Top Overnight News Donald Trump’s aides are considering having Scott Bessent also head the National Economic Council if Kevin Hassett becomes Fed chair, people familiar said. BBG Trump's administration ordered an enhanced vetting of H-1B visa applicants, with new H-1B visa screening based on any involvement in censorship or free speech, according to the State Department memo. Trump said he may work out another trade deal with Canada and Mexico. BBG Vladimir Putin said Russia didn’t agree with some points of the US peace proposal for Ukraine, Tass reported, citing his interview with a local media outlet. Earlier, Trump called the meeting between Steve Witkoff and Putin “reasonably good” but next steps remain unclear. BBG Emmanuel Macron met Xi Jinping in Beijing and urged China to boost investments in France, as both sides look to rebalance their economic ties. BBG Cambricon plans to more than triple its production of AI chips to half a million units in 2026, people familiar said. The Beijing-based company aims to rival Huawei in China and fill a void left by Nvidia’s forced exit. BBG Bank of Japan Governor Kazuo Ueda said on Thursday there was uncertainty on how far the central bank could raise interest rates due to the difficulty of estimating the country's neutral rate of interest. RTRS The Indian rupee will regain some lost ground against the U.S. dollar over the next three months, but a reversal in the currency's fortunes hinges upon India and the U.S. agreeing to a trade deal. RTRS Paramount more than doubled its breakup fee to $5 billion in its offer to acquire Warner Bros., signaling confidence it can clear regulatory hurdles. BBG Meta Platforms Inc. has been hit by a full-scale European Union antitrust investigation over how its AI features in WhatsApp may be harming competition, in the latest probe into Big Tech’s dominance on the continent. The bloc’s digital chief signaled she wants to conclude several ongoing investigations into tech giants this month including Elon Musk’s X. BBG For all the focus on ADP (historically very noisy), the Indeed Hiring Lab data actually picked back up in the last couple of weeks (need more data). Notable was the a re-acceleration in open jobs in construction (see below). What if AI adoption is slower or less transformative in the near term… the labor market re-accelerates… and inflation proves hotter in 2026? Not at all my base case but inversion an in important part of the process: Goldman(zerohedge)