미국 주식시장 개장 전 주요 뉴스 - 검색 광고 부진에 GOOG 하락; 실적 발표 후 MSFT 상승; 이익 부진과 주주환원 세부 내용 부족에 SSNLF 하락; 구독 부진에 NOW 급락; MRVL, LITE 인수 임박; 실적과 GMV 예상 상회 후 EBAY 상승

DAY AHEAD: EVENTS: EU-Canada summit. DATA: In Europe, Eurozone sentiment indicators are due. In North America, US Q3 advance GDP (exp. 3.2% Q/Q, prev. 2.2%); September PCE is expected to rise 0.5% M/M (prev. 0.3%), and 3.6% Y/Y (prev. 3.4%)); September core PCE is seen rising 0.3% M/M (prev. 0.2%), and 3.1% Y/Y (prev. 3.0%); personal income is seen up 0.3% M/M (prev. 0.2%) while personal spending is expected to rise by 0.6% M/M (prev. 0.9%). Weekly initial jobless claims are seen ticking up to 199K (prev. 194K), and continuing claims are seen easing to 1.72mln (prev. 1.728mln). CENTRAL BANKS: The ECB is expected to hold its deposit rate unchanged at 2.50%; President Lagarde will give a post-meeting press conference; ECB’s Cipollone also speaks today. SUPPLY: US auctions USD 44bln of 7-year notes; Italy offers EUR 5-6.5bln of 2031, 2032 and 2036 BTPs, as well as EUR 1-1.25bln of 2036 CCTeu. ENERGY: EIA weekly natural gas storage data will be released (prev. 77bcf). EARNINGS: Today’s earnings docket is heavy, and includes: Amazon (AMZN), Eli Lilly (LLY), Mastercard (MA), Intel (INTC), Merck (MRK), Caterpillar (CAT), Linde (LIN), Gilead (GILD), Sandisk (SNDK), Bristol-Myers (BMY), Altria (MO), Starbucks (SBUX), Stryker (SYK), Trane Technologies (TT), Intercontinental Exchange (ICE), Mondelez (MDLZ), Strategy (MSTR), L3Harris (LHX), Coinbase (COIN), Illumina (ILMN). MACRO: Fed Recap - The Fed held rates at 3.75-4.00%, as expected, with Cook and Hammack dissenting in favour of a 25bps hike, with Cook’s dissent being a particular surprise. The statement, largely unchanged, added that further information will help determine the policy stance needed for a timely return of inflation to the 2% goal, while upgrading growth language to “strong” from “solid”. In his post-meeting press conference, Fed Chair Warsh said the US economy is strong and pointing in the right direction, with Q3 GDP likely running above 3%, and business investment rising at a double-digit pace. He said the Fed is tightening financial conditions, and is “not uncomfortable” with that, emphasising that the Fed remains committed to returning inflation to its 2% goal. Warsh noted that the FOMC will continue to meet eight times a year, but one meeting in 2027 and two in 2028 will be devoted to broad strategy talks without any interest rate votes (seven meetings in 2027 will include a rate vote, falling to six in 2028). Writing after the meeting, Goldman Sachs Asset Management’s fixed income chief investment officer Kay Haigh said the Fed’s pause in raising interest rates will likely be short-lived, and expects a resumption of hikes in December. Goldman said that September’s strong CPI print shows upside inflation risks remain, adding that another rise in energy prices or further strong data could bring additional tightening into play next year. Meanwhile, Treasury Secretary Bessent said further Fed rate hikes would not necessarily be mistakes, though urged policymakers to consider transitory energy-driven inflation, and noted that bond markets have already tightened financial conditions. RBNZ - Governor Breman said she sees a high probability of a December rate hike after the central bank unexpectedly held rates at 2.75%. Markets price an 85% chance of a 25bps increase in December. TRADE: US Tariffs - US President Trump delayed tariffs on robotics, industrial machinery and related components, directing officials to negotiate with trading partners. A Commerce Department investigation found the imports threatened national security. Commerce Secretary Lutnick and USTR Greer will report progress within 180 days, with tariffs remaining an option if negotiations fail. GEOPOLITICS: US-Iran - US Vice President JD Vance sent a letter to Iranian security chief Mohsen Rezaei to explore restarting peace talks, with President Trump’s approval, the WSJ reports. Discussions have focused on a negotiating framework rather than specific proposals. US President Trump told an Ohio rally that the Strait of Hormuz would be renamed the Trump Strait. He added that Iran needed medical supplies and