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DAY AHEAD: EVENTS: EU-Canada summit. SUPPLY: US auctions USD 44bln of 7-year notes. ENERGY: EIA weekly natural gas storage data will be released (prev. 77bcf). EARNINGS: Today’s earnings docket is heavy, and includes: Amazon.com (AMZN), Intel (INTC), Gilead Sciences (GILD), Strategy (MSTR), Sandisk (SNDK), Starbucks (SBUX), FedEx Freight Holding (FDXF). US PRE-MARKET MOVERS SUMMARY: ES -0.4% NQ -1.3% RTY -0.2% GOOG -11.5%: Weak report; profit & rev. light & worsening negative FCF MSFT +2%: EPS, rev. & op. income topped w/ better-than-exp. guidance CRWV -6%, NBIS -6%, IREN -4.5%: MSFT's lower-than-exp. capex points to infrastructure partners taking longer to deliver capacity FTNT -26.5%: Product rev. short of exp. w/ FY services guide cut & next Q rev. guide way short of bull exp. NOW -19%: Underwhelming subs. rev. guide w/ a bookings & profit miss KLAC +3.3%: Headline metrics topped w/ strong next Q guidance CTSH -10.5%: Weak next Q rev. outlook TMUS +3%: Profit, rev. & postpaid subs. additions beat alongside strong FY guidance EBAY +6%: Solid headline nos. & GMV, alongside upbeat holiday-Q outlook NCLH +11%: Top & bottom line beat w/ upbeat FY profit view CAT -12%: Top line shy of exp. MA +2%: Q3 results beat LLY +4.5%: Headline metrics topped w/ strong drug sales breakdown & lifted FY rev. outlook MRK +2.5%: Topped Q3 exp. as Keytruda & Gardasil outperformed LITE +7%: MRVL (-11.5%) in advanced talks to acquire Co. TECH: Microsoft (MSFT) - 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 2027 (USD): EPS 4.92 (exp. 4.72), Revenue 92.3bln (exp. 90.6bln). Operating income 45.9bln (exp. 44.1bln), Net income 36.6bln (exp. 35.1bln); Microsoft Cloud revenue 63.9bln (exp. 61.62bln), +30% Y/Y; Azure revenue +48% Y/Y (exp. +44.8%). Commercial RPO 677bln, +73% Y/Y; Capex 39.37bln (exp. 45.93bln), FCF 18.6bln. Commentary: Net gains from OpenAI investments added USD 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. Guidance: Q2 revenue 96.0-97.1bln (exp. 95.7bln), Azure revenue growth 49-50% Y/Y and Capex exceeding 50bln. Lowers 2026 capex outlook to approximately 170bln (prev. 175bln), reflecting third-party capacity delays, while expecting to remain free cash flow positive in FY27. Fortinet (FTNT) Q3 2026 (USD): Adj. EPS 0.91 (exp. 0.77), Revenue 2.08bln (exp. 2.06bln). Commentary: Management emphasised growing opportunities in AI security, with its FortiOS and FortiASIC technologies positioned to secure AI infrastructure and address emerging cybersecurity threats. Guidance: Q4 adj. EPS 0.93-0.95 (exp. 0.79), Revenue 2.155-2.245bln (exp. 2.16bln); FY26 adj. EPS 3.54-3.58 (exp. 3.07), Revenue 8.125-8.215bln (exp. 8.12bln). Shares fell more than 20% following the earnings release and guidance. Product revenue +37%, well short of the exp. ~50%+ bogey and services decelerated with the FY services guide cut; Q4 revenue guide +15.5% vs bulls’ ~18-19%. ServiceNow (NOW) - Shares plunged almost 19% in US after-hours 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 2026 (USD): Adj. EPS 1.00 (exp. 1.02), Revenue 4.11bln (exp. 4.09bln). Subscription revenue 3.99bln (exp. 3.98bln), +21% Y/Y, current remaining performance obligations (cRPO) 13.65bln, +20.5% Y/Y, Total RPO 29.7bln, +22% Y/Y. Commentary: