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Top Overnight News
Republicans in the House are increasingly confident they will be able to strike a reconciliation deal and pass it this week before the Memorial Day recess. Politico
US House Rules panel is "still meeting on the bill after working overnight and no sign of amendment making final changes": Bloomberg
Trump’s administration is debating an executive order that could open the nearly $9tn US retirement market to private capital groups focused on corporate takeovers, property, and other high octane deals. FT
Nvidia’s Jensen Huang has condemned US export controls designed to limit China’s access to AI chips as a “failure” that spurred Chinese rivals to accelerate development of their own products. FT
White House Director of the Office of Management and Budget Vought said the Moody's downgrade timing was trying to jeopardize the ability to get the budget bill done, although he thinks the budget bill will pass this week and is optimistic.
Trump said the Golden Dome defence shield will include space-based interceptors and should be operational by the end of his term, while he added that Canada said they want to be part of it and said the total cost is about USD 175bln.
US-China tech tensions are flaring again, with Beijing threatening legal action against anyone enforcing Washington’s restrictions on Huawei Technologies Co.’s chips, casting a shadow over a recent trade truce and efforts to sustain dialogue. BBG
Temporary trade truce between US/ China has sparked a knee jerk bounce across China’s ports and factory floors. In the week beginning May 12, when the US and China agreed to sharply reduce tariffs for 90 days, bookings on freighters headed from China to US shores more than doubled from the prior week to about 228,000 TEUs, or twenty-foot equivalent units. BBG
Japan’s exports to the U.S. fell in April for the first time in four months as the effects of higher tariffs started to kick in. Exports to the U.S. dropped 1.8% in April from a year earlier, reflecting weaker demand for cars and other machinery including chip-making machines. WSJ
Japan’s lead tariff negotiator, Ryosei Akazawa, heads to the US on Friday for a third round of talks with his Trump administration counterparts, with a fourth visit this month being considered. Nikkei
UK inflation runs hot in Apr, w/the headline CPI coming in at +1.2% (vs. the Street +1%), core CPI +3.8% (vs. the Street +3.6%), and services CPI +5.4% (vs. the Street +4.8%). This print sent the pound to a three-year high against the dollar and short-dated gilts to seven-week lows. Traders now see just one more 25-bp cut from the BOE by year end after CPI surged more than expected to 3.5% in April. WSJ, BBG
Oil climbed on a CNN report that US intelligence suggests Israel is preparing for a potential strike on Iranian nuclear facilities. BBG
Morgan Stanley mid-year outlook: turns Overweight on US equities and US Treasuries; expects USD to continue to weaken - expects EUR/USD at 1.25 and USD/JPY at 130 by Q2 2026
https://twitter.com/zerohedge/status/19 … 8804176921
[Ed. Note: BBerg's platform was knocked out briefly overnight.]