Daily US Equity Opening News - AAPL announces CEO transition; AMZN & Anthropic expand partnership; LSCC & TXN partner on edge AI sensor integration; Ahead, US-Iran peace talks, Warsh Senate hearing, US retail sales

DAY AHEAD: DATA: In Europe, Eurozone and Germany April ZEW sentiment is also due (Eurozone exp. -3.6, prev. -8.5; Germany sentiment exp. -5, prev. -0.5, current conditions exp. -70, prev. -62.9). In North America, US March retail sales are the main focus (exp. 1.4% M/M, prev. 0.6%; exp. 2.4% Y/Y, prev. 3.7%; preview below), alongside the weekly ADP employment change (prev. 39K), pending home sales (prev. -0.8% Y/Y; prev. 1.8% M/M), business inventories, and the Atlanta Fed GDPNow update (was prev. tracking Q1 growth of 1.3%). EVENTS: US-Iran talks are set to resume in Islamabad, but with a ceasefire expiry looming on Wednesday. The US Senate hearing on Kevin Warsh’s nomination for Fed chair (preview below). Eurogroup Foreign Affairs Council is also meeting. SPEAKERS: Fed’s Waller (voter, dove) will speak on modernising reserve bank operations, and is not expected to comment on monetary policy given that the central bank is in blackout ahead of its 29th April confab. ECB’s Nagel (hawk) and de Guindos (dovish; no text expected). Riksbank’s Bunge will speak on macroeconomics and decision-making psychology. SUPPLY: Germany sells EUR 6bln of 2028 Schatz. The UK sells GBP 5bln of 2029 debt. ENERGY: After hours, API publishes its gauge of weekly energy inventories. WTI May 2026 futures expire. EARNINGS: Notable companies reporting today include: GE Aerospace (GE), UnitedHealth (UNH), RTX (RTX), Intuitive Surgical (ISRG), Danaher (DHR), Chubb (CB), Capital One Financial (COF), Northrop Grumman (NOC), 3M Company (MMM), D.R. Horton (DHI), MSCI (MSCI), EQT (EQT), Interactive Brokers (IBKR), Halliburton (HAL), United Airlines (UAL), Northern Trust (NTRS), Synchrony Financial (SYF), W. R. Berkley (WRB), Tractor Supply Company (TSCO), Equifax (EFX), Quest Diagnostics (DGX), Genuine Parts (GPC), Western Alliance Bancorp (WAL), Sonoco (SON). PREVIEW - WARSH SENATE HEARING (15:00BST/10:00EDT): Kevin Warsh is set to tell lawmakers that Federal Reserve independence on interest rates is essential, but must be earned through rigorous, transparent decision-making. He is expected to argue that elected officials’ views do not, in themselves, threaten that independence, while stressing price stability, accountability and keeping the Fed focused on its statutory remit. At the same time, he is likely to support working with the Administration and Congress on non-monetary matters. His prepared remarks are also said to contain only a single reference to the labour market, reinforcing the view that inflation remains his dominant concern. The Senate hearing is likely to centre on Fed independence, given Warsh’s close ties to the White House, alongside his views on inflation, labour markets, regulation, the balance sheet and financial disclosures. Lawmakers are likely to test where he draws the line between appropriate coordination with the Treasury and political influence over monetary policy, particularly amid pressure for rate cuts. His name appearing in documents linked to Jeffrey Epstein is also expected to draw scrutiny. Progressive lawmakers may focus on disclosures showing personal assets of USD 135-226mln, including potential conflicts of interest, divestment plans, Wall Street ties and the Epstein link; ahead of the hearing, Warsh has pledged to divest his interest in the iShares S&P/TSX 60 Index fund if confirmed as Fed chair, after ethics officials said his duties would affect the fund’s underlying holdings. Analysts say Warsh’s previous remarks point to a framework that diverges from the current Fed consensus. He has signalled openness to lower rates alongside balance sheet reduction, arguing that quantitative tightening can still deliver tighter financial conditions. He has also argued for a significant reduction in the Fed’s USD 6.7tln balance sheet, saying it distorts markets and contributes to inflationary pressures, so any clarity on timeline and pace is likely to be closely watched. He frames inflation as structurally driven by fiscal excess and an enlarged Fed balance sheet, while also highlighting potential