Top Overnight News
Iranian officials have told the countries trying to mediate peace talks with the U.S. that they have now been tricked twice by President Trump and "we don't want to be fooled again," according to a source with direct knowledge of those discussions. They worry Trump is buying time as he brings more military equipment to the Middle East. Axios
Iran has received an American 15-point plan for a ceasefire for the Iran war through intermediaries from Pakistan, officials in Islamabad said Wednesday. The proposal was sent even as Washington began to move paratroopers to the Middle East to back up a contingent of Marines already heading to the region. AP
Chinese artificial intelligence service stocks rallied after state media highlighted a sharp increase in domestic AI model adoption and a surge in token usage they generate. BBG
Chevron’s refining head warned that California is heading toward a fuel crisis and that it may quit refining oil in the state unless officials roll back taxes and regulations. BBG
Australia’s inflation eased slightly in February, but remained well above the central bank’s target range, keeping the door open for a further rise in interest rates. Headline inflation was 3.7% on-year in February, easing from 3.8% in January, but still well above the 2% to 3% range targeted by the Reserve Bank of Australia. WSJ
The U.K.’s annual rate of inflation was unchanged in February, but is set to rise over the coming months as energy and food prices jump in the wake of the U.S.-Israel conflict with Iran. CPI was inline on the headline for Feb at +3%, but ran slightly ahead on core (+3.2% vs. the Street +3.1%) and services (+4.3% vs. the Street +4.2%). WSJ
SpaceX may file an IPO as soon as this week, The Information reported. The company may try to raise more than $75 billion, but won’t decide until a few weeks before the offering. BBG
DHS funding deal receives critical pushback from both sides of the aisle, raising doubts about whether an agreement is imminent. Politico
The DOJ acknowledged that they did not have evidence of wrongdoing in its criminal investigation of the Fed over the cost of its building renovations, according to a transcript of the court proceedings. WaPo
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