Daily US Equity Opening News - SPCX explores access to 80K US cell sites; OpenAI nears USD 30bln funding at USD 1.25tln valuation; AAPL foldable iPhone launches; SKHY cancels Solidigm Nasdaq IPO plans; WDC beat and raise

DAY AHEAD: DATA: US flash PMIs: composite seen at 57.6 (prev. 58.4), services at 58.0 (prev. 58.8) and manufacturing at 55.5 (prev. 55.9); final University of Michigan sentiment data is expected at 46.3 (prev. 48.1), with 1-year inflation expectations at 4.7% (prev. 4.6%) and 5-year at 3.5% (prev. 3.4%). In Canada, August retail sales are seen rising 1.3% M/M (prev. -0.7%). CENTRAL BANKS: CBR announces policy (prev. 14%); ECB publishes its September Consumer Expectations Survey. ECB’s Cipollone joins a fireside chat (no text expected). CRA: Moody’s reviews France (Aa3); S&P reviews Germany (AAA) and Greece (BBB); Scope Ratings reviews Italy (BBB+). ENERGY: Baker Hughes reports weekly rig counts (prev. oil 459, gas 133, total 603). EARNINGS: Notable earnings due today include: American Express (AXP), SLB (SLB), Infosys (INFY), Booz Allen Hamilton (BAH), Autoliv (ALV). TECH: Apple (AAPL) - Apple’s foldable iPhone Duo went on sale today amid strong demand and limited supply. The device attracted overnight queues as Apple launched its most significant iPhone redesign in nearly two decades, seeking to establish a presence in the still-niche foldable smartphone market. OpenAI - OpenAI is nearing a funding round of up to USD 30bln at a pre-money valuation of USD 1.25tln, led by UAE investors and Coatue, according to CNBC. The financing is positioned as a bridge ahead of a potential IPO, with signatures targeted by next week. OpenAI is also negotiating additional computing capacity from the UAE. SK Hynix (SKHY) - SK Hynix has cancelled plans to list Solidigm on Nasdaq, according to Hankyung. An official announcement is expected soon. Western Digital (WDC) - Q1 adj. EPS 4.64 (exp. 4.08), Q1 revenue USD 4.38bln (exp. 4.14bln), gross margin 58.1%, adj. operating margin 49.1%. CEO said results were driven by robust customer demand, disciplined execution and ongoing technology transitions, with customer relationships and demand visibility continuing to improve. Raised its quarterly cash dividend +17% to 0.175/shr. Sees Q2 revenue at USD 5.1bln (exp. 4.57bln), Q2 adj. EPS at 5.80 (exp. 4.84), Q2 adj. gross margin between 60-61%. Expects capex as a percentage of revenue to be modestly above its long-term 4-6% range over the next two years as it invests in heads and media technology and factory automation. DeepSeek - DeepSeek secured approval to deploy and open-source AI models overseas after completing registration procedures, according to Chinese state media. China’s proposed export controls target certain advanced AI models and services, but most Chinese AI remains freely exportable. API access, web applications and software-as-a-service offerings are exempt from the proposed restrictions. European Tech - The UK is seeking an exemption from proposed EU “Made in Europe” technology rules that could exclude British digital companies from contracts, according to Bloomberg. The EU’s Cloud and AI Development Act could restrict sensitive government workloads to EU providers. Britain objects to location and ownership requirements, arguing they breach post-Brexit trade terms. COMMUNICATIONS: Alphabet (GOOG), Anthropic - Google Cloud announced general availability of Anthropic-managed Claude deployments alongside its existing Google-managed option. Both offer day-zero model access, identical pricing and consolidated billing. Omnicom Group (OMC) - Q3 adj. EPS USD 2.73 (exp. 2.67), revenue USD 6.4bln (exp. 6.22bln). Said integration of Interpublic is nearly complete and remains on track to deliver USD 900mln in cost-reduction synergies in 2026, supporting stronger organic revenue growth, operating margins and earnings. INDUSTRIALS: SpaceX (SPCX) - SpaceX is in talks with infrastructure operators, including Crown Castle (CCI), to access at least 80,000 US cell sites as it pursues a potential fourth nationwide wireless network, according to Bloomberg. TD Cowen estimates such a network would cost over USD 80bln. Bloom Energy (BE) - Q3 adj. EPS 0.94 (exp. 0.69), Q3 revenue USD 1.24bln (exp. 1.06bln). Adj. operating income was USD 285.7mln (exp. 169.7mln), gross margin 33.8%. CEO said demand for firm, distributed onsite generation is broadening beyond hyperscalers as businesses seek reliable power capacity. Customer pipeline continues to grow and backlog is expanding faster than revenue, with increasing diversification across customers, verticals and geographies. Raises FY26 adj. EPS view to between 3.10-3.40 (exp. 2.71; prev. saw 2.55-2.85), raises FY26 revenue view to between USD 4.4-4.6bln (exp. 4.12bln; prev. saw 3.9-4.2bln); sees FY26 adj. gross margin of 34%. RTX (RTX) - RTX received a USD 350mln