US Daily Equity Opening News - Texas halts data centre permits; NVDA ups SB Energy stake; SSNLF considers expanding 4nm foundry capacity; MSFT Xbox plans more job cuts; CMS plans Medicare lab payment reform; DELL insider selling; CRM, GME insider buying

DAY AHEAD:

• EVENTS: The UN General Assembly General Debate opens, with Presidents Trump and Macron and UK PM Burnham among those addressing the floor; Trump meets separately on the sidelines with Ukrainian President Zelensky (18:15BST/13:15EDT), UK PM Burnham (16:15BST/11:45EDT), Japan PM Takaichi (17:30BST/12:30EDT) and Gulf leaders (19:45BST/14:45EDT), Venezuela Acting President (00:40BST/19:40EDT). Elsewhere, the USTR will hold a hearing regarding the Section 301 investigation into Germany’s pharmaceutical policies today.
• DATA: In Europe, Eurozone flash consumer confidence data is due (prev. -15.5). Italy releases its 2025 deficit update. In North America, US Richmond Fed manufacturing index (prev. 4), and the weekly ADP employment stats are released (prev. 16.25K).
• CENTRAL BANKS: Fed’s Williams (voter) delivers a keynote at the Treasury conference; Fed’s Jefferson (voter) speaks on Discount Window modernisation and Treasury market functioning; Fed’s Barkin (2027 voter) speaks on the policy and economic outlook. ECB President Lagarde (neutral) gives a pre-recorded video address (no text); ECB’s Nagel (hawk) speaks twice through the day. Hungary’s NBH expected to hold (exp. 5.5%, prev. 5.5%).
• SUPPLY: US sells USD 69bln of 2-year notes; UK auctions GBP 4.75bln of 2032 debt; Germany auctions EUR 5bln of 2031 Bobls.
• ENERGY: WTI October 2026 futures expire. After the US close, weekly API inventory stats are due.
• EARNINGS: Notable corporates reporting today include: AutoZone (AZO).

TRADE:

• US-China - Chinese President Xi’s most urgent goal during the summit with US President Trump is extending the US-China trade truce while discussing Taiwan, Iran, AI safeguards and existing purchase commitments, according to the FT. Beijing also seeks broader stability in bilateral relations through regular leader-level meetings, while opposing US efforts that could constrain China’s AI development. Elsewhere, Bloomberg said that the Pentagon’s 1260H blacklist of nearly 200 Chinese companies remains a source of US-China tension ahead of Trump-Xi talks.
• US-China - Chinese and US officials concluded a second day of talks focused on AI, investment and trade ahead of Xi Jinping’s US visit. The two sides agreed to establish a US-China AI dialogue, while discussions continue over a possible extension of the trade truce due to expire in November. US Treasury Secretary Bessent said he will present President Trump with a proposed US-China AI pact, with Trump expected to decide this week. The US and China are also discussing an AI hotline and tariff exemptions for agricultural products, medical supplies and some low-tech electronics.
• US Tariff Refunds - Most companies receiving tariff refunds are retaining the cash, according to an Atlanta Fed survey. About three-quarters of respondents planned to hold refunds as cash, while slightly more than half expected to invest in research or capital projects. Around 17% planned customer rebates and nearly 15% intended to lower prices.
• EU-China - China Foreign Minister Wang Yi said that China and the EU should avoid a trade confrontation and resolve disputes through dialogue. EU leaders are due to discuss trade imbalances and possible new measures next month, while Beijing and Brussels have set an October deadline for progress on disagreements involving market access, exports and rare-earth controls.
• Visegrad Group-India - India and the Visegrad Group countries (Czech Republic, Hungary, Poland and Slovakia) held their first joint ministerial meeting, discussing defence, security, space, connectivity and mobility. The V4 countries also backed India’s bid for permanent UN Security Council membership as New Delhi broadens ties amid strained US relations.
• EU-Philippines - The EU and Philippines agreed a free trade deal aimed at strengthening and diversifying supply chains. The agreement follows three years of renewed negotiations and comes amid higher US tariffs and global trade tensions. The EU was the Philippines’ fourth-largest trading partner in 2025, accounting for 8.3% of its goods trade.
• Hungary-Ukraine Energy - Hungarian PM Magyar rejected plans for a joint strategic fuel reserve with Ukraine after Naftogaz and Mol signed an MoU. Magyar said Mol negotiated without government consent; Mol called the agreement exploratory; Ukraine expressed surprise. Hungary’s government owns 25% of Mol.

