Daily US Equity Opening News - OpenAI misses targets, stoking data centre spending concerns; CDNS trims profit view; SPOT rev. miss

US INDEX FUTURES: ES -0.7%, NQ -1.3%, YM +0.1%, RUT -0.7%
BROKER MOVES: TFII upgraded at BofA; TROX downgraded at Truist. For the full list, click here.
MAJOR MORNING MOVES RECAP: Semis, GM, DT, SHW, NUE, KO, AMT, CNC, UPS, GLW, SPOT. For the full list, click here.
US DAILY CONFERENCE CALENDAR: BMY, JNJ, MS, JPM, C, COR, LLY, MA, MSI, TMO, USB, V. For the full list, click here.DAY AHEAD:
DATA: In North America, US Conference Board consumer confidence (exp. 91, prev. 91.8), Richmond Fed and Dallas Fed gauges. Brazil mid-month CPI data for April is seen at 4.48% Y/Y (from 3.9%).
CENTRAL BANKS: ECB President Lagarde is due to speak, but is not expected to comment on policy given the central bank is in a blackout ahead of Thursday’s confab.
SUPPLY: The US sells USD 44bln of 7yr notes, and USD 30bln of 2yr FRNs.
ENERGY: After hours, API publishes its gauge of weekly energy inventories.
EARNINGS: Notable corporates reporting results today includes: TMUS, EXE, CSGP, BKNG, OMC, EIX, HOOD, PPG, FFIV, SBUX, STX, V, WELL, ENPH, IR, EXR, MDLZ, ESS, FICO, OKE, BE, FE, ACGL, TER, VLTO, BXP, WM.

NEWS:

TECH

OpenAI - OpenAI recently missed internal targets for new users and revenue, raising concern among some leaders about whether it can support large data centre spending, WSJ reports. OpenAI missed an internal goal of reaching one billion weekly active users for ChatGPT by the end of last year and missed multiple monthly revenue targets earlier this year after losing ground to Anthropic in the coding and enterprise markets. CFO told company leaders she is worried OpenAI may be unable to pay for future computing contracts if revenue does not grow fast enough, the report said. CFO has told other company leaders that she is worried the company might not be able to pay for future computing contracts if revenue doesn’t grow fast enough, according to people familiar with the matter. The sources add that the CFO and other executives are now seeking to control costs and instil more discipline in the business, at times putting them at odds with their CEO.
Cadence Design (CDNS) Q1 2026 (USD): Adj. EPS 1.96 (exp. 1.89), Revenue 1.474bln (exp. 1.46bln). Q1 adj. operating margin 44.7%. The CEO said it had a strong start to 2026, with accelerating AI demand and record backlog. Sees FY26 EPS between 7.85-7.95 (exp. 7.87; prev. saw 8.05-8.15), sees FY26 revenue between 6.125-6.225bln (exp. 6.13bln; prev. saw 5.9-6.0bln), and sees FY adj. operating margin between 43.5-44.5%.
Corning Inc (GLW) Q1 2026 (USD): Core EPS 0.70 (exp. 0.69), Revenue 4.35bln (exp. 4.30bln); Two additional hyperscale customers entered into large, long-term agreements with Corning. Corning plans to upgrade and extend its Springboard plan through 2030 and introduce a new Market-Access Platform at the company’s May 6th NYC investor event. Sees Q2 core EPS at 0.73-0.77 (exp. 0.75) and Q2 core revenue of 4.6bln (exp. 4.63bln).
Nvidia (NVDA), Intel (INTC) - Chief Accounting Officer Donald Robertson will retire as VP and CAO on 4th May, and be replaced by Scott Gawel from Intel.
Dynatrace (DT) - Starboard delivered letter to Dynatrace and looks forward to continuing constructive engagement with Dynatrace management and board. Believe DT should target at least 500bps of adj. operating margin expansion by FY29. DT board and management team must be open to all paths to maximise shareholder value. Over next three years, believe Co. could repurchase more than USD 2.5bln of its shares.
Palantir (PLTR) - Palantir Technologies is unlikely to win German military contracts for now due to concerns over granting industry access to national databases, Handelsblatt reports, citing a senior official The stance signals potential limits on Palantir’s expansion in Europe’s defense sector.
Apple (AAPL) - Faces a labor complaint alleging it is closing its first unionized US store in Maryland and restricting worker transfers in retaliation for union activity. The union claims Apple is requiring Towson employees to reapply for roles while allowing transfers at non-union stores, per the filing.
LG Electronics (066570 KS) - LG Electronics is partnering with Nvidia to strengthen its physical AI business, including advancing its CLOiD home robot, Seoul Economic Daily reports. CEO is set to meet Nvidia’s Madison Huang to discuss integrating CLOiD with Nvidia’s Isaac robotics platform and jointly developing next-generation AI models.
Sanmina (SANM) Q2 2026 (USD): Adj. EPS 3.16 (exp. 2.40), Revenue 4.01bln (exp. 3.27bln); sees Q3 adj. EPS at 2.55-2.85 (exp. 2.53) and Q3 revenue of 3.2-3.5bln (exp. 3.51bln). For FY26, sees adj. EPS at 10.75-11.35 (exp. 10.02) and revenue of 13.7-14.3bln (exp. 13.72bln).
Rogers Communications (ROG) - Rogers is making about 10K employees eligible for voluntary buyouts as the industry faces growth and debt challenges, Bloomberg reports. The number represents about half of Rogers’ 20K staff, excluding employees at the Toronto Blue Jays and 75%-owned Maple Leaf Sports and Entertainment, which are not part of the staff reduction plan.
Celestica (CLS) Q1 2026 (USD): Adj. EPS 2.16 (exp. 2.08), Revenue 4.05bln (exp. 4.05bln). Sees Q2 revenue at 4.15-4.45bln (exp. 4.17bln) and Q2 adj. EPS at 2.14-2.34 (exp. 2.13). Expects FY26 adj. EPS at 10.15 (exp. 9.01) and FY26 revenue of 19.0bln (exp. 17.44bln).

