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Top Overnight News
Despite Powell’s speech, clear divisions remain among Fed officials. The St. Louis Fed’s Alberto Musalem said he’ll need more data, Reuters reported, while Chicago’s Austan Goolsbee pointed out he’s still more concerned about the inflation side of their mandate than employment. BBG
Investors are piling back into NY office buildings, lending billions of dollars to property developers in a sign big money managers see return to office wave as a much needed salve to the mkt. FT
Thousands of homes in northern California and central Oregon were under evacuation orders on Sunday from wildfires. AP
Pentagon plans a military deployment in Chicago as President Trump eyes a crackdown: WaPo
California warns that its agricultural industry feeds the US but is now under assault from Trump’s immigration policies, creating the risk of higher prices or food shortages. NYT
China’s financial hub of Shanghai eased home-buying rules in the latest attempt by authorities to contain the nation’s prolonged property crisis. Eligible residents, including those from outside Shanghai, can now buy an unlimited number of homes in the outer suburbs, according to a statement Monday. BBG
China is banking on artificial intelligence (AI) to become a new growth engine, and there are projections that it could add several trillion yuan to the economy by 2035 amid a national push for computing power and a unified data market. SCMP
South Korea’s Lee Jae Myung meets Trump at the White House today. He’ll urge him to revive stalled North Korea talks and follow up on a recently signed trade deal. BBG
German business confidence unexpectedly improved in August to the highest level since 2022, after the EU struck a trade deal with the US. BBG
Keurig Dr Pepper will buy JDE Peet’s for $18.4 billion in cash in an effort to revive its struggling coffee business. The combined company will later separate its beverage and coffee operations, essentially reversing the 2018 deal that combined Keurig and Dr Pepper. BBG
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