GEOPOLITICS:

• US-Greenland - The US plans to establish military bases at Narsarsuaq and Mestersvig in Greenland under an agreement with Denmark and Greenland, according to Reuters. The deal, due to be signed on 22nd September, would expand US military presence beyond Pituffik Space Base. Denmark said Arctic security will remain under NATO oversight.
• US-Middle East - The Trump administration proposed a USD 5bln Middle East reconstruction fund led by the US Development Finance Corporation. Priorities include bypassing the Strait of Hormuz, restoring energy and critical material flows, hardening infrastructure and rebuilding essential facilities, with potential projects in Saudi Arabia, Oman, Iraq, Syria, the UAE and Bahrain.
• G7-Middle East - G7 condemned continued Houthi strikes in Yemen and against Saudi Arabia, saying they threaten regional stability and global energy security. It called for an immediate end to attacks on civilian shipping and urged Iran to stop arming and supporting the Houthis, saying such support violates UN Security Council resolutions and risks further escalation.
• EU-Red Sea - EU foreign policy chief Kallas urged member states to send more naval and air assets to Operation Aspides to protect Red Sea shipping from Houthi threats. The mission currently relies mainly on three Italian and Greek ships; Kallas said at least 10 vessels were originally considered necessary.

MACRO:

• Fedspeak - Fed’s Collins (2028 voter) says she supported last week’s rate hike because inflation remained too high and renewed Iran-war fighting risked further energy pressures. She has pencilled in another hike this year, but expects rates to be unchanged in 2027. Fed’s Musalem (2028 voter) said without further policy restraint, it is more likely inflation will remain substantially above the 2% target 18 months from now, adding that rates likely need to climb further to tame inflation that is both demand- and supply-driven.
• ECB - ECB Chief Economist Lane said the Eurozone economy should continue growing at a steady but moderate pace if the energy shock does not worsen; he added that a second wave of energy-price increases will lift inflation before it declines towards target from mid-2027.
• EU Budget - German Chancellor Merz’s political weakness is complicating negotiations over the EU’s proposed EUR 2tln 2028-34 budget, according to the FT. Officials said Germany may struggle to broker compromises after CDU regional election losses. Merz has pushed for several hundred billion Euros of cuts; failure to reach agreement by year-end could delay preparations for 2028 funding.
• RBA - RBA Governor Bullock said unemployment between 4.5-5% would likely ease labour market pressure and inflation. She declined to signal her vote at next week’s meeting, while noting inflation risks remain tilted upwards. Markets price about a 90% chance of a 25bps hike to 4.6%, with some economists expecting another increase in November.
• RBNZ - An independent review urged the RBNZ to place greater emphasis on real interest rates and systematic policy-making. It found pandemic stimulus was maintained too long, contributing to overheating and inflation. The review also backed greater scenario analysis, more diverse MPC views and continued disclosure of voting and individual policy positions. Elsewhere, RBNZ Governor Breman said persistently higher oil prices would lift near-term inflation above September assumptions. She said the bank will assess incoming data and global developments before its October decision, while significant risks remain and the economic recovery is continuing but uneven.
• UK Labour Market - UK trade unions have sharply increased applications for formal bargaining rights after Labour eased recognition rules, according to Bloomberg. The Central Arbitration Committee recorded 70 cases since 6th April, more than double a year earlier. From 30th October, employers must also give unions workplace access to recruit members, potentially accelerating recognition efforts.

TECH:

