US Daily Equity Opening News - NKE appoints Alexandre Arnault to board; XOM nears Venezuela investment deal; GNRC signs generator supply deal with AMZN; UNP-NSC rivals seek expanded track access; AKZOY-AXTA deal faces UK probe

DAY AHEAD:

• EVENTS: President Trump speaks in North Carolina at a campaign event.
• DATA: In Europe, final Eurozone August HICP metrics is expected to see the headline at 3.3% Y/Y (prev. 2.9%), and core at 2.4% Y/Y (prev. 2.5%). In North America, US housing starts (exp. 1.31mln, prev. 1.239mln), building permits prelim (exp. 1.41mln, prev. 1.433mln), and pending home sales (prev. -2.3% M/M; prev. -2.2% Y/Y); weekly initial jobless claims (exp. 208K, prev. 206K) and continuing claims (exp. 1,780K, prev. 1,774K); the Philly Fed manufacturing index is also due (prev. 47.4). In Canada, PPI data will be released.
• CENTRAL BANKS: BoE expected to hold rates at 3.75%, with the MPC vote seen unchanged at 6-3-0 (hold-hike-cut, vs prev. 6-3-0). Czech CNB is also seen on hold at 3.75%. ECB’s Lane chairs a Jean Monnet lecture (no text); Norges Bank releases its Q3 regional network survey.
• SUPPLY: France auctions EUR 11-13bln of 2029, 2031, 2032 and 2032 debt, as well as EUR 2.0-2.5bln of 2037 OATeis. Spain sells EUR 5-6bln of 2032, 2034 and 2036). US will sell USD 19bln of 10yr TIPS; the Treasury will announce note sizes for next week’s issuance.
• ENERGY: WTI October 2026 options expire. EIA reports weekly natural gas stocks change (prev. +40bcf).
• PREVIEW - BOE POLICY ANNOUNCEMENT (12:00BST/07:00EDT): The MPC is expected to hold the Bank Rate at 3.75% in a 6-3 vote, and slow annual QT to GBP 50bln (from GBP 70bln). Active gilt sales are expected around GBP 20bln, potentially excluding 20yr and 30yr bonds. Analysts say mixed inflation, growth and labour data support waiting until after the 28th October Budget. Click here for Newsquawk’s full BoE Preview.

GEOPOLITICS:

• US-Saudi - US intelligence officials have raised concerns that China could gain F-35 technology through espionage or Saudi cooperation if a proposed USD 24bln sale proceeds, NYT reports. The package covers 48 jets and a spare engine. A Pentagon intelligence report cited Chinese military access to Saudi bases and Chinese technology in Saudi telecommunications infrastructure.
• US-Gulf - President Trump is expected to meet Gulf leaders in New York next Tuesday to discuss the Iran war and postwar strategy, Axios reports. Participants are expected from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman. Trump said the US is hopefully nearing the war’s end and claimed Iran wants a deal.
• US-Russia - The US House passed a sanctions and tariff bill intended to increase economic pressure on Russia over its invasion of Ukraine, Reuters reports. The Republican-majority chamber approved the measure by 262 votes to 159, nearly 18 months after it was introduced by the late Senator Graham and dozens of other senators.

TRADE:

• US-Mexico - The next US-Mexico trade talks were delayed by one week to 28-29th September in Washington, the WSJ reports. The fourth formal USMCA negotiation round is expected to include US efforts to tighten sourcing rules for AI equipment, appliances and medical devices, particularly limiting components from outside North America, including China.
• US-India - India warned that a US bill enabling tariffs on buyers of Russian petroleum products could damage bilateral ties and disrupt global energy markets, Bloomberg reports. The legislation has passed Congress and awaits President Trump’s signature. China, India and Turkey could face new tariffs, while India has been diversifying crude supplies beyond Russia, the report notes.
• US-Canada - President Trump directed US agencies to remove Canadian goods from government contracts. The White House cited Canada’s “Buy Canadian” policy and said the move responds to barriers facing US companies. Trump had previously threatened the action unless Canada restored what he called full reciprocity for American farmers and businesses.
• US-EU, Canada - President Trump threatened heavy tariffs or reduced trade with the EU if its proposal to make Canada an associate member is intended adversely toward the US. The EU and Canada plan an expanded partnership beyond CETA; Canada has said that it is not seeking full EU membership.
• EU-China - The EU has asked China to voluntarily limit hybrid-car exports to about 15% of the EU market from more than one-third, FT reports. Brussels is also seeking restraint in other sectors and more European purchases, warning that otherwise it may impose tighter trade measures.
• UK-EU - The UK may delay its next EU reset summit unless Brussels discusses “Made in Europe” rules that could exclude British firms from key contracts, the Guardian reports. The government wants the Industrial Accelerator Act added to negotiations, fearing billions in lost trade. Germany, the Netherlands, Poland and Italy reportedly support UK inclusion, while France remains unconvinced.

