US Daily Equity Opening News - SKHY surges after op profit beat; NXPI & STX down after results; S.Korea fines AAPL & GOOG over app payments; V falls as client incentives weigh; EQNR raises FY production view; LLY restructures commercial leadership

• EVENTS: UK Chancellor delivers the Autumn Budget.
• CENTRAL BANKS: FOMC seen on hold (rates expected at 3.75-4.00%, vs prev. 3.75-4.00%), followed by Fed Chair Warsh’s press conference; the BoC expected to hike by 25bps to 2.50%, with Governor Macklem and Deputy Governor Rogers delivering a post-meeting press conference.
• DATA: In North America, US advance goods trade balance (prev. USD -132.1bln) and wholesale inventories (prev. 0.5% M/M); weekly MBA mortgage applications (prev. -5.3%) are also due. Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 3.4%).
• SUPPLY: US auctions USD 28bln of 2-year FRNs; Germany sells EUR 5.5bln of 2036 Bunds.
• ENERGY: DoE weekly energy inventories and crude production data are due today; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a surprise draw of -2.0mln bbls (exp. +0.5mln), Cushing drawing down by -0.5mln, gasoline stocks posting a surprise build of +2.4mln bbls (exp. -1.3mln), while distillate stocks saw a surprise build of +0.4mln bbls (exp. -0.9mln).
• EARNINGS: Notable corporate earnings due today includes: Microsoft (MSFT), Alphabet (GOOGL), GE Vernova (GEV), KLA (KLAC), Amphenol (APH), ServiceNow (NOW), T-Mobile (TMUS), Fortinet (FTNT), Automatic Data Processing (ADP), Phillips 66 (PSX), Equinix (EQIX), Vertiv (VRT), O’Reilly Automotive (ORLY), FedEx (FDX), American Electric Power (AEP), Boston Scientific (BSX), Aon (AON), Carvana (CVNA), TE Connectivity (TEL), Garmin (GRMN), Honeywell Aerospace (HONA), eBay (EBAY), Ford (F), Old Dominion Freight Line (ODFL), Biogen (BIIB), Chipotle Inc. (CMG), GE Healthcare (GEHC).

• Iran - Qatari mediators presented Iran with a new draft deal in Tehran on Sunday, with Tehran considering the proposal and a response expected by week-end, Reuters reports. Several countries would act as guarantors. The draft outlines a seven-day timeline to address both sides’ concerns, requiring daily confidence building measures, potentially beginning early next week, the report said.
• US-Iran - The US has warned Gulf states to prepare for a possible short, intense military campaign against Iran after the midterm elections, WSJ reports. US forces are reinforcing regional defences and preparing strike capabilities, while Israel has identified targets. Trump reportedly favours renewed strikes but has not decided, as diplomatic efforts continue and Iran threatens severe retaliation.
• US-ASEAN - US Defence Secretary Hegseth proposed a US-ASEAN defence cooperation framework to strengthen regional deterrence and burden-sharing. Speaking in the Philippines, he called for closer military coordination over the coming years.
• Israel Election - Exit polls showed no clear winner in Israel’s election, with Netanyahu’s Likud-led bloc and Gadi Eisenkot’s “Change Bloc” roughly tied around 50-53 seats in the 120-seat Knesset. Neither bloc has an outright majority, leaving coalition negotiations uncertain and raising the prospect of another election. The two Arab parties were projected to win a record 18-19 seats, positioning them as kingmakers. Turnout hit 77.7%, the highest in decades.

• US Treasuries - US-aligned nations’ net Treasury purchases, excluding bills, fell over 60% Y/Y to USD 174.3bln in January-August, Bloomberg analysis shows. Japan bought just USD 389mln, down 99%, while South Korea sold USD 23.8bln and Taiwan was a net seller. Foreigners still held USD 7.85tln in Treasuries as private investors’ share of federal debt reached about 70%.
