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Top Overnight News

The White House unveiled trade deals with Argentina, Ecuador, Guatemala, and El Salvador as part of an initiative to reduce food prices/ address affordability challenges for American consumers. FT

Ukrainian drones attacked Russia’s giant Black Sea port of Novorossiysk overnight, prompting a state of emergency. Moscow launched a massive air strike on Kyiv that killed four and damaged several residential buildings. BBG

NEC Director Hassett said he expects to see 60k job losses due to the government shutdown, while he responded that the numbers they have are consistent with more rate cuts, when asked about inflation.

Signs of weakness in China’s economy stretched into October, with one measure of investment notching the sharpest slowdown in years. Retail sales was about inline at +2.9% (vs. the Street +2.8% and down from +3% in Sept) while industrial production fell short at +4.9% (vs. the Street +5.5% and down from +6.5% in Sept) and fixed asset and property investment declined at one of the sharpest rates in years. WSJ

Sir Keir Starmer and Reachel Reeves have ditched their manifesto-busting plan to increase income tax rates, in a dramatic U-turn ahead of the Budget on Nov 26 that sparked a sell of in the gilt mkt. FT

China’s unreported gold purchases could be more than 10x its official figures as it quietly tries to diversify away form the USD, highlighting the increasingly opaque sources of demand behind bullion’s record-breaking rally. FT

Brazil hopes to reach a preliminary agreement with the US as soon as this month. India and Canada will work together to secure supply chains in critical minerals and clean energy, signaling a reset in bilateral ties. BBG

Canada’s forestry industry plans to divert a significant shares of its wood exports from the US to new intl mkts, claiming that Trump’s latest trade tariffs will lead to lumber shortages and drive up building costs in America. FT

Palantir is planning a “significant investment” in the UK to win military contracts, even as the software company has complained about slow traction in Europe.

Paramount, Comcast and Netflix are preparing bids for Warner Bros. Discovery. WSJ

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