Daily US Equity Opening News - US said to mull AAPL request to buy memory from CXMT; SSNLF/SKHY increase HBM4 shipments to NVDA; SFTBY mulls USD 10-20bln bond refinancing; INTU falls on outlook; Meta discusses mid-trial settlement of the teen lawsuit

DAY AHEAD: EVENTS: US Secretary of State Rubio will meet Mexico’s Finance Minister at 09:30EDT/14:30BST. DATA: In Europe, UK CBI distributive trades (prev. -26). In North America, a second estimate of US Q2 GDP (exp. 1.5% Q/Q, prev. 2.1%). July PCE is expected to rise by +0.1% M/M in July (prev. -0.1%), with the annual rate expected to tick down to 3.6% Y/Y (prev. 3.7%); the core measure is seen rising by +0.2% M/M (prev. 0.1%), with the annual rate of core PCE seen unchanged at 3.3% Y/Y (See below for preview). US durable goods orders are also released today. After today’s data, the Atlanta Fed will update its Q3 GDPNow tracking estimate (prev. 4.00%). CENTRAL BANKS: Riksbank’s Hjelm speaks on the economic situation and the most recent rate decision; ECB’s Cipollone delivers remarks on the future of payments in Germany and Europe (text released). OPTION EXPIRIES: Gold, Silver and Copper September 2026 options. SUPPLY: US sells USD 70bln of 5-year notes and USD 28bln of 2-year FRNs. Germany auctions EUR 2bln of 2041 and 2048 debt. Italy sells between EUR 2.5-3bln of 2028 notes. ENERGY: EIA releases weekly energy inventories; afterhours on Tuesday, the API weekly inventory report showed headline crude stocks posting a surprise build of +4.2mln bbls (prev. -0.3mln), Cushing stocks building by +1.0mln bbls (prev. -1.4mln), gasoline seeing a surprise draw of -3.2mln bbls (prev. +1.1mln), and distillates posting a smaller than expected draw of -0.5mln bbls (prev. -2.8mln). EARNINGS: Notable corporates due to publish earnings reports today include: Nvidia (NVDA), CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPS), Agilent Technologies (A), Veeva Systems (VEEV), Williams-Sonoma (WSM), HP Inc. (HPQ), J.M. Smucker (SJM), Urban Outfitters (URBN), Kohl’s (KSS). PREVIEW - US PCE (13:30BST/08:30EDT): The consensus expects headline PCE prices to rise by +0.1% M/M in July (prev. -0.1%), with the annual rate expected to tick down to 3.6% Y/Y (prev. 3.7%); the core measure is seen rising by +0.2% M/M (prev. 0.1%), with the annual rate of core PCE seen unchanged at 3.3% Y/Y. In July, headline CPI rose by +0.1% M/M (prev. -0.4%), with the annual rate slipping to 3.4% Y/Y (prev. 3.5%); the core CPI metric printed +0.2% M/M (prev. 0.0%), with the annual core rate down one-tenth to 2.5% Y/Y. Meanwhile, headline PPI was unchanged in July (prev. -0.3%), with the annual rate dropping to 4.7% Y/Y from 5.5%; the core PPI measure rose +0.2% M/M, missing expectations for +0.3%, while the annual rate fell to 4.2% Y/Y from 4.7%. Writing after the CPI and PPI reports, WSJ Fedwatcher Nick Timiraos said that most forecasters were looking for a July core PCE reading of 0.22% M/M, and 3.3% Y/Y, adding that this would imply ‘no wedge’ with the July core CPI (also +0.22%); he noted that portfolio management fees are making a meaningful contribution to the core PCE measure in July. The data will be key in helping to shape expectations for the September FOMC meeting, where pricing for a rate hike has diminished following downside surprises in the latest jobs data, cooling inflation metrics, weak retail sales and a GDP miss. At the time of writing, markets are pricing a 65% probability of a hold vs 50/50 before the July data releases. However, traders may keep some powder dry ahead of Fed Chair Warsh’s appearance at Jackson Hole towards the end of the week GEOPOLITICS: US-Iran - Secretary of State Rubio told allied counterparts the US is not expected to initiate new strikes on Iran for now, instead prioritising sanctions, a naval blockade and oil flows through the Strait of Hormuz. Officials said strikes remain possible if Iran attacks first, adding that current policy is expected to continue until after the midterm elections. Saudi Nuclear - President Trump submitted a 30yr civilian nuclear agreement with Saudi Arabia to Congress while maintaining that it will proceed only if Riyadh normalises relations with Israel. The deal would give US companies a central role and includes a 2yr study on possible US-built uranium enrichment in Saudi Arabia. US-South Korea/Japan - The US is preparing the 2026 Freedom Edge trilateral military exercise with South Korea and Japan, US Pacific Command told Yonhap. Details on scope and scale were not provided. The drills are proceeding despite Seoul and Washington halving the Ulchi Freedom Shield exercise after President Trump ordered reductions and renewed efforts for dialogue with North Korea. UK-Israel - UK PM