Top Overnight News

The Houthis conducted a “large-scale” attack against forces from Yemen’s Saudi-backed government killing “hundreds” of troops. They also struck the southwestern Saudi region of Najran, raising concerns over a widening of the US-Israeli war on Iran into a broader conflict. BBG

Trump said negotiations between Iran and Oman over the Strait of Hormuz are “moving along,” even after some Iranian lawmakers said they would seek to bar American and Israeli ships from the waterway as part of the deal: BBG

According to the apparent draft plan published by Iran, the country would ban U.S. and Israeli ships from transiting the Strait. Until compensation is paid, other nations that have harmed Iran would not be allowed to transit. While Iran and Oman are reportedly working on an agreement to define transit routes in the Hormuz strait, a deal still has not been announced. According to media reports, inbound traffic would transit Iranian waters while outbound traffic would go through Omani waters. CNBC

The war on Iran is hitting nations in Asia hard, with Australia and New Zealand racking up billions of dollars in higher fuel costs: BBG

Trump ordered new tariffs and price floors on imported polysilicon used in chips and solar panels. The 15% levies take effect December 4th and could trigger a rush of purchases. BBG

Chinese firm Moonshot’s latest artificial intelligence model broke out of a cyber-testing environment in the latest incident that raises concerns about how well AI companies control their technology. Moonshot joins US firms Anthropic, OpenAI and Meta., which have in recent weeks reported breaches that saw their models escape testing environments. BBG

China’s July crude imports rebounded 22% from June to 35.7 million tons, while inbound shipments of iron ore fell. Soybean purchases tumbled more than 15% in the same period. BBG

Japan’s household spending unexpectedly fell for a seventh month, declining 3.3% in June, even as real wages continued to increase. BBG

SK Hynix will invest about $38 billion to build two new chip plants in South Korea, adding to efforts to rapidly double its production capacity and ease a global shortage of memory. It also announced it could make a formal statement on shareholder capital return in Q3. BBG/Reuters

U.S. job growth likely picked up in July, offering reassurance that the labor market remained resilient and allowing the Federal Reserve to maintain its focus on inflation. The Labor Department's closely watched employment report today at 8:30am is also expected to show the unemployment rate unchanged at 4.2% last month even as the labor ‌force participation rate is anticipated to have rebounded after declining to more than a five-year low in June. Reuters

Airbnb jumped premarket after boosting its revenue forecast for the second time this year on robust global travel demand, particularly in the US and Europe. BBG

Japan’s ¥317.76 trillion ($2 trillion) Government Pension Investment Fund posted a record 8.2% gain in the three months ended in June: BBG

Top Overnight News

The Houthis conducted a “large-scale” attack against forces from Yemen’s Saudi-backed government killing “hundreds” of troops. They also struck the southwestern Saudi region of Najran, raising concerns over a widening of the US-Israeli war on Iran into a broader conflict. BBG

Trump said negotiations between Iran and Oman over the Strait of Hormuz are “moving along,” even after some Iranian lawmakers said they would seek to bar American and Israeli ships from the waterway as part of the deal: BBG

According to the apparent draft plan published by Iran, the country would ban U.S. and Israeli ships from transiting the Strait. Until compensation is paid, other nations that have harmed Iran would not be allowed to transit. While Iran and Oman are reportedly working on an agreement to define transit routes in the Hormuz strait, a deal still has not been announced. According to media reports, inbound traffic would transit Iranian waters while outbound traffic would go through Omani waters. CNBC

The war on Iran is hitting nations in Asia hard, with Australia and New Zealand racking up billions of dollars in higher fuel costs: BBG

Trump ordered new tariffs and price floors on imported polysilicon used in chips and solar panels. The 15% levies take effect December 4th and could trigger a rush of purchases. BBG

Chinese firm Moonshot’s latest artificial intelligence model broke out of a cyber-testing environment in the latest incident that raises concerns about how well AI companies control their technology. Moonshot joins US firms Anthropic, OpenAI and Meta., which have in recent weeks reported breaches that saw their models escape testing environments. BBG

China’s July crude imports rebounded 22% from June to 35.7 million tons, while inbound shipments of iron ore fell. Soybean purchases tumbled more than 15% in the same period. BBG

Japan’s household spending unexpectedly fell for a seventh month, declining 3.3% in June, even as real wages continued to increase. BBG

SK Hynix will invest about $38 billion to build two new chip plants in South Korea, adding to efforts to rapidly double its production capacity and ease a global shortage of memory. It also announced it could make a formal statement on shareholder capital return in Q3. BBG/Reuters

U.S. job growth likely picked up in July, offering reassurance that the labor market remained resilient and allowing the Federal Reserve to maintain its focus on inflation. The Labor Department's closely watched employment report today at 8:30am is also expected to show the unemployment rate unchanged at 4.2% last month even as the labor ‌force participation rate is anticipated to have rebounded after declining to more than a five-year low in June. Reuters

Airbnb jumped premarket after boosting its revenue forecast for the second time this year on robust global travel demand, particularly in the US and Europe. BBG

Japan’s ¥317.76 trillion ($2 trillion) Government Pension Investment Fund posted a record 8.2% gain in the three months ended in June: BBG

Source:https://twitter.com/zerohedge/status/2085693031257133142