Daily US Equity Opening News - MSFT, QCOM, GOOG, AMZN higher after earnings, META lower; Samsun rises after beat; Trump positively mentions INTC; F falls despite beat; PYPL strategic reorganisation; Ahead, US PCE, Q1 GDP, BoE & ECB policy announcements

DAY AHEAD: DATA: In Europe, Eurozone flash CPI (exp. 2.9% Y/Y, prev. 2.6%; core exp. 2.3% Y/Y, prev. 2.3%) and GDP (exp. 0.0% Q/Q, vs prev. 0.2%, and exp. 0.8% Y/Y, vs prev. 1.2%), German GDP (exp. 0.2% Q/Q, prev. 0.3%; exp. 0.3% Y/Y, prev. 0.4%), unemployment (exp. 6.3%, prev. 6.3%). In North America, US advance GDP (headline seen at 1.5%), weekly jobless claims are seen at 219K (from 214K), PCE for March (exp. 3.5% Y/Y from 2.8%; core seen at 3.2% from 3.0%), Chicago PMI (prev. 52.8), Atlanta Fed GDPNow update, Canada GDP (exp. 0.2% M/M). CENTRAL BANKS: The BoE is expected to keep its Bank Rate AT 3.75%; BoE Governor Bailey (neutral) will give post meeting remarks. The ECB is expected to keep its three main rates unchanged; ECB President Lagarde will give remarks after the policy announcement. See below for previews. EVENTS: President Trump is due to receive a CENTCOM briefing on new Iran military options on Thursday; options include a short wave of strikes, reopening part of the Strait of Hormuz to commercial shipping, and possibly securing Iran’s highly enriched uranium stockpile. China’s National People’s Congress Standing Committee takes place. ENERGY: EIA natural gas storage is due. Brent Jun 2026 futures expire. EARNINGS: Notable companies reporting today include: Apple (AAPL), Eli Lilly (LLY), Mastercard (MA), Caterpillar (CAT), Merck (MRK), Amgen (AMGN), ConocoPhillips (COP), Sandisk (SNDK), Western Digital (WDC), Stryker (SYK), Parker-Hannifin (PH), Bristol-Myers Squibb (BMY), Altria (MO), Trane Technologies (TT), Southern Company (SO), Intercontinental Exchange (ICE), Illinois Tool Works (ITW), Monolithic Power Systems (MPWR), Cigna (CI), Royal Caribbean (RCL), Valero (VLO), Air Products and Chemicals (APD), L3Harris (LHX), Arthur J. Gallagher (AJG), Cardinal Health (CAH), Roblox (RBLX), AIG (AIG), Hershey (HSY), Reddit (RDDT), DTE Energy (DTE), Willis Towers Watson (WTW), DexCom (DXCM), T. Rowe Price (TROW), Smurfit Westrock (SW), Rivian (RIVN), First Solar (FSLR), Fortive (FTV), International Paper (IP), Roku (ROKU), CNH Industrial (CNH), GoDaddy (GDDY), Clorox (CLX), Baxter (BAX), Molson Coors (TAP). PREVIEW – BOE POLICY ANNOUNCEMENT (12:00BST/07:00EDT): Expected to maintain the Bank Rate at 3.75% in what will likely be a 9-0 vote, though dissent on both the dovish and hawkish side of the MPC cannot be ruled out. The decision to hold rates is likely due to the lack of clarity on the duration and size of the shock, with particular respect to second round pricing effects. Additionally, the MPC has to weigh up the price pressures with the economic hit from the shock, to a UK economy that was subject to relatively weak domestic activity pre-conflict. Aprilʼs meeting includes an MPR, where the forecasts are likely to be stagflationary in nature; however, the BoE may elect to caveat and downplay the pertinence of the baseline and any alternate forecasts, given the elevated levels of uncertainty. Thereafter, we look to the accompanying statements and press conference from Governor Bailey at 12:30BST for any insight into the timing of the next move, i.e. whether the June meeting is live, or if the MPC is biased to waiting until the July MPR. However, neither the statement nor Bailey will likely be that explicit at this stage. Instead, we look for any endorsement of market pricing, to whatever degree, something that would be of particular note given Bailey has pushed back on it on several occasions. Click here for Newsquawk’s full preview. PREVIEW – ECB POLICY ANNOUNCEMENT (13:15BST/08:15EDT): The relatively limited amount of data, no overt signs of second round effects and uncertainty on the duration of the shock and degree of pass through mean the ECB is likely to maintain its interest rates and hold the Deposit Rate at 2.00%. Accompanying guidance will likely see a continuation of the wait and see approach, with the statement and/or President Lagarde to potentially point to the June MPR as a period where sufficient information may be available to make a policy decision. Lagarde speaks from 13:45BST onwards. Click here for Newsquawk’s full preview. PREVIEW – US PCE (13:30BST/08:30EDT): PCE prices are seen rising by 0.6% M/M in March (prev. 0.4%), with the annual rate at 3.5% Y/Y (prev. 2.8%); the core measure is seen at 0.3% M/M (prev. 0.4%), while the annual core rate is seen rising to 3.2% Y/Y (prev. 3.0%). At his post-meeting press conference on Wednesday, Fed Chair Powell said that he sees PCE at 3.5% Y/Y in March, and sees core PCE at 3.2% Y/Y, backing the consensus view. The recent