COMMUNICATIONS

Alphabet (GOOGL) - The European Commission issued preliminary findings under the Digital Markets Act requiring Alphabet Inc to open Android to third-party AI services for interoperability and access to key features. The proposed measures would allow competing AI assistants to integrate and operate alongside Google’s services, expanding user choice in the EU, per the European Commission.
Spotify (SPOT) Q1 2026 (EUR): EPS 3.45 (exp. 3.17), Revenue 4.5bln (exp. 4.52bln); Total Monthly Active Users 761mln (exp. 760mln), Premium Subscribers grew 9% Y/Y to 293mln, reflecting 3 million quarterly net adds. Q2 guidance: MAU 778mln (exp. 773.9mln); Total revenue 4.8bln (exp. 4.77bln), assumes ~80 bps headwind to growth Y/Y (vs. ~600 bps in Q1) due to foreign exchange rate movements; Total Premium Subscribers 299mln (exp. 300mln); Op. Income 630mln. Expressed confidence in sustained user and subscriber growth, citing low churn and anticipating continued progress on revenue and margin throughout the year, following a strong start driven by solid execution and healthy engagement
Meta Platforms (META) - Meta Platforms is preparing to potentially unwind its USD 2.5bln acquisition of Manus after China banned the transaction on national-security grounds, WSJ reports. Meta bought the China-linked, Singapore-based AI agents startup in December and had already begun integrating its technology into its systems.
Alphabet (GOOG) - Google has signed a classified AI deal with the Pentagon despite employee opposition, The Information reports.
Alphabet (GOOG), Meta (META), TikTok - Australia warned Google, Meta and TikTok could face multimillion-dollar penalties if they fail to strike agreements to pay local media for news content, The Information reports.
Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - Paramount Skydance asked the FCC to approve a funding structure for its acquisition of Warner that includes more than a third of equity from Middle East government entities, Bloomberg reports. Paramount is raising USD 24bln from three Middle Eastern sovereign wealth funds, amounting to about 38.5% of the new company’s equity.
Match Group (MTCH) - Investing USD 100mln in Sniffies, a platform for queer men, paving the way for a possible acquisition, Bloomberg reports. Sniffies has about 3mln monthly active users worldwide and is currently web-only after being removed from Apple’s (AAPL) App Store last year over content restrictions.
WPP (WPP) - Reported Q1 revenue less pass-through costs of GBP 2.26bln (exp. 2.23bln), down 6.7% LFL; it said Middle East events were causing near-term uncertainty, but affirmed its outlook.

