Daily US Equity Opening News - NVDA to unveil open source NemoClaw AI agent platform; AAPL India iPhone output rises 53%; TSM Jan-Feb revenue +30% Y/Y on AI demand; HPE rises after AI server orders lift outlook; Aramco net income beat, announces buyback

TODAY’S AGENDA: DAY AHEAD: G7 energy ministers are due to meet at 08:45EDT/12:45GMT. In Europe, Italian PPI for January and the Riksbank’s Business Survey for March are due. The US Day sees the release of February’s NFIB Business Optimism Index (expected at 99.7 from 99.3), ADP’s weekly employment data (previously, the four-week average stood at 12.75k/week), February’s existing home sales (expected at 3.9mln from 3.91mln). In energy, the EIA will publish its STEO report, and afterhours, the API will report weekly energy inventory data. On the supply front, Germany will sell EUR 5bln of Schatz; US will sell USD 58bln of 3yr notes. Notable corporate earnings today include: Oracle (ORCL), NIO (NIO), Kohl’s (KSS).NEWS:IRAN: Trump - US President Trump said the Iran conflict could end soon, describing it as a short-term “excursion” and saying US forces are ahead of his initial 4-5 week timeline. He said Iran’s military capabilities, including missiles, were sharply reduced, the Strait of Hormuz would remain safe, and warned the US would hit Iran “twenty times harder” if oil flows were disrupted. Trump also signalled he would waive oil-related sanctions, and have the US Navy escort tankers through the Strait of Hormuz; the US told G7 partners that any Russia sanctions relief would be temporary, and follows the administration granting India a waiver to buy Russian oil held at sea. WSJ reports that some of his advisers are privately urging him to seek an exit plan amid rising oil prices and concern that a prolonged conflict could trigger political backlash. IRGC - Iran’s IRGC said the Strait of Hormuz will be open from Tuesday to any state that expels US and Israeli diplomatic envoys from its territory. Separately, the IRGC Aerospace Force commander said missiles with warheads lighter than one tonne will no longer be launched, while launch frequency, scope and range will increase, according to state media. Iran Foreign Minister - Foreign Minister Araghchi said Iran has many surprises in response to US plots and that negotiations with the US are no longer on the agenda. Deputy Foreign Minister for Legal and International Affairs Gharibabadi said China, Russia and France have contacted Iran about stopping the fighting, and Iran’s first condition for a ceasefire is no further aggression. Australia - Australia granted humanitarian visas to five Iranian women’s football players who sought asylum, citing safety fears after the team declined to sing the national anthem during a match on the Gold Coast last week. PM Albanese said similar assistance is available to the rest of the Iranian women’s team. The announcement came after US President Trump urged Australia to offer asylum. TRADE: China Trade - China’s Jan-Feb trade surplus was USD 213.62bln (exp. 179.6bln; prev. 114.10bln, revised from 114.1bln). Imports rose 19.8% Y/Y (exp. 6.3%; prev. 5.7%) and exports increased 19.2% Y/Y (exp. 7.1%; prev. 6.6%). Bloomberg said the surplus was a record for the period, before US and Israeli strikes on Iran disrupted global trade. China imported 96.93mln tons of crude in the first two months of the year (+16% Y/Y), according to customs data. Bloomberg said the surplus is being used to fill commercial and strategic stockpiles as the country guards against supply disruptions and potential effects from a prolonged US-Israeli war with Iran. China-Canada - Data from the Vancouver Fraser Port Authority show crude oil has become a major export through Canada’s largest port, with China the biggest buyer, Bloomberg reports. Separately, Canada will allow TikTok to continue operating, reversing an earlier order for ByteDance to close its Canadian division on security grounds. MACRO: US Politics - Senate Majority Leader Thune warned President Trump that pushing Republicans to pass the SAVE America Act could halt congressional business with no clear route to passage. Trump has said he will withhold support for almost all other bills until the measure reaches his desk, while