CPI data, with headline inflation at 3.3% Y/Y and core at 2.6% Y/Y in March, alongside PPI, where headline inflation was 4.0% Y/Y and core was 3.8%, showed that energy was the main driver of the headline CPI jump. Core CPI offered some relief, but PPI components that feed into PCE, including airfares, healthcare and portfolio management, suggest services inflation remains sticky. Citiʼs analysts said core PCE inflation has been stuck around 3.0% Y/Y, while core CPI has eased a little more, to around 2.5-2.6% Y/Y. “Headline inflation will likely continue to be strong in the near term as energy prices have remained elevated,” the bank wrote, adding that it does “not expect much passthrough of higher energy prices to core inflation, but with upside risks to our forecasts for components like goods prices.” In terms of policy implications, analysts say a firmer core print would strengthen the higher-for-longer rates narrative and reduce conviction in near-term cuts. A softer core reading would help revive the disinflation story, but probably only at the margin, given the recent signs of persistent price pressure and the Fedʼs cautious, data-dependent stance. Citi also noted that “the Fed and markets remain focused on medium- and longer-term inflation expectations that have stayed anchored,” and said it expects more benign monthly core inflation readings in the summer and Autumn. NEWS:GEOPOLITICS: US-Iran - President Trump is due to receive a CENTCOM briefing on new Iran military options on Thursday, Axios reports; options include a short wave of strikes, reopening part of the Strait of Hormuz to commercial shipping, and possibly securing Iran’s highly enriched uranium stockpile.MACRO: RECAP - APRIL FOMC - The updated statement and vote split was hawkish. The most striking development in the statement was the dissent; as anticipated, Governor Miran again voted for a 25bps rate cut; however, three additional dissenters (Hammack, Kashkari, and Logan) voted against the inclusion of any easing bias in the statement, which some analysts think could be a message to incoming Chair Kevin Warsh. Another key shift in the policy language was on inflation, with the line that inflation “remains somewhat elevated” being replaced with “elevated”, with the Fed explicitly attributing this to the recent surge in global energy prices, a hawkish tilt suggesting the Committee views the oil shock as more than purely transitory. On the Middle East, the statement drops the prior “uncertain implications” framing, instead stating directly that developments there are “contributing to a high level of uncertainty”. Meanwhile, growth and labour market language was largely unchanged; activity continues to expand “at a solid pace” and unemployment remains “little changed.” At his last post-meeting press conference as Fed Chair, Powell was asked a lot about Fed governance and independence. He said he will remain as Governor after his Chair term expires in May until the DoJ matter is “well and truly over”, framing the decision around unprecedented legal and political attacks on the Fed rather than policy opposition to Kevin Warsh. He said he would not act as a ‘shadow Fed Chair’, expects a normal transition, and described Warsh as qualified, but repeatedly warned that Fed independence is at risk and that the Committee is concerned that political pressure may continue. On policy, Powell repeatedly said policy is in a “good place” to wait and see, but acknowledged that the Committee is moving closer to dropping its easing bias, with more officials now viewing a hike as likely as a cut. He stressed no one is calling for a hike right now; however, analysts said that the threshold for cuts has risen: the Fed wants to see more progress on tariffs and energy prices before easing, while he noted that core inflation risks are “real”. He noted that in addition to the three dissenters, there were non-voters who would have preferred to move away from easing bias, but still supported the rate decision. On inflation, Powell said the Fed had long assumed tariffs would be a one-off, and is already looking through that shock, but was more cautious on energy, noting prices may not have peaked and could feed into gas, airfares and petroleum-linked services. He again said that the labour market was not a source of inflation, describing it as cooling, with low hiring and low quits, while growth and consumer spending remain resilient for now. In terms of the policy outlook, analysts said the bar for September cuts is now higher, and Powell suggested that the next 30-60 days are key for whether guidance shifts. Writing after the Fed announcement and Powell press conference, Goldman Sachs chief economist Jan Hatzius said broader FOMC support for balanced guidance mainly reflects upside inflation risks from