easing to 24.2 (prev. 25.8). In North America, US September housing starts (exp. 1.31mln, prev. 1.275mln) and building permits (exp. 1.40mln, prev. 1.403mln), as well as pending home sales (prev. 0.3% M/M; prev. -4.7% Y/Y) are due. Weekly ADP employment change stats will be released (prev. 24.75K). After today’s data, the Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 3.6%).
• CENTRAL BANKS: NBH announces policy is expected to hold rates unchanged at 5.5%. BoE’s Greene speaks at the LSE Economics Society.
• SUPPLY: UK auctions GBP 4.25bln of 2036; Germany auctions EUR 1bln of 2029 Green Bobls and a 2053 Green Bund.
• ENERGY: After the US close, weekly API energy inventory data are due. WTI November 2026 futures expire today.
• EARNINGS: Notable US companies reporting today include: SpaceX (SPCX), GE Aerospace (GE), Netflix (NFLX), RTX (RTX), Intuitive Surgical (ISRG), Chubb (CB), Capital One Financial (COF), 3M (MMM), General Motors (GM), Northrop Grumman (NOC), MSCI (MSCI), United Airlines Holdings (UAL), Halliburton (HAL), Synchrony Financial (SYF), KeyCorp (KEY), Equifax (EFX), Genuine Parts (GPC), Hasbro (HAS).

• US-Russia - Energy Secretary Wright said the administration is authorising sales of sanctioned oil tankers for refurbishment and legitimate transport of non-sanctioned crude. The initiative could add dozens or hundreds of vessels to the lawful fleet without lifting sanctions. Wright estimated the global dark fleet at 1,600 tankers, amid shipping disruptions caused by the US-Iran conflict.
• Alberta - Alberta voters are projected to reject steps towards independence, with roughly 76% supporting remaining in Canada after approximately 1mln votes were counted, the CBC projects. Full referendum results are expected in several days.
• North Korea-South Korea - South Korea pledged to strengthen military control of the Demilitarised Zone after North Korea threatened to deploy additional strike capabilities near the border. Pyongyang accused Seoul of firing warning shots at its soldiers, while South Korea defended the actions as legitimate security measures.

• PBoC - China held its 1yr and 5yr LPRs at 3.00% and 3.50%, respectively, in line with expectations, for a 17th consecutive month.
• Japan - PM Takaichi reaffirmed that she will not issue special deficit-covering bonds to fund a temporary sales tax cut on food. The two-year measure, expected to begin in April, would cost approximately JPY 5tln annually. Takaichi clarified that broader government bond issuance remains possible while pledging to manage fiscal sustainability and reduce debt-to-GDP. Elsewhere, Japan is considering an additional corporate tax increase to fund higher defence spending, Kyodo reports; FinMin Katayama said fiscal sustainability and stable funding sources would guide decisions, which would be made independently. A new five-year defence spending plan, potentially totalling JPY 70-80tln, is expected by year-end.
• JGBs - Japanese investors bought a net JPY 18.8tln in domestic government bonds during fiscal H1, the highest in 17 years, according to Japan Securities Dealers Association data. Trust banks accounted for nearly half of purchases, with pension fund rebalancing cited as a driver. Elsewhere, Japan’s 20yr bond auction attracted record demand, with a bid-to-cover ratio of 5.84x (prev. 4.01x).
• UK Capital Gains - Chancellor Healey is minded not to raise Capital Gains Tax in next week’s Budget despite calls from Labour colleagues, The Times reports. The stance follows warnings that higher rates could encourage wealthy individuals to leave the UK or defer asset sales.
• ECB - German Chancellor Merz said ECB leadership vacancies could be filled rapidly if necessary. Germany seeks to retain its Executive Board presence following Isabel Schnabel’s departure for the IMF in January. ECB President Lagarde may also leave before her term ends in October 2027, and Chief Economist Lane’s tenure expires in May.

• UK-EU - The UK Treasury is expected to be asked to assess the economic benefits of closer ties with the EU, including a potential customs union, single market return or full EU membership, ahead of the November 20th Brussels summit, according to the FT.
• Brazil Poultry - Newcastle disease was detected at a turkey producer supplying MBRF Global Foods’ export-focused Chapeco plant, Bloomberg reports. Brazil’s Agriculture Ministry confirmed the outbreak in Santa Catarina, closing the affected facility and suspending bird movements. The discovery threatens poultry exports if importing countries impose restrictions.

