Top Overnight News Deadly Houthi attacks on the Saudi capital’s main airport over the weekend raised the risk of a wider war that may draw in the US. More missiles and drones were intercepted overnight. BBG The United States' response to Iran's seven conditions in a proposal to reopen the strategic Strait of Hormuz was "insufficient", Iran's security chief, Mohsen Rezaei, was quoted by state media on Sunday as saying. RTRS Oil swung after US President Donald Trump said Kyiv and Moscow had agreed to an “energy ceasefire,” while in the Middle East, Saudi Arabia suffered its deadliest strikes since the Iran war began. BBG Ukraine will continue to respond with long-range strikes against Russia unless Moscow agrees to an energy ceasefire that still hasn’t happened, President Volodymyr Zelenskyy said on Monday. BBG Saudi Arabia is looking at ways to expand its oil pipeline capacity to destinations outside the Persian Gulf to 10 million barrels a day within two to three years, said Energy Minister Prince Abdulaziz bin Salman. BBG US Senators reportedly demanded that President Trump reverse the Russian fuel imports deal, while Republican Senator Tillis warned that Trump’s Russian diesel deal may be illegal and put American lives at risk. Newsquawk The EU will cap imports of Chinese hybrid vehicles at 350,000 a year starting as soon as Dec. 1, with the limit rising 6% annually from the second year, according to a document seen by Bloomberg. The effect is likely to be more restrictive for Chinese automakers than tariffs, BI said. BBG China passenger vehicle sales tumbled 28% Y/Y in Sept, the largest so far this year and a sign that the domestic market remains under pressure. Nikkei Nvidia is in talks to acquire or deepen its investment in US start-up Reflection AI, a developer of open-weight models that President Donald Trump’s administration hopes will rival cheap Chinese alternatives, people with direct knowledge of the matter said. FT AZMN is in talks to acquire artificial-intelligence startup Decart in a deal that could be valued at around $7 billion. San Francisco-based Decart’s software makes it easier for developers to switch between different AI chips, a capability that is becoming increasingly important as companies race to secure more computing power. WSJ Broadcom CEO Hock Tan said on Monday that capital will be the biggest constraint facing the company as AI development continues. RTRS Nato members should prepare a robust response for a possible deadly Russian “hybrid” attack, Poland’s foreign minister has said, as concern grows about Moscow’s escalating sabotage campaign on European soil. FT France’s bonds resumed declines. Investors are losing faith in its ability to get a grip on its debt and growing increasingly concerned about the risk of contagion. Germany’s fragile government was plunged deeper into turmoil on Monday after the labor minister and co-chair of the junior coalition partner abruptly resigned from both her posts. BBG Bond markets are starting to do some of the lifting for central banks around the world by pushing up borrowing costs themselves, potentially reducing the number of benchmark interest-rate hikes needed to get inflation under control. BBG India’s consumer prices rose 5.54% Y/Y in September, vs est. +5.58%, the highest in almost two years and backing RBI tightening. BBG Robert E. Hall and Michael Woodford won the Nobel Prize in Economics for their work on stabilization. BBG Goldman raised its Dec 2026 Brent forecast to $90/bbl from $85 and still sees Brent averaging $80 in 2027; in an upside scenario where Gulf output stays 5mb/d below February levels, Brent could average around $125 in 2027. GIR JPM's Feroli sees September headline CPI at +0.55% M/M (3.6% Y/Y) and core at +0.18% (2.4% Y/Y), enough to keep the bond market from re-pricing an October hike. JPM(Historical earnings: For fiscal 2027 Q2 (period ended 2026-07-26), NVIDIA reported basic EPS of 4.87, diluted EPS of 4.85, net income of USD 118.010 billion, and revenue of USD 177.837 billion. In the prior-year period (ended 2025-07-27), basic EPS was 1.85, diluted EPS was 1.84, net income was USD 45.197 billion, and revenue was USD 90.805 billion. For fiscal 2027 Q1 (period ended 2026-04-26), basic EPS was 2.4, diluted EPS was 2.39, net income was USD 58.321 billion, and revenue was USD 81.615 billion. Consensus expectations: For fiscal 2027 Q3 (event date 2026-11-17), consensus EPS estimate is 2.5253 and revenue estimate is USD 111.318 billion. For fiscal 2027 Q4 (event date 2027-02-23), consensus EPS estimate is 2.7989 and revenue estimate is USD 127.381 billion.)