CFO highlighted accelerating enterprise AI adoption, with agentic AI consumption increasing 13-fold Y/Y. Guidance: Raises year-end AI product annual contract value target to 1.7bln (prev. 1.5bln). Q4 subscription revenue 4.245-4.255bln, representing growth of up to 23% Y/Y, and Q4 adj. cRPO growth 18.5% Y/Y (exp. 19%). Narrows FY26 subscription revenue guidance to 15.78-15.79bln (prev. 15.76-15.8bln). KLA (KLAC) Q1 2027 (USD): Adj. EPS 1.22 (exp. 1.19), Revenue 4.14bln (exp. 4.04bln). Commentary: 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. Guidance: Q2 adj. EPS 1.33-1.55 (exp. 1.36), Revenue 4.5-4.9bln (exp. 4.49bln), Adj. gross margin 61.5-63.5%. Cognizant Technology Solutions (CTSH) Q3 2026 (USD): Adj. EPS 1.49 (exp. 1.46), Revenue 5.7bln (exp. 5.64bln). Guidance: Q4 revenue 5.49-5.57bln (exp. 5.65bln). Gen Digital (GEN) Q2 2027 (USD): non-GAAP EPS 0.74 (exp. 0.72), Revenue 1.37bln (exp. 1.34bln). Guidance: Q3 EPS 0.73-0.75 (exp. 0.73), Revenue 1.37-1.39bln (exp. 1.35bln). FY27 non-GAAP EPS 2.93-2.98 (prev. 2.87-2.97, exp. 2.94), Revenue 5.465-5.515bln (prev. 5.375-5.475bln, exp. 5.44bln). Tyler Technologies (TYL) Q3 2026 (USD): Adj. EPS 3.52 (exp. 3.48), Revenue 647.6mln (exp. 652mln). Guidance: Backs FY26 adj. EPS of 12.95-13.20 (exp. 13.10), Cuts FY revenue to 2.535-2.565bln (prev. 2.535-2.575bln, exp. 2.55bln). Universal Display (OLED) Q3 2026 (USD): Adj. EPS 1.23 (exp. 1.13), Revenue 160.4mln (exp. 162.72mln). Commentary: 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. Guidance: Maintains FY26 revenue of 630-670mln (exp. 630.53mln), with results expected at the lower end of the range. Samsung Electronics (SSNLF) - 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 2026 (KRW): Net profit 75.136tln (exp. 86.13tln), Revenue 195.253tln (vs 86.1tln Y/Y), Operating profit 107.441tln (vs 12.2tln Y/Y), with semiconductor operating profit of approximately KRW 106.5tln. Commentary: 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 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. STMicroelectronics (STM) Q3 2026 (USD): EPS 0.37 (prev. 0.29), Revenue 3.76bln (exp. 3.71bln). Guidance: Q4 revenue 4.15bln (exp. 4.11bln), with gross margin projected at 39% (exp. 38.2%). 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. 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. Nvidia (NVDA) - CEO Huang was the target of a Chinese spy plot, NY Times reports; US officials believed that the individual had direct access to the CEO. President Trump was briefed on this in 2025. COMMUNICATIONS: Alphabet (GOOG) - 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 2026 (USD): EPS 2.12 (exp. 3.03), Revenue 127.6bln (exp. 127.91bln). Operating income 40.58bln (exp. 43.16bln), Google Services revenue 96.30bln (exp. 98.4bln), Google Cloud revenue 30.71bln (exp. 29.1bln), +103% Y/Y, Google Search & other revenue 63.35bln (exp. 64.85bln), YouTube ads revenue 11.21bln (exp. 11.43bln). Capex 51.36bln (exp. 55.78bln), with FCF -9.07bln. Commentary: Google Cloud backlog reached 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. Guidance: Maintains FY26 capex outlook, sees FY26 capex 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) - 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 2026 (USD): EPS 