• China Stocks - Beijing has deployed its “national team” of state-aligned funds and brokers to buy Chinese stocks and discourage domestic investors from fleeing the market, FT reports. National team purchases of domestic ETFs last week were probably the most aggressive since President Trump’s April 2025 “liberation day” tariffs, Macquarie analysts said, adding that a sustained rally still depends on a domestic demand recovery. Elsewhere, Bloomberg notes that mainland Chinese A-shares trade at a c.33% premium to Hong Kong counterparts, the widest gap in nearly 17 months, amid the state-backed buying. Mainland investors sold around HKD 20bln of Hong Kong shares this month, while weaker AI sentiment pressured offshore equities.
• China Bonds - China’s central and local governments are expected to raise at least CNY 2.2tln through net bond issuance in November-December, the second-highest total on record for the period, according to China Chengxin International Credit Rating and Industrial Securities. Authorities plan to issue CNY 550bln in remaining local debt quotas by year-end, with the PBoC expected to maintain liquidity.
• RBNZ - The RBNZ unexpectedly held the Official Cash Rate at 2.75% on Wednesday, a 4-3 split decision citing global uncertainty, surprising economists who expected a hike. Inflation eased to 3.7% in Q3 but is tipped to accelerate to 4.4% in Q4, the RBNZ said. Members agreed on the inflation outlook but differed over timing of risks; tighter policy is likely needed, though higher fuel prices and currency depreciation could add indirect inflationary pressure, with the committee focused on returning inflation to its 2% target midpoint. At her post-meeting press conference, Governor Breman reiterated that tighter policy will likely be required, conditional on the economy, with further rate increases likely at coming meetings and the OCR likely to rise higher than its previous path. The committee discussed a decline in the NZD, which if sustained could add to imported inflation, though conditions for inflation to slow in 2027 remain favourable. After the announcements, analysts at Westpac said the RBNZ’s hold was a surprise, though the bank is forecasting a 25bps hike in December, and a peak OCR of 4% by September 2027, dependent on fuel and inflation data.
• Australia CPI - Australian inflation accelerated more than expected in September, with CPI up 1.3% Q/Q (exp. 1.3%; prev. 0.6%) and 4.3% Y/Y in September (exp. 4.2%; prev. 4.0%), while the RBA’s trimmed mean gauge rose 3.7% Y/Y (exp. 3.6%; prev. 3.6%), raising expectations of a fifth rate hike at its 3rd November meeting. After the data, CBA said it now expects the RBA to raise interest rates to 4.85% in November. Elsewhere, RBA Governor Bullock said domestic and international upside inflation risks are materialising, with inflation likely to exceed the bank’s August baseline forecast. Speaking at a parliamentary hearing.

• SK Hynix (SKHY) - SK Hynix shares surged in APAC trading after reporting record quarterly profits, supported by strong AI-driven memory demand, higher chip prices and a substantial shareholder return plan comprising dividends and share buybacks. Q3 revenue KRW 104.6tln (exp. 98.3tln), Q3 operating profit KRW 83.3tln (exp. 76.7tln), Q3 net income KRW 39.5tln (exp. 55.4tln). DRAM average selling prices increased by high-20% Q/Q, while NAND prices rose by mid-20% Q/Q. Announces approximately KRW 100tln in shareholder returns for 2026, including cash dividends exceeding KRW 30tln and a KRW 20tln share buyback. Offers Q3 dividend of KRW 20,000/shr, including a special payout of KRW 10,000/shr linked to its Kioxia investment. Sees Q4 DRAM shipments increasing by mid-20% Q/Q and NAND shipments rising by mid-single digits Q/Q, with HBM4 expected to overtake HBM3 in both shipment and revenue share. Expects 2027 DRAM market demand growth of mid-20% Y/Y and NAND demand growth of high-teens Y/Y, supported by AI infrastructure demand despite weaker PC and smartphone shipments. Concluded 2027 HBM negotiations and secured long-term agreements with 14 major customers, covering over 50% of total capacity for 2027 and 2028. Anticipates a significant increase in 2027 capex compared with 2026.