Burnham is poised to approve sanctions and a trade ban targeting Israeli West Bank settlements, The Times reports. Officials warned implementation could inadvertently affect legitimate Israeli and Palestinian businesses and broader UK-Israel trade. MACRO: Fedspeak - Fed’s Barkin (2027 voter) warned there will eventually be a “reckoning” as US public debt surpasses USD 40tln, though the timing is uncertain. Barkin described the July rate decision as a “close call,” and said officials will receive two more months of economic data before the September meeting. He added that tariff uncertainty from the US-Canada dispute remains a broader concern for the inflation and economic outlook. ECB-speak - ECB’s Schnabel said rates must rise further to address inflation risks and prevent second-round effects, adding that any tightening will depend on incoming data. She said markets understand the ECB’s reaction function. She sees economic momentum strengthening in Europe, though thinks inflation is likely to remain above 2% for an extended period, noting that the natgas situation was particularly concerning. Aussie CPI - Australian CPI rose 1.0% M/M in July (exp. 0.8%; prev. -0.1%) and eased to 3.5% Y/Y on an annual basis (exp. 3.3%; prev. 3.8%), driven by a 7.5% jump in fuel prices. Trimmed mean CPI rose 0.5% M/M (exp. 0.3%; prev. 0.3%) and held at 3.6% Y/Y (exp. 3.5%; prev. 3.6%), its largest monthly increase in a year. Markets repriced the probability of a September RBA rate hike to 36% from 17% in wake of the release. Japan Business Service Prices - Japan’s business service prices rose 3.6% Y/Y in July, with ocean freight surging 67.4%. Previous months were revised higher. OIS imply about an 80% probability the BoJ raises its benchmark rate on 18th September, as inflation pressures from the Middle East conflict persist. China Overnight Repo - China Merchants Bank is selling a 3yr floater benchmarked against the overnight repo rate, the first such issuance by a domestic commercial lender, Bloomberg reports. The move follows a similar deal by the Export-Import Bank of China earlier this month, and reflects the PBoC’s broader push to shift its operational target from the 7-day to overnight repo rate, aligning China’s monpol framework more closely with global peers. Analysts say the transition could give the PBoC greater flexibility to ease policy if it helps preserve bank interest margins. INDICES: FTSE 100 - Indicative FTSE 100 quarterly review changes show easyJet (EZJ LN) and Ithaca Energy (ITH LN) are set to join, with Entain (ENT LN) and Persimmon (PSN LN) to be removed; in the FTSE 250, Entain (ENT LN), Persimmon (PSN LN), Pinewood Technologies (PINE LN), Seraphim Space Investment (SSIT LN) and Volex (VLX LN) are set to join, while Aston Martin (AML LN), easyJet (EZJ LN), GB Group (GBG LN) and Ithaca Energy (ITH LN) are to be removed. Confirmed changes will be announced after market close on 2nd September 2026. TECH: Apple (AAPL) - The Trump administration is reportedly considering using Apple’s request to purchase memory from blacklisted Chinese chipmaker CXMT as a diplomatic tool ahead of the planned Trump-Xi summit on 24th September, per a Weibo leaker cited by Wccftech. The reported plan would allow Apple to procure chips from both CXMT and YMTC, with purchased memory intended for products destined for the Chinese market rather than US devices. AppleInsider flagged significant scepticism, noting the story originates solely from an unverified Weibo account and has not been corroborated by any major publication. Digitimes also reported on the story. Samsung Electronics (SSNLF), SK Hynix (SKHY) - Samsung and SK Hynix plan to increase 8-stack HBM4 shipments to Nvidia (NVDA) in H2, reflecting requests tied to heat management and supply-chain stability, ZDNet Korea reports. Nvidia had primarily sourced 12-stack HBM4 for Vera Rubin accelerators. Industry sources also expect 8-stack HBM4E to become the main configuration for next year’s supply, the report said. Samsung Electronics (SSNLF) - Samsung Electronics shifted Galaxy A18 DDI back-end processing from LB Semicon to Taiwan’s Chipbond to cut manufacturing costs, ZDNet Korea reports. OpenAI - OpenAI’s head of data centres Chris Malone left the company last week, WSJ reports citing sources. Malone joined in March 2025 after OpenAI announced Stargate with Oracle (ORCL) and SoftBank (SFTBY). His departure adds to a series of senior exits as OpenAI prepares for a planned IPO and increases spending on computing infrastructure. SoftBank (SFTBY) - SoftBank is in talks with investment banks over a USD 10-20bln bond offering, potentially denominated in USD and EUR, to help refinance part of the USD 40bln bridge loan taken