3.22 (exp. 2.89), Revenue 23.6bln (exp. 23.1bln). Net income 3.46bln, Service revenue 19.38bln, Core adj. EBITDA 9.62bln (exp. 9.413bln), Adj. FCF 5.071bln. Postpaid net account additions 274,000 (exp. 251,917, vs 396,000 Y/Y), while postpaid account churn was 1.09%. Postpaid ARPA increased to USD 155.73 (vs 149.44 Y/Y). Guidance: Raises midpoint and narrows FY26 core adj. EBITDA guidance; FY26 core adj. EBITDA 37.35-37.45bln (exp. 37.345bln; prev. 37.1-37.5bln). Raises lower end of FY26 adj. FCF to 18.7-18.8bln (prev. 18.4-18.8bln) and sees 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. Meta Platforms (META) - Has lost its appeal in a case involving publishers at the Paris Court of Appeal, according to a court statement. CONSUMER DISCRETIONARY: 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 2026 (USD): Adj. EPS 1.51 (exp. 1.41), Revenue 3.2bln (exp. 3.12bln). GMV 23.17bln (exp. 22.32bln). Commentary: 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. Guidance: Q4 adj. EPS 1.48-1.53 (exp. 1.48), Revenue 3.19-3.24bln (exp. 3.20bln). FY26 adj. EPS 6.25-6.30 (exp. 6.15), Revenue 12.62-12.67bln (exp. 12.55bln). Ford (F) - Shares were little changed in after-hours 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 2026 (USD): Adj. EPS 0.49 (exp. 0.41), Revenue 49.5bln (exp. 49.08bln), Adj. EBIT 2.7bln (vs 2.6bln Y/Y); Ford Blue EBIT 1.39bln, -10% Y/Y, 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 1.1bln (vs 1.4bln Y/Y). Commentary: CEO Farley highlighted cost reductions, record growth in software services and parts, and progress towards an 8% adj. EBIT margin by 2029. Guidance: Raises FY26 adj. EBIT to 10.5-11bln (prev. 10-11bln). Maintains FY26 adj. FCF 6-7bln, Capex 9.5-10.5bln. Expects FY26 Ford Blue EBIT 5.5bln, Ford Pro EBIT 7bln and Ford Model e losses of 4bln. Guidance assumes commodity headwinds approaching 2.5bln Y/Y, and 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. Norwegian Cruise Line (NCLH) Q3 2026 (USD): Adj. EPS 1.12 (exp. 0.93), Revenue 2.9bln (exp. 2.88bln). Guidance: FY adj. EPS 1.70 (exp. 1.54). CFO replacement from January 2027; Meghan Montana, currently Chief Strategy Officer, has been appointed. Carvana (CVNA) Q3 2026 (USD): EPS 0.39 (exp. 0.44), Revenue 8.04bln (exp. 7.71bln). Adj. EBITDA 800mln (vs 637mln Y/Y). Commentary: CEO noted Co. 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 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 2026 (USD): EPS 0.97 (exp. 0.93), Revenue 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. Commentary: CEO highlighted strong customer demand, continued market share gains and solid new-store performance. Guidance: Raises FY26; EPS 3.25-3.35 (exp. 3.28; prev. 3.20-3.30), Revenue 19-19.3bln (exp. 19.14bln; prev. 18.9-19.2bln), Comp. store sales growth 5.5-6.5% (prev. 4-6%), Gross margin 51.6-52.1%, Operating profit margin 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 2026 (USD): Adj. EPS 0.27 (exp. 0.29), Revenue 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). Commentary: 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. Guidance: Q4 comp. restaurant sales growth of 2%. Maintains FY26 guidance, sees FY26 comp. restaurant sales growth in the low single digits. MGM Resorts (MGM) Q3 2026 (USD): EPS -0.11 (exp. 0.08), Revenue 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. D.R. Horton (DHI) Q4 2026 (USD): EPS 2.67 (exp. 3.01), Revenue 9.4bln (exp. 9.07bln). Guidance: FY27 revenue 30-32bln (exp. 33.65bln). Mobileye Global (MBLY) Q3 2026 (USD): EPS 0.11 (exp. 0.10), Revenue 492mln (exp. 477mln), Adj. operating income 89mln (exp. 77.6mln). Guidance: FY revenue 1.99-2.02bln (prev. 1.97-2.02bln, exp. 2.01bln). 