Top overnight news Trump has said he is working on a trade deal with the UK and suggested Britain could escape tariffs if the country secured one, but the allies failed to agree on US security guarantees for Ukraine. FT Economists added a big disclaimer — Trump — to their view that the ECB will lower rates three more times. After an almost-certain quarter-point move next week, there’s scope for forecasts to shift abruptly. BBG The Treasury’s cash balance plummeted to 569 billion, the lowest since September 2023, as it navigates the debt-ceiling impasse by reducing bill auctions. Meanwhile, overnight repo rates climbed. BBG Mexico will extradite drug criminals to the US in a bid to avoid Trump’s tariffs. WSJ Donald Trump’s additional 10% tariffs on Chinese goods again brought geopolitical risks to the forefront of investors’ mind, prompting the biggest selloff in Chinese stocks in months: BBG President Volodymyr Zelenskiy arrives at the White House on Friday with a personal appeal to persuade Donald Trump not to sell out his country in the rush to make a peace deal with Russia: BBG French inflation retreated to its lowest level in four years, bolstering the case for further interest-rate cuts by the ECB, whose next move is likely to arrive next week; CPI for Feb cools below expectations, coming in at +0.9% Y/Y on an EU harmonized basis, down from +1.8% in Jan and lower than the consensus forecast of +1.1%: BBG China’s Ministry of Commerce said Friday that it “firmly opposes” Trump’s latest threat to ramp up tariffs on Chinese goods (Trump announced plans for an additional 10% tariff on Chiina yesterday) and vowed retaliation, if necessary. CNBC Japan’s Tokyo CPI comes in below the Street at +2.9% headline (down from +3.4% in Jan and under the consensus estimate of +3.2%) and +1.9% core (flat vs. Jan and below the Street’s +2% forecast). BBG India’s economic growth probably accelerated to 6.2% year on year in the fourth quarter, from 5.4% in the prior period. BBG