that VP Vance’s letter to an Iranian official concerned supplies to help people. White House principal deputy press secretary Kelly told the Jerusalem Post that the US will not attack Iran before the midterm elections; she described Iran’s economic and military conditions as severely weakened, adding that the US blockade would remain fully enforced despite record volumes of oil flowing through the Strait of Hormuz. US Treasury Secretary Bessent said Iran is unable to access US dollars, while funding for its proxies is declining; he added that Operation Outcast is succeeding. TECH: Microsoft (MSFT) - Microsoft shares rose 4.4% in extended US trading after stronger than expected earnings and revenue, driven by robust Azure cloud growth and AI demand, alongside an upbeat cloud outlook, and continued positive free cash flow. Q1 EPS 4.92 (exp. 4.72), Q1 revenue USD 92.3bln (exp. 90.6bln). Operating income USD 45.9bln (exp. 44.1bln), net income USD 36.6bln (exp. 35.1bln); Microsoft Cloud revenue +30% Y/Y to USD 63.9bln (exp. 61.62bln), Azure revenue +48% Y/Y (exp. +44.8%). Commercial RPO +73% Y/Y to USD 677bln; capex totalled USD 39.37bln (exp. 45.93bln), and FCF reached USD 18.6bln. Net gains from OpenAI investments added 0.03 to diluted EPS. Headcount declined 2% Y/Y. CEO Nadella highlighted accelerating AI adoption, with Copilot daily users increasing nearly 50% Q/Q and more than fivefold Y/Y. Sees Q2 revenue between USD 96.0-97.1bln (exp. 95.7bln), Q2 Azure revenue growth between 49-50% Y/Y and Q2 capex exceeding USD 50bln. Lowers 2026 capex outlook to approximately USD 170bln (prev. saw 175bln), reflecting third-party capacity delays, while expecting to remain free cash flow positive in FY27. Samsung Electronics (SSNLF) - Samsung Electronics shares fell after a disappointing lack of detail on shareholder returns, while weaker-than-expected profits and concerns over heavy AI infrastructure spending overshadowed a bullish memory chip demand outlook. Q3 net profit KRW 75.136tln (exp. 86.13tln), Q3 revenue KRW 195.253tln (vs 86.1tln Y/Y), Q3 operating profit KRW 107.441tln (vs 12.2tln Y/Y), with semiconductor operating profit of approximately KRW 106.5tln. Memory delivered record quarterly revenue and operating profit, supported by higher chip prices and robust AI-related server demand, although smartphone and home-appliance businesses recorded modest operating losses. Reaffirms FY26 shareholder returns between KRW 90-110tln, with KRW 35tln already planned/completed, including KRW 30tln in Q3 dividends. Further shareholder return details are expected in early 2027. Sees FY26 capex of KRW 84.4tln, including KRW 76.8tln allocated to semiconductors. Management expects tight memory supply-demand conditions to persist through 2028, with 2027 production already fully booked and significant growth in HBM4 sales anticipated. Expects AI infrastructure investment to accelerate in 2027, while display market demand is likely to remain weak. Anticipates multiyear supply contracts covering 60-70% of projected production capacity by 2030. Oracle (ORCL) - Oracle shares surged on Wednesday in regular trading hours, by over 10%, after the company eased concerns over its heavy AI infrastructure spending by outlining plans to limit additional financing, reduce capex and turn free cash flow positive. At its investor day, Oracle maintained its FY27 outlook, sees FY27 adj. EPS at 8.10 (exp. 8.14) and FY27 revenue of at least USD 90bln (exp. 90.43bln). It sets long-term targets, sees FY30 revenue of at least USD 225bln, representing more than 35% CAGR from FY26, FY30 adj. operating margin of at least 40% and FY30 adj. EPS of at least 21.00. Expects to achieve positive free cash flow in H2 FY28, and sees FY29 free cash flow of at least USD 30bln. Growth is expected to become self-funded beginning FY29, with FY29 net debt to adj. EBITDA below 3.5x. It commits to limiting additional capital raises through FY30 to USD 20bln, ex-refinancing of existing debt, split between USD 10bln in equity and USD 10bln in gross debt. ServiceNow (NOW) - ServiceNow shares plunged almost 19% in US afterhours trading as an underwhelming subscription revenue outlook, weaker than expected bookings and an earnings miss heightened