Senate passage would require ending the filibuster or using a lengthy procedural process. US Politics - Several Senate Democrats said they will seek war powers votes and disrupt the Senate unless Republicans agree to public hearings with Secretary of State Rubio and Defense Secretary Hegseth on the reasons for the Iran attacks, noting that briefings so far have been classified and held behind closed doors. TECH: Nvidia (NVDA) - Nvidia is preparing an open-source AI agent platform, NemoClaw, ahead of its developer conference, aimed at enterprise software companies and usable beyond Nvidia chips, Wired reports. Nvidia has discussed partnerships with Salesforce (CRM), Cisco (CSCO), Google (GOOG), Adobe (ADBE) and CrowdStrike (CWRD), and plans to include security and privacy tools. Apple (AAPL) - Apple increased iPhone production in India by about 53% in 2025 to about 55mln units (vs 36mln Y/Y), and now makes about 25% of its iPhones there, Bloomberg reports. Apple produces about 220-230mln iPhones globally each year, with India’s share rising as the company seeks to avoid China tariffs. Separately, DigiTimes reports that Apple’s push further into the smart home market is facing renewed delays as it struggles to complete a planned Siri AI overhaul, and the setbacks are delaying a suite of interconnected devices, including a smart home product. TSMC (TSM) - TSMC said January and February revenue rose +30% Y/Y to TWD 718.9bln, supported by AI infrastructure demand before conflict in the Middle East. February sales increased 22%, with growth affected by Lunar New Year holidays. Bloomberg notes that analysts expect Q1 growth of 33%. Qualcomm (QCOM) - Qualcomm announced new products and collaborations that deepen its push into physical AI, positioning the company in humanoid and general-purpose robotics, DigiTimes reports. Microsoft (MSFT) - Strategy EVP Kathleen Hogan sold 12.3K shares on 6th March, for a total USD 5.05mln. Hewlett Packard Enterprise (HPE) - HPE shares rose 1.4% in extended trading after it lifted its outlook for networking revenue and reported a surge in enterprise AI server orders driven by rising AI-driven demand for connectivity. Q1 adj. EPS 0.65 (exp. 0.59), Q1 revenue USD 9.3bln (exp. 9.35bln). Exec said data-centre switching orders rose +40% and routing orders increased by the mid-20% range, while highlighting a significant increase in enterprise AI server orders, reflecting strong demand. CEO said the result reflected the newly combined networking innovation and effective operational discipline in a dynamic commodity supply environment. Sees Q2 adj. EPS between 0.51-0.55 (exp. 0.53), Q2 revenue between USD 9.6-10.0bln (exp. 9.56bln); sees FY26 adj. EPS between 2.30-2.50 (exp. 2.36), and FY26 revenue growth between +17-22%. Anthropic - Execs said the Pentagon blacklisting could cut 2026 revenue by multiple billions of dollars, jeopardise hundreds of millions of dollars tied to Defense Department work, and damage its reputation; defence-contractor revenue could fall by 50-100%, more than USD 150mln in annual recurring revenue is at risk, and customer contracts and negotiations have been disrupted. The company has sued to block the designation. Separately, a Pentagon official said there is little chance of resuming negotiations with Anthropic over military use of its AI tools after the company challenged a government decision declaring it a supply-chain risk. COMMUNICATIONS: Disney (DIS) - Disney is close to naming Thomas Mazloum chairman of its parks, cruises and consumer products division, succeeding Josh D’Amaro, according to Bloomberg. Mazloum has run Disneyland in California since last year. The report says an announcement could come as soon as this week. Tencent (TCEHY) - Tencent shares rose over 6.2% overnight after launching AI agent WorkBuddy, for workplace tasks compatible with OpenClaw. CONSUMER: Crop Prices - Crop prices fell with crude oil after comments from US President Trump reduced concern that the Middle East war would be prolonged. Chicago wheat dropped nearly 3% at the open after rising as much as 4% in the previous session, while soybean oil, a biofuel feedstock, fell as much as 2.6%. Tesla (TSLA) - Tesla vice president of finance Sendil