Top Overnight News

Iranian Foreign Minister Abbas Araghchi said his country is prepared to resume fighting with the United States but has not yet abandoned diplomacy after President Donald Trump publicly rejected a proposal to reopen the Strait of Hormuz. NBC

Mediators are expected to hold separate talks with US and Iran on Monday or Tuesday, with Iran Foreign Minister Araghchi and Qatari mediators remaining in the US: RTRS

Peace negotiators are pressing Iran to make a concession on its nuclear program to revive ceasefire talks with the U.S. after President Trump rejected Tehran’s truce proposal, in a race to stop the conflict from escalating back into all-out war. WSJ

Trump announced that he approved new fuel economy standards that terminate former President Biden's EV mandate, while he said the new standards will take the waste out of building cars in the US, which means lower prices, and noted that more than USD 100bln is being invested in American autos under his administration: RTRS

The US and China plan to cut tariffs on about $30 billion of imports from each other. Trump said he made “tremendous progress” with Xi Jinping at last week’s summit. BBG

China’s industrial enterprises saw their earnings grow at the weakest since they fell last November, highlighting the limits of a recovery disproportionately driven by elevated oil costs and sectors linked to artificial intelligence. BBG

Japan's top currency diplomat Atsushi Mimura said on Monday markets should take at face value the "very clear" message Tokyo and Washington delivered last week on the yen, ‌signalling his resolve to act against excessive falls in the currency. RTRS

European natural gas moved higher as traders weighed the extension of a supply force majeure from Qatar against mixed signals on talks to reopen the Strait of Hormuz. BBG

Nvidia introduced a new double-layered AI security system that it says would’ve prevented the recent high-profile breach of Hugging Face by OpenAI’s AI models. BBG

The turbulence that has rocked private credit funds for the past year showed signs of easing in September, with the flood of redemption requests from retail investors slowing and performance improving. FT

The Fed should keep an “open mind” on rates, Scott Bessent told Fox, arguing AI-driven productivity gains and deregulation will help contain inflation. He spoke ahead of a week of key data including consumer spending and nonfarm payrolls. Furthermore, he said that core inflation has been very stable and fell in recent months. BBG

Trump said had an incredible meeting with Chinese President Xi, also noted that he's having dinner tonight with Anthropic's head at 10pm and will be meeting with Anthropic on Tuesday, adds Anthropic's Dario is very highly respected.

US President Trump said he will talk about AI with Anthropic's CEO Amodei, who was having dinner at the White House on Sunday, while Trump said he would tell Amodei, "let's go, let's win."