investor concerns about AI disruption, despite growing adoption of its AI products. Q3 adj. EPS 1.00 (exp. 1.02), Q3 revenue USD 4.11bln (exp. 4.09bln). Subscription revenue +21% Y/Y to USD 3.99bln (exp. 3.98bln), current remaining performance obligations (cRPO) +20.5% Y/Y to USD 13.65bln, and total RPO +22% Y/Y to USD 29.7bln. CFO highlighted accelerating enterprise AI adoption, with agentic AI consumption increasing 13-fold Y/Y. Raises year-end AI product annual contract value target to USD 1.7bln (prev. saw 1.5bln). Sees Q4 subscription revenue between USD 4.245-4.255bln, representing growth of up to 23% Y/Y, and Q4 adj. cRPO growth of 18.5% Y/Y (exp. 19%). Narrows FY26 subscription revenue guidance, sees FY26 subscription revenue between USD 15.78-15.79bln (prev. saw 15.76-15.8bln). KLA (KLAC) - Q1 adj. EPS 1.22 (exp. 1.19), Q1 revenue USD 4.14bln (exp. 4.04bln). CEO highlighted strong demand for process control equipment driven by AI infrastructure investment, increasing complexity in leading-edge foundry and logic manufacturing, advanced memory technologies and advanced packaging. The company’s process, PCB and component inspection businesses are also benefiting from technology transitions and growing performance requirements in high-performance computing. Sees Q2 adj. EPS between 1.33-1.55 (exp. 1.36), Q2 revenue between USD 4.5-4.9bln (exp. 4.49bln) and Q2 adj. gross margin between 61.5-63.5%. Fortinet (FTNT) - Q3 adj. EPS 0.91 (exp. 0.77), Q3 revenue USD 2.08bln (exp. 2.06bln). Management emphasised growing opportunities in AI security, with its FortiOS and FortiASIC technologies positioned to secure AI infrastructure and address emerging cybersecurity threats. Sees Q4 adj. EPS between 0.93-0.95 (exp. 0.79), Q4 revenue between USD 2.155-2.245bln (exp. 2.16bln); sees FY26 adj. EPS between 3.54-3.58 (exp. 3.07) and FY26 revenue between USD 8.125-8.215bln (exp. 8.12bln). Shares fell more than 20% following the earnings release and guidance. Lumentum (LITE), Marvell (MRVL) - Marvell is in advanced talks to acquire Nvidia (NVDA)-backed Lumentum, potentially announcing a deal next week, Bloomberg reports. The acquisition would expand Marvell’s access to optical technology and manufacturing capacity for AI data centres, although negotiations could still collapse. STMicroelectronics (STM) - Q3 EPS rose to USD 0.37 (prev. 0.29), with revenue at USD 3.76bln (exp. 3.71bln). Sees Q4 revenue at USD 4.15bln (exp. 4.11bln), with gross margin projected at 39% (exp. 38.2%). Universal Display (OLED) - Q3 adj. EPS 1.23 (exp. 1.13), Q3 revenue USD 160.4mln (exp. 162.72mln). CFO highlighted continued momentum across the OLED ecosystem, supported by investment in new manufacturing capacity and expanding adoption of foldable and IT OLED products. Introduced OLEDX, advanced its phosphorescent blue programme, expanded AI-enabled materials discovery capabilities and achieved a commercialisation milestone with the launch of UVJC’s first equipment platform. Management highlighted growing industry demand for improved display performance, power efficiency and enhanced user experiences. Maintains FY26 revenue guidance; sees FY26 revenue between USD 630-670mln (exp. 630.53mln), with results expected at the lower end of the range. Wolfspeed (WOLF), BorgWarner (BWA) - Wolfspeed signed a multi-year agreement to supply silicon carbide devices for BorgWarner’s next-gen 800V inverter platform. The partnership supports electric vehicle and power conversion applications, providing long-term access to high-performance semiconductor technology. COMMUNICATIONS: Alphabet (GOOG) - Alphabet shares plunged 9.7% in extended US trading after weaker than expected search advertising revenue, slowing growth amid increased AI Mode usage and worsening negative free cash flow overshadowed strong Google Cloud performance, while plans for significantly higher AI spending and pressure on cloud margins added to investor concerns. Q3 EPS 2.12 (exp. 3.03), Q3 revenue USD 127.6bln (exp. 127.91bln). Operating income USD 40.58bln (exp. 43.16bln), Google Services revenue USD 96.30bln (exp. 98.4bln), Google Cloud revenue +103% Y/Y to USD 30.71bln (exp. 29.1bln), Google Search & other revenue USD 63.35bln (exp. 64.85bln), YouTube