• Hyperscaler Debt - S&P Global warned that major US hyperscalers may have undisclosed AI-related liabilities through interconnected financing arrangements, Reuters reports. S&P sees no immediate need for ratings changes but highlighted profitability risks, having downgraded Oracle (ORCL) to BBB- in July. Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOG), Oracle, Meta (META) and SpaceX (SPCX) are expected to spend over USD 7tln on AI infrastructure between 2025-2030.
• OpenAI - OpenAI is accelerating a roughly USD 30bln fundraising round potentially valuing it above USD 1.4tln ahead of Anthropic’s expected mid-November IPO, Reuters reports citing sources. SoftBank Group (SFTBY) and MGX are discussing participation.
• Nscale (NSCL), Anthropic - Nscale is in talks with Anthropic over a potential USD 45bln computing deal, Bloomberg reports. The proposed second facility at Nscale’s West Virginia Monarch campus would supply 460 megawatts using Nvidia’s (NVDA) Vera Rubin chips. No agreement has been finalised.
• Broadcom (AVGO), NTT DOCOMO (DCM) - Broadcom signed a 10-year agreement with NTT DOCOMO to develop and support its private cloud infrastructure. The agreement, Broadcom Japan’s first comprehensive 10-year VMware contract, aims to improve service reliability, cybersecurity and delivery speed by combining Broadcom’s technology with DOCOMO’s large-scale infrastructure expertise.
• Intel (INTC) - Intel has requested an exemption from the FCC’s ban on foreign-made advanced robotics to maintain equipment critical to US semiconductor manufacturing. The restrictions prohibit updates to certain existing devices, including automated guided vehicles used in chip factories. Intel warned that disruptions could immediately affect production capacity, citing a lack of proven domestic alternatives.
• SoftBank (SFTBY) - SoftBank’s 5yr CDS spread reached 432bps, its highest since November 2022, amid concerns over AI financing and a potential Allied Universal acquisition. Analysts say that rising funding requirements could push leverage towards SoftBank’s 25% ceiling.

• Meta Platforms (META), Snap Inc. (SNAP), Alphabet (GOOG) ByteDance - Australia is preparing legal action against Meta’s Facebook and Instagram, TikTok, Snap’s Snapchat and Google’s YouTube over alleged breaches of its under-16 social media ban, Bloomberg reports. The eSafety regulator is gathering evidence after finding widespread failures in age verification.
• Alphabet (GOOG) - Alphabet’s Waymo plans to quintuple its autonomous vehicle fleet from 4,000 to 20,000 by end-2027, with 8,000 targeted by end-2026, Semafor reports. The expansion will utilise a USD 5bln loan secured from lenders including PIMCO, Blackstone and Sixth Street.
• Publicis (PUBGY) - The FTC proposed conditions on Publicis’ USD 2.2bln acquisition of LiveRamp, including non-discriminatory product access and customer data firewalls. The FTC alleges the acquisition could undermine competition in media agency and audience data services by restricting rivals’ access and exposing sensitive customer information. Five-year requirements include independent compliance audits and protections for LiveRamp customers.

• Harvest Fuel Relief - The Trump administration announced USD 8bln in fuel assistance for US farmers facing surging diesel costs during peak harvest, Bloomberg reports. The Harvest Fuel Relief programme will compensate farmers for part of their estimated 2026 crop-year losses. Crop-specific payment rates will be announced in November.
• Citgo Petroleum - Citgo raised its FY26 EBITDA view to USD 7.7-8bln (prev. saw 5.8bln), driven by surging fuel margins. The refiner cited tight supply-demand conditions and geopolitical risks amid the US-Iran conflict. Citgo expects EBITDA of USD 4.5-4.8bln for the nine months ended September. Q3 results are due on 12th November.