• SK Hynix (SKHY) - SK Hynix subsidiary Solidigm is in talks with the US Commerce Department over a potential USD 45bln US NAND chip plant, contingent on approval to upgrade its Dalian facility in China, Bloomberg reports. The investment could approach USD 100bln over time.
• Apple (AAPL), Alphabet (GOOG) - South Korea’s communications regulator will fine Google KRW 42.9bln and Apple KRW 20.81bln for restricting app developers’ payment options, Yonhap reports. The Korea Media and Communications Commission found both companies abused their dominant positions by mandating specific payment methods and disadvantaging third-party alternatives. Corrective orders will follow, but no criminal complaints are planned.
• Apple (AAPL) - Apple is set to unveil 14-inch and 16-inch touchscreen MacBooks on Wednesday. The company has discussed pricing the 14-inch model at USD 2,899, with touchscreen Macs set to become its most expensive laptops.
• NXP Semiconductors (NXPI) - NXP shares fell 7.7% in extended trading after Q4 guidance disappointed some investors, raising concerns that the recovery in automotive and industrial chip demand may be losing momentum despite a quarterly beat and an expanded share buyback. Q3 adj. EPS 4.20 (exp. 4.12), Q3 revenue USD 3.8bln (exp. 3.76bln). Adj. operating income was USD 1.41bln (exp. 1.38bln). The board authorised an additional USD 5bln share repurchase programme, on top of USD 1.3bln remaining under the prior authorisation. Sees Q4 adj. EPS between 4.14-4.58 (exp. 4.34) and Q4 revenue between USD 3.75-3.95bln (exp. 3.86bln).
• Seagate (STX) - Shares fell over 5% in extended trading despite beating quarterly expectations and issuing stronger-than-expected guidance, as investors remained concerned about the sustainability of AI spending and intensifying competition in the hard-drive market. Q1 adj. EPS 7.68 (exp. 7.42), Q1 revenue USD 4.2bln (exp. 4.14bln). Seagate shipped a record 198 exabytes of nearline capacity to data centre customers, which represented 90% of shipped capacity, with management expecting a meaningful step-up in the December quarter as Mozaic 4 ramps. CEO said the company delivered record profitability and its highest-ever free cash flow, supported by strengthening storage demand and long-term customer visibility. Raises quarterly dividend +3% to 0.76/shr. Sees Q2 adj. EPS between 9.00-9.40 (exp. 8.66), Q2 revenue between USD 4.7-4.9bln (exp. 4.55bln). Expects its technology roadmap to support nearline exabyte supply growth in the mid-20% range on a compound basis.
• LG Electronics (066570 KS) - Q3 net income KRW 663.2bln (exp. 551.0bln), Q3 revenue KRW 23.82tln (prelim. 23.83tln), Q3 operating income KRW 781.9bln (vs prelim. 781.8bln). Growth was supported by resilient home appliances, premium TVs and vehicle components, despite currency headwinds and elevated raw-material and shipping costs. Vehicle-component revenue and operating profit reached record Q3 levels, supported by a substantial order backlog. HVAC sales increased amid expanding investment in AI data centre cooling solutions. Continues to expand into robotics and AI infrastructure cooling systems while maintaining profitability in its core businesses. Expects Q4 home-appliance demand to recover modestly, while memory and display-panel costs remain elevated. TV demand is expected to weaken amid high oil prices and interest rates weighing on consumer sentiment.
• Logitech (LOGI) - Logitech US-listed shares fell over 5% in extended trading, despite stronger-than-expected quarterly earnings and an upbeat holiday-quarter outlook. Q2 adj. EPS 1.51 (exp. 1.33), Q2 revenue USD 1.22bln (exp. 1.21bln). Adj. operating income USD 231mln (exp. 203.6mln). CEO highlighted strength in the Americas, Video Collaboration and Gaming, alongside the launch of 19 new products for the holiday quarter. Sees Q3 revenue between USD 1.36-1.43bln (exp. 1.3bln) and Q3 adj. operating income between USD 220-255mln.
