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Top Overnight News
The White House budget office is telling federal agencies to prepare plans for permanent mass firings during a possible government shutdown. The move would represent a substantial escalation beyond normal shutdown protocols. BBG [Ed. Note:: YAY!]
More rate cuts are probably needed, but the Fed should move with caution, SF President Mary Daly said. The risk of a US recession is low right now, she added. BBG
China urged its companies with U.S. operations not to bring their domestic price-cutting playbook to the U.S. market, signaling Beijing’s intent to maintain recent trade calm with Washington. WSJ
The Swiss National Bank halted its easing cycle, avoiding a return to negative interest rates as officials judge the impact of US tariffs to be containable for now: BBG
One member of the BOJ’s policy board said the central bank shouldn’t be overly cautious and risk missing an opportunity to raise rates, according to minutes of the July meeting. BBG
South Korea’s investments in the US will remain in limbo until visa issues are resolved, PM Kim Min-seok said. His office later clarified that his remarks are unrelated to the $350 billion investment scheme under discussion. BBG
South Korea’s central bank warned that risks from US tariffs, prolonged industrial weakness and housing market imbalances could undermine financial stability, highlighting the need to keep macro prudential policies tight: BBG
HSBC said it used IBM’s Heron quantum processor to get a 34% improvement in predicting how likely a bond will trade at a given price. McKinsey projects revenue from quantum computing may climb to as much as $72 billion in a decade, up from $4 billion in 2024. BBG
H&M shares rose the most since March 2024, after it reported quarterly margins and profits that blew past expectations. BBG
EU officials fear Trump’s latest rhetoric on Ukraine aims to set them an impossible mission that will allow the US president to shift blame away from Washington if Kyiv falters in the war or runs short of cash. FT
The UK’s gilt market jitters are starting to impact demand at government auctions as fiscal concerns grow ahead of the budget in November: BBG
As ChatGPT nears its third birthday, at least one in 10 retail investors is using a chatbot to pick stocks, fueling a boom in the robo-advisory market, but even fans say it is a high-risk strategy that cannot replace traditional advisors just yet. RTRS
Chinese government bond issuance is set to plunge by year-end, offering relief to a market also pressured by a rotation into equities: BBG
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