CONSUMER DISCRETIONARY

General Motors Company (GM) Q1 2026 (USD): EPS 3.70 (exp. 2.60), Revenue 43.6bln (exp. 43.51bln). North America EBIT adj. margin of 10.1%, including 1.5ppts benefit from the tariff adjustment. Sees FY EPS at 11.50-13.50 (exp. 12.20). Raised FY26 EBIT adj. guidance due to a favourable adjustment of approximately USD 500mln from the US Supreme Court decision regarding certain tariffs that were paid under the International Emergency Economic Powers Act. Expects tariff-driven inflation in raw materials, computer chips, and logistics to weigh on its bottom line by USD 1.5-2bln this year. Commentary: Exec says it is on track to achieve FY26 North American margin of between 8-10%; making progress in right-sizing EV capacity and manufacturing footprint; Working to right-size battery supply chain with our joint venture partners. Sees no changes in consumer car shopping due to gas prices
Hilton Worldwide Holdings Inc. (HLT) Q1 2026 (USD): Adj. EPS. 2.01 (exp. 1.97), Revenue 2.94bln (exp. 2.94bln). Sees 2026 adj. EPS at 8.79-8.91 (exp. 9.05) and Q2 adj. EPS at 2.18-2.24 (exp. 2.43).
Tesla (TSLA) - Saw a US probe into 120,089 Model Y vehicles closed without action after regulators found steering wheel detachment incidents were limited to two improperly repaired cars. The NHTSA said the issue stemmed from missing retaining bolts in early 2023 builds that were fixed under warranty.
Avery Dennison (AVY) Q1 2026 (USD): Adj. EPS 2.47 (exp. 2.43), Revenue 2.3bln (exp. 2.26bln); sees Q2 adj. EPS at 2.43-2.53 (exp. 2.52).
Airlines - IATA's Walsh says current jet fuel crisis is not on the scale of covid, demand for flying continues to be strong. The concern is for a potential shortage during the peak summer period in the Northern Hemisphere. The jet fuel shortage will affect Asia first, then Europe, then Africa and Latin America. Rationing of fuel in Asia and Europe could lead to some flight cancellations. There's no way airlines can absorb the massive increase in costs, so they will have to pass to consumers.
BYD (BYDDY) Q1 2026 (CNY): Revenue 150.23bln (exp. 140.4bln), Net Income 4.08bln, -55% Y/Y, R&D Expenses 11.34bln (exp. 11.93bln). BYD faces European Parliament scrutiny over alleged labour abuses at its Hungary factory, CNBC reports. China Labour Watch alleged that contractors kept thousands working seven days a week, with shifts above 12 hours. AIM Construction Hungary, named in the report, is a Jinjiang Construction Group subsidiary, previously linked to alleged “slave-like” conditions at BYD’s Brazil factory, CNBC added.
Nissan (NSANY) - Nissan shares rose overnight by the most intraday since February, after it raised its earnings outlook; the automaker estimated FY operating profit of JPY 50bln (prev. forecast was for a JPY 60bln loss), avoiding a possible first annual operating loss in five years, Bloomberg reports.
Rivian Automotive (RIVN) - Rivian CEO RJ Scaringe earned USD 402.6mln for 2025 after the EV maker approved a Musk-style compensation package; his pay included USD 373.5mln in option awards, more than USD 26.6mln in stock awards and about USD 1.12mln in salary, according to a filing.

CONSUMER STAPLES

Coca-Cola Company (KO) Q1 2025 (USD): Adj. EPS 0.86 (exp. 0.81), Revenue 12.5bln (exp. 12.24bln). Expects to deliver organic revenue (non-GAAP) growth of 4% to 5%. For comparable net revenues (non-GAAP), the company expects a 1% to 2% currency tailwind based on the current rates and including the impact of hedged positions. Expects an approximate 4% headwind from acquisitions and divestitures. Expects to deliver comparable currency neutral EPS excluding acquisitions and divestitures (non-GAAP) growth of 6% to 7% and comparable EPS (non-GAAP) growth of 8% to 9% versus 3.00 in 2025.
Kimberly-Clark (KMB) Q1 2026 (USD): Adj. EPS 1.93 (exp. 1.93), Revenue 4.16bln (exp. 4.09bln); backed FY26 adj. EPS view of up double digits.
Smithfield Foods (SFD) Q1 2026 (USD): Adj. EPS 0.64 (exp. 0.59), Revenue 3.8bln (exp. 3.7bln); backed FY26 revenue view of up low-single digits.
Sysco (SYY) Q3 2026 (USD): Adj. EPS 0.94 (exp. 0.95), Revenue 20.5bln (exp. 20.55bln).
Philip Morris (PM) - Filed for a two-part notes offering of up to USD 1.5bln, via a SEC filing,