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. Hyundai Motor (HYMPY) Q3 2026 (KRW): Operating profit 2.68tln (exp. 2.61tln), +5.5%, Revenue 45.1tln, -3.4%. 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 2026 (CNY): Net income 4.84bln, +25%, 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. Adidas (ADDYY) Q3 2026 (EUR): Sales 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), and expects currency-neutral revenue growth of 9-10%. Volkswagen (VWAGY) Q3 2026 (EUR): Operating loss 5.86bln (exp. 5.67bln); 9-month revenue 233.4bln (prev. 238.6bln), while operating profit dropped 71mln; 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 2026 (EUR): Revenue 11.6bln, broadly matching estimates, while group sales fell 6%. Dacia deliveries declined 13% amid intensifying competition in Europe and South America. Maintained FY26 operating margin guidance of around 5.5%, and continued its electric vehicle strategy despite challenging market conditions. Toyota (TM) - September global sales, including Daihatsu, -2.9% Y/Y to 921.8K vehicles; production -3.2% to 989.2K. Toyota and Lexus sales in China -20%, an eighth consecutive monthly decline, despite +8.6% in North America and +1.8% in Japan. Instacart (CART), DoorDash (DASH) - DoorDash confirms it is to acquire Instacart for USD 65/shr, valuing the deal at USD 17bln. DoorDash expects to fund the cash portion of the consideration using cash on hand and proceeds from debt financing. In earnings, DoorDash Q3 2026 (USD): EPS 1.06 (exp. 0.81), revenue 4.6bln (exp. 4.56bln). Marketplace GOV 33.9bln. 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. 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. INDUSTRIALS: FedEx (FDX) - Shares slipped in after-hours 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 2026 (USD): Adj. EPS 3.74 (exp. 3.34), Revenue 22.9bln (exp. 22.73bln). Commentary: 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. Guidance: Q4 adj. EPS 6.03-6.63 (exp. 6.39), Revenue growth +10% Y/Y, with volume and yield trends expected to remain similar to Q3. Raises FY26; adj. EPS 18.00-18.60 (exp. 17.74; prev. 16.90-18.10), Revenue growth +12% Y/Y (prev. +11%). Maintains FY26 capex of 3.9bln and expects FY26 adj. FCF 4bln. Honeywell Aerospace (HONA) Q3 2026 (USD): Adj. EPS 2.21 (exp. 1.87), Revenue 4.6bln (exp. 4.57bln). Order backlog 19.3bln, with orders +9% over the last 12 months. Commentary: 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. Guidance: Raises FY26; pro forma standalone adj. EPS 7.85-8.00 (exp. 7.74; prev. 7.60-7.90), Organic sales growth 4-5%, Pro forma standalone adj. EBIT 4.375-4.425bln (prev. 4.35-4.45bln). Raises lower end of H2 FCF to 1.2-1.4bln (prev. 1.0-1.4bln). Caterpillar (CAT) Q3 2026 (USD): Adj. EPS 7.20 (exp. 7.06), Revenue 20.7bln (exp. 20.76bln); operating margin 20.4%, adj. margin 20.6%. CEO: Q3 results reflect the