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Top Overnight News

Arab diplomats trying to find a diplomatic path out of the war now being waged by the U.S. and Israel against Iran say Tehran, emboldened by its ability to rattle the global economy by choking oil shipments, has laid out steep preconditions for any return to talks. WSJ

Iran has started laying mines in Hormuz and is utilizing thousands of small boats in the country’s navy to do so. NYT

Israeli officials now assess that Iran’s ruling regime is unlikely to fall in the immediate future, as Tehran’s battered rulers remain in control and conditions on the ground aren’t yet ripe for a popular uprising, people familiar with the matter said. WSJ

Donald Trump warned Iran to “watch what happens” today in a social media post, claiming the US is “totally destroying” Iran militarily and economically. Benjamin Netanyahu said regime change can’t happen without an internal uprising. BBG

The US expanded a short-term waiver allowing buyers to purchase Russian oil already in transit, potentially freeing up about 19 million barrels of crude and refined products in Asian waters. BBG

The framework for US President Donald Trump’s summit with China’s Xi Jinping is set to be mapped out this weekend as negotiators meet to discuss thorny issues such as tariffs, fentanyl and Taiwan. Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and China’s Vice Premier He Lifeng will convene in Paris on Sunday and Monday to map out deliverables for the leaders’ summit slated for March 31 to April 2 in Beijing. BBG

US Secretary of State Rubio will join US President Trump during his trip to China later this month.

TikTok’s Chinese parent, ByteDance, is assembling computing power with high-end Nvidia chips outside China to fuel its ambition of becoming a global artificial-intelligence leader. WSJ

India is delaying signing a deal with the US for several months after new investigations, Reuters reported. New Delhi had originally aimed to finalize an interim deal this month. BBG

Adobe CEO Shantanu Narayen is stepping down after 18 years amid concerns about the company’s ability to compete in AI. Shares are down -8% in the premkt. BBG

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