Palani said he is leaving the company after 17 years, extending a series of departures at the EV maker. Volkswagen (VWAGY) - Reported FY25 operating result EUR 8.9bln (exp. 9.55bln, prev. 19.1bln Y/Y), revenue EUR 321.9bln (exp. 324.65bln, prev. 324.7bln Y/Y), and operating margin 2.8%, with vehicle sales flat at 9mln units; It said decline in operating result was due to US tariffs, Porsche expenses, currency and price/mix effects. VW proposed a EUR 5.26 dividend (-17% Y/Y). Renault (RNLSY) - Ahead of an investor day, Renault said 16 of the 22 vehicles it plans to introduce in Europe by 2030 will be fully electric. The automaker also plans to launch 14 new vehicles outside Europe, where it is seeking more growth, as consumers face higher fuel prices. Hugo Boss (BOSSY) - Reported FY25 revenue EUR 4.27bln (exp. 4.2bln), EBIT EUR 391mln (exp. 379mln); sees FY26 sales of EUR 4.27bln, with EBIT between EUR 300-350mln; it announced a share buyback of up to EUR 200mln by year-end 2027, and proposed a EUR 0.04 dividend. Casey’s (CASY) - Q3 EPS 3.49 (exp. 2.97), Q3 revenue USD 3.92bln (exp. 4.04bln). Inside same-store sales +4.0% Y/Y, with a two-year stack of +7.9%, and inside margin of 42.2%; total inside gross profit +8.9% to USD 624.0mln. Same-store fuel gallons +0.4% Y/Y, with fuel margin of USD 0.41/gallon, total fuel gross profit +15.3% to USD 348.2mln. CEO said strong sales and margin expansion drove performance. Raised FY26 EBITDA growth view to +18-20% (from +15-17%); sees FY26 inside same-store sales between +3.5-4.5% (prev. saw 3-4%), sees FY26 inside margin approximately between 41.5-42.5% (prev. saw 41-42%), FY26 total operating expenses seen increasing approximately +10%, FY26 tax rate seen between 23.5-24.5%, FY26 net interest expense seen at approximately USD 100mln; maintains FY26 same-store fuel gallons sold between -1% to +1%, and continues to expect at least 80 store openings in FY26. Vail Resorts (MTN) - Q2 EPS 5.87 (exp. 6.15), Q2 revenue USD 1.08bln (exp. 1.11bln). Season-to-date skier visits declined -11.9% Y/Y, lift revenue -3.6%, ski school revenue -8.2%, dining revenue -8.6%, retail/rental revenue -5.7% across North American resorts. CEO said the quarter was impacted by the most challenging winter across the Rockies in more than 30 years, with very low snowfall and warmer temperatures reducing available terrain. The Resource Efficiency Transformation plan remains on track to deliver USD 106mln of annualised cost efficiencies. Sees FY26 resort EBITDA between USD 745-775mln (prev. saw 842-898mln); backed its FY26 core capital investment plan between USD 215-220mln, with total capital spending including growth projects expected between USD 234-239mln. Planet Fitness (PLNT) - Appointed former CFO Tom Fitzgerald as interim CFO, effective 9th March, following Jay Stasz’s departure, and said a search for a permanent CFO is under way. The company reaffirmed FY26 guidance previously announced in February. Jefferies reiterated a Buy rating and USD 175 price target, and said it would buy the shares “aggressively.” Coty (COTY) - President of Consumer Beauty Von Bretten purchased 83k shares on 6th March, for a total USD 200.3k. Harley-Davidson (HOG) - CEO Artie Starrs purchased 15K shares on 9th March, for a total USD 286.5K. FINANCIALS: Taiwan Bond - Taiwan is considering selling debt for the first time to finance overseas investments, according to Bloomberg citing officials familiar; an arm of Taiwan’s Foreign Ministry is preparing sustainable development bonds, likely denominated in TWD, with an initial size equivalent to as much as USD 200mln, as Taipei seeks to support overseas outreach. UK Banks - UK finance-sector workers may benefit from the Employment Rights Act, under which the Labour government will remove the financial cap on unfair dismissal claims on 1st January, Bloomberg reports. Employment tribunals currently can award up to GBP 118,223 for wrongful dismissal, a level below the annual earnings of many City of London employees. ENERGY: Saudi Aramco - Q4 net profit SAR 66.63tln (vs 83.776tln Y/Y), Q4 revenue SAR 416.290tln (vs 428.591tln y/Y). FY net profit was SAR 350.210tln (vs versus SAR 398.422tln Y/Y), as lower average crude oil and refined product prices