• Teradyne (TER) - Q3 adj. EPS 2.29 (exp. 2.08), Q3 revenue USD 1.306bln (exp. 1.265bln). Adj. net income USD 359.9mln (exp. 320.3mln). CEO highlighted strong demand across the AI value chain, including memory and hard disk drive testing, high-speed interconnect and robotics, driving results above the high end of guidance. Sees Q4 adj. EPS between 1.95-2.25 (exp. 2.07), Q4 revenue between USD 1.25-1.35bln (exp. 1.27bln).
• Palo Alto Networks (PANW) - Palo Alto Networks CEO Nikesh Arora’s FY26 compensation fell around 20% to USD 80.3mln following repeated shareholder opposition, Bloomberg reports. Investors rejected executive pay for the seventh time since 2015. The company reduced maximum performance-based stock payouts to 300% from 400%, ahead of another shareholder vote on 8th December 2026.
• Accenture (ACN) - Accenture received a USD 151.46mln sole-source US Air Force task order for intercontinental ballistic missile FENCES engineering, development, security and operations. The order has a USD 228mln ceiling for additional projects.

• Alphabet (GOOG), OpenAI - OpenAI plans to purchase AI chips from Alphabet’s Google, deepening their commercial ties, The Information reports. OpenAI already rents Google’s Tensor Processing Units and recently agreed to offer its frontier AI models through Google Cloud. Terms remain undisclosed. The move would expand OpenAI’s chip sourcing beyond Nvidia (NVDA) and its custom Broadcom (AVGO)-designed processors.

• Mercedes-Benz (MBG) - Q3 revenue fell 4.5% to EUR 30.7bln, and adj. group EBIT declined 15%. Cars division adj. earnings more than halved to EUR 560mln, with margins narrowing to 2.5% (from 4.8%), as China vehicle sales dropped 31%. Following an outlook cut, Mercedes plans over 40 new/refreshed models by end-2027.
• Stellantis (STLA) - Q3 revenue EUR 37.6bln (exp. 36.2bln), adj. EBIT EUR 300mln (exp. 211.5mln), adj. operating income EUR 256mln (exp. 211mln). Reaffirmed FY26 guidance, sees Q4 cost savings in the mid-hundreds of millions of euros, and implementation of at least 40% of EUR 6bln annualised efficiencies by year-end.
• Goodyear Tire & Rubber (GT) - Goodyear appointed Jerome Rouquet as CFO, effective 1st December. Rouquet currently serves as CFO of Visteon (VC), having joined in 2020.
• Delivery Hero (DELHY) - Q3 revenue EUR 4.35bln (exp. 4.3bln), GMV EUR 13.9bln (prev. 12.18bln); raised FY26 LFL GMV growth guidance to +10-12% (prev. saw 9-11%), LFL revenue growth to +18-20% (prev. saw 17-19%) and adj. EBITDA to EUR 0.98-1.02bln (prev. saw 0.96-1.0bln).

• Unilever (UL) - Q3 underlying sales rose 6.7% to EUR 13.3bln; Personal Care grew 9.7%, Beauty & Wellbeing 9.5% and Home Care 7.5%, while Foods was flat. Raised FY26 underlying volume growth guidance to at least 3%, maintained sales growth guidance of 4-6%, and expects H2 growth around 5% with modest underlying operating margin improvement.
• Danone SA (DANOY) - Q3 LFL sales rose 4% (exp. 3.7%), driven by higher prices and specialised nutrition demand. Pricing contributed 3.6ppts and volume-mix 0.4ppts, with specialised nutrition outperforming in Asia and the Americas. Maintained FY26 LFL sales growth guidance of +3-5%, expecting recurring operating income to grow faster than sales.
• Heineken (HEINY) - Q3 consolidated volumes rose 3.9%, exceeding expectations amid strong Asian demand and a recovery in the Americas. Growth was driven by premium brands and Vietnam. New CEO Oliveira called for stronger execution and accountability. Maintained FY26 organic operating profit growth guidance of up to 6%, amid plans to cut 5-6K jobs.