ads revenue USD 11.21bln (exp. 11.43bln). Capex was USD 51.36bln (exp. 55.78bln), with free cash flow of USD -9.07bln. Google Cloud backlog reached USD 561bln, with over 55% expected to convert into revenue over the next 24 months. CEO Pichai highlighted strong AI infrastructure demand, Gemini reaching 1bln users and growing adoption of TPU systems, although increased use of AI Mode contributed to slower search advertising growth. Maintains its FY26 capex outlook, sees FY26 capex between USD 195-205bln, with FY27 capex expected to increase significantly. Expects greater Q4 FX headwinds, particularly in Search and YouTube advertising, while increased third-party compute capacity is expected to pressure cloud margins. TPU system sales are expected to scale in Q4, followed by a meaningful revenue ramp in 2027. T-Mobile (TMUS) - T-Mobile shares rose 2% in extended trading after stronger than expected earnings, revenue and postpaid subscriber additions, alongside an improved profit and free cash flow outlook. Q3 EPS 3.22 (exp. 2.89), Q3 revenue USD 23.6bln (exp. 23.1bln). Net income USD 3.46bln, service revenue USD 19.38bln, core adj. EBITDA USD 9.62bln (exp. 9.413bln) and adj. free cash flow USD 5.071bln. Postpaid net account additions 274,000 (exp. 251,917, compared with 396,000 Y/Y), while postpaid account churn was 1.09%. Postpaid ARPA increased to USD 155.73 (vs 149.44 Y/Y). Raises midpoint and narrows FY26 core adj. EBITDA guidance; sees FY26 core adj. EBITDA between USD 37.35-37.45bln (exp. 37.345bln; prev. saw 37.1-37.5bln). Raises lower end of FY26 adj. free cash flow guidance, sees FY26 adj. free cash flow between USD 18.7-18.8bln (prev. saw 18.4-18.8bln) and FY26 postpaid net account additions of approximately 1mln. T-Mobile (TMUS), Deutsche Telekom (DTEGY) - Deutsche Telekom, which owns over 50% of T-Mobile, has delayed a formal bid to combine with T-Mobile US, partly due to works council opposition, Bloomberg reports. Elliott Investment Management has also opposed the deal. CONSUMER CYCLICAL: US Screwworm - New World screwworm was detected in Arizona for the first time, infecting a dog in Cochise County, Bloomberg reports. The USDA has confirmed 71 US cases since June, including 18 active infections, 10 in New Mexico. Cases have accelerated in October, with the parasite recently detected in wildlife, raising concerns for cattle ranchers. Instacart (CART), DoorDash (DASH) - DoorDash could announce an agreement to acquire Instacart as early as Thursday, CNBC reports citing sources. Bloomberg said DoorDash has also brought forward its Q3 earnings release to 29th October (from 4th November) amid the talks to acquire Instacart for roughly USD 17bln. eBay (EBAY) - eBay shares rose 4.7% in extended trading after stronger than expected earnings, revenue and gross merchandise volume, alongside an upbeat holiday-quarter outlook, supported by growing demand for second-hand goods and continued e-commerce momentum. Q3 adj. EPS 1.51 (exp. 1.41), Q3 revenue USD 3.2bln (exp. 3.12bln). GMV was USD 23.17bln (exp. 22.32bln). CEO highlighted continued momentum across Focus Categories, consumer-to-consumer (C2C) marketplace and recommerce. CFO emphasised strong GMV growth, earnings expansion and disciplined investment in strategic priorities. Sees Q4 adj. EPS between 1.48-1.53 (exp. 1.48), Q4 revenue between USD 3.19-3.24bln (exp. 3.20bln); sees FY26 adj. EPS between 6.25-6.30 (exp. 6.15), FY26 revenue between USD 12.62-12.67bln (exp. 12.55bln). Ford (F) - Ford shares were little changed in afterhours trading as stronger-than-expected earnings and an improved FY outlook were offset by expectations of flat profitability next year amid persistent commodity inflation, rising logistics costs and pressure on vehicle margins. Q3 adj. EPS 0.49 (exp. 0.41), Q3 revenue USD 49.5bln (exp. 49.08bln), Q3 adj. EBIT USD 2.7bln (vs 2.6bln Y/Y); Ford Blue EBIT -10% Y/Y to USD 1.39bln, reflecting lower volumes from product discontinuations, Middle East conflict disruptions and higher commodity costs. Ford Pro EBIT -16% Y/Y, while Ford Model e losses narrowed to USD 1.1bln (vs 1.4bln Y/Y). CEO Farley highlighted cost reductions, record growth in software services and parts, and progress towards an 8% adj. EBIT