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Top Overnight News

The top US commander for the Middle East said that American forces have cleared Iranian mines from the Strait of Hormuz, after Washington’s allies expressed doubts about similar claims by President Donald Trump.

Qatar's prime minister visited Tehran on Thursday in an effort to revive stalled diplomacy six months into the war, as U.S. President Donald Trump said Washington was not currently talking to Iran. RTRS

Venezuela is considering whether it should quit OPEC, according to people familiar with the matter, potentially delivering a fresh blow to the oil cartel it helped create more than six decades ago. BBG

Jackson Hole Preview: Warsh to speak at 10am & GS econ expects him to reiterate his commitment to the 2% inflation target, expand on the rationale behind his approach to Fed communication and offer thoughts on some bigger picture topics such as productivity growth or shocks to the global economy that he alluded to at his last press conference. He's likely to acknowledge the better recent inflation news but is unlikely to provide any policy guidance. Full Preview here

Howard Lutnick accused Canada of scuttling trade talks by adding last-minute demands, saying PM Mark Carney had political incentives to kill an emerging deal. BBG

A federal judge issued a temporary restraining order that prevents the Postal Service from inserting itself into the election process while litigation continues: NBC

Nippon Life Insurance Co., Japan’s largest life insurer, said it is open to becoming a net buyer of government bonds next fiscal year as it finds current interest rates attractive. BBG

Japan spent a record $96.4 billion over the past month to support the yen, underscoring the authorities’ willingness to deploy increasingly aggressive tactics to put a floor under the currency. BBG

Tokyo’s key inflation gauge accelerated for a third month even as the government took steps to reduce energy costs, bolstering the case for another Bank of Japan interest-rate increase as market expectations mount for a move in September. RTRS

Spanish inflation surged to 4.5% in August, more than double the ECB’s target, while France’s 2.7% reading exceeded expectations, strengthening the case for a rate increase next month. BBG

US President Trump's administration is mulling a 500mln gallon boost to 2027 biofuel quotas to offset exemptions

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