• Remy Cointreau (REMYY) - Q2 organic sales rose 4.2% (exp. 3.2%), supported by recovering Cognac demand in China. The liqueurs and spirits division missed expectations, while US sales declined amid destocking and a challenging comparison. The company reduced its expected tariff impact on operating profit for the remainder of the year to EUR 5mln (prev. 20mln).

• Anthropic (ANT) - Anthropic launched Claude for Financial Advisors, a suite of connectors and workflow tools designed to streamline research, meeting preparation and documentation. The company cited Kitces research showing advisers spend only one-sixth of their time in client meetings, arguing that reducing administrative workloads could free up capacity to serve existing and new clients. The plugin became available Tuesday.
• JPMorgan (JPM), Anthropic (ANT) - Anthropic has reportedly selected JPMorgan to lead US retail sales for its planned IPO, with Citigroup (C) expected to coordinate international retail distribution, Bloomberg reports. Anthropic is considering allocating 15-20% of shares to retail investors. Goldman Sachs (GS) and Morgan Stanley (MS) are expected to lead the offering. Investors estimate a valuation of USD 1.4-1.5tln, potentially reaching USD 1.75tln.
• Visa (V) - Visa shares fell as higher-than-expected client incentives and a potentially underwhelming earnings outlook overshadowed stronger-than-expected quarterly results. Q4 adj. EPS 3.48 (exp. 3.44), Q4 revenue USD 12.1bln (exp. 12.09bln). Adj. net income USD 6.6bln (exp. 6.48bln). Processed transactions +10% Y/Y to 74.2bln (exp. 73.98bln), payments volume +9% Y/Y and +14% Y/Y cross-border volume at constant FX. Raises dividend 16% to USD 0.78/shr. CEO highlighted record FY26 revenue of USD 46bln, up 15% Y/Y, marking the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions. Sees Q1 EPS growth at the low end of mid-teens, Q1 revenue growth low-double-digits and Q1 operating expense growth low-double-digits. Sees FY27 EPS growth between low-double-digits and low-teens, FY27 revenue growth low-double-digits and FY27 operating expense growth low-double-digits.
• UBS Group (UBS) - Q3 net income USD 2.69bln (exp. 2.71bln), Q3 revenue USD 13.35bln (exp. 13.10bln). Profit before tax USD 3.59bln (exp. 3.52bln). CET1 capital ratio increased to 14.7% (vs 14.4% Q/Q), while Global Wealth Management recorded net new assets of USD 55.1bln, supported by strong client inflows. Client commitments across wealth management and asset management reached USD 12.5bln. Credit Suisse integration remains on track for completion by year-end, with cumulative cost savings of USD 13.7bln (exp. 13.5bln).
• BNP Paribas (BNPQY) - Q3 net income EUR 3.46bln (exp. 3.18bln), Q3 revenue EUR 13.76bln. Net income supported by strong investment banking performance. Equity & Prime Services revenue +50% Y/Y to EUR 1.46bln (exp. 1.11bln). Corporate and Institutional Banking revenue +17% Y/Y, while FICC trading revenue was flat. Retail banking income +4% Y/Y, supported by higher interest rates. Announces EUR 1.3bln share buyback starting in November, following the early achievement of its CET1 capital ratio target. The bank highlighted limited exposure to French sovereign bonds of approximately EUR 19bln at end-September, with France accounting for less than 10% of the group’s pre-tax income last year.
• Deutsche Bank (DB) - Q3 fixed income trading revenue fell 3% to EUR 2.39bln, meeting expectations. Net income rose 2% to EUR 1.8bln, while pre-tax profit reached EUR 2.63bln, exceeding estimates. CEO highlighted a third consecutive record quarterly profit, reaffirming confidence in FY26 objectives, and its 2028 return on tangible equity target exceeding 13%.