margin by 2029. Raises FY26 adj. EBIT guidance, sees FY26 adj. EBIT between USD 10.5-11bln (prev. saw 10-11bln). Maintains FY26 adj. free cash flow view between USD 6-7bln, and capex between USD 9.5-10.5bln. Expects FY26 Ford Blue EBIT of approximately USD 5.5bln, Ford Pro EBIT USD 7bln and Ford Model e losses of USD 4bln. Guidance assumes commodity headwinds approaching USD 2.5bln Y/Y, and USD 1bln in material and warranty cost reductions. Sees FY27 profitability roughly in line with FY26 levels, with inflation expected to create approximately USD 2bln in additional costs. Tesla (TSLA) - A South Korean court dismissed a lawsuit by 89 Tesla owners seeking refunds of up to KRW 9mln each over delayed Full Self-Driving features, Bloomberg reports. Judges ruled Tesla provided some functions and had not breached contracts because rollouts depended on regulatory limits and lacked fixed deadlines. Plaintiffs’ lawyer disputed the ruling, citing required hardware replacements. Toyota (TM) - September global sales, including Daihatsu, -2.9% Y/Y to 921.8K vehicles; production declined by -3.2% to 989.2K. Toyota and Lexus sales in China -20%, marking eight consecutive monthly declines, despite growth of +8.6% in North America and +1.8% in Japan. Volkswagen (VOW3 GY) - Reported a Q3 operating loss of EUR 5.86bln (exp. 5.67bln); 9-month revenue fell to EUR 233.4bln (prev. 238.6bln), while operating profit dropped to EUR 71mln (prev. 5.4bln); results included EUR 6.4bln in Porsche goodwill impairments, and EUR 1bln in China asset write-downs. CEO plans 100K job cuts and up to four German plant closures. Renault (RNLSY) - Q3 revenue EUR 11.6bln, broadly matching estimates, while group sales fell 6%. Dacia deliveries declined 13% amid intensifying competition in Europe and South America. Maintained its FY26 operating margin guidance of around 5.5%, and continued its electric vehicle strategy despite challenging market conditions. Hyundai Motor (HYMPY) - Q3 operating profit +5.5% to KRW 2.68tln (exp. 2.61tln), revenue -3.4% to KRW 45.1tln. Strong US and Indian demand offset weaker sales elsewhere, including a 50% slump in China. Cut its FY26 vehicle sales target to 4mln (prev. 4.16mln) and investment budget by 10% to KRW 16tln. Geely Automobile (GELHY) - Q3 net income +25% to CNY 4.84bln, as exports nearly tripled. Overseas shipments reached 323.4K vehicles, representing roughly 40% of sales, offsetting intense competition in China. Adverse currency movements reduced profit by approximately CNY 400mln, while potential EU restrictions on Chinese hybrid imports pose further challenges. Carvana (CVNA) - Q3 EPS 0.39 (exp. 0.44), Q3 revenue USD 8.04bln (exp. 7.71bln). Adj. EBITDA USD 800mln (vs 637mln Y/Y). CEO noted that the company has doubled its customer base over the past two years while maintaining industry-leading unit economics. Expects Q4 retail units sold to increase sequentially. Previously indicated FY26 adj. EBITDA between USD 2.7-3bln, with results expected at the higher end of the range. The company states it will no longer provide quarterly or annual financial outlooks. O’Reilly Automotive (ORLY) - Q3 EPS 0.97 (exp. 0.93), Q3 revenue USD 5.12bln (exp. 5.02bln). Comparable store sales +7.2% Y/Y, representing two-year stacked growth of 12.8%, driven by market share gains, double-digit growth in professional sales and mid-single-digit growth in DIY. EPS +14% Y/Y, supported by strong sales and a USD 39mln benefit from tariff refunds. CEO highlighted strong customer demand, continued market share gains and solid new-store performance. Raises FY26 guidance, sees FY26 EPS between 3.25-3.35 (exp. 3.28; prev. saw 3.20-3.30), FY26 revenue between USD 19-19.3bln (exp. 19.14bln; prev. saw 18.9-19.2bln) and FY26 comparable store sales growth between 5.5-6.5% (prev. saw 4-6%). Raises FY26 gross margin guidance, sees FY26 gross margin between 51.6-52.1% and FY26 operating profit margin between 19.5-20.0%, incorporating Q3 tariff refund benefits and Q4 margin expectations. Chipotle (CMG) - Shares rose 6.6% in extended trading as stronger customer traffic and comparable restaurant sales, supported by improved spending among lower-income consumers, combined with management’s confidence in sustained