• Boeing (BA) - US Transport Secretary Duffy is expected to announce FAA certification of Boeing’s 737 MAX 10 at its Everett factory on Tuesday, Reuters reports citing sources. Airlines have ordered nearly 1,500 of the aircraft, representing around 30% of Boeing’s outstanding 737 backlog.
• RTX (RTX), Lockheed Martin (LMT) - The Pentagon has yet to approve transfers of US-made Patriot interceptors from other countries to Ukraine, WaPo reports. Officials said Defence Secretary Hegseth has neither rejected nor authorised the transfers.
• Bombardier (BDRBF) - President Trump signalled that he may reverse his threatened US boycott of Canadian aircraft manufacturer Bombardier, citing its Kansas workforce, and as Bombardier recently announced a USD 50mln investment in its Wichita operations. Trump had previously pledged to ban Bombardier jet sales amid trade tensions with Canada.
• 3M (MMM) - 3M announced a collaboration with Genius Electronic Optical to develop and manufacture Expanded Beam Optical solutions. 3M plans to acquire approximately 4.7% of GSEO’s shares through a private placement, expected to close in Q4. The partnership aims to expand manufacturing capacity and commercialisation of optical interconnect technologies for hyperscale data centres and advanced connectivity applications.
• Schneider Electric (SBGSY) - Schneider Electric announced a EUR 6bln capital increase to finance its acquisition of PTC.
• ABB (ABBNY) - Q3 orders rose 40% to a record USD 12bln, driven by data centre demand; revenue climbed 14% to USD 9.70bln (exp. 9.74bln), operational EBITA increased 24% to USD 2.03bln (exp. 2.0bln). ABB raised FY comp sales growth view to ‘low teens’ and announced a USD 495mln JV with Mitsubishi Electric.

• Steel Dynamics (STLD) - Steel Dynamics shares fell 4.5% in extended trading after quarterly earnings missed expectations, outweighing record steel shipments and improved steel operating profitability. Q3 EPS 5.26 (exp. 5.41), Q3 revenue USD 6.5bln (exp. 6.55bln). Consolidated operating income increased 44% sequentially as stronger steel pricing and solid execution lifted steel operations, while steel fabrication shipments +18% Q/Q. CEO said domestic steel demand remained strong, supported by low customer inventories, historically low imports and continued investment, while long-product demand was particularly strong in structural steel and rail. All three cold mills at the aluminium flat-rolled products mill are operational, with the first CASH line expected to ship finished automotive products before year-end, and the second expected to become operational in early Q1 2027. Management remains optimistic on domestic steel and aluminium demand into 2027.
• BHP Group (BHP) - BHP Group reported Q1 copper production -19% Y/Y at 400.7K tonnes, citing lower grades, maintenance and disruptions. Iron ore output rose +4% Y/Y to 68.5mln tonnes, while energy coal increased +26% Y/Y to 4.4mln tonnes. BHP reaffirmed its FY27 guidance of 1.65-1.8mln tonnes copper, 260-272mln tonnes iron ore and 14-16mln tonnes energy coal.
• Anglo American (NGLOY) - Q3 copper production 175K tonnes (prev. 184K), impacted by extreme weather in Chile and lower-grade ore at Collahuasi, while premium iron ore output fell to 13.8mln tonnes (prev. 14.3mln). Anglo reaffirmed its 2026 production guidance, supported by expected improvements in copper ore grades in Q4.
• China Hydrogen - China is drafting measures to prevent overcapacity in its hydrogen industry following a surge in investment, Bloomberg reports.
• Solstice Advanced Materials (SOLS) - Starboard Value has built a stake worth several hundred million dollars in Honeywell spinoff Solstice Advanced Materials, FT reports. The activist, now among Solstice’s top 10 shareholders, is pushing for a focus on refrigerants and nuclear operations, alongside USD 100mln in overhead reductions. Comes as Solstice recently abandoned its proposed USD 14.5bln merger with Element Solutions.

• NextEra Energy (NEE), Dominion Energy (D) - Virginia Governor Spanberger demanded a six-year residential electricity rate freeze as a condition for supporting NextEra’s USD 67bln acquisition of Dominion. She also sought increased bill credits, disconnection protections and clean energy investment. State regulatory staff recommended rejecting the deal unless additional safeguards are adopted. A decision is expected in January.