MACRO:

• FOMC Recap - The FOMC unanimously raised rates by 25bps to 3.75-4.00%. It said the move should help return inflation to target more quickly, while reiterating that inflation remains elevated. Economic activity was described as expanding at a solid pace, domestic spending as resilient and capital investment as robust. Labour-market language was broadly unchanged. The dot plot was hawkish, with the median showing another 25bps hike in 2026. Twelve of 18 participants saw one further hike, four saw two, and two saw none (NOTE: 18 of the 19 participants submitted forecasts; Chair Warsh again did not submit an individual forecast, consistent with his view that publishing projections can unduly constrain the Fed’s future policy decisions). The median rate forecast remained at 4.125% through the end-2027, before easing to 3.875% in 2028, and then to 3.625% in 2029, while its longer-run projection was nudged up to 3.2%. At his post-meeting press conference, Fed Chair Warsh emphasised price stability while describing the US economy and labour market as strong. As expected, he avoided any forward guidance, saying the Fed is “committed to a discipline, not a decision,” and framed the rate hike as evidence of determination to return inflation to target. Warsh also cited economic strength, capital demand and geopolitics behind higher bond yields. Writing after the announcements, analysts at Goldman Sachs said they now expect another 25bps Fed hike in October, citing a more hawkish-than-expected FOMC outcome; it highlighted the 16-2 projection for another 2026 hike, no dissent on the September move, a higher neutral-rate estimate, and Warsh’s emphasis on removing accommodation. Further hikes beyond October are possible, but are not Goldman’s base case.
• Trump on Fed - Writing on Truth Social after the Fed rate announcement, President Trump said US interest rates should be 1% or lower, and called for rapid cuts. He argued that strong US creditworthiness and investment justified lower rates, while claiming trade deficits represent losses, and that ending trade with deficit countries could save at least USD 1.5tln annually. Bloomberg reported that Trump told Warsh to vote with the board because the outcome was already determined; Trump also said he wanted the Fed to remain independent. At the meeting, Warsh declined to discuss any conversation with Trump, and said the unanimous 25bps rate hike reflected the Fed’s duty to the public.
• Japan Cabinet - Japanese PM Takaichi retained key ministers in a limited cabinet reshuffle, Bloomberg reports. Satsuki Katayama remains finance minister, Toshimitsu Motegi foreign minister and Shinjiro Koizumi defence minister. Takaichi replaced Yoshimasa Hayashi with Hisayuki Fujii as internal affairs minister, and appointed Ishin’s Hiroshi Nakatsuka as regulatory reform minister.
• China Yuan - China expanded Shanghai Clearing House central counterparty services to spot yuan trading against the SGD, NZD, and THB, Bloomberg reports. Twelve banks cleared CNY 996mln in the first session. The move aims to deepen direct yuan trading, reduce counterparty risk and support wider international use of the currency, with clearing fees waived through end-2028.
• BCB - Brazil’s central bank unanimously cut its policy rate 25bps to 13.75%, in line with expectations. It said policy must remain sufficiently restrictive, activity is gradually moderating, but labour markets remain tight, and inflation risks remain unusually high with an upside asymmetry. The total easing cycle will depend on incoming data.

