Top Overnight News

Trump hosted Xi Jinping at a state dinner attended by Elon Musk, Jensen Huang and Tim Cook, but progress on tariffs and AI deals remains elusive. The leaders meet for tea this morning. BBG

Iran’s foreign minister said Thursday that Tehran had proposed to Washington a seven-day plan to cease hostilities, reopen the Strait of Hormuz and then begin comprehensive talks on his country’s nuclear program. NYT

Efforts to rekindle talks to end the war between the U.S. and Iran are running into resistance from major Persian Gulf oil producers that have swung against any accommodation of Tehran, people familiar with the matter said. WSJ

Saudi, Turkish and Pakistani military chiefs are to meet to discuss how to support Saudi Arabia under a joint defence pact, after Saudi's top religious authority told troops to be ready to lay down their lives to fight Yemen's Iran-aligned Houthis. RTRS

US Energy Secretary Chris Wright has contacted executives at several major American refiners in recent days to gauge support for a voluntary restriction on diesel exports as the Trump administration searches for an alternative to a short-term ban, according to three people familiar with the discussions. RTRS

The Fed is working on a plan to raise the asset thresholds that trigger stricter oversight of big banks to account for inflation and economic growth. The changes may spur mid-size bank consolidation. BBG

The yen hit a session high after Prime Minister Sanae Takaichi said an undervalued Japanese currency was “problematic.” The yen strengthened as much as 0.8% to 157.67 per dollar on Friday, heading for its biggest daily gain in more than two weeks. Officials have emphasized the speed and disorderliness of currency moves rather than any specific exchange-rate level, with market participants viewing the area around 160 as where intervention risk rises. BBG

The BOJ gauge of underlying inflation accelerated to well above the target last month, supporting the case for continuing to raise the benchmark rate as authorities warn of the risk of inflation overshooting. BBG

The State Department wants to give state and local officials, and possibly some nonprofit organizations, access to passport records to verify voters’ citizenship. BBG

Anthropic strikes USD 12bln deal with Akami (AKAM) for AI computing.