FINANCIALS

Barclays (BCS) - Q1 profit before tax of GBP 2.8bln (exp. 2.8bln); a GBP 200mln provision for a single company exposure offset robust trading, while investment bank income rose 4% to GBP 4bln (exp. 3.97bln). Barclays also announced a GBP 500mln buyback. The CEO said it remains confident in delivering all financial targets. Had GBP 15bln in exposure to private credit funds at the end of Q1. Disclosed GBP 66bln of structured financing exposure to non-banks, mostly in securitised products and skewed towards top-tier counterparties with frequent collateral performance reporting
Brown & Brown (BRO) Q1 2026 (USD): EPS 1.39 (exp. 1.36), Revenue 1.90bln (exp. 1.89bln).
S&P Global Inc. (SPGI) Q1 2026 (USD): Adj. EPS 4.97 (exp. 4.82), Revenue 4.17bln (exp. 4.07bln), Adj. net income 1.48bln (exp. 1.44bln). Seeing the fast-paced adoption of our AI functionality. Backed FY26 adj. EPS view of 19.40-19.65 (exp. 19.63).
Cincinnati Financial (CINF) Q1 2026 (USD): Non-GAAP EPS 2.10 (exp. 1.94), Revenue 2.86bln (prev. 2.57bln last year).
Invesco (IVZ) Q1 2026 (USD): Adj. EPS 0.57 (exp. 0.58), Revenue 1.74bln (exp. 1.27bln).
LendingClub (LC) Q1 2026 (USD): EPS 0.44 (exp. 0.36), Revenue 252.3mln (exp. 249.1mln); sees FY26 EPS 1.65-1.80 (exp. 1.71).
Private Credit - The fund finance market has surpassed USD 1tln as money managers borrow more to manage liquidity and bridge delayed exits, Bloomberg reports. Fund finance vehicles lend to the USD 16tln global market of private credit and equity funds, mostly through subscription lines backed by limited partners’ pledged but undeployed capital.
Blue Owl (OWL) - Investors in Blue Owl Capital Corp. II tendered less than 1% of shares to Boaz Weinstein’s Saba Capital Management and Cox Capital Partners, Bloomberg reports. The tender offer, made at a steep discount, expired at the end of last week with limited take-up and was not extended.

ENERGY

OPEC - UAE announced it will quit OPEC and OPEC+, as of the 1st of May. To bring additional production to the market, in a "gradual and measured manner, aligned with demand and market conditions". Doing this at the correct time, without significantly impacting the market, due to constraints around the Strait of Hormuz.
LPG - Saudi Aramco extends suspension of LPG deliveries through May.
Chevron (CVX) - Nearing a sale of its 50% stake in Singapore Refining and related assets to Eneos Holdings Inc for USD 1bln+, with a potential closing in May after delays, Reuters reports, citing sources. The timeline slipped due to US-Iran supply disruptions and ongoing reassessment of terms including crude sourcing and offtake agreements.
BP (BP) - Reported Q1 EPS of USD 0.21 (exp. 0.17), revenue of USD 52.25bln (exp. 57.6bln), adj. net income USD 3.20bln (exp. 2.64bln), citing “exceptional” oil trading and stronger midstream performance. Upstream plant reliability improved to 95.7%, while production was broadly flat. Sees Q2 reported upstream production FY26 reported upstream production both declining; it confirmed FY26 capex guidance of USD 13.0-13.5bln, and expects divestment and other proceeds of USD 9-10bln this year.
Eni (E), Repsol (REPYY) - Eni and Repsol are seeking to raise production at Venezuela’s Cardon IV gas field to 645mln cubic feet per day (from about 580mln), Reuters reports. PDVSA executive Jovanny Martinez said Venezuela will increase crude exports to 1.06mln BPD and lift fuel exports to 134K BPD by year-end, with an ultimate target of 3mln BPD.
China Refiners - China’s state-owned refiners have begun applying for government permits to resume fuel exports in May, citing plentiful domestic stockpiles, Bloomberg reports. China Petrochemical and China National Petroleum have sought approval since last week to ship gasoline and diesel, sources said.
US Wind Leases - The US Interior Department said two offshore wind developers will give up federal leases and commit funds to fossil fuel projects under agreements with the Trump administration, Bloomberg reports. The deals are part of the administration’s push to curb the US offshore wind industry and boost investment in fossil projects.