• Santander (SAN) - Q3 net income EUR 3.43bln (exp. 3.41bln), supported by its Webster acquisition. The bank added 17mln customers over 12 months, including through its TSB acquisition, while loans and customer funds rose 16% Y/Y. Maintained FY26 guidance for underlying profit above EUR 14.1bln, excluding acquisition impacts.
• Standard Chartered (SCBFY) - Q3 pre-tax profit rose 29% to USD 2.25bln (exp. 2.09bln), driven by record wealth inflows and trading. Wealth attracted USD 20bln in net new money, while flow trading income climbed 21%. Raised FY26 operating income growth guidance above its previous 5-7% range, and its return on tangible equity target to around 14%.
• Robinhood (HOOD) - Robinhood shares fell over 7% after transaction-based revenue missed expectations, with a sharp decline in cryptocurrency revenue outweighing growth in options and event-contract activity. Q3 adj. EPS 0.60 (exp. 0.55), Q3 revenue USD 1.42bln (exp. 1.43bln). Funded customers +7% Y/Y to 28.7mln, investment accounts +9% to 30.4mln and total platform assets +19% to USD 396bln, while net deposits were USD 15.7bln. ARPU +5% Y/Y to USD 200 and Gold subscribers +34% to 5.2mln. Equity notional trading volumes +53% to a record USD 992bln, options contracts +48% to 905mln and event contracts increased more than 7x to 16.4bln, while crypto notional volumes -38% to USD 50bln. CFO said customer assets and product adoption continued to strengthen, with October net deposits already above USD 13bln month-to-date. Lowers FY26 adj. operating expenses and SBC outlook to between USD 2.675-2.75bln (prev. saw 2.675-2.775bln).

• Equinor (EQNR) - Q3 adj. operating income after tax reached USD 3.53bln (exp. 3.3bln), supported by higher energy prices amid the Iran war. Production was 2.17mln barrels of oil equivalent daily. Raised FY26 production growth view to +4% (prev. +3%), and maintained its USD 3bln annual buyback plan.
• ONEOK (OKE) - Q3 EPS 2.13 (exp. 1.51), Q3 adj. EBITDA USD 2.24bln (exp. 2.17bln). Net income USD 1.38bln. CEO highlighted higher Permian Basin volumes and continued system integration as key drivers of Q3 performance, with further earnings growth expected in 2027 from the Brazos Permian Midland Basin assets, growth projects and commercial optimisation. Raises FY26 guidance, sees FY26 net income between USD 4.09-4.27bln, sees FY26 adj. EBITDA between USD 8.5-8.6bln, sees FY26 capex of approximately USD 3.5bln. Updated outlook incorporates expected contributions of approximately USD 75mln from the recently completed Brazos Permian Midland acquisition, including approximately USD 50mln in adj. EBITDA net of transaction costs.
• Baker Hughes (BKR) - Q3 adj. EPS 0.70 (exp. 0.61), Q3 revenue USD 8bln (exp. 7.75bln). Net income USD 411mln (vs 609mln Y/Y), cash from operations USD 1.005bln, free cash flow USD 769mln. RPO was USD 46.4bln, including record Industrial & Energy Technology RPO of USD 39.4bln. North America revenue USD 955mln (vs 980mln Y/Y), Middle East and Asia revenue USD 1.26bln (vs 1.45bln Y/Y). CEO noted broad-based commercial momentum across IET, OFSE and Chart, despite regional headwinds. Expects Q4 Middle East activity to decline sequentially, with higher logistics costs and supply chain challenges impacting operations. Lowers FY26 Chart revenue outlook, sees FY26 Chart revenue USD 1.99bln (prev. saw 2.05bln), reflecting the timing of LNG equipment volumes and softer hydrogen demand; backed its overall revenue forecast.