the Iran war, adding that some labour market softening will be needed for Fed cuts, with risks now tilted towards a longer pause. Bessent on Powell - Treasury Secretary Bessent criticised outgoing Fed Chair Powell’s decision to remain on the Board after stepping down as Chair. He told Fox Business that the move was “highly unusual” for someone who calls himself an institutionalist, and said it was “a violation of all Federal Reserve norms”. China PMI - China’s April PMIs were mixed, with official manufacturing edging down to 50.3 (exp. 50.2), while RatingDog manufacturing jumped to 52.2 (exp. 50.9), suggesting export-oriented private firms remain resilient. However, the official non-manufacturing PMI fell into contraction at 49.4 (exp. 49.9), matching a 40-month low, with new orders at their weakest since 2022. ING said that the data points to external demand keeping factories supported, while domestic demand, construction and services remain soft. Elevated input and factory-gate prices suggest reflationary pressure is still building. BCB - Brazil’s central bank cut the Selic by 25bps to 14.5%, as expected. Policymakers made the decision unanimously, gave no guidance on future moves, and noted that current inflation and consumer price expectations had moved further above its 3% target. TRADE: US-China - US Senators Grassley and Banks asked Amazon (AMZN), Anthropic, OpenAI, Google (GOOG), Meta (META), Microsoft (MSFT), Safe Superintelligence, Thinking Machines Lab and xAI about safeguards against China-linked insider access to AI systems, Axios reported. The letters ask nine questions, including on personnel vetting, insider-threat detection, privileged access and PRC nationals, with responses due by 20th May.TECH: Microsoft (MSFT) - Shares ultimately slipped by 1.8% in choppy extended trading, after stronger-than-expected Azure growth guidance and confidence in demand were offset by concerns over record AI-driven capital spending, only modest cloud growth in the quarter, and rising competitive pressures. It reported Q3 EPS of 4.27 (exp. 4.07), Q3 revenue USD 82.89bln (exp. 81.43bln). Microsoft Cloud revenue rose 29% to USD 54.5bln, Productivity and Business Processes revenue rose 17% to USD 35.0bln, and Intelligent Cloud revenue rose 30% to USD 34.7bln, while Windows OEM and Devices revenue fell 2%, Xbox content and services revenue fell 5%. Microsoft 365 Commercial cloud revenue increased 19%, Microsoft 365 Consumer cloud revenue rose 33%, LinkedIn revenue increased 12%, Dynamics 365 revenue rose 22%, and search advertising revenue ex-TAC increased 12%. CEO said it is focused on delivering cloud and AI infrastructure for the agentic computing era, with its AI business surpassing a USD 37bln annual revenue run-rate, +123% Y/Y. On call, said it is moving aggressively to add capacity and is seeing record Copilot usage. Sees Q4 revenue between USD 86.7-87.8bln (exp. 87.65bln), Intelligent Cloud revenue between USD 37.95-38.25bln, Azure revenue growth of 39-40%, Q4 CapEx over USD 40bln, calendar 2026 CapEx of USD 190bln, modest Azure acceleration in H2 2026, and double-digit revenue and operating income growth in FY27. Qualcomm (QCOM) - Shares rallied over 10% in extended trading, following an initial sell-off on weaker guidance, but reversed after an earnings beat, news that shipments to a large hyperscaler data centre customer will start earlier than previously indicated, expectations that the Chinese smartphone market will bottom in the Q3 and return to sequential growth, and record automotive revenue. It reported Q2 EPS of 2.65 (exp. 2.56), Q2 revenue USD 10.60bln (exp. 10.58bln). Qualcomm noted that AI agents are reshaping its roadmap across every platform. Its entry into data centres remains on track, with a leading hyperscaler custom silicon engagement due for initial shipments later this calendar year; plans to update investors on growth initiatives at its 24th June Investor Day. It completed USD 5.4bln of share repurchases in H1, and announced a new USD 20bln buyback authorisation, in addition to about USD 2.1bln remaining under the prior programme. Raised its quarterly dividend to 0.92/shr (prev. 0.89/shr); sees Q3 EPS between 2.10-2.30 (exp. 2.43), Q3 revenue between USD 9.2-10.0bln (exp. 10.18bln), with China QCT handset revenue expected to bottom in Q3 before returning to sequential growth. Samsung Electronics (005930 KS) - Shares rose overnight after it reported record-beating profit and revenue driven by AI-linked memory demand, chip shortages and higher memory prices, with continued strength in server memory and high-bandwidth memory supporting sentiment. Q1 net income KRW 47.1tln (exp. 38.3tln), Q1 revenue KRW 133.9tln (exp. 117.5tln). Operating profit KRW 57.2tln (exp. 57.2tln), while chip sales rose to KRW 81.7tln (exp. 69.5tln) and