• Texas Data Centres - Texas Governor Abbott ordered a halt to data centre permits until Ercot completes an audit of grid and water risks, Bloomberg reports. Abbott said projects must fund required electricity infrastructure, avoid using water needed by communities, and should lose financial incentives.
• Microsoft (MSFT) - Microsoft’s Xbox plans to cut hundreds of jobs this week and consolidate several game studios, according to The Information. The move would be its second major workforce reduction this year, following 1.6K job cuts and five studio divestments in July, with another 1.6K roles previously targeted for elimination by FY 2027.
• LG Electronics (066570 KS), Microsoft (MSFT) - LG Electronics agreed to expand its AI partnership with Microsoft, according to Yonhap. The companies will collaborate on commercialising AI data centres, including potential LG cooling-system supplies for Microsoft facilities, and broaden work in physical AI. LG will use Microsoft’s cloud infrastructure to accelerate development and training of AI models for manufacturing, logistics and mobility.
• Nvidia (NVDA), SoftBank (SFTBY) - Nvidia is buying an additional USD 1.5bln of SoftBank-backed SB Energy shares ahead of its US IPO, bringing its total backing to USD 3bln. Separately, Nvidia-backed Iambic Therapeutics has filed for a US IPO to fund three early-stage cancer drugs. The AI drug developer works with AbbVie, Takeda, Lundbeck and Lambda.
• Samsung Electronics (SSNLF) - Samsung is considering expanding 4nm foundry capacity as HBM4 base-die demand drives full utilisation, according to MoneyToday. More than half of 4nm capacity is reportedly allocated to HBM4, while Samsung is also weighing new 2nm lines for HBM5.
• CoreWeave (CRWV) - Goldman Sachs is leading a roughly USD 1.085bln junk-bond sale to finance a Virginia data centre sponsored by Blue Owl, Cedarwood Investment Group and PowerHouse Data Centres and leased to CoreWeave. The 76MW facility is fully leased to CoreWeave under a 15-year USD 2.94bln contract, with operations expected in 2027-2028.
• Dell Technologies (DELL) - CFO David Kennedy sold 23,896 shares at an average price of USD 585.02, for a total USD 13.98mln. He continues to own 159,201 Dell shares.
• Salesforce (CRM) - Director David Kirk purchased 4,176 shares on 18th September, for a total USD 999.5K.
• Grab Holdings (GRAB) - CEO Anthony Tan purchased 10.4mln shares on 21st September, for a total USD 29.9mln.
• IonQ (IONQ) - IonQ announced a multi-year strategic partnership with South Korea’s SDT, supplying a Superion 256 quantum computer and silicon-vacancy quantum memory module. The companies plan a hybrid quantum-classical data centre in South Korea.

COMMUNICATIONS:

• Tencent (TCEHY) - Tencent launched its Hy Image 3.5 Preview image-generation model, integrating it into products including Yuanbao and design tools. Tencent said the model performed on par with ByteDance’s Seedream 5.0 Pro and slightly better than Google’s (GOOG) Nano Banana Pro and Alibaba’s (BABA) Qwen-Image-3.0 Pro, as it expands AI beyond text.
• GameStop (GME) - CEO Ryan Cohen acquired 1.15mln shares on 21st September, at USD 22.9375/shr, according to a filing.

CONSUMER CYCLCICAL:

• Alibaba (BABA) - Alibaba plans to train AI models with 5-10tln parameters, while unveiling its Zhenwu V900 AI chip and targeting over 20GW of global data centre capacity by 2032, according to Reuters. The Zhenwu V900 is due for mass production in Q1 2027. Qwen 4 is in training, while Qwen 4.5 and Qwen 5 are expected to scale further.
• General Motors (GM) - GM Defence was awarded a USD 697.7mln US Army contract modification for engineering change proposals covering the Infantry Squad Vehicle Utility and its Winch Kit. The modification raises the contract’s cumulative value to USD 915.6mln.
• China Autos - More than two dozen Democratic lawmakers urged President Trump to maintain restrictions preventing Chinese automakers and connected-vehicle technologies from entering the US market, according to Reuters. The lawmakers also opposed circumvention through local production. Trump recently said he would accept Chinese carmakers building vehicles in the US.
• On Holdings (ONON) - On Holding targets high-teens constant-currency sales growth through 2029, with net sales of at least CHF 5.6bln and adj. EBITDA margin of at least 22%, according to Bloomberg. It also authorised its first share buyback, up to USD 1bln through 2029, while expanding into football and golf and targeting gross margin of at least 65%.
• McDonald’s (MCD) - McDonald’s is testing third-party advertising on digital menu boards at selected company-owned US restaurants. Ads appear after customers order, creating a potential new revenue stream.
• Wendy’s (WEN) - Wendy’s said it terminated Meritage Hospitality Group’s rights to operate 314 restaurants over about USD 147mln in unpaid royalties and fees. Meritage disputes the termination and says its franchise agreements remain part of its bankruptcy estate. Wendy’s plans to transition the locations to corporate ownership or other franchisees.

CONSUMER DEFENSIVE:

• Kroger (KR) - Kroger has removed Red Bull from all stores and Boar’s Head products from about 200 locations amid pricing disputes, according to Bloomberg. Negotiations are ongoing. The article adds that under CEO Greg Foran, Kroger is taking a tougher stance with suppliers to secure lower prices, while energy-drink sales have reportedly risen despite Red Bull’s removal.