ceiling increase on its US Air Force Small Diameter Bomb II (GBU-53/B) lifecycle support contract, raising its cumulative face value to USD 950mln (prev. 600mln). Rolls-Royce (RYCEY) - Rolls-Royce is nearing a UK government subsidy agreement worth GBP 100-200mln to develop its UltraFan 30 engine demonstrator, according to the FT. An announcement could come next week. The project targets re-entry into the short-haul aircraft market, with full engine development potentially costing GBP 3bln. Rolls-Royce estimates the programme could create up to 40,000 skilled jobs. Safran SA (SAFRY) - Q3 adj. revenue of EUR 9bln (exp. 8.99bln), up 14.7%, and Equipment and Defence revenue of EUR 3.62bln (exp. 3.53bln). Reaffirmed FY26 guidance, sees recurring operating income between EUR 6.4-6.5bln, and plans to double missile-engine production in Texas and defence revenue by 2030. Sodexo (SDXAY) - Sodexo reported FY26 revenue of EUR 23.96bln (exp. 23.78bln), with organic growth of 2% (exp. 1.5%). Underlying operating profit fell 28.9% to EUR 810mln (exp. 787mln). Sodexo reaffirmed FY27 organic revenue growth guidance of 2-3% and an operating margin broadly matching FY26’s 3.4%. A dividend of EUR 1.74/share was proposed. MATERIALS: Newmont (NEM) - Q3 adj. EPS 2.20 (exp. 2.06), Q3 revenue USD 6.36bln (exp. 6.30bln). Adj. EBITDA USD 3.95bln (exp. 3.73bln), FCF reached USD 1.9bln. Production included 1.3mln attributable gold ounces, 11mln ounces of silver and 23,000 tonnes of copper. CEO said disciplined operational execution supports Newmont’s full-year production target and improved cost outlook. Maintains FY26 attributable gold production guidance of 5.3mln ounces. Nippon Steel (NPSCY) - Nippon Steel raised planned investment in a new hot-strip mill at US Steel’s Pennsylvania Mon Valley Works to USD 3bln (prev. up to 2.5bln), citing higher material costs. The project will increase annual production capacity to 3.5mln tonnes from 2.2mln tonnes, with commercial operations expected in H2 2029. Holcim AG (HCMLY) - Q3 recurring EBIT CHF 976mln (exp. 949mln; prev. 838mln), revenue CHF 4.66bln (exp. 4.53bln). Raised FY recurring EBIT growth guidance to 10-12% (prev. 10%), supported by higher-margin low-carbon products and 27% growth in building solutions sales. Norsk Hydro (NHYDY) - Q3 adj. EBITDA NOK 9.08bln (exp. 9.53bln; prev. 5.99bln). Higher metal and alumina prices supported earnings, partially offset by increased energy and anode costs. Q4 smelting premiums are expected to decline to USD 550-600/ton (prev. 673/ton), alongside further cost increases. Rio Tinto (RIO) - Rio Tinto will invest USD 1.9bln in Queensland’s Kangwinan bauxite project, adding 20mln tonnes of annual production capacity. First output is targeted for 2029, with full production expected by 2032. The project will raise Weipa Operations’ annual capacity to approximately 44mln tonnes from current production of 38mln tonnes, replacing Andoom output and offsetting Gove’s planned closure. ENERGY: Aussie NatGas - Australia’s Q3 gas-fired generation averaged 881MW, its lowest Q3 level since 2000, as battery capacity expanded, according to Bloomberg. Renewables supplied a record 44.3% of electricity in the National Electricity Market, while coal’s share fell to 52.2%. Grid-scale batteries exceeded gas generation during the evening peak for the first time. Eni SpA (E) - Eni reported Q3 adj. EBIT of EUR 6bln (exp. 3.63bln). It declared an extraordinary dividend of EUR 0.46/shr, totalling EUR 1.3bln, and raised its buyback programme by 12% to EUR 3.8bln. Eni also signed a contract to restart production at Venezuela’s Junin 5 field. Energy Transfer (ET) - Energy Transfer raised its Q3 quarterly cash distribution to USD 0.3425/common unit, an increase of more than 3% Y/Y. Logan Energy (LGN) - Logan Energy is exploring a potential sale and working with financial advisers to solicit buyer interest, according to Bloomberg. No final decision has been made, and the Canadian oil and gas producer could remain independent. CONSUMER CYCLICAL: Tesla (TSLA) - Tesla has reportedly abandoned plans to produce the Cybertruck for Australia and New Zealand, cancelling outstanding reservations. Customers will receive refunds of deposits within 30 days. Volkswagen (VWAGY) - IG Metall is seeking talks with Volkswagen to secure job protections extending into the 2030s. The union says it is prepared to escalate the dispute, including through industrial action. Volvo Car (VLVLY) - Q3 adj. EBIT of SEK -3.7bln (exp. -758mln), revenue SEK 66.9bln (exp. 73.7bln), EBIT margin of -8.4% (prev. 7.4%). China revenue nearly halved amid pricing pressure, while US legislative changes triggered a SEK 1.1bln CAFE credit revaluation. Volvo plans another SEK 5bln in cost cuts. Deckers Outdoor (DECK) - Q2 EPS 2.31 (exp. 1.79), Q2 revenue USD 1.48bln (exp. 1.51bln). CEO said earnings exceeded