disinflation from productivity gains such as AI. On communications, Warsh has historically criticised granular forward guidance, so any shift towards a more discretionary, data-dependent approach may raise volatility in front-end rates. On labour markets, he has placed less emphasis on overheating risks, instead pointing to supply-side improvements that could ease wage pressures. More broadly, he appears to favour a narrower, more rules-based Fed remit, resisting a wider role in fiscal, social or regulatory activism. The hearing is complicated by politics. Republican Senator Tillis has vowed to oppose confirmation votes until the DoJ probe into Chair Powell is resolved, a material issue given Republicans’ razor-thin committee majority. Powell said at the March FOMC he would serve as chair pro tempore until a successor is confirmed, while the administration has signalled that if no successor is confirmed by 15th May, Powell should not remain in the role. The legal position remains unsettled. PREVIEW - US RETAIL SALES (13:30BST/08:30EDT): The consensus expects headline retail sales to rise by 1.4% M/M in March (prev. 0.6%), with the annual rate cooling to 2.4% Y/Y (prev. 3.7%). Bank of Americaʼs March consumer checkpoint report suggests that retail sales should be firm; the bank’s card data shows broad-based consumer spending strength, with total credit and debit card spending per household rose +4.3% Y/Y in March (vs 3.2% Y/Y in its February report), the strongest pace since early 2023, while spending at petrol stations jumped 16.5% M/M amid higher gasoline prices. Under the bonnet, ex-gasoline card spending was up 3.6% Y/Y, suggesting underlying demand across core retail and services categories remained resilient. Analysts say this could point to a solid control-group reading within the retail sales data, and might reduce the risk that strength in the headline is dismissed as purely price-driven. Elsewhere, BofA says the income split of Americans remains important; higher-income households continue to outspend middle- and lower-income cohorts, and while the gap narrowed slightly in March, that was largely because fuel accounts for a bigger share of lower-income budgets. More notably, discretionary spending growth eased for lower-income households but increased for other groups, pointing to an uneven consumer backdrop rather than a uniformly strong one. Finally, BofA says that tax refunds are another near-term support; larger refunds are providing a meaningful boost to discretionary spending and debt paydown, though the benefit is skewed towards higher-income households and may prove temporary against other broader cost pressures. NEWS:POLITICS/GEOPOLITICS: US-Iran - Optimism rose as reports suggested that the US and Iran are expected to reach an agreement by Wednesday and Pakistan’s PM will seek a two-week ceasefire extension (current ceasefire expires at 20:00EDT on 22nd April, and Trump has said he is unlikely to extend it). Iran is expected to send a delegation to Islamabad for the second round of talks, with JD Vance leading the US side. Hormuz Passage - Three vessels (two cargo ships and a fuel tanker) attempted to transit the Strait of Hormuz on Tuesday amid US and Iranian blockades, Bloomberg said. Iran-flagged cargo ship Shoja 2 crossed into the Gulf of Oman before going dark on location signals. Its movement is being closely watched following the US Navy’s seizure of another Iranian cargo ship on Sunday, the first capture since Washington imposed a blockade last week, the report adds. US Midterms - President Trump and Republicans have amassed USD 1bln in cash ahead of the midterms. Trump’s super PAC raised USD 35.6mln in March, including USD 25mln from Diane Hendricks and USD 3mln each from Marc Andreessen and Ben Horowitz, according to a MAGA Inc. filing with the Federal Election Commission. Japan - Japan removed most restrictions on weapons exports, allowing arms sales overseas for the first time since World War II. PM Takaichi’s cabinet approved rule changes aimed at strengthening the defence industrial base by expanding the market for arms companies beyond the previously limited categories of military equipment exports. NZ - New Zealand PM Luxon said his National Party reaffirmed confidence in