chip operating profit rose to KRW 53.7tln (exp. 40.4tln), aided by HBM4 and SOCAMM2 sales to Nvidia (NVDA). Mobile and networks sales were KRW 38.1tln (exp. 35.4tln). Expects memory demand to accelerate in Q2, although Q2 revenue in the mobile business is expected to decline. The company also said agentic AI is expected to accelerate demand growth in H2. KLA Corp. (KLAC) - Q3 adj. EPS 9.40 (exp. 9.17), Q3 revenue USD 3.415bln (exp. 3.38bln). CEO noted robust business momentum and high confidence in the calendar 2026 outlook, adding that KLA is benefiting from the global AI infrastructure buildout across foundry/logic, memory, advanced packaging and services, while recent third-party reports showed continued process-control market share momentum. Sees Q4 adj. EPS between 8.87-10.87 (exp. 9.83), sees Q4 revenue between USD 3.38-3.78bln (exp. 3.55bln). Intel (INTC) - Positive mention by US President Trump, who said he was “very proud” as its stock continued to rise, adding that the US has now made over USD 30bln on its stock holding. SoftBank (SFTBY), OpenAI - SoftBank’s USD 40bln bridge loan for its OpenAI investment has attracted more lenders in syndication, Bloomberg reports. At least eight banks had submitted commitments as sub-underwriters by late last week, with HSBC, BNP Paribas and Intesa Sanpaolo among the new joiners. Anthropic - Anthropic is weighing fresh funding offers at a valuation of more than USD 900bln, Bloomberg reports. Considerations are at an early stage, and it has not accepted any offers. The valuation would more than double its current valuation, and could surpass OpenAI, the report suggests. Separately, the White House opposes Anthropic’s plan to expand access to its Mythos AI model, WSJ reports. Anthropic proposed adding about 70 companies and organisations, raising total access to about 120, but administration officials cited security concerns and possible computing-power constraints. Viasat (VSAT) - Viasat announced the successful launch and initial signal acquisition of the ViaSat-3 Flight 3 satellite. ViaSat-3 F3 lifted off at 10:13 EDT aboard a SpaceX Falcon Heavy from Kennedy Space Centre, separated from the upper stage just under five hours after liftoff, and is healthy in orbit. COMMUNICATIONS: Meta Platforms (META) - Meta shares fell by 7.3% in extended trading after on concerns over higher AI infrastructure spending, mounting legal and regulatory scrutiny around youth social media harms, a decline in daily active people, and results that, while ahead on revenue, failed to impress against stronger big-tech peers. It reported Q1 EPS of 10.44 (exp. 6.82), Q1 revenue of USD 56.31bln (exp. 55.56bln); Q1 Family DAP averaged 3.56bln in March 2026 (+4% Y/Y), though the slight Q/Q decline was driven by internet disruptions in Iran and a restriction on WhatsApp access in Russia. CEO Zuckerberg noted strong momentum across its apps and the first model release from Meta Superintelligence Labs, adding the company is on track to deliver personal superintelligence to billions of people. On the call, Meta said trends across apps remain strong, video is driving all-time high engagement across Instagram and Facebook, Threads is on a trajectory to become a leading app in its category, and AI is helping unlock more video inventory. Sees Q2 revenue between USD 58-61bln (exp. 59.57bln), assumes FX is an approximately 2% Y/Y tailwind; backs FY26 total expenses between USD 162-169bln, and raises FY26 CapEx view, including finance lease principal payments, to between USD 125-145bln (from USD 115-135bln). Alphabet (GOOG) - Alphabet shares rose 6.5% in extended trading after strong Q1 revenue and profit growth, with booming cloud demand and management saying AI is driving growth across the business. It reported Q1 EPS of 5.11 (exp. 2.67), Q1 revenue USD 109.9bln (exp. 107.03bln). Google advertising revenue rose to USD 77.25bln (from 66.89bln Y/Y), Google Search & other revenue at USD 60.4bln (vs USD 50.7bln), YouTube ads revenue at USD 9.88bln (vs USD 8.93bln); Google Cloud revenue rose to USD 20.03bln (vs USD 12.26bln), with backlog nearly doubling Q/Q to more than USD 460bln. Paid subscriptions reached 350mln, Gemini Enterprise paid monthly active users grew 40% Q/Q, Gemini direct API usage rose 60% Q/Q to more than 16bln tokens per minute, and Waymo surpassed 500,000 fully autonomous rides per week. Raised its quarterly dividend +5% to 0.22/shr. CEO said AI investments and the company’s full-stack approach is lighting up every part of the business. Raises FY26 CapEx view to between USD 180-190bln (from USD 175-185bln), including the Intersect acquisition, and plans to sell TPUs to a select group of customers for use in their own data centres. CONSUMER: Amazon (AMZN) - Amazon shares rose 2% in extended trading on better-than-expected