sales growth, overshadowed an earnings miss and weaker restaurant margins. Q3 adj. EPS 0.27 (exp. 0.29), Q3 revenue USD 3.3bln (exp. 3.29bln); comparable restaurant sales +2.1% Y/Y, supported by a 1.3% increase in average check. Restaurant-level operating margin declined to 23.3% (vs 24.5% Y/Y). CEO highlighted three consecutive quarters of positive comparable transaction growth. Management noted improving customer traffic following softer trends in early October, with greater confidence in November and December performance. Sees Q4 comparable restaurant sales growth of approximately 2%. Maintains FY26 guidance, sees FY26 comparable restaurant sales growth in the low single digits. MGM Resorts (MGM) - Q3 EPS -0.11 (exp. 0.08), Q3 revenue USD 4.2bln (exp. 4.21bln). Lower room rates at Las Vegas Strip properties weighed on quarterly results, although management noted a favourable rebound in October. Trailing 12-month Las Vegas Strip Resorts segment adj. EBITDAR has increased nearly 70% since 2019, while MGM China revenue +5% Y/Y, supported by strong market share performance. Digital businesses, including BetMGM North America and MGM Digital, recorded strong revenue growth. Prediction Markets - Australia’s ASIC has received no licensing applications from prediction market operators and would set a high approval threshold, Bloomberg reports. Chair Sarah Court likened platforms such as Kalshi and Polymarket to gambling and banned binary options. ASIC warned Australian users lack financial protections on overseas platforms, while the communications regulator has ordered internet providers to block Polymarket. Adidas (ADDYY) Q3 sales rose to EUR 7.25bln (prev. 6.63bln), with operating margin at 13.9%, up 2.8ppts; apparel revenue +19%, and sports gear +14%, while footwear stagnated. Raised its FY26 operating profit view to EUR 2.5bln (prev. 2.3bln), expects currency-neutral revenue growth of 9-10%. CONSUMER STAPLES: Anheuser-Busch InBev (BUD) - Anheuser-Busch InBev’s Q3 organic volumes rose 0.4% (exp. 0.5%), as weak beer sales and subdued demand in China offset growth elsewhere. Sprouts Farmers Market (SFM) - Q3 EPS 1.21 (exp. 1.23), Q3 revenue USD 2.3bln (exp. 2.33bln). Results were impacted by a challenging consumer environment and cyclospora disruption. CEO highlighted efforts to strengthen execution and drive customer traffic through increased investment in affordability and customer engagement, while noting strong performance from recently opened stores. Sees Q4 EPS between 0.47-0.51, Q4 comparable store sales growth between -4% and -2%. Sees FY26 EPS 4.80 and FY26 net sales growth of 4.3%. Pilgrim’s Pride (PPC) - Q3 adj. EPS 0.49 (exp. 0.54), Q3 revenue USD 4.7bln (exp. 4.65bln). CEO Fabio Sandri highlighted continued strong demand for the company’s differentiated chicken product portfolio across all regions. INDUSTRIALS: FedEx (FDX) - FedEx shares slipped in afterhours trading amid concerns over declining margins and rising transport costs, driven by higher trucker rates, record diesel prices and driver shortages, which overshadowed stronger than expected earnings and an upgraded profit outlook. Q3 adj. EPS 3.74 (exp. 3.34), Q3 revenue USD 22.9bln (exp. 22.73bln). Execs said results were supported by improved pricing, higher volumes and cost savings. US express delivery margin declined to 6.6% (vs 6.8% Y/Y), reflecting higher trucking costs amid record diesel prices and driver shortages. Increased transportation costs, pilot pay and variable compensation also weighed on profitability, with management expecting greater margin pressure during the Q4 holiday peak. CEO highlighted disciplined cost reductions and profitable growth, with Network 2.0 programme savings of USD 2bln targeted by the end of 2027. Sees Q4 adj. EPS between 6.03-6.63 (exp. 6.39) and Q4 revenue growth of approximately +10% Y/Y, with volume and yield trends expected to remain similar to Q3. Raises FY26 guidance, sees FY26 adj. EPS between 18.00-18.60 (exp. 17.74; prev. saw 16.90-18.10) and FY26 revenue growth of approximately +12% Y/Y (prev. saw +11%). Maintains FY26 capex outlook of USD 3.9bln and expects FY26 adj. free cash flow of approximately USD 4bln. Honeywell (HONA) - Q3 adj. EPS 2.21 (exp. 1.87), Q3 