• JPMorgan (JPM) - JPMorgan Chase has deposited NGN 50bln with the Central Bank of Nigeria, moving closer to securing a banking licence, Bloomberg reports. The deposit fulfils one of the final regulatory requirements and positions the US lender to launch merchant banking operations in Nigeria, subject to regulatory approval.
• Tradeweb Markets (TW) - Tradeweb agreed to acquire electronic credit trading platform Trumid Holdings for USD 1.97bln, expanding Tradeweb’s capabilities across the bond trading lifecycle. The deal is expected to close in H1 2027 and boost adj. EPS within the first full year.
• W. R. Berkley (WRB) - Q3 EPS 1.17 (exp. 1.16), Q3 revenue USD 3.74bln (exp. 3.23bln). Annualised operating return on beginning-of-year shareholders’ equity was 18.8%, while the accident-year combined ratio ex-catastrophe losses was 88.1%. CEO said underwriting performance remained strong, supported by rate adequacy, disciplined terms and conditions, and diversification across specialty businesses. Fixed-maturity investment income +10.3% Y/Y, with the domestic fixed-maturity portfolio the primary driver; portfolio credit quality remained strong at an average AA- rating, while reinvestment yields continued to exceed the portfolio’s book yield.
• Zions Bancorporation (ZION) - Q3 EPS +20% Y/Y at 1.78 (exp. 1.65), primarily reflecting improved credit quality. Q3 net loan charge-offs declined to USD 3mln (from USD 56mln Y/Y). Loans were flat Q/Q as a faster pace of repayments and a highly competitive lending environment offset new activity. Customer deposits grew at nearly a 10% annualised rate vs Q2 levels. CEO said the improvement in earnings was driven mainly by lower credit losses, while deposit growth remained solid despite subdued loan growth.
• Western Alliance (WAL) - Q3 EPS 2.45 (exp. 2.43), Q3 revenue USD 1.01bln (exp. 987.2mln). Pre-provision net revenue +6.4% Y/Y to USD 419mln, return on average assets rose to 1.12% and return on average tangible common equity increased to 15.5%. Total deposits were stable at USD 81.8bln as commercial banking deposit growth offset USD 4.5bln of deposit optimisation actions over the past two quarters. ECR-related deposit costs fell 8% Q/Q. Net interest income increased USD 11mln Q/Q, and net interest margin expanded 4bps to 3.57%. Non-accrual loans declined 14% to 0.79% of funded HFI loans, ACL coverage of funded HFI loans increased to 0.93% and net charge-offs fell to 0.30%.
• Natixis (NTXFY) - Natixis will acquire Tokyo-based Sangyo Sosei Advisory to enter Japan’s M&A advisory market, Bloomberg reports. The undisclosed-price deal awaits regulatory approval, and will focus on cross-border transactions in energy, natural resources and digital infrastructure. Sangyo co-founder Gary Chan will lead the new business.

• Crown Holdings (CCK) - Q3 adj. EPS 2.39 (exp. 2.26), Q3 revenue USD 3.71bln (exp. 3.46bln). Global beverage can volumes +6% Y/Y, driven by double-digit growth in Asia, +6% in North America and +4% in Europe, helping offset rising input cost pressures. CEO said the company remained on track for another strong year, supported by robust beverage can demand. Sees Q4 adj. EPS between 1.63-1.73 (exp. 1.79). Narrows FY26 adj. EPS view to between 8.35-8.45 (exp. 8.40; prev. saw 8.30-8.50), with adj. free cash flow of at least USD 950mln after capex of approximately USD 550mln.
• Volkswagen (VWAGY), Xpeng (XPEV) - Volkswagen and Xpeng’s UNYX 08 reportedly averaged 267 monthly sales in China during April-August vs a 3,622 target.

• AstraZeneca (AZN), Oracle (ORCL) - AstraZeneca and Oracle announced a global AI collaboration to optimise clinical trials and improve patient outcomes.
• GSK (GSK) - GSK announced that its Jemperli treatment received US FDA approval as the first and only immunotherapy for adults with MSI-H/dMMR rectal cancer.
• Crispr Therapeutics (CRSP) - CFO Raju Prasad is stepping down to pursue external opportunities, effective immediately. A.J. Silver, currently senior VP of finance, will succeed Prasad as CFO.

This is the standard pre-open aggregation rather than a single event, and the classification that matters is which items are scheduled catalysts versus overnight news flow. On the scheduled side, the day carries housing data and weekly ADP, an NBH decision where holds have been the persistent pattern, UK and German supply, and a dense earnings slate spanning GE, Netflix, GM, RTX and the regionals, so index-level tone is more likely set by the print cluster after the close than by the data. The dominant overnight theme is AI financing: rating-agency scrutiny of hyperscaler liabilities, another very large private raise, and a widening in SoftBank credit spreads, a combination that in past episodes of concentrated capex cycles has shifted attention from equity multiples to the credit side of the same names and their counterparties. The expected MAX 10 certification removes a long-running overhang of the kind that has historically been a sell-the-news risk given how much of the backlog it already represents. The Australia action against the platforms follows the established regulatory sequence of evidence-gathering before filing, so timing remains open. Worth noting that single-day previews of this breadth tend to resolve into one or two threads by the close; the AI financing complex and the earnings tape are the candidates here.