earnings and revenue, stronger-than-expected AWS and advertising growth, accelerating cloud momentum, and upbeat Q2 sales guidance. It reported Q1 EPS of 2.78 (exp. 1.65), Q1 revenue of USD 181.5bln (exp. 177.17bln). AWS sales +28% Y/Y to USD 37.6bln, its fastest growth in 15 quarters; AWS operating income of USD 14.2bln (vs USD 11.5bln Y/Y). North America sales rose 12% to USD 104.1bln, International sales rose 19% to USD 39.8bln. CEO said customer demand is driving significant growth, with advertising above USD 70bln in TTM revenue, and unit growth in Stores at 15%. On the call, Jassy said Amazon remains confident in long-term AWS CapEx, with customer commitments already secured for a substantial portion, and said AWS’s chips business has topped a USD 20bln annual revenue run-rate, with Trainium commitments above USD 225bln. Sees Q2 revenue between USD 194.0-199.0bln (exp. 188.86bln), with an approximately 10bps FX headwind, and sees Q2 operating income between USD 20.0-24.0bln (vs 19.2bln Y/Y), assuming Prime Day occurs in Q2. Alibaba (BABA) - Alibaba launched Qoderwake, a digital employee product capable of taking on roles including engineering, operations and sales. Ebay (EBAY) - Q1 adj. EPS 1.66 (exp. 1.58), Q1 revenue USD 3.1bln (exp. 3.04bln). GMV rose 18% Y/Y and 14% on an FX-neutral basis to USD 22.2bln, marking an acceleration in marketplace activity. CEO said eBay’s Q1 results marked a strong start to the year, with performance ahead of expectations and broad-based momentum across Focus Categories, C2C and recommerce priorities. Sees Q2 adj. EPS between 1.46-1.51 (exp. 1.50), Q2 revenue between USD 2.97-3.03bln (exp. 2.96bln), and Q2 GMV between USD 21.3-21.7bln. Chipotle (CMG) - Q1 adj. EPS 0.24 (exp. 0.24), Q1 revenue USD 3.09bln (exp. 3.07bln). Net income fell to USD 302.8mln (from USD 386.6mln) as a higher effective tax rate, wage inflation and rising beef prices weighed on margins. Net sales rose 7.4% Y/Y, supported by new restaurant openings, while comparable sales increased 0.5% (exp. -0.7%), reversing Q4 weakness; restaurant traffic rose 0.6%. CEO said comparable sales momentum had continued into Q2, helped by menu innovation including Chicken Al Pastor and cilantro lime sauce. Maintained FY26 comparable sales outlook for flat growth, which CFO described as conservative; noted sales softened in March after the Middle East conflict began, and that restaurant openings in the region may be lower than expected. Estee Lauder (EL) - Estee Lauder announced a minority investment in 111SKIN, a luxury clinical skin care brand founded by Dr Yannis Alexandrides. Terms were not disclosed. CEO said the investment supports Estee’s Beauty Reimagined vision and aims to expand 111SKIN’s global reach while preserving its clinical, treatment-inspired approach. Puig (PUGBY), Estee Lauder (EL) - Estee Lauder said to consider a Puig bid between EUR 18-19/shr; EL said to have offered Marc Puig co-presidency of the group alongside William Lauder. Unilever (UL) - Reported Q1 underlying sales growth of 3.8% (exp. 3.6%), driven by home care and beauty brands; underlying volume growth 2.9% (exp. 1.8%); maintained its FY26 sales and profit margin forecasts. Puma (PUMSY) - reported Q1 EBIT of EUR 51.9mln (exp. 43mln), supported by inventory clearance and lower operating expenses. Mattel (MAT) - Q1 adj. EPS -0.20 (exp. -0.21), Q1 revenue USD 862mln (exp. 808.97mln). CEO said it is seeing top-line acceleration in Q2 to date, with its digital strategy progressing through the integration of the Mattel163 mobile games studio and the upcoming launch of two self-published mobile games, while the global theatrical release of the Masters of the Universe movie is scheduled for June 5th. Raised FY26 adj. EPS to between 1.27-1.39 (exp. 1.23) and backs FY26 revenue growth of 3-6%. Ford (F) - Shares slipped slightly in extended trading, despite beating expectations. Q1 adj. EPS 0.66 (exp. 0.19), Q1 revenue USD 43.3bln (exp. 38.83bln). Ford said strong Q1 results reflected momentum in its Ford+ plan. CEO cited improved cost and quality execution, is on track to recover profits from Novelis in H2, and said it expects software and physical services revenue to grow nearly 8% annually through the end of the decade, to USD 15bln. The company plans to refresh 80% of its North America portfolio and 70% of its global portfolio by volume by 2029, including the 2027 launch of a universal EV platform from Louisville, while 90% of global nameplates are expected to offer electrified powertrains by decade-end. Raises FY26 adj. EBIT to between USD 8.5-10.5bln, sees FY26 adj. free cash flow between USD 5.0-6.0bln, sees FY26 CapEx between USD 9.5-10.5bln, raises FY26 Ford Blue EBIT to USD 5.0bln, sees Ford Pro EBIT between USD 6.5-7.5bln, Model E EBIT losses between USD 4.0-4.5bln, and