revenue USD 4.6bln (exp. 4.57bln). Order backlog USD 19.3bln, with orders +9% over the last 12 months. CEO highlighted robust demand, improving supplier performance and accelerating investments. Declares first quarterly dividend of USD 0.40/shr. Announced a USD 500mln investment in a new Arizona manufacturing facility, expected to open in late 2028, supporting USD 15bln in Control Systems programme wins. Raises FY26 guidance, sees FY26 pro forma standalone adj. EPS between 7.85-8.00 (exp. 7.74; prev. saw 7.60-7.90), FY26 organic sales growth between 4-5% and FY26 pro forma standalone adj. EBIT between USD 4.375-4.425bln (prev. saw 4.35-4.45bln). Raises lower end of H2 free cash flow outlook, sees H2 free cash flow between USD 1.2-1.4bln (prev. saw 1.0-1.4bln). Canadian Pacific Kansas City (CP) - Q3 EPS 1.28 (vs 1.10 Y/Y), Q3 revenue CAD 4.2bln (vs 3.7bln Y/Y). CEO highlighted continued momentum across the company’s North American rail network, with growth in grain, intermodal and merchandise markets despite macroeconomic headwinds. Strong service performance, disciplined operational execution and a robust commercial pipeline supported results, with management remaining on track to meet FY commitments. Announces a new five-year rail service agreement with Elk Valley Resources, expanding CPKC’s share of steelmaking coal transportation from EVR’s four British Columbia mines to Westshore Terminals and Neptune Terminals in Vancouver. ENERGY: Los Angeles Oil Rigs - Los Angeles approved a ban on new oil and gas drilling and a 20yr phaseout of existing operations, Bloomberg reports. The ordinance covers more than 600 active and 1,200 idle wells, with regulated utility sites exempt. Officials cited public-health risks. Further legal challenges from the industry remain possible. Canadian Oil Discount - Western Canadian Select’s discount to WTI widened to USD 31 per barrel in Alberta, its widest since October 2022. Canadian heavy crude’s US Gulf Coast discount reached USD 23.50 amid increased Venezuelan imports and elevated tanker rates. Shell (SHEL) - Q3 adj. profit USD 10.814bln (exp. 10.23bln), adj. EPS USD 4.03 (exp. 3.97); it saw record refining margins of USD 42/bbl (prev. 24) and higher LNG prices, which supported earnings. It reduced its net debt to USD 39.7bln (prev. 41.8bln); announced a USD 5bln buyback, and maintained FY26 CAPEX guidance at USD 23-25bln. TotalEnergies (TTE FP) - Q3 adj. net income +127% Y/Y to USD 9.10bln (exp. 8.9bln), adj. EPS USD 4.03 (exp. 3.97), adj. EBITDA USD 17.81bln (prev. 13.2bln); production rose over 3% Q/Q to 2.474mln boe/d. It authorised USD 2.5bln of Q4 buybacks, maintained its EUR 0.90/share interim dividend, and confirmed FY26 CAPEX near USD 15bln. Petrobras (PBR) - Petrobras’ Q3 oil and gas production +12% Y/Y to a record 3.51mln barrels of oil equivalent daily, Bloomberg reports. Output +5.3% Q/Q as new deep-water platforms ramped, while refineries operated at 99% capacity with record diesel production. Domestic fuel prices remained below international benchmarks, despite Brent exceeding USD 110/bbl. MATERIALS: China Copper - China’s Yangshan copper import premium surged above USD 200 per tonne, its highest since 2017, amid tightening supplies, Bloomberg reports. US tariff concerns have diverted shipments, while Chinese inventories have declined and Q3 refined copper output fell 1.1% Y/Y. FINANCIALS: AI Financing - Banks led by Morgan Stanley (MS) have delayed a USD 5-7bln bond sale to refinance part of a USD 15bln loan for Nexus Data Centres’ Texas project, leased to Anthropic (ANT) and backed by Google (GOOG), according to Bloomberg. Texas suspended new data centre projects pending a power-grid review, which would potentially leave lenders holding the debt for longer. Elsewhere, US Treasury Secretary Scott Bessent downplayed concerns over AI financing, saying neoclouds represent a small share of the sector and financing deals continue. Global Bond Sales - Global bond issuance hit a record USD 6.61tln, +15% Y/Y, fuelled by AI infrastructure financing, Bloomberg reports. Cloud and data centre firms issued almost USD 368bln, over six times last year’s volume and accounting for a third of the increase. Amazon (AMZN) became the largest