Top Overnight News The Trump administration has begun detailed planning for a potential new mission to send U.S. troops and intelligence officers into Mexico to target drug cartels. NBC More than 735,000 New Yorkers cast early ballots ahead of Tuesday’s mayoral election, the highest ever early in-person turnout for a nonpresidential vote in the city. NYT US Democratic and Republican Senators are talking and focused on finding agreement on FY26 spending bills; the hope being that a spending agreement could help to resolve the shutdown. On spending, talks continued over the weekend and there is some optimism around a resolution. However, there are no signs from Trump/Republicans around giving ground on extending the expiring premium Obamacare subsidies: PunchBowl Fed’s Miran (voter) warned that the Fed risks a recession if it doesn’t cut rates rapidly: NYT President Trump says that Chinese President Xi Jinping has given him assurances that Beijing would take no action toward its long-stated goal of unifying Taiwan with mainland China while the Republican leader is in office. CNBC Trump threatened to take military action in Nigeria and cut off US aid if the government doesn’t halt militants’ “killing of Christians.” The country’s dollar bonds tumbled, suffering the biggest losses across emerging markets. BBG Trump urged Senate Republicans to terminate the filibuster rule. Trump separately commented that they will ask the courts how they can legally fund SNAP benefits as soon as possible. Bessent said the Trump administration will not appeal the judge’s ruling on SNAP benefits, while he also commented that the Fed should be cutting rates if inflation is dropping, according to an interview with CNN. NVDA’s most advanced chips will be reserved for U.S. companies and kept out of China and other countries, U.S. Trump confirmed in 60 Minutes last night. RTRS A private gauge of China’s manufacturing activity showed Chinese factories continued to expand production in October, albeit at a slower pace, signaling weaker growth momentum heading into the fourth quarter of the year. China’s RatingDog manufacturing PMI for Oct came in at 50.6, down from 51.2 in Sept and a bit below the consensus forecast of 50.7. WSJ China is seeking to buy US wheat in what would be the first purchase in more than a year, following last week’s trade truce between the two nations. BBG China will suspend implementation of additional export controls on rare-earth metals and terminate investigations targeting US companies in the chip supply chain, the White House said. BBG Microsoft and Alphabet plan more deals to build out their AI infrastructure. Microsoft signed a 9.7 billion agreement to buy cloud capacity from Australia’s IREN, giving it to access more Nvidia chips, while Alphabet plans to raise at least €3 billion in a debt offering, a person familiar said. IREN also said it agreed to buy equipment from Dell for 5.8 billion. Shares of both firms jumped in premarket trading. BBG(zerohedge)