MATERIALS

Nucor (NUE) Q1 2026 (USD): EPS 3.23 (exp. 2.82), Revenue 9.5bln (exp. 8.86bln). The steel mills segment achieved a new quarterly shipment record, while all three operating segments delivered sequential earnings growth. The CEO said it had a strong start to 2026, driven by strong demand across key end markets, growing contributions from recent capital investments and federal trade policies that continue to reduce unfairly traded imports into the US, adding that the company enters Q2 with real momentum as it executes its growth strategy and targets strong shareholder returns. Sees Q2 higher consolidated earnings, with improved earnings across all three operating segments, versus EPS expectations of 3.67.
BHP Group (BHP) - Some Chinese steelmakers have been cleared to collect and trade BHP Group iron ore accumulated at ports after China Mineral Resources Group resolved contentious negotiations with the miner, Bloomberg reports.
Sherwin-Williams Company (SHW) Q1 2026 (USD): Adj. EPS 2.35 (exp. 2.27), Revenue 5.67bln (exp. 5.56bln). Reaffirmed FY 26 adj. EPS view of 11.50-11.90 (exp. 11.71).
Ecolab Inc. (ECL) Q1 2026 (USD): Adj. EPS 1.70 (exp. 1.70), Revenue 4.07bln (exp. 4.03bln). Sees Q2 adj. EPS at 2.02-2.12 (exp. 2.10) and FY adj. EPS of 8.43-8.63 (exp. 8.42).
Barrick Mining (B) - Outlined leadership appointments for its North American unit and said it plans to IPO a minority stake in the business by end-2026, subject to approvals. The new entity, holding Tier One gold assets that produced ~2.0Moz in 2025, is expected to list in New York with a secondary Toronto listing.
Tronox Holdings (TROX) - Downgraded to 'Sell' from 'Hold' at Truist with a USD 8 PT (prev. 9.00). The firm still expects Tronox earnings to improve sequentially throughout 2026, but sees potential for Q2 guidance to disappoint. Even when valuing shares on a "mid-cycle / normalised" basis, the firm believes implied upside is "relatively limited".
Anglo American (NGLOY) - Reported mixed Q1 production figures, but kept its FY26 output and cost guidance unchanged; copper output +1% to 170,400 tonnes, premium iron ore -2% to 15.2mln tonnes, De Beers diamond production +17% to 7.1mln carats; it said that the diamond markets remain weak.
CMOC Group (CMCLY) - CMOC Group signed a USD 1.7bln agreement with Ecuador to develop the Los Cangrejos gold deposit in El Oro province, Bloomberg reports. Local unit ODIN Mining del Ecuador finalised development conditions with the environment and the mining ministry. CMOC acquired the project in June last year through its takeover of Canada’s Lumina Gold.
Air Liquide (AIQUY) - Q1 revenue +1.9% Y/Y (exp. 2.3%) on a comparable basis to EUR 6.79bln (exp. 6.92bln); growth was boosted by gas and services business performance; it backed its FY outlook.
Boliden (BDNNY) - Q1 adj. operating profit of SEK 4.4bln (exp. 4.06bln), as it benefited from record-high gold prices, boosting precious-metals by-product revenue; it reiterated its FY26 investment plans.

INDUSTRIALS

United Parcel Service (UPS) Q1 2026 (USD): Adj. EPS 1.07 (exp. 1.05), Revenue -1.2% Y/Y to 21.2bln (exp. 21.00bln), net income -27.2% Y/Y to 864mln; Reaffirmed FY26 guidance: Revenue 89.7bln (exp. 89.50bln), confirmed expected capex of ~3.0bln, expects dividend payments of ~5.4bln. The company noted that it is in a critical transition period. "We expect to return to consolidated revenue and operating profit growth, and adjusted operating margin expansion in Q2 of this year.”
Allegion (ALLE) Q1 2026 (USD): Adj. EPS 1.80 (exp. 1.90); still sees 2026 adj. EPS at 8.70-8.90 (exp. 8.80).
Pentair (PNR) Q1 2026 (USD): Adj. EPS 1.22 (exp. 1.17), Revenue 1.037bln (exp. 1.03bln); raised FY26 adj. EPS midpoint view to 5.30-5.40 (exp. 5.34, prev. 5.25-5.40).
Xylem (XYL) Q1 2026 (USD): Adj. EPS 1.12 (exp. 1.08), Revenue 2.1bln (exp. 2.11bln); sees 2026 adj. EPS at 5.35-5.60 (exp. 5.49) and raised 2026 revenue view to 9.2-9.3bln (exp. 9.19bln, prev. 9.1-9.2bln).
Paccar (PCAR) Q1 2026 (USD): EPS 1.15 (exp. 1.15), Revenue 6.78bln (exp. 6.51bln).
Flowserve Corp. (FLS) - Activist investor Starboard Value has built a significant stake in Flowserve and is discussing potential changes with the industrial manufacturer, including on ways Flowserve could expand its margins, Bloomberg reports.
US Budget Airlines - US Transport Secretary Duffy said Congress would need to be involved in a USD 2.5bln aid request from US budget airlines to offset higher jet fuel costs during the US-Israeli war on Iran, Reuters reports. The Association of Value Airlines said the liquidity pool would stabilise operations and keep airfares affordable.
Boeing (BA, FedEx (FDX) - FedEx is preparing to return its Boeing MD-11 cargo jets to service in May, WSJ reports. The move would allow the parcel carrier to reduce expensive leased-plane use after regulators grounded all MD-11s following another carrier’s fatal November crash. Boeing has tested and produced a new bearing, pending US regulatory approval.
Honeywell (HON) - BMO’s investment banking unit is leading a USD 1.8bln debt deal supporting the sale of Honeywell’s productivity solutions and services business to Brady, Bloomberg reports. BMO will syndicate a USD 1bln term loan, and is weighing selling a USD 800mln debt slice in bond or private-placement markets. Meanwhile, announced the new Board of Directors for its Aerospace unit.
JetBlue (JBLU) Q1 2026 (USD): EPS -0.86 (exp. -0.73), Revenue 2.24bln (exp. 2.24bln).
General Dynamics (GD) - The US Army will proceed with a USD 591mln General Dynamics contract to start production at an artillery-ammunition factory in Mesquite, Texas. A work-stoppage order was lifted on 3rd April after eight months, but the plant, which was planned to make 30K 155mm artillery shells a month, has not yet produced a casing.
CATL (CYATY) - Contemporary Amperex Technology Co. signed a three-year deal to provide sodium-ion batteries to Beijing HyperStrong Technology, Bloomberg reports. CATL did not disclose the agreement’s value but said it would amount to 60 gigawatt-hours, and marks its first strategic partnership in sodium-based technology.
Rolls-Royce (RYCEY) - Rolls-Royce is strengthening its China presence through Beijing Aero Engine Services, an engine maintenance joint venture with Air China that became operational in December, SCMP reports. The Beijing facility serves Chinese airlines and may later serve overseas carriers, with capacity for up to 250 shop visits per year at full capacity, expected in the mid-2030s.