Ford Credit EBIT of USD 2.5bln. Stellantis (STLA) - Stellantis reported Q1 net profit of EUR 377mln (vs loss of EUR 387mln Y/Y), Revenue 38.1bln (prev. 35.8bln Y/Y), adj. operating income and net sales also rose, supported by rising North American demand for refreshed Jeep and Ram models; 2026 guidance was confirmed. Porsche AG (DRPRY) - Reported Q1 operating profit of EUR 595mln and a 7.1% return, near the top of its annual forecast range; profit fell Y/Y due to US tariffs and lower deliveries, including a 21% slump in China. Volkswagen (VWAGY) - Q1 operating profit -14% Y/Y to EUR 2.5bln, missing expectations for a broadly flat result; revenue fell 2.5% to EUR 75.7bln (exp. 77.6bln); CFO said planned cost cuts were insufficient; kept FY guidance, excluding any Middle East conflict escalation. Michelin (MGDDY) - Q1 sales fell 5.4% to EUR 6.17bln (exp. 6.11bln), due to negative currency effects; Passenger Car & Light Truck tyre volumes rose 1%, Transportation revenue fell; confirmed FY26 guidance, despite Middle East-related supply and cost risks. O’Reilly (ORLY) - Q1 EPS 0.72 (exp. 0.69), Q1 revenue USD 4.56bln (exp. 4.46bln). Comparable store sales increased +8.1%, above company expectations in both professional and DIY, with double-digit growth in the professional business and mid-single-digit growth in DIY. CEO said it had a strong start to 2026, and is encouraged by the stable demand backdrop. Sees FY26 EPS between 3.15-3.25 (exp. 3.22), sees FY26 revenue between USD 18.7-19.0bln (exp. 18.97bln), sees FY26 comparable store sales growth between 3-5%. Carvana (CVNA) - Q1 net income USD 405mln (exp. 347.9mln), Q1 revenue USD 6.43bln (exp. 6.12bln). Operating income came in at USD 581mln (exp. 545.7mln), while adj. EBITDA was USD 672mln (exp. 646.4mln). Airbnb (ABNB) - House Republicans are investigating Airbnb and Anysphere over their use of Chinese AI models. The chairs of the House Homeland Security Committee and House Select Committee on China sent letters to both CEOs seeking information for a probe into what they called a Chinese espionage campaign to exploit American innovation and accelerate AI capabilities. MGM Resorts (MGM) - Q1 adj. EPS 0.49 (exp. 0.53), Q1 revenue USD 4.5bln (exp. 4.38bln). Results were driven primarily by MGM China and MGM Digital, as well as growth at its BetMGM North America venture. Las Vegas Strip Resorts delivered comparable-period quarterly top-line growth for the first time in over a year, with monthly net revenues strengthening into March, while MGM is seeing signs of strength into Q2 and beyond from solid convention bookings, its newly launched all-inclusive promotion, and refreshed rooms at MGM Grand Las Vegas. Albany International (AIN), RTX (RTX) - Albany received a long-term Pratt & Whitney contract running through 2036 to produce composite structural engine components for the Pratt & Whitney GTF commercial aviation engine. Remy Cointreau (REMYY) - reported 0.2% organic annual sales growth, its first positive annual sales since 2023, but slightly below analyst expectations; Q4 cognac sales +15.5%, supported by China and a favourable comparison base, while Americas sales recorded a slight decline; CEO will detail its turnaround strategy in June. FINANCIALS: PayPal (PYPL) - PayPal announced a strategic reorganisation into three businesses: Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto. CEO Lores said the changes aim to accelerate growth, simplify decision-making, sharpen accountability and prioritise operational excellence. KKR & Co. (KKR) - KKR is exploring a sale of Flora Food Group for as much as USD 10bln, FT reports. Aflac (AFL) - Q1 adj. EPS 1.75 (exp. 1.80), Q1 revenue USD 4.3bln (exp. 4.18bln). Declared a Q2 dividend of 0.61/shr after raising the Q1 dividend 5.2%. Societe Generale (SCGLY) - Q1 net income EUR 1.70bln (exp. 1.55bln), Q1 revenue EUR 7.11bln (exp. 7.18bln). Operating profit rose to EUR 4.33bln (from EUR 2.03bln Y/Y), CET1 ratio stood at 13.5%. Equities trading income increased 5.5%, rebounding from the prior quarter’s decline, and income in the division housing the French retail bank rose 8.9%, helped by lower rates for regulated savings accounts, offsetting an 18% fall in fixed-income trading revenue. BNP Paribas SA (BNPQY) - BNP Paribas Q1 net income rose 9% Y/Y to EUR 3.22bln (exp. 2.93bln), revenue increased 8.5% to EUR 14.1bln (exp. 13.95bln). Trading revenue rose 2.5%, while investment banking revenue -0.8%. Credit loss provisions rose to EUR 922mln (from EUR 766mln). Standard Chartered (SCBFY) - Record wealth inflows offsetting precautionary charges linked to escalating Middle East tensions, while it downplayed Gulf-related risks. Q1 pretax profit of USD 2.5bln (exp. 2.09bln), operating profit USD 5.9bln (exp. 5.58bln), NII +1% Y/Y at USD 2.9bln; reaffirmed FY26 