corporate issuer, followed by Alphabet (GOOG), while CoreWeave’s (CRWV) debt troubles highlighted mounting investor concerns. Societe Generale (SCGLY) - Q2 adj. net income EUR 1.9bln (exp. 1.7bln), revenue EUR 7.2bln (exp. 6.8bln); equities trading revenue +46% to EUR 1.2bln, fixed income trading revenue -21% to EUR 474mln. ING Groep (ING) - ING’s Q3 net income rose 3.5% to EUR 1.85bln (exp. 2.01bln) amid higher costs and loan provisions; the bank plans 400 job cuts, a EUR 1.65bln buyback and EUR 250mln dividend. It maintained revenue guidance above EUR 24.5bln for FY26, and EUR 26bln for 2027. BBVA SA (BBVA) - Q3 net income EUR 3.02bln (exp. 2.98bln), net interest income EUR 8.08bln (exp. 7.77bln); higher interest income and fees supported profitability. The bank is focusing on expanding existing businesses following its failed takeover of Banco Sabadell. REAL ESTATE: Equinix (EQIX) - Q3 EPS 4.93 (exp. 4.11), Q3 revenue USD 2.57bln (exp. 2.56bln). AFFO/shr 11.64 (exp. 10.51). CEO highlighted double-digit growth in interconnection and monthly recurring revenue, alongside accelerated capacity expansion to meet broad-based demand. The company launched Equinix Fabric One and Equinix Inference Exchange to support enterprise workloads, with its expanding ecosystem and strong balance sheet supporting sustained growth. Sees Q4 revenue between USD 2.68-2.72bln (exp. 2.64bln). Raises FY26 guidance, sees FY26 AFFO between 43.71-44.11 (prev. saw 42.69-43.29) and FY26 revenue between USD 10.325-10.365bln (exp. 10.28bln; prev. saw 10.205-10.285bln). UTILITIES: American Water (AWK) - Q3 adj. EPS 2.00 (exp. 2.04), Q3 revenue USD 1.51bln (exp. 1.55bln). Remains on track to complete its merger with Essential Utilities by the end of Q1 2027, with progress on regulatory approvals and integration planning. Narrows FY26 guidance, sees FY26 adj. EPS between 6.07-6.12 (exp. 6.08; prev. saw 6.02-6.12). Sees FY27 standalone adj. EPS between 6.53-6.63 (exp. 6.56), representing approximately 8% growth at the midpoint compared with FY26 guidance. Announced updated standalone capital investment plans exceeding USD 20bln for 2026-2030 and USD 48bln for 2026-2035. Maintains long-term targets. HEALTHCARE: Align Technology (ALGN) - Appoints Jennifer Davis as President and CEO effective 31st December, succeeding Joe Hogan, who will retire from the board on 16th June 2027. Q3 adj. EPS 2.80 (exp. 2.76), Q3 revenue USD 1.015bln (exp. 1bln). Adj. gross margin 70.4%, adj. operating margin 24.4%, above prior guidance. Clear Aligner volumes reflected record doctor submitters and record Q3 shipments, with North American orthodontist shipments increasing Y/Y for the first time in six quarters and DSO shipments growing double-digits Y/Y. iTero scanner placements increased double-digits Y/Y, with more than 157,000 systems globally. Sees Q4 revenue between USD 1.0-1.02bln (exp. 1.05bln) and Q4 adj. operating margin of approximately 26%. Sees FY26 revenue between USD 4.11-4.13bln (exp. 4.15bln), FY26 adj. operating margin of approximately 23.7% and FY26 capex between USD 125-150mln. Bausch Health (BHC) - Q3 adj. EPS 1.77 (exp. 1.24), Q3 revenue USD 2.94bln (exp. 2.7bln). Excluding Bausch + Lomb, revenue and adj. EBITDA grew Y/Y for the fourteenth consecutive quarter, with quarterly adj. EBITDA exceeding USD 1bln for the first time. Net debt reduced by more than USD 500mln during Q3, supported by strong cash generation. Announces USD 50mln share buyback programme, primarily aimed at offsetting dilution from management equity awards expected to vest in 2027. Raises FY26 guidance, sees FY26 revenue between USD 10.975-11.175bln (exp. 10.92bln) and FY26 adj. EBITDA between USD 4.315-4.415bln. Teladoc Health (TDOC) - Q3 EPS -0.15 (exp. -0.21), Q3 revenue USD 605.1mln (exp. 590.09mln). Revenue reached near the upper end of guidance, while adj. EBITDA exceeded the company’s guidance range. BetterHelp insurance revenue exceeded expectations, supported by expanding provider capacity and improved access to covered services. Sees Q4 EPS between -0.23 and -0.03 (exp. -0.11), Q4 revenue between USD 569-615mln (exp. 599.41mln); sees FY26 EPS between -0.95 and -0.75 (exp. -0.89), and FY26 revenue between USD 2.395-2.441bln (exp. 2.42bln).