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Top Overnight News
President Trump said he intends to nominate Kevin Warsh to be the next chair of the Federal Reserve. BBG
Gold and silver slumped while the dollar rose. A Warsh-led Fed may temporarily cool the greenback-debasement trade by easing concerns over central bank independence. BBG
President Donald Trump and Senate Democrats reached an agreement to fund the federal government as a Friday midnight deadline for a partial shutdown approaches.: WSJ
Speaker Johnson said he's not confident that a government shutdown will be avoided.
China plans to sell about $29 billion in special bonds to recapitalize some its largest insurers, people familiar said, strengthening the biggest players amid pressure to consolidate. BBG
Large US companies are set to lay off at least 52,000 workers as the jobs market cools: FT.
White House said President Trump will sign executive orders at 11:00EST and is participating in a policy meeting at 14:00EST. Trump confirms he's signing a historic executive order to combat the scourge of addiction and substance abuse.
China has given its top AI startup DeepSeek approval to buy Nvidia's H200 artificial intelligence chips with regulatory conditions that are still being finalized. ByteDance, Alibaba, and Tencent had been given permission to purchase more than 400,000 H200 chips in total. RTRS
Volodymyr Zelenskiy said Ukraine is ready to halt strikes on Russian energy infrastructure if Moscow abides by a US proposal for a weeklong truce. BBG
Trump warned the UK and Canada against striking new business deals with China, after their leaders visited Beijing this month in an effort to deepen ties. BBG
The euro-zone’s largest economies all grew at the end of last year. German GDP rose 0.3% in the fourth quarter, beating an initial estimate. Spain reported a speedier-than-expected expansion of 0.8%, while France and Italy also grew. BBG
Headline PPI probably held at 0.2% in December, adding to evidence that tariff price pressure up the supply chain is fading. The core rate likely rose to 0.2% from a flat reading in November. BBG
Trump sues the IRS and Treasury for $10bln over tax return leaks.
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