Top Overnight News

Trump directed Fannie Mae and Freddie Mac to purchase $200 billion in mortgage bonds to bring down housing-loan rates. Mortgage debt and US home-lender stocks rose premarket. BBG

The US Supreme Court will probably rule that the Trump administration’s fentanyl and reciprocal trade tariffs are unlawful, in a decision that may come today. But any refunds probably wouldn’t be immediate and other statutes may be used to recreate the levies. BBG

Trump on Venezuela: "I cancelled the previously expected second Wave of Attacks, which looks like it will not be needed, however, all ships will stay in place for safety and security purposes". Trump also said Thursday that the world’s largest oil companies had pledged to spend $100 billion to fulfill his promise of reviving Venezuela’s flagging oil sector. Politico

US shale bosses have warned Trump that his mission to seize Venezuela’s oil sector and drive down crude prices will put American output on the chopping  block. Trump is set to meet US Big Oil chiefs on Friday, and said Venezuela is cooperating and “cancelled” a second wave of attacks on the country. FT, BBG

Treasury Secretary Bessent said US won't force institutional investors to divest from home buying, also said lowering the suspicious activity report threshold to USD 3,000 and noted probe related to money services businesses in Minnesota.

Meta signed a series of electricity deals for its data centers, making it the biggest buyer of nuclear power among its peers. BBG

Majority of US House voted to support the bill to renew health insurance subsidies for three years.

China’s consumer inflation picked up modestly in December, while factory-gate prices remained in contraction, capping another year marked by persistent deflationary pressures amid weak domestic demand. Dec CPI comes in at +0.8% (inline w/the Street and up from +0.7% in Nov) while the PPI improved to -1.9% (up from -2.2% in Nov and vs. the Street -2%) WSJ

Chinese crackdowns on chemicals used to make illicit fentanyl may have played a significant role in the sharp reduction of US overdose deaths. WaPo

Hedge funds made their largest asset gains on record in 2025, as investors shift away from struggling private equity investments and seek to offset exposure to equities amid concerns about a bubble. The size of the global HF industry increased by about $628 bn in 2025. FT

South Korean Finance Ministry said will allow around-the-clock FX trading from July. said: To explore the possibility of joining CPTPP. To bring in various improvements to stock and forex markets for MSCI upgrade. To prepare policy support for semiconductor defence, biopharmaceutical, petrochemical, steel and steel industries. To introduce digital asset spot ETFs. USD 350bln in US investment package is to bolster shipbuilding and nuclear energy sectors.

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