• EQT Corporation (EQT) - Q3 EPS 0.44 (exp. 0.36), Q3 revenue USD 1.770bln (exp. 1.82bln). CEO highlighted stronger realised natural gas pricing despite market weakness, operating expenses at the low end of guidance and capital spending well below expectations, resulting in higher-than-expected free cash flow generation. Sees Q4 production between 550-600Bcfe, Q4 average differential including basis hedges between USD -0.65 and -0.55/Mcf and Q4 growth capex between USD 185-225mln. Sees FY26 production between 2,375-2,450Bcfe, FY26 average differential including basis hedges between USD -0.55 and -0.35/Mcf, and FY26 growth capex between USD 580-640mln.
• Expand Energy (EXE) - Q3 adj. EPS 1.46 (exp. 1.32), Q3 revenue USD 1.88bln (exp. 1.8bln). Raises FY26 capital expenditure outlook; sees FY26 capital expenditure of approximately USD 3bln (prev. saw 2.75-2.95bln), sees FY26 average daily production between 7.45-7.55 Bcfe/d and expects to operate 11-12 rigs.

• BASF (BASFY) - BASF raised its FY26 EBITDA before special items guidance to at least EUR 7.4bln (prev. 6.9bln), supported by higher prices and sales volumes. Q3 earnings reached EUR 1.64bln, exceeding expectations.
• PPG Industries (PPG) - Q3 adj. EPS 2.25 (exp. 2.12), Q3 revenue USD 4.353bln (exp. 4.28bln). Adj. net income USD 502mln, +5% Y/Y organic sales growth, marking the seventh consecutive quarter of growth, and adj. EBITDA margin of 18.2%. Performance Coatings organic sales +8% Y/Y, with Global Architectural Coatings EBITDA margin expanding 300bps to 24%. Repurchased USD 150mln of shares in Q3, bringing YTD buybacks to USD 320mln. CEO highlighted record Q3 adj. EPS, up 6% Y/Y, with organic sales growth outperforming the industry by 300bps, supported by strength in aerospace and Latin American architectural coatings. Sees Q4 organic sales growth low-single-digits and Q4 adj. EBITDA margin flat to +100bps Y/Y. Raises midpoint of FY26 outlook, sees FY26 adj. EPS between 7.90-8.10 (exp. 7.88; prev. saw 7.70-8.10).
• Fortescue (FSUGY) - Fortescue said it will not rush pricing negotiations with China Mineral Resources Group, insisting any agreement protect shareholders and Australia. Fortescue warned operations could suffer if negotiations remain unresolved by year-end.
• Rio Tinto (RIO) - Rio Tinto is considering increasing CEO Simon Trott’s variable pay by 56%, with base salary unchanged, Reuters reports. The proposal forms part of an ongoing remuneration review, linking incentives to multi-year performance and shareholder returns.

• Boeing (BA) - Boeing was awarded a USD 499.76mln US Army contract modification for Apache AH-64 engineering services and technical support.
• Waste Management (WM) - Q3 adj. EPS 2.15 (exp. 2.18), Q3 revenue USD 6.85bln (exp. 6.81bln). Adj. EBITDA USD 2.12bln (exp. 2.16bln). Healthcare Solutions revenue +3.7% Y/Y, with operating EBITDA increasing more than 30% Y/Y. Net cash flow from operations +12% Y/Y in the first nine months. Announces USD 2bln share buyback. Maintains FY26 guidance, sees FY26 revenue between USD 26.275-26.475bln (exp. 26.4bln), expected at the high end of the range; sees FY26 adj. EBITDA between USD 8.15-8.25bln (exp. 8.2bln) and FY26 free cash flow between USD 3.75-3.85bln, expected at the high end of the range.
• Crane (CR) - Q3 adj. EPS 2.05 (exp. 1.82), Q3 revenue USD 754.6mln (exp. 737.08mln). Aerospace & Advanced Technologies core sales +9.5% Y/Y, Process Flow Technologies core sales +6.2% Y/Y, with PFT core orders +19.7% Y/Y. Raises FY26 guidance; sees FY26 adj. EPS between 7.23-7.38 (exp. 7.02; prev. saw 6.85-7.05). Sees FY26 total sales growth of approximately 26% at the midpoint, with acquisition contributions and core sales growth expected at the high end of their previous guidance ranges of 18-20% and 5-6%, respectively.