TECH:

• Apple (AAPL), OpenAI - Apple Chair Tim Cook and OpenAI CEO Sam Altman are expected to attend President Trump’s White House state dinner for Chinese President Xi Jinping next week. It was previously reported that Nvidia (NVDA) CEO Jensen Huang is also expected to attend the event.
• Nvidia (NVDA) - GMI Cloud is seeking a USD 300mln loan to buy Nvidia chips for a Thailand facility housed at STT GDC. Tencent (TCEHY) would use the chips, Bloomberg reports. The financing is expected to offer low-teens yields.
• Huawei - Huawei plans to launch two new AI chips in 2027, the 960DT in Q1 and Ascend 960PR in Q3. It is also expanding UnifiedBus technology to connect large numbers of processors, with superclusters supporting up to 1mln AI chips.
• Data Centres - Loudoun County, Virginia, advanced a proposal to pause reviews of new data centre and substation applications for up to 12 months. About 13 pending applications could be affected. The county, which has 233 data centres built or under construction, plans to resume reviews after new zoning rules are finalised in 2027.
• OpenAI - OpenAI introduced a framework for faster disclosure of model misalignment, alongside six reports covering behaviours including hidden instructions, fabricated data, unauthorised API-key use, file uploads and cross-agent communication. OpenAI says disclosures may occur before full explanation or mitigation, with cases routed through ready, minor or larger investigations and reports covering impact, causes, uncertainties and planned mitigations.
• SoftBank (SFTBY), Apollo Global Management (APO) - Apollo is discussing increasing its loan to SoftBank to USD 9bln (from USD 5.4bln) to support further OpenAI investment, Bloomberg reports. The financing is backed by Vision Fund 2 assets. SoftBank has committed USD 64.6bln to OpenAI, and previously raised a USD 10bln loan against its OpenAI stake.
• Salesforce (CRM) - Salesforce CFO Robin Washington said the company remains confident in reaching USD 63bln of revenue by FY30. He highlighted innovation, go-to-market execution and capital returns, including a USD 60bln cumulative share repurchase programme, an accelerated buyback expected to complete in October, and USD 3bln of dividends paid.
• Nokia (NOK), Microsoft (MSFT) - Nokia and Microsoft are developing a unified data foundation combining Nokia Data Suite with Microsoft Fabric to accelerate autonomous, AI-driven telecom operations. Initial use cases include RAN optimisation through autonomous VoNR assurance and geo-experience, with operators gaining faster access to trusted data for agent-based solutions across the network stack.
• Arm Holdings (ARM) - Arm CEO Haas told CNBC that demand for the company’s technology has never been stronger and he is more confident in its prospects than at the July earnings call. He dismissed recent AI-related concerns as sensational, while identifying complex supply chains as the main growth constraint and saying every AI application will run through Arm in some form.
• Manus, Meta Platforms (META) - Manus is preparing a USD 500mln funding round that would value the Chinese-founded AI startup at USD 4bln, Bloomberg reports. The financing would be its first since Beijing ordered it to separate from Meta Platforms. Existing backers include Tencent (TCEHY), HSG and ZhenFund, while the identities of new investors remain unclear, Bloomberg said.

COMMUNICATIONS:

• Alphabet (GOOG), US Chip Financing - A 10-bank group is providing a USD 22bln loan to finance Alphabet’s Google TPUs for Blackstone (BX) and Alphabet-backed Crux AI, Bloomberg reports. The debt will be secured by the chips and customer contracts.
• Snap Inc. (SNAP) - Snap revealed new details for its USD 2,195 Specs AR glasses and partnered with Verizon (VZ) for in-store trials and wireless plans. A USD 2,395 version adds cellular connectivity. Snap also launched Specs Intelligence, an AI assistant available on iPhone and macOS, while Specs offers AR navigation, translation, video, gaming and workplace uses; it is working with Salesforce (CRM), AWS (AMZN), Nvidia (NVDA), Trifork and HoloLite to bring Specs into workplace environments.

