Top Overnight News US Treasury secretary Bessent has accused China of trying to hurt the world’s economy after Beijing imposed sweeping export controls on rare earths and critical minerals, hitting global supply chains. Bessent told the FT that China’s introduction of the controls (3 wks before Trump/Xi meeting) reflected problems in its own economy. FT China added 5 US subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanctions list for allegedly co-operating with American efforts to impose punitive fees on Chinese vessels that took effect on Tuesday. FT Chinese rare earth magnet companies have been facing tighter scrutiny on export license applications since September, sources say, even before Beijing's move last week to expand controls over the critical minerals used in magnets. RTRS European Union officials called for strong measures against China after Beijing imposed fresh export restrictions on rare minerals used in computer chips and other advanced technologies. “We should have a tough response,” said Danish Foreign Minister Lars Lokke Rasmussen. BBG Republicans on Capitol Hill and inside the Trump administration are said to be discussing potential pathways to prevent the tax credits from expiring at the end of the year. Some members of the House GOP leadership circle are having early, informal conversations with officials from the White House Office of Legislative Affairs and the Domestic Policy Council to develop a framework for a deal: Politico Japanese stocks slump in Tues trading (they were closed Monday) as markets react to political uncertainty following Fri’s news of LDP’s junior partner withdrawing from the party’s coalition. Nikkei Crude fell after the IEA warned of a record oversupply in 2026. Supply may exceed demand by about 4 million barrels a day — 18% higher than September estimates — an unprecedented overhang in annual terms, the agency said. BBG UK unemployment unexpectedly rose and wage growth slowed more than forecast in the three months through August, prompting traders to boost bets on further BOE rate cuts next year. The pound fell. BBG EPS in full swing this morning with banks - JPMorgan beat most estimates, with both equities and FICC sales trading revenue well above expectations. Wells Fargo beat earnings and was as expected at a high level, missing on NIIs but beating on fees. BBG Donald Trump’s lumber tariffs take effect today, with the import duties on kitchen cabinets, upholstered furniture and other items threatening to raise renovation costs and deter new home purchases. BBG(zerohedge)