Top Overnight News Iran is preparing a broader and more forceful response if the United States resumes large-scale military attacks, sources said, while continuing a diplomatic push that Iranian officials privately see as unlikely to succeed. RTRS Vladimir Putin has instructed his military leaders to abandon the rules of war, prompting a steep increase in strikes on civilian targets amid a major push to regain the advantage in the conflict, according to intelligence intercepted by Kyiv. FT Governments around the world are running out of room to shield consumers from higher energy prices resulting from the Iran war and other crises, with fuel subsidies potentially costing more than $1 trillion this year, a United Nations study found. BBG World food prices rose in September, as transportation disruptions and weather concerns limited supplies and lifted prices for several crop-based commodities, the United Nations’ Food and Agriculture Organization said. WSJ Amazon’s exploring a deal to shift about $8 billion of high-end Nvidia chips into a sale-leaseback SPV vehicle backed by outside investors to help strengthen its balance sheet. FT European countries are in crisis talks over the release of diesel stocks, as the US threatens them with a diesel export ban unless they release strategic reserves of the oil product. FT Tokyo’s key inflation gauge rose sharply as the effects of some temporary government measures faded, backing the Bank of Japan’s stance on continuing to raise the benchmark rate after authorities accelerated the pace of policy normalization. BBG Eurozone CPI for Sept ran hot on the headline (+3.8% vs. the Street +3.7% and vs. +3.2% in Aug) and was inline on core (+2.5% vs. +2.4% in Aug). BBG Trump posted "Republicans in the Senate have to get moving on what I call the “No More Changing of Clocks Act,” officially known as The Sunshine Protection Act". Goldman estimates nonfarm payrolls rose by 80k in September, slightly below consensus of +88k. On the positive side, the level of layoffs remains low and big data indicators of job growth picked up sequentially. On the negative side, September payroll growth has tended to underperform its recent trend when Labor Day is later in the month—like it was this year—and last month’s sharp increase in nonfarm payrolls was boosted by outsized increases in leisure and hospitality and local educational services payrolls that we do not expect to repeat. GS Research BofA Flow Show (w/e 30th September): USD 18.8bln to bonds, 15.8bln to stocks, 0.9bln to crypto, 0.7bln to gold, 118.0bln from cash on quarter-end; Bull and Bear indicator 8.8 (prev. 9.3).

Top Overnight News The 10-year Treasury yield rose to 5.33%, the highest since 2002, as global bonds grappled with stubborn inflation and warnings that rates may stay “higher for longer.” Brent climbed back above $100. UK long-term yields hit 6% for the first time in almost three decades. BBG Washington is winning the War of Hormuz as Middle East oil exports approach pre-war levels, although the Pentagon is expending a lot of resources to guarantee supply and the global shortage of refined energy products is worsening. WaPo The Trump administration has told Germany and France to draw down emergency diesel inventories to help to ease global fuel prices or face a potential US diesel export ban, said three people close to the discussions. The warning marks an escalation of pressure on Europe as US President Donald Trump considers a potential diesel export ban to bring down US fuel prices ahead of November's midterm elections. RTRS Chinese fuel exporters have canceled some oil-product cargoes slated for export in October, prioritizing domestic supply during an extended period of upheaval in global energy markets. Shipments including gasoline and diesel have been affected, with the prompt spread for these fuels in Asia stretching higher as traders learned the news, indicating a tighter market. BBG Factory activity across Europe and Asia expanded last month as demand, partly boosted by the global AI spending boom, remained ‌strong even as the energy price shock from the Iran war kept inflation elevated, surveys showed on Thursday. RTRS Japan is aiming to speed up data center development with a $140bn investment scheme leveraging its powerful gas trading company in a bid to become the world’s largest AI infrastructure hub outside the US and China. FT Minneapolis Federal Reserve President Neel Kashkari said price pressures remain elevated after the latest batch of inflation data released Wednesday. Kashkari’s comments come after the Fed’s preferred inflation measure, the personal consumption expenditures price index, rose by 3.4% over the past 12 months in August. Despite revisions to PCE lowering the year-over-year trend, economists project the central bank will largely stay committed to achieving price stability on a timely basis. WSJ Powell will probably wind up staying at the Fed until Jan 2028. Politico Tencent has signed its largest overseas lease deal with US cloud provider Oracle as the Chinese tech giant strives to catch up in an escalating AI race. The leading social media and gaming group in China this year agreed to a five-year lease across multiple Oracle data centers in south-east Asia, according to two people with knowledge of the matter. FT US Senators Hawley (R) and Murphy (D) are planning to introduce AI liability legislation as a bipartisan effort to regulate AI: Axios BofA (w/e 26th Sept) Total Card Spending +5.6% Y/Y (prev. +6.9%); notes that after a brief reversal last week, lower-income spending growth again outpaced higher income

Top 15 Skills for Hermes Agent, ranked by GitHub stars. ⭐ Coding, memory, research, design + more: 1. Superpowers 2. Anthropic Skills 3. UI UX Pro Max 4. Graphify 5. Claude-Mem 6. Archify 7. Last30Days 8. OpenMontage 9. Humanizer 10. i-have-adhd 11. Marketing Skills 12. Planning With Files 13. SkillSpector 14. Skill Seekers 15. BrowserAct Skills