his leadership after he moved a formal confidence motion at a caucus meeting in Wellington. The move comes as Luxon seeks to damp speculation about his future less than seven months before the election, Bloomberg reports. TRADE: US-China - US Interior Secretary Doug Burgum said solar projects face tougher reviews because China’s central role in supplying US developments requires closer scrutiny for potential national security risks, Bloomberg reports. He noted to a House appropriations panel that many of these projects were built almost exclusively with Chinese-made solar panels. US-Mexico - USTR Greer met Mexican President Sheinbaum as both countries prepare for a review of the North American trade pact. According to a meeting readout, the two discussed US-Mexico trade and the broader economic relationship, and Greer thanked Sheinbaum for helping expand bilateral cooperation. South Korea - South Korea’s exports, adjusted for working-day differences, rose 49.4% Y/Y in the first 20 days of April, up from 40.4% in the comparable period of March. The data point to strong external demand, even as higher oil prices and a weaker currency increase risks to inflation and growth, Bloomberg said. MACRO: USD - Hedge funds and asset managers are increasing bearish dollar bets via options as haven demand fades, Bloomberg reports. EURUSD options trading rose nearly 60% last Friday, with EUR calls outpacing puts by around 30%. AUD call options, seen as a risk sentiment barometer, exceeded puts by more than 50% on both Friday and Monday. US Treasuries - Bank of America said US Treasuries are still pricing in a Middle East war that other asset classes have shrugged off, creating scope for yields to fall as they catch up. BofA’s strategists recommend buying mid-maturity bonds such as the 5yr, expecting a rally as markets increase Fed rate-cut bets, and the bank favours steepener trades that benefit when shorter-dated bonds outperform longer maturities, Bloomberg reports. China - China’s finance sector grew 6.5% Y/Y in Q1, overtaking manufacturing’s 6.3% growth for the first time in years as share sales boosted capital raising, Bloomberg reports. With GDP rising 5%, both sectors outpaced the broader economy, while consumer-sensitive areas such as hotels and catering recorded slower expansion. BoK - Bank of Korea governor Shin Hyun Song signalled a cautious, flexible monetary policy approach as higher oil prices add inflation pressure and cloud the growth outlook. Taking office on Tuesday, he also said the central bank should reassess its role over time to incorporate structural issues including demographics, inequality and the property market. BoC - The BoC appointed Marc-Andre Gosselin, effective 25th May, and Nicolas Vincent as Deputy Governors, effective 3rd August. Gosselin is currently Managing Director of Canadian Economic Analysis, and will join the Governing Council overseeing domestic economic analysis. He has little clearly documented hawk/dove policy bias. His profile is that of a technical, staff-economist inflation-targeter focused on projections, macro and risk analysis, and monetary-policy framework work. He co-authored research examined potential benefits of temporary inflation overshooting at the effective lower bound, though this reflects research interest rather than a revealed policy preference. Vincent has been an external Deputy Governor since 2023, and will handle international economic developments and serve as G7 and G20 Deputy. He is seen as an orthodox inflation-targeter, with sensitivity to persistence and core pressures. In an October 2023 speech, he described inflation as “stickier than many expected,” linked persistence to firms’ pricing behaviour, and said the Bank needed to “stay the course” to return inflation to 2%. A 2025 speech on productivity reiterated the Bank’s role in keeping inflation low, stable and predictable. Both replace departing deputies Rhys Mendes, leaving 10th April, and Sharon Kozicki, retiring 15th July. The Bank said it will launch a recruitment process to fill the vacant external Deputy Governor position. UK Jobs Data - The UK labour market showed unexpected resilience in February, with the unemployment rate falling to 4.9% (exp. 5.2%), its lowest since the three months to