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Top Overnight News
US House lawmakers are expected to vote today to end the 43-day government shutdown. It may still take days for air travel to return to normal and probably longer for SNAP recipients to receive delayed benefits. BBG
GM asked thousands of its suppliers to eliminate parts sourced from China and shift to alternative supply chains to mitigate the risks of geopolitical disruptions. Some suppliers now have a 2027 deadline to completely end their China sourcing ties. RTRS
The path for interest-rate cuts has been clouded by an emerging split within the central bank with little precedent during Federal Reserve Chair Jerome Powell’s nearly eight-year tenure. Officials are fractured over which poses the greater threat—persistent inflation or a sluggish labor market—and even a resumption of official economic data may not bridge the differences. WSJ
President Donald Trump is expected to host a private dinner at the White House on Wednesday with several top business executives, including the chief executives of Nasdaq and JPMorgan Chase. The gathering underscores Trump's effort to deepen ties with corporate leaders as his administration rolls out new initiatives aimed at strengthening U.S. capital markets and rebuilding critical domestic supply chains seen as vital to national security. RTRS
Beijing is taking an aggressive approach to help its technology giants squeezed by America’s chip restrictions. Shortages of advanced semiconductors are so acute that the government has begun intervening in how the output of China’s largest contract chip maker, Semiconductor Manufacturing International, is distributed. Chinese authorities are trying to give priority to the needs of tech conglomerate Huawai. WSJ
China’s purchases of American soybeans appear to have stalled, less than two weeks after the US touted a wide-ranging trade truce that signaled thawing relations between the world’s two biggest economies: BBG
China is grappling with a glut of soybeans after months of record imports, curbing prospects for U.S. exports despite a recent trade truce that Washington said includes a pledge by Beijing to resume heavy purchases. Traders and analysts warn that vast stockpiles at ports and in state reserves, coupled with weak crush margins, limit Beijing's appetite for further purchases. RTRS
Economists are questioning the unexpected rise in UK unemployment to 5%, which rattled markets and sparked political criticism of Labour’s economic policies. BBG
Venezuela has placed its entire military on alert as tensions ratchet higher with the US. WaPo
Global oil and gas demand will rise for the next 25 years if the world does not change, the IEA has said, in a new scenario that reflects governments’ fading commitment to climate change. The IEA previously thought it would peak this decade, which was hotly contested by the oil and gas industry and the White House. FT
Coming out of the government shutdown, -50K (new Goldman jobs call) would be worst NFP print since Dec 2020 (omicron surge). Jobs/Payroll data: Potential for Oct + Nov reports to be published in a concentrated 7 day window at the start of December, or even on the same day on 5th Dec. This is setting up the market for a highly consequential window of data just before the Dec FOMC. Goldman
hite House is exploring rules that would upend shareholder voting with the Trump admin examining new measures to curb the influence of proxy advisers and index-fund managers: WSJ.
https://x.com/zerohedge/status/1988594736081289443