guidance, and sees 2026 operating income growth at the bottom-end of its 5-7% guidance range. Credit Agricole (ACA FP) - Reported Q1 fixed income revenue -9%, and financing revenue -6%, amid market volatility driving cautious client behaviour; corporate and investment banking revenue -4% Y/Y, despite a 27% gain in structured equity, M&A and equity capital markets, while a key capital-strength metric declined. BBVA (BBVA) - Q1 net profit +10.8% Y/Y to EUR 2.99bln (exp. 2.79bln), supported by Mexico, Spain and higher lending income; NII +17.8% to EUR 7.54bln (exp. 7.23bln); will launch the final tranche of its up to EUR 1.46bln buyback next week. ING Group (ING) - Launched a EUR 1bln share buyback after Q1 profit reached EUR 1.56bln (exp. 1.43bln); total income +3%, net interest income +7% to EUR 4.06bln, fee income +13%; confirmed 2026 and 2027 guidance. REAL ESTATE: AvalonBay (AVB), Equity Residential (EQR) - AvalonBay and Equity Residential are considering a potential combination, Bloomberg reports. The REITs have held exploratory talks over what could be one of the largest real estate deals ever, the report said. Equinix (EQIX) - Q1 EPS 4.20 (exp. 4.32), Q1 revenue USD 2.44bln (exp. 2.52bln). CEO noted continued robust demand for AI, cloud and networking solutions. Sees Q2 revenue between USD 2.571-2.611bln (exp. 2.52bln), sees Q2 adj. EBITDA between USD 1.349-1.389bln (exp. 1.29bln). Raises FY26 revenue to between USD 10.144-10.244bln (exp. 10.22bln), raises FY26 adj. EBITDA view to between USD 5.165-5.245bln (exp. 5.2bln). SBA Communications (SBAC) - Q1 FFO 3.03 (exp. 2.86), Q1 revenue USD 703.4mln (exp. 694.9mln). Domestic leasing backlogs increased during the quarter, while favourable FX moves and operating performance supported a higher FY outlook. Sees FY26 FFO between 11.96-12.38 (exp. 12.13), sees FY26 revenue between USD 2.84-2.88bln (exp. 2.88bln), and sees FY26 adj. EBITDA between USD 1.92-1.94bln. MATERIALS: BASF (BASFY) - Q1 EPS 1.06 (prev. 0.91), Q1 revenue EUR 16.0bln (exp. 16.0bln), Q1 adj. EBITDA -5.6% Y/Y at EUR 2.36bln (exp. 2.19bln). Sales declined slightly as strong adverse FX effects and slightly lower prices offset performance elsewhere. Reaffirmed FY26 adj. EBITDA guidance of EUR 6.2-7.0bln, while warning that the Middle East conflict and oil-price swings could affect its outlook. Proposed a dividend of EUR 2.25/shr. Glencore (GLNCY) - Q1 trading performance puts FY core earnings from its trading unit on course to “comfortably” exceed the USD 3.5bln top end of long-term guidance; the unit made USD 2.9bln last year, while oil and gas trading profits benefited as the Iran war disrupted energy markets. ArcelorMittal (MT) - Q1 net profit fell to USD 575mln (exp. 498mln; vs 805mln Y/Y), EBITDA rose to USD 1.68bln (from 1.58bln); said higher EU steel import tariffs, due from 1st July, could boost production and earnings. Nippon Steel (NPSCY) - United States Steel will spend USD 1.9bln to build a feedstock plant at its Big River Steel Works in Arkansas, Bloomberg reports. The facility will supply direct reduced iron, a purer alternative to scrap steel made from mined iron ore, to the site’s existing electric arc furnaces. ENERGY: ProPetro Holding (PUMP), Caterpillar (CAT) - ProPetro said its PROPWR unit entered a strategic framework agreement with Caterpillar to buy up to 2.1 GW of power generation assets for data centre, oil and gas, and industrial customers. PROPWR agreed to buy at least 1.5 GW, lifting expected delivered capacity to about 2.6 GW by year-end 2031. Repsol (REPYY) - Q1 adj. net income rose to EUR 873mln (exp. 897mln), adj. EBITDA rose to EUR 2.61bln, while its Spanish refining margin more than doubled to USD 10.90/bbl; plans to raise kerosene production by 15-20% amid Iran-war-related jet fuel supply disruption. OMV (OMVKY) - OMV Q1 revenue on a cost-of-supplies basis fell 6% Y/Y to EUR 5.855bln, hit by lower natural gas prices and reduced crude oil sales. Hydrocarbon production dropped 7%, mostly due to a temporary shut-in caused by the Middle East war. Lowered FY production outlook. CNPC (SNPMF) - China National Petroleum will make “every effort” to prevent domestic shortages as China responds to energy shocks from the Iran war, Bloomberg reports. Chairman said CNPC would respond to external shocks and place greater emphasis on supply security. INDUSTRIALS: RTX (RTX) - RTX was awarded a USD 833mln US Navy contract modification for Evolved SEASPARROW Missile Blk 2 Guided Missile Assemblies and container requirements for Australia, Belgium, Canada, Denmark, Germany, Greece, Netherlands, Norway, Portugal, Spain, Turkey and the US. KBR (KBR) - Engine Capital is urging KBR to explore a sale, WSJ reports. Engine Capital holds a roughly 2% stake in the government contractor, and believes KBR’s businesses are