August 2025; employment rose +25k (prev. 84k), while HMRC payrolls data for March showed a decline -11k (prev. 20k), hinting at softening momentum heading into the spring. Average earnings ex-bonus were 3.6% on a three-month/year basis (exp. 3.5%, prev. 3.8%). The ONS noted that regular wage growth is running at its lowest rate in over five years. Analysts said the figures would be welcomed by both fiscal and monetary policymakers; the unemployment surprise offered a constructive signal given the potential employment spillovers from the Middle East conflict, even as wage pressures remain marginally elevated relative to expectations. Ahead, analysts will be watching vacancy levels ahead, already near five-year lows, and are likely to provide the earliest indication of labour market stress stemming from the external shock; for now, however, the data suggests the market is holding up better than feared. NZ Inflation - New Zealand Q1 CPI rose 3.1% Y/Y (exp. 2.9%) and 0.9% Q/Q (exp. 0.8%). Markets increased bets on a July rate hike as inflation stayed above the RBNZ’s 1-3% target. Westpac said price pressures were broad-based, core inflation remained firm, and inflation is likely to exceed 4% in Q2. TECH: Apple (AAPL) - Apple announced Tim Cook will become Executive Chairman and John Ternus will become CEO on 1st September, after a board-approved succession plan. Arthur Levinson will become lead independent director, and Ternus will join the board the same day. Cook remains CEO through the summer. Ternus, Apple’s hardware engineering chief, joined the company in 2001. Analysts view Ternus’ appointment as a signal of continuity, leveraging his deep hardware expertise, however, the sudden timing has raised questions regarding Apple’s AI strategy and upcoming earnings. Qualcomm (QCOM) - Qualcomm CEO is expected to meet senior executives from Samsung Electronics (SSNLF) and SK Hynix (HXSCL) during a recent visit to South Korea, as he reportedly seeks memory and manufacturing deals, according to industry sources cited by Digitimes. Lattice Semiconductor (LSCC), Texas Instruments (TXN) - Lattice Semiconductor said it is collaborating with Texas Instruments to simplify sensor integration and scale real-time edge AI systems for robotics and industrial applications. The partnership combines TI sensing technologies with Lattice’s Holoscan Sensor Bridge and low-power FPGA technology to deliver synchronised, low-latency sensor data pipelines for AI sensor fusion and robust edge perception. CATL (CYATY) - CATL’s latest share sale was priced at a 5.1% discount and was more than twice subscribed, signalling strong investor demand after the stock’s 20% rise this year, Bloomberg reports. The sale covered 58mln shares, or 1.27% of total shares, at CNY 410.34 each, narrower than November’s 6.9% discount. China Data Centre Stocks - Chinese data centre cooling stocks fell overnight after Shenzhen Envicool reported earnings below expectations, fuelling concerns about intensifying competition. Envicool dropped the 10% daily limit after posting an 82% fall in Q1 profit, while peers including Zhejiang Dayuan Pumps Industrial and Feilong Auto Components similarly declined. Samsung (SSNLF) - Samsung is accelerating its push into magnetoresistive random-access memory, positioning MRAM as a strategic pillar alongside DRAM and high-bandwidth memory in the intensifying global AI semiconductor race, Digitimes reports. COMMUNICATIONS: Media M&A - Senior DoJ official Charlie Beller said antitrust enforcers should take a more cautious approach to media mergers as AI and streaming rapidly reshape the industry, Bloomberg reports. Beller said regulators should not try to resolve every market issue or assume that every competitive concern requires federal antitrust enforcement. Meta Platforms (META) - WhatsApp is testing a new optional premium subscription called WhatsApp Plus, offering additional tools to organise and personalise the app experience. The move is part of Meta’s wider effort to build revenue streams beyond advertising. It said the initial rollout will be limited as it gathers feedback from users. Snap Inc. (SNAP) - Snap said CFO Derek Andersen will leave on 8th May, for a new professional opportunity and that his departure is not tied