out for its OpenAI investment, Bloomberg reports. The offering could come as early as September, and would mark SoftBank’s first use of the 144A format in over a decade, enabling sales to US institutional investors. SoftBank is separately planning a record JPY 1tln retail bond sale in Japan next month, and recently secured a USD 10bln margin loan backed by its OpenAI stake. DeepSeek - DeepSeek revenue is around USD 70mln YTD, about 10 times its FY2025 figure, The Information reports citing sources. API access gross margin is 82.9%. Intuit (INTU) - Shares dropped over 10% in extended trading after its outlook disappointed, overshadowing a strong quarterly earnings and revenue beat. Q4 adj. EPS 4.03 (exp. 3.58), Q4 revenue USD 4.4bln (exp. 4.27bln). Global Business Solutions revenue +14% Y/Y to USD 3.4bln, Online Ecosystem revenue +17% Y/Y to USD 2.6bln and Consumer revenue +14% Y/Y to USD 930mln. Chairman/CEO said FY revenue surpassed USD 20bln, with the company’s Big Bets +34% Y/Y, representing 30% of FY26 revenue; remains focused on scaling its AI-driven expert platform and accelerating customer growth. Raises quarterly dividend 15% Y/Y to USD 1.38/shr. Sees Q1 adj. EPS between 2.44-2.48 (exp. 3.99), sees Q1 revenue between USD 4.29-4.31bln (exp. 4.36bln). For FY27, sees adj. EPS between 22.88-23.12 (exp. 27.30), and FY27 revenue between USD 23.28-23.51bln (exp. 23.72bln). INTU said that its FY27 adj. EPS guidance includes a 5.81 impact from share-based compensation expenses. SoftwareOne (SWONF) - H1 2026 revenue +68.2% Y/Y to CHF 818.3mln (exp. 813.1mln), EBITDA +5.2% to CHF 185.4mln (exp. 190mln); it achieved CHF 100mln of run-rate cost synergies, the top of its target range, and identified a further CHF 5-10mln of synergies expected in H2 2026. COMMUNICATIONS: Meta Platforms (META) - Meta and state attorneys general have discussed a potential mid-trial settlement of the teen social media harm lawsuit, Bloomberg reports. Several state attorneys general subsequently issued advisories announcing press conferences, with Nevada’s AG signalling a “major consumer protection settlement involving a leading technology company.” The federal trial in California covers claims by 29 states that Meta violated consumer protection laws and COPPA by collecting data from underage users without parental consent. Zoom Communications (ZM) - Zoom fell 4.5% in extended trading after its outlook missed expectations, disappointing investors hoping its expanded product suite would drive stronger growth. Q2 adj. EPS 1.55 (exp. 1.48), Q2 revenue USD 1.28bln (exp. 1.27bln). Enterprise revenue +7.8% Y/Y, representing 62% of total revenue. Licensed monthly active users of AI features in Workplace +125% Y/Y, Zoom Virtual Agent customer count +256% Y/Y. CEO said Enterprise momentum strengthened, with its fastest growth in three years, while the AI-first Customer Experience portfolio delivered high-double-digit ARR expansion. Sees Q3 adj. EPS between 1.46-1.48, sees Q3 revenue between USD 1.275-1.280bln (exp. 1.28bln). Raises FY27 adj. EPS view to between 6.08-6.12 (exp. 6.05; prev. saw 5.96-6.00), raises FY27 revenue view to between USD 5.085-5.095bln (exp. 5.09bln; prev. saw 5.08-5.09bln). CD Projekt (OTGLY) - CD Projekt announced ‘The Witcher 3: Wild Hunt - Remastered’, launching 29th September with visual and gameplay improvements. It will be a free upgrade for existing owners on GOG, Steam, Epic Games Store, PlayStation 5 and Xbox Series X/S, while base-game owners will also receive the Hearts of Stone and Blood and Wine expansions free. EchoStar Corporation (ECHO) - The US Trustee urged a court to appoint an examiner to investigate USD 1.5bln of alleged unusual transactions between EchoStar and bankrupt subsidiary Hughes Satellite Systems, Bloomberg reports. Bondholders separately allege EchoStar stripped Hughes of more than USD 1.5bln in assets through self-dealing transactions. ENERGY: Energy Inventories - Afterhours on Tuesday, the API weekly inventory report showed headline crude stocks posting a surprise build of +4.2mln bbls (prev. -0.3mln), Cushing stocks building by +1.0mln bbls (prev. -1.4mln), gasoline seeing a surprise draw of -3.2mln bbls (prev. +1.1mln), and distillates posting a smaller than expected draw of -0.5mln bbls (prev. -2.8mln). UK Energy - The UK Energy Secretary is expected to maintain the government’s existing position on whether to permit new North Sea drilling, Politico reports. Aker BP (AKRBY) Aker BP started production from the Skarv Satellites one year ahead of the original schedule; the developments contain about 120mln bbls of oil equivalent, and are expected to increase flexibility and extend the life of infrastructure around Skarv. MATERIALS: Chinese Steelmakers - Bloomberg says that Chinese steelmakers face continued margin pressure through late 2026 as high coking-coal costs combine with weak demand. A Mysteel survey showed about one-third of mills profitable in early August vs nearly two-thirds in mid-May, while inventories remain elevated and construction steel prices near decade lows. INDUSTRIALS: Panama Canal - The Panama Canal Authority said some vessels have paid more than USD 1mln at auction to secure transit slots, reflecting market demand and the value of avoiding delays. Auction prices have risen as global trade supply and demand patterns shift. SpaceX (SPCX) - SpaceX plans to invest USD 100bln in a new Louisiana spaceport in Vermilion Parish, creating 3K direct jobs and more than 8K indirect jobs. Construction is expected to begin in 2027, with the first launch targeted for 2029. The site would become SpaceX’s fourth and largest launch facility, supporting expanded Starship missions. Siemens Energy (SMERY) - Siemens Energy plans to separate its Transformation of Industry division as a standalone entity while retaining a meaningful minority stake, Bloomberg reports. CVC, EQT, Bain, Brookfield and KKR are considering majority-stake bids on a potential transaction valued EUR 10bln+. Northrop Grumman (NOC) - Northrop received a USD 215.93mln contract modification for Deep Space Advanced Radar Capability Site 2, covering long-lead items, antenna hardware, manufacturing and pre-construction work. Elsewhere, CEO Kathy Warden expects the company to secure a “decent share” of the Golden Dome missile-defence programme, potentially worth over USD 1tln, Bloomberg reports. RTX (RTX) - RTX received a USD 603mln ceiling US Air Force contract for B-52 radar production and sustainment, including installation of AN/APQ-188 radars. Boeing (BA) - Boeing received a maximum USD 162.97mln US Air Force order for B-52 Bomb Rack Modernization System kits supporting the Radar Modernization Programme. HEICO Corporation (HEI) - Q3 EPS 1.57 (exp. 1.51), Q3 revenue USD 1.41bln (exp. 1.35bln). Consolidated organic net sales +14% Y/Y, with record quarterly net income, operating income and net sales. Execs said growth was supported by strong organic sales and contributions from profitable FY26 and FY25 acquisitions. UTILITIES: Exelon (EXC) - COO Mike Innocenzo will leave the company in 2027, while CFO Jeanne Jones will become Executive Vice President of Finance and Strategy effective October 5 and report to CEO Calvin Butler. CONSUMER CYCLICAL: Robotaxis - London’s robotaxi rollout is running behind schedule, FT reports. Waymo (GOOG), Wayve (UBER) and Baidu (BIDU) are all unlikely to launch fully driverless commercial services this year. Hyundai Motor (HYMPY) - Hyundai plans more than 100 new and refreshed models, including 58 for the US, as it expands hybrids. Hyundai targets nearly 1.3mln additional global capacity by 2030, including 500K in North America, where hybrids are expected to comprise almost half of sales. Xpeng (XPEV) - XPeng expects its humanoid robotics business to achieve higher margins than its EV operations, with Iron targeting hardware gross margins above 50%, WSJ reports. The robotics unit, valued above USD 6.3bln, plans mass production this year. Wingstop (WING) - Chief Brand and People Officer Donnie Upshaw will resign, effective 10th September, to pursue another opportunity. The company said his departure does not result from any disagreement. CONSUMER STAPLES: China Ags - China’s Ministry of Agriculture issued its 15th Five-Year Plan for the national farm product origin market system, targeting better supply-demand matching and a modern circulation network. China aims to largely complete a modern farm produce origin market system by 2030. PepsiCo (PEP) - Pepsi will stop covering prescription weight-loss drugs for some employees from October because of rising costs, Bloomberg reports. Employees may continue treatments outside company plans. Novo Nordisk’s (NVO) Wegovy and Eli Lilly’s (LLY) Zepbound are among affected drugs. PepsiCo is also adapting products as GLP-1 use reduces grocery spending and shifts consumer preferences, the report notes. FINANCIALS: Banco BPM (BNNCY), BMPS (BMPSY) - Banco BPM said its board acknowledged receipt of an unsolicited offer from BMPS, and will evaluate it; Banco BPM added that the proposal constitutes an acquisition, rather than a merger. BNP Paribas (BNPQY) - BNP Paribas and KB Financial’s KB Kookmin are reportedly in talks over a USD 2bln stake in Vietnam’s Techcombank. HEALTHCARE: Qiagen (QGEN) - Two suitors for Qiagen have reportedly begun due diligence as the company’s sale process advances as part of its molecular diagnostics strategic review, CTFN reports.