expectations despite a challenging consumer environment; remains confident in the global growth opportunities for HOKA and UGG. Said international demand remains strong while US DTC remains under pressure. Sees Q3 EPS between 3.52-3.60 (exp. 3.70), including an approximately 0.24/shr IEEPA net tariff refund benefit, with total revenue growth expected in the low single digits, UGG growth in the low single digits and HOKA growth in the low-to-mid single digits. Raises FY27 EPS view to between 7.80-7.95 (exp. 7.52; prev. saw 7.35-7.50), cuts FY27 revenue view to between USD 5.70-5.725bln (exp. 5.88bln; prev. saw 5.86-5.91bln). Boyd Gaming (BYD) - Q3 EPS 1.67 (exp. 1.62), Q3 revenue USD 990.5mln (exp. 1.0bln). CEO said results benefited from growth in the Midwest & South segment, increased play from southern Nevada residents and strong gains across Online and Managed operations, partly offset by softer destination business in Las Vegas, particularly at the Orleans property. Remainder of the Las Vegas Locals portfolio remained resilient. Lululemon (LULU) - Lululemon and founder Chip Wilson appointed Tara Poseley to its board under their cooperation agreement, according to Bloomberg. Poseley previously headed Paula’s Choice Skincare and worked at Gap. The board now has 13 directors, including 12 independents, as new CEO Heidi O’Neill seeks to revive sales amid intense competition. Kering (PPRUY) - Kering shares fell after Gucci’s Q3 sales declined 6% (exp. -2.8%). Group revenue fell 1% organically to EUR 3.3bln, while retail sales at other brands, including Saint Laurent and Bottega Veneta, rose 2%. Weak demand in mainland China and Japan weighed on Gucci, complicating Kering’s turnaround. CONSUMER DEFENSIVE: Boston Beer (SAM) - Q3 adj. EPS 4.37 (exp. 4.20), Q3 revenue USD 520.1mln (exp. 522.93mln). CEO said the demand environment remains challenging; Sun Cruiser continues to perform strongly. Raises FY26 adj. EPS view to between 9.00-10.50 (exp. 8.91; prev. saw 8.50-10.50). Expects modest shipment growth in Q4, while freight, fuel, transportation and aluminium-related input costs remain elevated. FY26 shortfall fees and non-cash expense from third-party production pre-payments are expected to reduce gross margin by 40-60bps, though Y/Y gross margin improvement is expected to be most meaningful in Q4. FINANCIALS: Citi (C) - Citi has been granted approval by China for its securities unit. Wells Fargo (WFC) - Wells Fargo named Kleber Santos CEO of Consumer Banking and Lending, while co-CEO Saul Van Beurden will shift exclusively to leading AI initiatives. Cboe (CBOE) - Cboe Global Markets authorised an additional USD 550mln in share repurchases. At end-June, had USD 536.8mln remaining under its existing buyback authorisations. Housing Costs/Mortgages - US President Trump signed an executive order to reduce housing costs. It directs the FHFA to pilot automatic mortgage insurance cancellation on eligible future loans, creates a manufactured-housing cost task force and instructs federal agencies to lower rates on certain mortgages. It also makes an automated title-review programme permanent. UTILITIES: NextEra Energy (NEE), Ameren (AEE) - MISO selected Ameren Transmission Company of Illinois, GridLiance Heartland (NextEra Energy Transmission) and Dairyland Power Cooperative for a USD 1.23bln transmission project in Iowa. Wind Power - US President Trump postponed tariffs on wind turbines and components, directing trade officials to negotiate with partners and report back within 180 days. Certain turbine imports remain subject to existing aluminium, copper and steel tariffs. Trump said alternative measures could follow depending on negotiations, following a national security investigation into turbine imports. HEALTHCARE: Chinese Biotech Companies - The Trump administration is proposing restrictions on US investment in Chinese biotechnology companies. The Treasury Department seeks to add biotechnology to its list of sensitive technologies subject to investment restrictions involving foreign adversaries, citing national security concerns. Gilead (GILD) - Gilead entered a definitive agreement to acquire PepStar Therapeutics’ oral IL-23 receptor inhibitor programme, including lead candidate HCXT-2001. The investigational oral peptide will strengthen Gilead’s inflammation pipeline, particularly in inflammatory bowel disease (IBD), with potential use as monotherapy or in combination with other Gilead programmes targeting immune-mediated inflammatory diseases. Hims & Hers Health (HIMS) - Hims & Hers asked a California federal judge to dismiss an FTC lawsuit alleging misleading product claims, unwanted subscription charges and improper sharing of health data with advertisers. Hims argues its privacy policy discloses data sharing and that subscriptions are one-year contracts paid monthly, requiring affirmative renewal.