to any disagreement with the company. Snap plans to appoint Doug Hott, currently vice president of finance, strategy and corporate development, as CFO. Hott has held his current role since July 2024. Nintendo (NTDOY) - Sanrio is launching a gaming brand, Sanrio Games, incorporating its characters into a party game for Nintendo Switch and Switch 2, Bloomberg reports. The company plans to release around 10 titles over three years, with the first console game due this autumn, as it looks to monetise its character portfolio and tap the global games market. Vivendi (VIVHY) - Q1 revenue +1.3% Y/Y at EUR 69mln, driven almost entirely by videogame unit Gameloft, which the company said held steady in a challenging market; two new games are planned for 2026. The portfolio of listed holdings fell to EUR 4.4bln at end-March (vs EUR 5.5bln at end-December), largely due to a drop in Universal Music Group’s (UMG NA) share value, though the portfolio recovered to EUR 5.18bln by 20th April. Execs said Prisma Media’s luxury division, acquired in March, will contribute from Q2. CONSUMER: Amazon (AMZN), Anthropic - Amazon and Anthropic are expanding their partnership, with Anthropic committing to spend more than USD 100bln on AWS over 10 years for Trainium, Graviton and up to 5 GW of capacity. Claude Platform will be available on AWS. Amazon will invest USD 5bln now, and up to USD 20bln later, in addition to its previous USD 8bln investment. Lucid (LCID), Uber Technologies (UBER) - Lucid shares rose 2.4% in extended US trading after Uber disclosed an 11.52% passive stake in Lucid, representing more than 37.75mln shares, after expanding its partnership with the company. As part of Lucid’s USD 300mln capital raise on 14th April, Uber increased its commitment to at least 35,000 vehicles for its future global robotaxi service, and added USD 200mln, bringing total investment to USD 500mln. Volkswagen (VWAGY) - CEO said it plans to reduce global production capacity by 1mln cars by 2028, stating that overcapacity is not sustainable in the long term. Associated British Foods (ASBFY) - AB Foods will separate Primark from its food and sugar businesses in a breakup expected to be completed by the end of 2027; the Weston family will retain majority stakes in both companies via Wittington Investments, and both Primark and the remaining food business are expected to be listed on the FTSE 100. Estee Lauder (EL) - Estee Lauder has hired JPMorgan Chase to structure a financing package of about EUR 5bln for a potential tie-up with Puig Brands, Expansion reports. JPMorgan (JPM) is coordinating talks with other lenders on the package, which would support a cash-and-stock takeover bid for the Spanish company. Prediction Markets - Prediction markets are increasing lobbying in Washington as criticism grows that the platforms are fuelling gambling and enabling insider trading, Bloomberg reports. Kalshi, along with crypto and sports gambling companies running prediction markets, are hiring lobbying teams as Congress considers a crackdown on the multibillion-dollar industry. FINANCIALS: JPMorgan (JPM) - JPMorgan is working to secure Chinese regulatory approval to launch actively managed ETFs in the country for the first time, Bloomberg reports. Its global CEO of asset management unit George Gatch said “our expectation is that this year we will get permission to be able to do that.” Zions Bancorporation (ZION) - Shares fell afterhours despite the earnings beat, as Q1 net interest income and net interest margin missed estimates. Q1 EPS 1.56 (exp. 1.43), Q1 revenue USD 860mln (exp. 855.45mln). Diluted EPS rose 38% Y/Y, adj. pre-tax pre-provision net revenue +13%, adj. taxable-equivalent revenue +7.4%, adj. operating expenses +4.7%, resulting in positive operating leverage of 2.7%; customer-related non-interest income +9% Y/Y. Credit quality remained strong, with net loan losses to average loans of 0.03% annualised, and classified loans -19% over the past year. The funding profile improved, with total customer deposits up USD 2.2bln Y/Y, long-term debt up USD 1.0bln, brokered deposits and short-term borrowings fell USD 3.8bln; tangible common equity +19% Y/Y. CEO said Q1 results were solid, highlighting broad-based growth in fee income, strong credit quality, and