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Top Overnight News
Microsoft is canceling leases for AI data centers in the US, potentially reflecting concerns about overcapacity. ZH
President Trump said Elon Musk is doing a good job but he would like to see him get more aggressive. It was separately reported that Elon Musk said consistent with President Trump’s instructions, all federal employees will receive an email requesting to understand what they got done last week and a failure to respond will be taken as a resignation, although some agencies told workers not to reply to Musk’s email.
Trump nominated Air Force Lt General Dan Caine as the next Chairman of the Joint Chief of Staff to replace General Brown, while several other top officials were also pushed out.
Trump reportedly told CEOs of pharmaceutical companies during a meeting to move their production to the US.
American Airlines (AAL) flight was diverted to Rome over ‘possible security issue." However, the airline later stated that the flight landed safely in Rome and after inspection by law enforcement was cleared to re-depart with the issue determined to be non-credible: ABC
America’s economy is more dependent on the wealthy than ever before (the top 10% of earners, or households earning $250K+ per year, now account for nearly 50% of all spending, the highest percent ever. WSJ
US Republican email systems were reportedly breached by Chinese hackers in summer 2024; hackers reportedly had access "for months" - WSJ
US Senator Warren has reportedly sent a letter to the White House requesting that Trump's nominee to Chair the Council of Economic Advisers commits to Fed independence, via FT
Apple plans to invest $500 billion in the US over the next four years, hiring 20,000 workers and producing AI servers as it seeks relief from Donald Trump’s tariffs on goods imported from China. AAPL -1% in pre. BBG
ECB official Pierre Wunsch warns that the Eurozone risks “sleepwalking” into making too many interest rate cuts and needs to stand ready to stop lowering bowering costs soon. FT
Europe envisions sending ~30K of its troops into Ukraine to help preserve any peace deal struck with Russia, with the US providing technical, logistics, and weapons support (but no American troops would be involved). ABC
Germany’s conservative leader Friedrich Merz said he’ll move to form a coalition government within two months after winning yesterday’s election. He pledged to strengthen Europe to achieve “real independence” from the US. The DAX rose and the euro strengthened. BBG
China’s local governments are set to issue an unprecedented $233 billion of bonds in the first two months of the year, exacerbating a cash squeeze in the financial system. BBG
Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 bn) in its cloud computing and artificial intelligence infrastructure over the next three years. RTRS
Australian Treasurer Jim Chalmers will meet Scott Bessent in Washington as he seeks tariff exemptions. South Korea’s industry minister will visit the US as soon as this week for trade talks. BBG
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