durability of end markets, with strong order rates and a record backlog. Carrier Global (CARR) Q3 2026 (USD): Adj. EPS 0.87 (exp. 0.76), Revenue 6.26bln (exp. 6.09bln). Guidance: FY26 adj. EPS 2.85-2.90 (prev. 2.90, exp. 2.88), Revenue 23.8-24bln (prev. 23bln, exp. 23.33bln); backs FCF of 2bln. Trane Technologies (TT) Q3 2026 (USD): EPS 4.86 (exp. 4.73), Revenue 6.76bln (exp. 6.50bln). Guidance: FY adj. EPS 15.20-15.30 (exp. 15.29). Textron (TXT) Q3 2026 (USD): Adj. EPS 1.76 (exp. 1.43), Revenue 3.8bln (exp. 3.77bln). Guidance: Raises FY26 adj. EPS to 6.55-6.65 (prev. 6.40-6.60, exp. 6.47). A. O. Smith (AOS) Q3 2026 (USD): Adj. EPS 0.93 (exp. 0.90), Revenue 940.5mln (exp. 960mln). Guidance: Cuts FY26; adj. EPS 3.42-3.52 (prev. 3.70-3.85, exp. 3.72), Revenue 3.27-3.29bln (prev. 3.9-3.95bln, exp. 3.89bln). L3Harris Technologies (LHX) Q3 2026 (USD): EPS 3.28 (exp. 2.95), Revenue 6.1bln (exp. 5.92bln). Guidance: Raises FY26 GAAP EPS to 12.25-12.35 (prev. 11.80-12.00, exp. 11.90), Revenue 23.5-23.7bln (prev. 23.2-23.7bln, exp. 23.56bln). Quanta Services (PWR) Q3 2026 (USD): Adj. EPS 6.06 (exp. 5.02), Revenue 12bln (exp. 11.03bln); said long-term outlook for Quanta's business is positive. Guidance: Raises FY26; adj. EPS 17.90-18.30 (prev. 16.45-16.95, exp. 16.75), Revenue 41.3-41.6bln (prev. 39.3-39.7bln, exp. 39.58bln), Adj. EBITDA 4.4-4.49bln (prev. 3.74-3.86bln). Huntington Ingalls Industries (HII) Q3 2026 (USD): EPS 5.48 (exp. 4.36), Revenue 3.54bln (exp. 3.38bln). Howmet Aerospace (HWM) Q3 2026 (USD): Adj. EPS 1.46 (exp. 1.37), Revenue 2.7bln (exp. 2.59bln); increases share buyback by USD 5bln and increases quarterly dividend 17% to USD 0.14/shr. Guidance: Q4 adj. EPS 1.49-1.51 (exp. 1.42), Revenue 2.74-2.76bln (exp. 2.67bln). FY adj. EPS 5.49-5.51 (exp. 5.34), Revenue 10.29-10.31bln (exp. 10.11bln). EMCOR (EME) Q3 2026 (USD): Adj. EPS 9.60 (exp. 8.37), Revenue 5.54bln (exp. 5.19bln); increases share repurchase programme by USD 500mln. Guidance: Raises FY26; adj. EPS 34.50-35.50 (prev. 32.00-33.25, exp. 33.48), Revenue 20.6-21bln (prev. 20-20.5bln, exp. 20.35bln). FINANCIALS: Mastercard (MA) Q3 2026 (USD): Adj. EPS 5.31 (exp. 5.17), Revenue 9.8bln (exp. 9.66bln), Adj. net income 4.7bln (exp. 4.53bln). Gross dollar volume 3.0tln, +7% on a local currency basis. Purchase volume +9% on a local currency basis. Cross-border volume +11% on a local currency basis. Switched transactions +9%. Payment network net revenue +11%, as reported and on a currency-neutral basis, driven by volume growth, cross-border, switched transactions and pricing. Total operating expenses +11% Y/Y, primarily due to higher general and administrative expenses. Everest Group (EG) Q3 2026 (USD): EPS 7.62 (exp. 8.20), Revenue 3.713bln (exp. 3.81bln). Raymond James Financial (RJF) Q4 2026 (USD): EPS 3.40 (exp. 3.26), Revenue 4.27bln (exp. 4.20bln). Ares Management (ARES) Q3 2026 (USD): EPS 1.26 (exp. 1.25). Willis Towers Watson (WTW) Q3 2026 (USD): Adj. EPS 3.63 (exp. 3.59), Revenue 2.46bln (exp. 2.45bln). T. Rowe Price Group (TROW) Q3 2026 (USD): Adj. EPS 2.86 (exp. 2.63), Revenue 2bln (exp. 1.98bln). Intercontinental Exchange (ICE) Q3 2026 (USD): Adj. EPS 2.02 (exp. 1.97), Revenue 2.8bln (exp. 2.74bln). 