FINANCIALS:

• UBS Group (UBS) - CEO said Q3 is progressing well against its plan, with good growth momentum, continued strength in wealth management and transaction activity expected to rise Y/Y. He added that the AT1 proposal would still increase costs and that the fee pool is expected to decline.
• Binance - US prosecutors are investigating whether Binance violated Iran sanctions by knowingly allowing certain trading on its platform, according to Bloomberg. The DoJ probe follows Binance’s 2023 guilty plea and USD 4.3bln settlement over banking and sanctions failures. Binance said it is cooperating with law enforcement.
• KKR & Co. (KKR) - KKR expects further South Korean deals after investing about USD 3bln in 2026, Bloomberg reports.
• BlackRock (BLK) - BlackRock, Capital Group, Schroders and IFC are among investors expected to participate in Mynt’s Philippine IPO, according to Bloomberg. The GCash owner is set to raise about PHP 60bln at roughly PHP 6.50 per share, below the PHP 10 maximum, with cornerstone investors taking around 70% of the deal.

ENERGY:

• Saudi Yanbu Port - Saudi Aramco has informally told several Asian refiners that loadings from the Red Sea port of Yanbu may resume soon, according to Bloomberg. Yanbu loadings have been largely halted since the East-West pipeline was attacked on 10th September.
• Canada - Canada’s government proposed legislation to complete federal reviews of major projects within one year and reduce disruptive labour disputes. The bill would clarify binding-arbitration powers, create stricter bargaining timelines, establish a transportation project office, designate strategic trade corridors and streamline port governance while maintaining environmental and Indigenous consultation requirements.
• BP (BP) - BP said its Whiting refinery (440k BPD capacity) has returned to normal operations following planned maintenance last week.

INDUSTRIALS:

• Lockheed Martin (LMT) - Lockheed Martin secured a US Army IDIQ contract worth up to USD 1.2bln for Precision Strike Missile Increment 2.
• Woodward (WWD) - Woodward will shift military fixed-wing and rotorcraft flight-control actuation production from Santa Clarita, California, to its new Spartanburg, South Carolina, aerospace campus. It will sell certain legacy products and the Santa Clarita site, with closure by December 2027. About 400 roles are expected to be affected.
• TransDigm (TDG) - TransDigm Group’s Extant Aerospace agreed to acquire certain commercial rotorcraft, land systems and business jet assets, including a California facility, for about USD 240mln in cash. The acquisition is expected to close during TransDigm’s FY27.
• Embraer (EMBJ) - Japan Airlines is leaning towards Embraer over Airbus (EADSY) for an order of about 20 regional jets, according to Bloomberg. JAL is weighing Embraer’s E2 against Airbus’s A220, and could decide as soon as October, though no decision is final.
• UK Defence Stocks - UK PM Burnham will reportedly announce a new UK-US AI defence partnership aimed at improving protection of critical infrastructure and threat detection.

MATERIALS:

• China Gold - China’s gold imports exceeded 1,000 tonnes through August, surpassing FY25 levels. Strong investment demand, a firmer yuan and lower international prices supported purchases. Chinese gold ETFs added around 44 tonnes, up 18% from the start of the year, while the PBoC extended its gold-buying streak to nearly two years, Bloomberg reports.
• Indonesia Nickel - Indonesia Morowali Industrial Park will cut nickel pig iron production as an El Nino-driven drought reduces cooling-water supplies, according to Bloomberg. Around 100K tonnes of output could be affected vs about 350K tonnes of monthly capacity. IMIP had warned production could fall 30-40% if conditions did not improve.
• BASF (BASFY), Evonik (EVKIY) - BASF explored a potential deal with Evonik Industries earlier in 2026, according to Dealreporter; one source downplayed the likelihood of a transaction, citing BASF’s constrained cash position.

UTILITIES:

• Southern Company (SO), Alphabet (GOOG) - Georgia Power, the largest electric subsidiary of Southern Company, and Google agreed to support nuclear uprates at Plants Vogtle and Hatch, adding about 96MW of capacity, subject to Georgia Public Service Commission approval. Google’s subscription is expected to deliver about USD 900mln in customer benefits over the units’ lives.

HEALTHCARE:

• Medicare - CMS plans to align 2027 Medicare laboratory payment rates more closely with private sector rates, estimating annual savings of USD 1bln. Medicare currently pays about 16% more for laboratory services. Payment reductions are capped at 15% annually through 2029, with final 2027 rates expected in November 2026 and effective 1st January 2027.
• Roche (RHHBY) - Roche reported positive Phase II results for dual GLP-1/GIP agonist enicepatide in type 2 diabetes and overweight or obesity, meeting both primary endpoints. The European Commission also approved Susvimo for neovascular age-related macular degeneration.