offset higher sales volumes across crude oil, gas and refined products. Q4 capex was SAR 50.146tln, while FY capex totalled SAR 190.444tln. Said the year reflected an evolving energy market backdrop, with weaker pricing partly offset by increased volumes sold. Approved a USD 3bln share buyback programme, its first since listing, and raised its dividend payout. Said it is navigating an evolving energy market backdrop, with weaker pricing partly offset by higher volumes sold. Sees 2026 capital investment between USD 50-55bln. Shell (SHEL) - Shell agreed to sell Jiffy Lube to Monomoy Capital Partners in a USD 1.3bln deal, WSJ reports. The sale includes the Jiffy Lube brand, franchisee Premium Velocity Auto and a network of stores owned and operated by independent franchisees. INDUSTRIALS: Lockheed Martin (LMT) - Lockheed received a USD 700.4mln contract modification for long lead materials, parts and components supporting Lots 20 and 21 of F-35 aircraft for Denmark, F-35 Cooperative Programme Partners and Foreign Military Sales customers. Joby Aviation (JOBY) - Shares rose +7% in extended trading after it said that it was selected in multiple winning applications under the White House-backed eVTOL Integration Pilot Programme. Joby said this creates an opportunity to begin early operations this year in 10 US states, and start US operations in 2026. Planet Labs PBC (PL) - Planet Labs is extending its delay on commercial satellite imagery in the Middle East to two weeks from four days, citing concern the intelligence could be used to target NATO members. The company is also widening the monitored area to include all of Iran, nearby allied bases, Gulf states and existing conflict zones. MATERIALS: Venezuela Mining - Venezuela’s National Assembly gave prelim approval to a new mining bill as the government said it would move at “Trump speed” to revive the sector and attract foreign investment. Rio Tinto (RIO) - Mongolia’s government is seeking to renegotiate a loan from Rio Tinto used to fund its share of developing the Oyu Tolgoi copper/gold mine, the FT reports. The government wants a lower interest rate on the loan, and a lower annual mine-management fee paid to Rio. USA Rare Earth (USAR) - USA Rare Earth appointed Valerie Ford Jacob chief legal officer and Gregory Bowman chief global policy officer and head of external relations. HEALTHCARE: FDA - US Senator Ron Johnson said has opened an investigation into the FDA’s recent denials of rare-disease treatments. Johnson is seeking the agency’s written denials to drugmakers, and plans to ask why certain drugs were rejected. He is also considering calling FDA officials, including Commissioner Marty Makary, to testify. Vertex Pharmaceuticals (VRTX) - Vertex said a week 36 interim analysis in the Phase 3 RAINIER trial showed povetacicept met the primary and all secondary endpoints in adults with IgA nephropathy. Vertex plans to complete its BLA for povetacicept by end of March for potential US accelerated approval. Povetacicept was generally safe and well tolerated. Myomo (MYO), Elevance Health (ELV) - Myomo entered its first expected network participation agreement with Elevance, covering Anthem-affiliated commercial, Medicare Advantage and Medicaid plans. The contracts are expected to take effect market by market through Q2 2026. Myomo said the addition of 45mln medical members would raise covered commercial lives to more than 80mln and expand in-network access to MyoPro orthoses. Prothena (PRTA), Novo Nordisk (NVO) - Prothena said it earned a USD 50mln milestone payment from Novo Nordisk after reaching a prespecified enrolment target in the ongoing Phase 3 CLEOPATTRA trial of coramitug, an amyloid depleter antibody for ATTR amyloidosis with cardiomyopathy. Novo Nordisk is studying coramitug in about 1,280 ATTR-CM participants, with primary completion expected in 2029. Xencor (XNCR), Roche (RHHBY) - Xencor said it received notice from Genentech terminating their amended collaboration and licence agreement for convenience, effective 4th September 2026. Roche had already removed efbalropendekin alfa, the only active collaboration product, from its pipeline. Xencor had ceased cost-sharing development in H1 2024 after opting out of co-development.