• Dassault (DASTY) - Q3 revenue EUR 1.55bln (exp. 1.52bln), Q3 adj. EBIT EUR 490mln (exp. 470.1mln). 3DEXPERIENCE software revenue rose 25% and cloud revenue 14%. Raised FY26 revenue guidance to EUR 6.399-6.459bln (4-5% growth; prev. saw 3-5%), operating margin seen at 32.5-32.7% (prev. saw 32.2%-32.6%), and EPS growth seen at 6-7% (prev. saw 3-6%).

• Edison International (EIX) - Southern California Edison, an Edison International subsidiary, must face trial over claims linked to the January 2025 Eaton Fire. A California judge rejected the utility’s attempt to dismiss claims under a state law imposing automatic liability when utility equipment starts fires.

• GSK (GSK) - Q3 core operating profit GBP 3.08bln (exp. 2.93bln), revenue GBP 8.89bln (exp. 8.84bln), core EPS 54.6p (exp. 50.4p). Specialty Medicines sales +15%, HIV sales +10%, Respiratory, Immunology & Inflammation +21%, Oncology +23%. Vaccines sales -2%, Shingrix -5%, Meningitis vaccines +12%, Arexvy -24%. Reaffirms FY26 outlook and on track for 2031 sales outlook of over GBP 40bln.
• Eli Lilly (LLY) - Eli Lilly announced that Patrik Jonsson, EVP and president of Lilly International, will retire at the end of 2026 after 36 years with the company. Effective 1st January 2027, Lilly will combine its US and international businesses into Lilly Global Markets, led by Ilya Yuffa as EVP and president.
• Amgen (AMGN) - Amgen’s Phase 3 OASIZ-301 trial found both dazodalibep regimens significantly reduced Sjogren’s disease activity versus placebo at Week 48. Scores improved by 5.6 and 5.2 points (vs 3.8 for placebo), with effects observed from Week 4. Results will be presented at ACR.
• Cardinal Health (CAH), McKesson (MCK) - Cardinal Health and McKesson secured US Defense Logistics Agency contracts worth USD 2.7bln and USD 741.5mln, respectively, under the Medical Surgical Prime Vendor programme.
• Sandoz (SDZNY) - Q3 net sales USD 2.94bln (prev. 2.83bln), biosimilars USD 998mln (prev. 862.5mln), generics at USD 1.94bln (prev. 1.96bln); lowered its FY26 constant-currency sales growth guidance to 5-6% (prev. saw mid-to-high single digits), but raised its core EBITDA margin outlook to 23.0-23.5%, citing improved sales mix and operations.
• Cooper Companies (COO) - Cooper announced that Albert White has stepped down immediately as president, CEO and board member, with independent director Walter Rosebrough appointed executive chair. Rosebrough will oversee day-to-day operations until a permanent CEO is appointed. White will remain a strategic adviser through 1st April 2027.

This is the composite US equity opening digest rather than a single event, and the correct read is that no one line in it trades in isolation; on sessions of this kind the index-level tape is set by the scheduled catalysts (here the FOMC decision, the UK Budget, the heavyweight earnings slate), while the overnight single-stock items mostly reprice at the open and then fade into idiosyncratic flow. The recurring pattern within these packages is the split between genuine guidance surprises, which tend to hold their opening move, and beats sold into crowded positioning, of which the semis and payments names flagged here are the classic recent examples. The items with follow-through beyond the open have historically been the macro ones: central bank surprise holds or split votes, state intervention in equity markets, and foreign demand data for Treasuries, each of which feeds rates and FX rather than single names. App-store fines and executive restructurings of the type listed have almost never moved the parent stocks durably. The tells for the session are whether the mega-cap reports due after the close confirm or contradict the AI-capex narrative running through the chip prints, and whether the rate decisions match the hawkish tilt already visible in the overnight inflation data.