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Top Overnight News

Trump will receive a briefing on Thurs about potentially resuming military operations against Iran. Brent pushed to a 4 year high. Axios

As Hormuz traffic stalls, the White House pitches a new coalition to get ships moving again. Trump reportedly wants other nations to form an alliance to help jump-start ship traffic. WSJ

Japan’s top currency officials rolled out their “final” warning to speculators after the yen slipped to its weakest level since the nation’s last salvo of market interventions in 2024. BBG

China’s factory activity held up in April, suggesting limited pressure from surging energy prices due to the conflict in the Middle East. China’s NBS PMIs for Apr were mixed, with manufacturing outperforming (50.3 vs. the Street 50.1) while non-manufacturing fell short (49.4 vs. the Street 49.8), and the RatingDog manufacturing PMI was ahead of plan too at 52.2 (vs. the Street 51). WSJ

China has given state-owned refiners the green light to export 500,000 tons of fuels to a handful of regular customers, signaling the country is effectively easing an earlier ban on shipments. BBG

California gasoline prices topped $6 a gallon as the global energy crunch from the war reverberates. No other state has ever surpassed that mark. BBG

Anthropic faces White House opposition to its plan to expand access to its Mythos AI model, an administration official said. Separately, the company is said to be weighing fresh funding that would value it at more than $900 billion. BBG

The record 74-day shutdown of the DHS is nearing an end after Mike Johnson united fractious Republicans behind a two-part budget plan aimed at fully funding the department.

US House has approved a Republican plan making way for a $70bln bill for ICE and Border Patrol.

US Senators are to introduce legislation to tighten ban on Chinese vehicles.

The US House has passed a three-year extension of the FISA re-authorisation.

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