CONSUMER CYCLICAL:

• Nike (NKE) - Nike appointed Alexandre Arnault to its board. Arnault has served as deputy CEO of Moet Hennessy, LVMH’s (LVMUY) wines and spirits division, since February 2025. Nike said his experience leading global brands would support governance, board succession and long-term value creation.
• Lennar Corporation (LEN) - Lennar shares fell almost 2% in extended US trading after quarterly earnings and revenue missed expectations, orders and deliveries declined, and management lowered its FY delivery outlook amid deteriorating housing conditions and persistently high mortgage rates. Q3 adj. EPS 1.23 (exp. 1.29), Q3 revenue USD 8.05bln (exp. 8.37bln). Q3 new orders -9% Y/Y to 20,879 homes, deliveries -3% Y/Y to 20,840 homes, with backlog of 16,857 homes valued at USD 6.3bln. CEO said the operating environment deteriorated during the quarter as elevated mortgage rates and affordability pressures weighed on demand. Sees Q4 new orders between 19,500-20,500 homes, deliveries between 22,000-23,000 homes, average sales price between USD 370,000-380,000 (exp. 383,610), home-sales gross margin between 15.5-16.0%, and SG&A as a percentage of home sales between 8.7-9.0%. Lowers its FY26 deliveries view to between 80,000-81,000 homes (prev. saw 82,000-83,000).

FINANCIALS:

• Goldman Sachs (GS) - Goldman Sachs CEO David Solomon on Wednesday said Q3 fixed income trading has been softer than equities, which remain “very strong.” He also expects higher firmwide expenses due to elevated activity, accelerated technology investment and significant charitable giving.
• Berkshire Hathaway (BRK.B) - Berkshire is considering increasing its stakes in Japanese trading houses, Bloomberg reports. It currently owns more than 10% of Mitsubishi, Sumitomo, Mitsui, Marubeni and Itochu. Japan Foreign Trade Council chair Masahiro Okafuji said Berkshire intends to hold the investments long-term, and may raise stakes further, potentially toward 15%.
• AIG (AIG) - AIG said Jon Hancock will retire as executive vice president and CEO of General Insurance and transition to senior adviser effective 31st December.
• Ares Management (ARES) - Ares Management and PSP Investments formed a JV to invest up to USD 2.4bln in US logistics real estate. The venture includes a 5.2mln sqft seed portfolio of 14 properties across markets including California, Texas and New Jersey.

ENERGY:

• China Gas Demand - Guangdong’s power-market reforms are reducing gas-fired generation to mainly peak-time use, potentially weakening China’s LNG demand outlook, Bloomberg reports. Gas plants now compete economically against cheaper alternatives, while renewable expansion is reducing baseload gas use. Wood Mackenzie said broader adoption of similar reforms could materially lower future Chinese LNG demand growth.
• US Biofuel Exports - The US Department of Agriculture released a plan to boost biofuel exports by challenging overseas restrictions on crop-based fuels. The strategy targets EU limits, seeks to influence international fuel rules and encourages countries including Mexico and India to import more US ethanol.
• Trans Mountain - Trans Mountain is seeking more Asian buyers for Canadian crude to diversify beyond China and the US. The company is targeting markets including Korea, Japan, India, Singapore, Thailand and Vietnam, according to Bloomberg. It is also expanding pipeline capacity, with a proposed new 1mln BPD line and an additional 300K BPD upgrade underway.
• Alberta Crude - Alberta plans to revise its oil royalty regime in November to encourage new investment and production. Premier Smith said the changes aim to help fill a proposed 1mln BPD pipeline. Alberta expects federal Major Projects Office endorsement in October and final regulatory approval by September 2027.
• ExxonMobil (XOM) - ExxonMobil is nearing a preliminary agreement with PDVSA to explore investments in Venezuelan oil fields, WSJ reports. An MOU could be signed this month and cover fields holding more than 50bln bbls. Chevron (CVX) has separately committed USD 7bln over five years, while Continental Resources (CLR) has signed a preliminary Venezuelan oil deal.
• APA Corporation (APA) - APA Corp.’s board approved an additional 40mln shares for repurchase under its buyback authorisation.
• Diesel, Gasoline - Goldman Sachs shifted its fuel-market trade preference from diesel to gasoline, citing refiners switching output toward diesel and tightening gasoline supply. The bank closed an earlier diesel-timespread trade, and recommended a long position in European gasoline for mid-2027, citing resilient demand and relative inventory trends.