UTILITIES

CMS Energy (CMS) Q1 2026 (USD): Adj. EPS 1.13 (exp. 1.0), Revenue 2.73bln (exp 2.51bln); backed FY26 adj. EPS view of 3.83-3.90 (exp. 3.88).
Engie (ENGIY) - Engie Brasil Energia is working with Banco Itau BBA and Banco Santander Brasil on an additional equity offering of up to BRL 10bln, Bloomberg reports. Proceeds would help finance the acquisition of a 40% stake in Jirau Energia from controlling shareholder Engie Brasil Participacoes.
Tokyo Electric Power (TKECY) - Japan is considering a golden share plan for Tepco that would give the government veto rights over key decisions as Tepco seeks partners, TV Tokyo reports. The plan would create an intermediate holding company for retail and renewable energy businesses, with control maintained through special shares.

REAL ESTATE

Public Storage (PSA) Q1 2026 (USD): Core FFO 4.22 (exp. 4.13), Revenue 1.22bln (exp. 1.21bln). Total self-storage growth 2.6%, same-store net operating income margin 77.1% (+0.4 points Y/Y). CEO results reflect differentiated strategies that continue to drive performance, adding that the announced acquisition of National Storage Affiliates is expected to support EPS growth, enhance customer experience, unlock operating upside and accelerate the company’s Value Creation Engine. Reaffirms FY26 guidance.
American Tower (AMT) Q1 2026 (USD): AFFO 2.84 (exp. 2.50), Adj. EBITDA 1.84bln (exp. 1.77bln), Revenue 2.74bln (exp. 2.66bln). Sees FY26 AFFO at 10.90-11.07 (exp. 10.87) and FY26 revenue of 10.585-10.735bln (exp. 10.8bln).
Alexandria Real Estate (ARE) Q1 2026 (USD): Adj. FFO 1.73 (exp. 1.73), Revenue 671.02mln (exp. 695.55mln). Raised 2026 adj. FFO midpoint view to 6.30-6.50 (exp. 6.41, prev. 6.25-6.55).
Ventas (VTR) Q1 2026 (USD): Normalised FFO 0.94 (exp. 0.91); raised FY26 normalised FFO midpoint view 3.86 (exp. 3.85, prev. 3.83).
AvalonBay (AVB) Q1 2026 (USD): Core FFO 2.83 (exp. 2.80); sees Q2 core FFO at 2.72-2.82.

