Top Overnight News Russian Kremlin says there are no specific preparations underway for a possible US President-Elect Trump and Russian President Putin meeting. Oil hit a four-month high as US sanctions on Russia’s energy industry raised supply concerns. Benchmark Brent crude futures rose more than 1% early Monday, adding to a 3.7% advance Friday when the U.S. unveiled much-anticipated curbs on Russia’s energy industry. The rise is adding to jitters in global bond markets, fueling fears of higher consumer-energy prices that could juice overall inflation. BBG US president-elect Donald Trump intends to push Ukraine to lower its age of conscription in an effort to stabilize the country’s front lines ahead of direct negotiations with Russia. FT China’s trade numbers for Dec exceeded expectations, including exports (+10.7% vs. the Street +7.5%) and imports (+1% vs. the Street -1%), although the country’s continued dependence on exports is likely to stoke trade tensions with the incoming Trump administration. RTRS China’s trade surplus reached a record 992 billion in 2024 as exporters raced to get ahead of Donald Trump’s policies just one week before he returns to the White House. Bloomberg Economics expects the tariff-driven front-loading will boost Chinese exports further. BBG The PBOC ramped up its support for the yuan with a verbal warning and tweaks to its capital controls. The offshore yuan edged higher. Governor Pan Gongsheng said policy focus will shift more to consumption. BBG The ECB will probably cut rates further to ensure it delivers on its price stability mandate, Chief Economist Philip Lane told a conference in Hong Kong. Governing Council member Olli Rehn said the central bank should continue cutting irrespective of what the Fed does. BBG Apple Inc. sold 5% fewer iPhones globally and lost ground to Chinese rivals in the final quarter of last year, reflecting the absence of Apple Intelligence in its largest market outside the US. BBG J&J is said to be in talks to buy Intra-Cellular Therapies, which has a market value of about 10 billion. ITCI shares up ~35% in the premarket. BBG US defense spending – Def. Sec. Austin recommends Congress boost the Pentagon’s budget by ~50B, taking it to ~1T. BBG Barclays expects Fed to deliver one 25bps rate cut in June 2025 (vs prev. forecast of one cut in March and one in June).