a continued strengthening in funding and capital. ENERGY: Crude Prices - Citi said oil could rise to USD 110/bbl if Strait of Hormuz traffic remains disrupted for another month. It added that global crude and product inventory losses from the US-Iran conflict could reach an estimated 1.3bln bbls should the shipping route stay blocked for a further four weeks. US Energy - President Trump invoked the Defence Production Act to provide federal funding for energy projects as his administration faces pressure over rising oil, petrol and electricity costs, Bloomberg reports. Trump signed five presidential determinations targeting domestic coal power, liquefied natural gas, domestic petroleum and power-grid infrastructure, saying shortfalls in those areas threaten national defence. Phillips 66 (PSX), Kinder Morgan (KMI) - Phillips 66 and Kinder Morgan will proceed with the Western Gateway pipeline, which will transport fuel from Gulf Coast and Midwest refiners to California, Bloomberg reports. The companies said the project moved forward after successfully completing its second open season, during which potential customers indicated interest in reserving capacity on the pipeline. MATERIALS: China Aluminium, Copper - Chinese alumina imports rose to a two-year high in March as cargoes originally bound for Middle East smelters were rerouted to China. The Persian Gulf war has increased China’s alumina surplus, supported smelting margins and boosted aluminium output, with exports expected to follow as domestic stockpiles rise and the economy slows. China’s refined copper output hit a record 1.33mln tons in March, the highest since data began in 1990, according to Bloomberg, as surging sulfuric acid byproduct prices boosted smelter profitability. Q1 production +9.3% Y/Y at 3.785mln tons, according to National Bureau of Statistics data. Rio Tinto (RIO) - Rio Tinto reported Q1 Pilbara iron ore output of 78.8mln tons and shipments of 72.4mln tons, while affirming FY26 production and sales guidance. The company said Pilbara output rose 13% Y/Y, copper production increased 9%, aluminium output was 1% higher, and Middle East conflict impacts on operations have been limited. Codelco - Chile’s new right-wing government said it is focused on improving performance at state copper producer Codelco rather than introducing private capital or selling assets, Bloomberg reports. Finance Minister Quiroz noted that Codelco’s ownership is set in the constitution, and any change would require a national decision beyond any single government. Steel Dynamics (STLD) - Q1 EPS 2.78 (exp. 2.79), Q1 revenue USD 5.2bln (exp. 5.06bln). Operating income increased +73% Y/Y at USD 228mln, driven by record steel shipments and higher steel prices. STLD highlighted a three-year after-tax return on invested capital of 13%. CEO said the business delivered a strong Q1 performance across all platforms, adding that the company is growing, returning capital to shareholders, and maintaining strong returns vs domestic manufacturers. CEO also said customer optimism, order entry activity, and pricing have been improving, and that STLD remains constructive on domestic steel and aluminium consumption through 2026 and beyond. In aluminium, two of the three planned cold mills in Mississippi are ramping and producing prime products, with the third cold mill and the second planned CASH line both scheduled to commission in Q3, while the first CASH line is already operational and has produced qualification material for automotive customers. USA Rare Earth (USAR) - USA Rare Earth’s incoming president said the company plans further acquisitions and new projects to challenge China’s dominance and become the leading US rare earth producer. The comments followed the announcement of a USD 2.8bln deal with Brazil’s Serra Verde Group on Monday, with management highlighting both organic and inorganic growth opportunities across the supply chain. INDUSTRIALS: RTX (RTX) - The US Air Force cancelled RTX’s ground-control network for the next generation of US GPS satellites after years of delays and cost overruns; an official said extensive system issues emerged during recent integrated testing with the broader GPS system, and the challenges of making it operational on a relevant