HEALTHCARE

Weight Loss Drugs, Boehringer Ingelheim - Boehringer Ingelheim said late-stage trial data for its obesity drug Survodutide showed potential to predominantly target visceral fat rather than muscle, WSJ reports. The CEO said the results were promising as the company seeks a place in the weight-loss treatment market.
Eli Lilly (LLY) - Eli Lilly plans to maintain an aggressive dealmaking pace in 2026, corporate development chief Jacob Van Naarden told Axios. The company is using cash from obesity drug success to pursue more early-stage biotech deals, including companies in Phase 1 and Phase 2 trials. Meanwhile, Eli Lilly has signed a deal with AI startup Profluent worth up to USD 2.25bln to find new ways to edit DNA.
Novartis (NVS) - Reported Q1 core operating profit -12% Y/Y to USD 4.9bln (exp. 5.18bln); adj. operating income USD 4.9bln (exp. 5.09bln), core EPS 1.99 (exp. 2.11). Q1 revenue -1% Y/Y at USD 13.1bln (exp. 13.6bln), its first decline in almost two years, as some best-selling medicines were hit by generic competition; Entresto sales dropped 42% after US patents expired and generics launched; the company expects USD 4bln of sales decline this year from generic competition. The CEO said it remains on track to deliver FY guidance and said we should look forward to multiple readouts in the H2 2026 that could raise its mid- to long-term growth outlook. Reaffirmed 2026 guidance.
Centene (CNC) Q1 (USD): Adj. EPS 3.37 (exp. 2.13), Revenue 49.9bln (exp. 47.53bln); raised FY26 EPS view to greater than 3.40 (exp. 3.02, prev. greater than 3.00). Sees FY26 revenue at 187.5-191.5bln (exp. 188.8bln). Medicare segment HBR of 84.9%, from outperformance in both Medicare Advantage and PDP. Health benefits ratio (HBR) of 87.3% for the first quarter of 2026 represents a decrease from 87.5% in the comparable period in 2025.
Incyte (INCY) Q1 2026 (USD): EPS 1.81 (exp. 1.34), Revenue 1.27bln (exp. 1.22bln). Sees FY26 revenue of 4.77-4.94bln (exp. 5.57bln).
Zimmer Biomet Holdings (ZBH) Q1 2026 (USD): EPS 2.09 (exp. 1.86), Revenue 2.09bln (exp. 2.07bln); raised FY26 adj. EPS view to 8.40-8.55 (exp. 8.40, prev. 8.30-8.45).
Omnicell (OMCL) Q1 2026 (USD): Adj. EPS 0.55 (exp. 0.33), Revenue 310mln (exp. 304mln). Sees Q2 adj. EPS at 0.40-0.48 (exp. 0.42) and Q2 revenue of 307-313mln (exp. 304.83mln). Raised FY26 adj. EPS view to 1.80-2.00 (exp. 1.77, prev. 1.65-1.85) and backed FY26 revenue view of 1.215-1.255bln (exp. 1.24bln).
Amgen (AMGN) - Faces a proposed FDA withdrawal of approval for Tavneos after regulators cited lack of proven efficacy and safety concerns, including 76 liver injury cases and eight deaths. The FDA’s CDER said it can no longer conclude the drug has substantial evidence of effectiveness.
EssilorLuxottica (ESLOY) - EssilorLuxottica heir Leonardo Maria Del Vecchio agreed to buy two siblings’ stakes in family holding company Delfin for about EUR 10bln, Bloomberg reports. Six of Delfin’s eight shareholders approved the sale of the 25% combined holding, making Del Vecchio the largest single investor.
GSK (GSK) - US FDA accepted for priority review a New Drug Application for bepirovirsen, an investigational antisense oligonucleotide, for the treatment of adults with chronic hepatitis B.
AstraZeneca (AZN) - Said the FDA approved Breztri Aerosphere for maintenance treatment of asthma in patients aged 12 and older, expanding its prior COPD indication. The decision, based on Phase 3 KALOS and LOGOS trials, broadens use of the triple-combination inhaler already prescribed to over 6.8M patients globally.
Bayer (BAYRY) - SCOTUS appeared divided over whether Bayer can be sued for allegedly failing to warn that its Roundup weedkiller may cause cancer; the case could determine the fate of thousands of lawsuits and billions in liability.
Universal Health (UHS) Q1 2026 (USD): EPS 5.62 (exp. 5.46), Revenue 4.5bln (exp. 4.39bln).
Qiagen (QGEN) - Preliminary Q1 sales USD 492mln (exp. 501.49mln), adj. diluted EPS 0.54 (exp. 0.54); cut FY26 sales growth view to about 1-2% CER (from at least 5%), and lowered EPS view to at least USD 2.43 (from 2.50).