undervalued. Rolls-Royce (RYCEY) - Rolls-Royce confirmed its earnings guidance after a strong start to the year, despite uncertainty from the Middle East conflict. Operating profit is still expected at USD 5.39-5.66bln. The company said it expects to fully mitigate the current financial impact of disruption and will act against any future impacts. DHL (DHLGY) - Q1 EBIT EUR 1.48bln (exp. 1.38bln), operating margin rose to 7.3% (from 6.6% Y/Y); CEO said it kept cargo moving despite blocked sea routes and closed airspace, and was on track to achieve FY targets. Air France-KLM (AFLYY) - Expects its 2026 fuel bill to rise by USD 2.4bln due to the Middle East conflict, reaching USD 9.3bln; it said USD 1.1bln will be booked in the current quarter, based on current hedges and forward fuel-price projections, and trimmed its FY capacity outlook. Woodward (WWD) - Q2 adj. EPS 2.27 (exp. 2.09), Q2 revenue USD 1.1bln (exp. 1.01bln). CEO said results reflect robust demand and strong execution, with Aerospace performance driven by continued strength in commercial services activity and OEM demand, while Industrial grew across transportation, power generation, and oil and gas. H1 performance and continued demand strength supported a raised outlook; raised FY26 adj. EPS view to between 9.15-9.45 (exp. 8.80), raised FY26 revenue growth view to between 20-23% (prev. saw 14-18%), backs FY26 FCF between USD 300-350mln, and backs FY26 CapEx of USD 290mln. Canadian Pacific Kansas City (CP) - Q1 adj. EPS 1.04 (vs 1.06 Y/Y), Q1 revenue CAD 3.7bln (vs 3.8bln Y/Y). CEO noted ongoing market and macroeconomic headwinds, though volume growth demonstrated the resiliency and competitive advantage of its North American network. C.H. Robinson (CHRW) - Q1 adj. EPS 1.35 (exp. 1.23), Q1 revenue USD 4.01bln (exp. 4.05bln). Adj. EPS increased 15% Y/Y despite a significant increase in truckload spot market costs, as the company benefited from transactional volumes at higher margins, disciplined revenue management, targeted repricing of some contractual business and a widening cost-of-hire advantage from its Lean operating model. C.H. Robinson said it optimised adjusted gross profit per truckload shipment and maintained NAST gross margin despite elevated capacity costs, while gaining market share in NAST for the 12th consecutive quarter and continuing to deliver evergreen productivity improvements across the business. Flowserve (FLS) - Q1 adj. EPS 0.85 (exp. 0.80), Q1 revenue USD 1.07bln (exp. 1.17bln). Sees FY26 adj. EPS between 4.00-4.20 (exp. 4.12), sees FY26 revenue between USD 4.871-5.013bln (exp. 4.99bln). HEALTHCARE: Zealand Pharma (ZLDPY), Roche (RHHBY) - Zealand Pharma and Roche will advance amylin analogue petrelintide to Phase 3 trials for chronic weight management, with initiation planned for H2 2026; Zealand said petrelintide demonstrated double-digit weight loss with placebo-like tolerability in the ZUPREME-1 Phase 2 trial. Novo Nordisk (NVO) - Novo Nordisk said NEJM published 26-week Phase 3 FRONTIER2 results for denecimig in haemophilia A. Once-monthly denecimig cut treated bleeds by nearly 99% versus on-demand treatment and about 43% versus prior prophylaxis. Once-weekly dosing cut bleeds by about 96% and 54%, respectively. Zero treated bleeds occurred in 64%-95% of denecimig participants. Align Technology (ALGN) - Q1 EPS 2.58 (exp. 2.29), Q1 revenue USD 1.04bln (exp. 1.02bln). Revenue was driven primarily by higher Clear Aligner volumes and increased ASPs, while Clear Aligner shipments reached a record 685,700 cases, +6.7% Y/Y, with double-digit international growth and stability in North America. Orthodontic and GP dentist shipments rose 7.4% and 5.6% Y/Y, respectively, with momentum across adult, teen and growing kid patients, while DSOs continued to drive double-digit Clear Aligner volume growth globally. Completed a USD 200mln repurchase plan between August 2025 and January 2026, with USD 800mln remaining under its USD 1.0bln authorisation, and expects to repurchase an additional USD 200mln of stock over six months from May. Bausch Health (BHC) - Q1 adj. EPS 0.78 (exp. 0.69), Q1 revenue USD 2.52bln (exp. 2.41bln). CEO said Bausch continues to invest in its pipeline, including the advancement of larsucosterol for alcohol-associated hepatitis, while pursuing business development opportunities aligned with strategic priorities. Reaffirmed FY26 outlook, sees FY26 revenue between USD 10.67-10.92bln (exp. 10.68bln). Alector (ALEC), GSK (GSK) - Alector will discontinue the Phase 2 PROGRESS-AD trial of nivisnebart in early Alzheimer’s disease after an IDMC futility analysis found it was unlikely to meet its primary endpoint of slowing disease progression. Alector and GSK co-develop nivisnebart and will inform trial participants, with full results due at a future medical meeting.