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. HEALTHCARE: Merck & Co. (MRK) Q3 2026 (USD): Adj. EPS 2.49 (exp. 2.09), Revenue 18.1bln (exp. 17.34bln). Guidance: Raises FY adj. EPS to 2.77-2.82 (prev. 2.66-2.76, exp. 2.64), Revenue 66.8-67.3bln (prev. 66.3-67.3bln, exp. 67.05bln). Drug Sales: KEYTRUDA/QLEX sales 8.601bln, +6% Y/Y, WINREVAIR sales 694mln, +93% Y/Y, GARDASIL sales 1.995bln, +14% Y/Y. Commentary: For Keytruda, expects moderating growth as it approaches peak revenues for certain approved indications and the German market to be impacted by policy dynamics. Anticipates underlying operating expenses to increase mid- to high-single digits in 2027. Eli Lilly and Company (LLY) Q3 2026 (USD): Adj. EPS 7.48 (exp. 5.68), Revenue 24.4bln (exp. 22.58bln). Mounjaro 10.7bln (exp. 9.95bln), Zepbound 5.3bln (exp. 5bln). Guidance: Raises FY revenue to 91-92bln (prev. 85-87bln, exp. 88.82bln), Cuts adj. EPS to 35-36 (prev. view 35.5-36.5, exp. 33.93). In other news, said 7 out of 10 patients are choosing its obesity medicines through the government’s Medicare programme, according to a presentation. Bristol Myers Squibb (BMY) Q3 2026 (USD): Adj. EPS 1.35 (exp. 1.10), Revenue 13.07bln (exp. 12.72bln). Other Metrics: Growth Portfolio revenue 7.66bln, +12% Y/Y, Legacy Portfolio revenue 5.42bln, +1% Y/Y, Eliquis revenue 4.69bln, +25% Y/Y, US revenue 9.07bln, +9% Y/Y, International revenue 4.0bln, +3% Y/Y. FY outlook: Adj. EPS 6.35-6.55 (exp. 6.34), Revenue 49.75-50.25bln (exp. 49.9bln). Commentary: Growth Portfolio performance was driven by Opdivo Qvantig, Breyanzi, Reblozyl, Camzyos and Opdualag, while Eliquis growth offset continued generic competition in the Legacy Portfolio. 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 2026 (USD): Adj. EPS 2.80 (exp. 2.76), Revenue 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. Guidance: Q4 revenue 1.0-1.02bln (exp. 1.05bln), Adj. operating margin 26%. FY26 revenue 4.11-4.13bln (exp. 4.15bln), Adj. operating margin 23.7%, Capex 125-150mln. Bausch Health (BHC) Q3 2026 (USD): Adj. EPS 1.77 (exp. 1.24), Revenue 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. Guidance: Raises FY26; revenue 10.975-11.175bln (exp. 10.92bln), Adj. EBITDA 4.315-4.415bln. Teladoc Health (TDOC) Q3 2026 (USD): EPS -0.15 (exp. -0.21), Revenue 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. Guidance: Q4 EPS -0.23 to -0.03 (exp. -0.11), Revenue 569-615mln (exp. 599.41mln). FY26 EPS -0.95 to -0.75 (exp. -0.89), Revenue 2.395-2.441bln (exp. 2.42bln). West Pharmaceutical Services (WST) Q3 2026 (USD): EPS 2.66 (exp. 2.20), Revenue 874.5mln (exp. 827mln). Guidance: Raises FY26; adj. EPS 9.38-9.48 (prev. 8.85-9.05, exp. 8.96), Revenue 3.41-3.42bln (prev. 3.35-3.38bln, exp. 3.37bln). Cuts FY26 capex to 215-220mln (prev. 250-275mln). Incyte (INCY) Q3 2026 (USD): EPS -3.60 (exp. -3.93), Revenue 1.56bln (exp. 1.47bln). Guidance: Raises FY26 revenue to 5.21-5.3bln (prev. 5.13-5.26bln). Baxter International (BAX) Q3 2026 (USD): Adj. EPS 0.58 (exp. 0.52), Revenue 2.976bln (exp. 2.91bln). CONSUMER STAPLES: Bunge Global (BG) Q3 2026 (USD): Adj. EPS 2.56 (exp. 2.41), Revenue 23.804bln (exp. 23.28bln). Guidance: Maintains FY26; adj. EPS 9.25-9.75 (exp. 9.42), Capex towards the upper end of 1.5-1.7bln range. Hershey (HSY) Q3 2026 (USD): Adj. EPS 2.64 (exp. 2.11), Revenue 3.28bln (exp. 3.25bln). Guidance: Raises FY26 adj. EPS to 8.58-8.74 (prev. 8.36-8.52, exp. 8.48). Altria Group (MO) Q3 2026 (USD): Adj. EPS 1.52 (exp. 1.51), Revenue 5.44bln (exp. 5.31bln); raises buyback by USD 1bln and raises FY26 adj. EPS to 5.66-5.74 (exp. 5.67). Sprouts Farmers Market (SFM) Q3 2026 (USD): EPS 1.21 (exp. 1.23), Revenue 2.3bln (exp. 2.33bln). Commentary: 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. Guidance: Q4 EPS 0.47-0.51, Q4 comp. store sales growth -4% to -2%. FY26 EPS 4.80 and FY26 net sales growth of 4.3%. Anheuser-Busch InBev (BUD) - Q3 organic volumes rose 0.4% (exp. 0.5%), as weak beer sales and subdued demand in China offset growth elsewhere. MATERIALS: CRH (CRH) Q3 2026 (USD): non-GAAP EPS 2.09 (exp. 2.06), Revenue 11.4bln (exp. 11.56bln); announces new USD 6bln share buyback programme through 2030. Guidance: Cuts FY26 adj. EPS to 5.37-5.59 (prev. 5.60-6.05, exp. 5.57). Avery Dennison (AVY) Q3 2026 (USD): Adj. EPS 2.42 (exp. 2.32), Revenue 2.3bln (exp. 2.26bln). Vulcan Materials (VMC) Q3 2026 (USD): Adj. EPS 2.83 (exp. 2.81), Revenue 2.19bln (exp. 2.24bln). Linde (LIN) Q3 2026 (USD): Adj. EPS 4.59 (exp. 4.52), Revenue 9.4bln (exp. 9.16bln), Adj. Operating Profit 2.8bln (exp. 2.73bln). Guidance: FY adj. EPS 17.82-17.92, Projects a backlog of USD 11bln. 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. REAL ESTATE: Equinix (EQIX) Q3 2026 (USD): EPS 4.93 (exp. 4.11), Revenue 2.57bln (exp. 2.56bln). AFFO/shr 11.64 (exp. 10.51). Commentary: 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. Guidance: Q4 revenue 2.68-2.72bln (exp. 2.64bln). Raises FY26; AFFO 43.71-44.11 (prev. 42.69-43.29), Revenue 10.325-10.365bln (exp. 10.28bln; prev. 10.205-10.285bln). Invitation Homes (INVH) Q3 2026 (USD): Core FFO 0.48 (exp. 0.48), Revenue 731mln (exp. 742mln). Mid-America Apartment Communities (MAA) Q3 2026 (USD): Core FFO 2.10 (exp. 2.10), Revenue 560.13mln (exp. 558mln). VICI Properties (VICI) Q3 2026 (USD): Adj. FFO 0.62 (exp. 0.62), Revenue 1.1bln (exp. 1.06bln). Guidance: Raises FY26 adj. FFO to 2.47-2.48 (prev. 2.45-2.47, exp. 2.47). Kimco Realty (KIM) Q3 2026 (USD): FFO 0.47 (exp. 0.46), Revenue 546.15mln (exp. 549mln). Guidance: Raises 2026 FFO to 1.84-1.86 (prev. 1.83-1.84, exp. 1.84). UTILITIES: American Water (AWK) Q3 2026 (USD): Adj. EPS 2.00 (exp. 2.04), Revenue 1.51bln (exp. 1.55bln). Commentary: Remains on track to complete its merger with Essential Utilities by the end of Q1 2027, with progress on regulatory approvals and integration planning. Guidance: Narrows FY26; adj. EPS 6.07-6.12 (exp. 6.08; prev. 6.02-6.12). FY27 standalone adj. EPS 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. Xcel Energy (XEL) Q3 2026 (USD): EPS 1.52 (exp. 1.39), Revenue 4.17bln (exp. 4.26bln). WEC Energy (WEC) Q3 2026 (USD): EPS 1.18 (exp. 0.97), Revenue 2.29bln (exp. 2.27bln). Guidance: Raises FY26 EPS to 5.60-5.64 (prev. 5.51-5.61, exp. 5.60) citing favourable weather and capital investment supported by the VLCs. 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 2026 (USD): Adj. profit 10.814bln (exp. 10.23bln), Adj. EPS 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. Petrobras (PBR) - 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. 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.