INDUSTRIALS:

• Generac (GNRC), Amazon (AMZN) - Generac and Amazon signed a long-term supply agreement for backup generators for Amazon data centres. Initial deliveries are expected to total USD 2.4bln in 2027-28, with payments potentially reaching USD 8bln. Generac also issued Amazon a warrant for up to 1.69mln shares at USD 200.9266/shr, with vesting tied to purchases.
• Union Pacific (UNP), Norfolk Southern (NSC) - Rival railroads plan to seek access to thousands of miles of track if regulators approve Union Pacific’s proposed merger with Norfolk Southern, Axios reports. The remedies could threaten the transaction because Union Pacific said it would abandon the deal if the Surface Transportation Board imposed widespread line sales or trackage rights.
• GFL Environmental (GFL) - KKR (KKR), Energy Capital Partners and Blackstone (BX) are bidding jointly for GFL Environmental, while Brookfield Asset Management (BAM) and IFM Investors have formed a rival consortium, Bloomberg reports. GFL special committee is reviewing proposals and could seek improved offers, the report adds.
• KNDS - Tank maker KNDS and its owners are considering delaying its IPO beyond 2026. Advisers cited weak listed defence sector performance. The Wegmann family, which owns 50%, will instead focus on selling up to 40% to the German government. KNDS previously struggled to attract investors even at a reduced EUR 12bln valuation, Bloomberg notes.
• Southwest Airlines (LUV) - Southwest Airlines said stronger-than-expected autumn revenue could allow it to meet Q3 EPS guidance despite higher fuel costs. CFO said 2026 capacity growth has been cut roughly in half vs its initial +2-3% plan, and further reductions could follow if fuel prices remain elevated.
• Zipline - Drone delivery and logistics startup Zipline is in talks to raise around USD 1bln at a roughly USD 20bln valuation, Bloomberg reports. Paradigm is discussing leading the round, while Tiger Global may participate. Zipline was valued at USD 7.6bln earlier in 2026 and has nearly 3mln deliveries across more than 140mln miles, with customers including Chipotle (CMG), Jimmy John’s and Walmart (WMT).

MATERIALS:

• Anglo American (NGLOY), MMG Limited (1208 HK) - The European Commission warned MMG’s proposed acquisition of Anglo American’s Brazilian nickel business could reduce competition and raise European stainless-steel costs. Regulators are concerned MMG may divert low-carbon ferronickel away from Europe. MMG can respond before the Commission’s final decision, due by 30th November.
• Akzo Nobel (AKZOY), Axalta (AXTA) - The UK CMA launched a probe into Akzo Nobel’s deal with Axalta, examining whether the merger could lessen competition; a decision is due on 11th November.

HEALTHCARE:

• Weight Loss Treatments - Bloomberg Intelligence research found GLP-1 pill users curbed snacking less than those on injections: 74% of pill users ate fewer salty snacks versus 80% for injection users, with a similar pattern for baked goods (76% vs 82%). Mondelez (MDLZ), Hershey (HSY), Kraft Heinz (KHC) and General Mills (GIS) remain the most exposed to potential sales declines, since GLP-1 users cut back most dramatically on candy, baked goods and salty snacks. By 2030, over 19% of the population is expected to use a GLP-1 drug, up from about 7.5% now.
• Bayer (BAYRY) - FDA approved KERENDIA to reduce urinary albumin-to-creatinine ratio in adults with CKD associated with type 1 diabetes. The reduction is expected to lower the risk of sustained eGFR decline and end-stage kidney disease.
• Roche (RHHBY) - Roche said the Phase 3 CELESTIMO study of Lunsumio plus lenalidomide in relapsed or refractory follicular lymphoma met its primary endpoint.
• AstraZeneca (AZN) AZ announced an investment of around CNY 200mln to boost its production and supply capabilities in Wuxi, China.