timeline proved insurmountable. Separately, Raytheon Missiles and Defence received a USD 213.4mln US Navy contract modification to exercise options supporting installation, integration, development, testing, correction, maintenance and modernisation of combat systems, mission systems and related equipment for Zumwalt-class ships. Boeing (BA) - Ethiopian Airlines has converted options for six 787 Dreamliner aircraft, fully exercising commitments from its 2023 order. Ethiopian Airlines plans to use the 787-9 jets to expand its intercontinental network from Addis Ababa and increase cargo capacity as long-haul travel demand rises. Airbus (EADSY) - Airbus agreed to buy French cybersecurity company Quarkslab as it continues to strengthen its security capabilities, WSJ reports. The deal forms part of Airbus’s strategy to develop sovereign cybersecurity capabilities in France and reinforce its position in the wider European cybersecurity sector. Thales SA (THLLY) - Thales reported Q1 organic sales growth of 9.7% (exp. 7.3%), and defence orders rose 75%, supported by strong defence spending. It booked five defence orders worth more than EUR 100mln each in Q1 (vs one in Q1 2025). Alaska Air (ALK) - Shares fell 2.4% in afterhours trading following a Q1 earnings miss and suspending FY guidance. Q1 adj. EPS -1.68 (exp. -1.59), Q1 revenue USD 3.3bln (exp. 3.29bln); Q1 capacity +1.7%, RASM +3.5%, and CASM ex +6.3%. CEO said it is seeing evidence that its Alaska Accelerate plan is working, highlighting industry-leading on-time performance, the move to a single reservation system, loyalty growth through Atmos Rewards, and strong international demand. Alaska Air suspended FY26 guidance, citing ongoing fuel price volatility and limited visibility to earnings. For Q2, sees capacity up approximately 1% Y/Y, unit revenues up high single digits Y/Y with a path to +10%, and unit cost performance approximately 1.5 points higher vs Q1; it also sees fuel averaging approximately USD 4.50/gallon, adding roughly USD 600mln of expense, equivalent to an EPS headwind of 3.60. Q2 adj. loss per share seen around -1.00. Separately, Alaska Air and Bank of America (BAC) extended their co-branded credit card partnership in a multi-year agreement. JetBlue (JBLU) - JetBlue CEO told employees that the airline is not considering filing for bankruptcy protection this year, amid higher fuel costs and speculation about the carrier’s viability sparked by its founder, Bloomberg reports. Allegiant Travel (ALGT), Sun Country Airlines (SNCY) - Allegiant said its board will expand to 11 members (from eight) after the Sun Country Airlines acquisition closes. Jude Bricker, Jennifer Vogel and Thomas Kennedy, all current Sun Country board members, are expected to join Allegiant’s board at that time. QXO (QXO) - QXO CEO said the planned acquisition of TopBuild (BLD) is a key step in building a building-products distributor with USD 50bln in sales. CEO said QXO is considering every part of the building-products industry, and that no segment is off the table for expansion. UTILITIES: UK Renewable Energy - The UK plans to speed up efforts to cut green electricity costs by reducing exposure to higher gas prices, Bloomberg reports. Energy Secretary Miliband and Chancellor Reeves are set to announce measures to delink power and gas prices, including a new voluntary fixed-price subsidy for older wind and solar farms. German Energy - Germany plans to favour overhead high-voltage power lines over underground cables to reduce grid costs by billions, Bloomberg reports. A draft economy ministry law would require most new extra-high-voltage direct current transmission lines to be built above ground, while also limiting legal challenges and reducing the energy regulator’s decision-making power. HEALTHCARE: Roche (RHHBY) - The US FDA accepted an application for Gazyva/Gazyvaro to treat systemic lupus erythematosus, the most common form of lupus. The filing is based on Phase III ALLEGORY data showing a significant reduction in disease activity versus placebo in people with SLE. AstraZeneca (AZN) - AstraZeneca’s Ultomiris demonstrated a statistically significant and clinically meaningful reduction of proteinuria in adults with immunoglobulin A nephropathy in the I CAN Phase III trial.