GEOPOLITICS

US-Iran - Iran has offered to stop attacks on ships in the Strait of Hormuz in exchange for a full end to the war, including the US lifting its naval blockade of Iranian ports and postponing nuclear talks, WSJ reports; US officials said President Trump and his national security team are sceptical of the proposal. Multiple outlets report that Trump is unlikely to accept Iran’s Strait of Hormuz proposal without addressing nuclear issues; sources said the White House will keep negotiating and respond with counterproposals. Secretary of State Rubio said the US cannot accept Iran retaining control of the Strait of Hormuz, and cannot tolerate Iran deciding which vessels can pass through, or allowing Iranian tolls. CNN notes that mediators are pressing both sides.
Hormuz Traffic - The Mubaraz appears to be the first LNG shipment to exit the Persian Gulf through the Strait of Hormuz since the Middle East war began two months ago. The tanker loaded at Adnoc’s Das Island facility around early March, stopped signalling around 31st March, and reappeared west of India on 27th April, Bloomberg reports. It also reports that between 6-8 super tankers laden with Iranian oil were idling near Chabahar in Iran’s Gulf of Oman outside the Persian Gulf; the area falls just short of the US blockade line, and is the same location where the US Navy recently redirected two intercepted very large crude carriers. Elsewhere, Adnoc has told some term customers that oil cargoes can be loaded off Fujairah, outside the Persian Gulf; buyers can pick up grades via ship-to-ship transfer, with cargoes mainly available for May loading.
Iran Oil Storage - Iran has enough unused crude oil storage capacity to last another 12-22 days, according to Kpler analysts, which said the shortage could force Iran to cut daily oil output by another 1.5mln bbls by mid-May. Separately, WSJ reports that Iran is seeking new ways to store unsold oil as the US naval blockade restricts exports and war negotiations remain deadlocked; Tehran is using derelict “junk storage” sites, improvised containers and efforts to ship crude by rail to China to delay an infrastructure crisis and reduce Washington’s leverage over the Strait of Hormuz.
Sanctions - US Treasury Secretary Bessent warned businesses that are working with Iranian airlines risk sanctions, WSJ reports. This comes as an attempt by the Treasury to impose maximum pressure on Iran.
US-South Korea - About 90 South Korean lawmakers plan to deliver a formal complaint to the US ambassador over what they described as US political pressure in a legal case involving Coupang (CPNG), Bloomberg reports. Lawmakers say attempts to influence South Korean legal proceedings would infringe judicial sovereignty.

MACRO

BoJ - The BoJ held rates at 0.75%, but three policymakers dissented in a 6-3 vote, calling for a 25bps rate rise, which analysts said signals increased prospects of a June rate hike. The central bank cut its FY26 growth view to 0.5% (from 1%), and raised its core inflation outlook to 2.8% Y/Y (from 1.9%), citing Iran war-related supply risks.
JPY Warning - Japan FinMin Katayama said authorities are ready to respond to FX moves at any time; asked whether the government remains on alert ahead of the Golden Week holiday period, Katayama said she has consistently referred to taking bold action when needed, and that Japan is ready to respond 24-hours a day.
Bond Yields - BlackRock Investment Institute said government bond yields are set to stay higher for longer as the Iran war keeps inflation elevated. Strategists said pre-existing inflation pressures will be compounded by the war-driven oil shock, adding pressure on central banks to keep monetary policy tight.
China - China’s Politburo pledged to counter external shocks and strengthen energy and resource security after the Iran war disrupted global energy markets, Bloomberg reports. Leaders cited better-than-expected growth this year, and said China would respond to external shocks systematically while countering uncertainties through high-quality development.
NZ Jobs - New Zealand filled jobs rose 0.3% M/M in March to 2.35mln, the highest in 14 months, Statistics New Zealand said. Jobs have increased by 14,600 from a recent low in July, but remain nearly 39K lower than two years ago, despite Iran war concerns hurting confidence and hiring intentions.

TRADE

US Tariffs - Recent shifts in US tariff policy may add USD 1.1tln to federal budget deficits over 10 years, CBO Director Phillip Swagel said, adding that the CBO is not yet comfortable making a long-term estimate because exact calculations are not yet possible.
USMCA, Automakers - Foreign-based automakers have warned the Trump administration they may pull their cheapest car models from the US market if the US-Mexico-Canada Agreement is not renewed or is watered down, WSJ reports. Nissan (NSANY), Hyundai (HYMPY) and Toyota (TM) are among companies still offering US consumers small, affordable new cars.
US-Canada - Canada PM Carney told CBC he is in no hurry to sign a minor tariff-relief deal with the US, adding that many countries had rushed into deals with the US and that those agreements “weren’t really worth the paper they were written on”.