Top Overnight News Oil wavered as Brent headed for its longest losing streak in more than a year on hopes for progress in US-Iran talks and higher supplies. Iran said about half of war-hit South Pars’ gas capacity is back online, Fars reported. BBG Trump on Tuesday said he backed the idea of a diesel export ban as a way to lower prices that have hit record highs due to a global supply shortage. ‌But analysts and market watchers warn that such a measure would do little to ease high energy prices, and could worsen supply and economic disruptions around the globe. RTRS Xi Jinping arrives for a state visit today, with Trump hosting a roster of US corporate leaders but no comparable Chinese business delegation is expected, clouding deal prospects, a senior US official said. The two may find common ground on AI safety, but neither is willing to give ground in the technology race. BBG Chinese authorities are examining the use of Broadcom’s hardware in state-backed data centers amid a drive to boost domestic producers and reduce reliance on foreign AI infrastructure. FT The US and South Korea are set to unveil an agreement for Seoul to fund a multibillion-dollar gas-fired power plant in Texas, the first project under its $350bn investment deal with the Trump administration, according to people familiar with the matter in Washington and Seoul. FT The cost of hiring an oil supertanker has passed $1.2mn a day for the first time on routes between the Middle East and Asia, adding to the spiralling pressure on global energy markets triggered by the war in Iran. FT Euro-zone private-sector activity grew at the fastest pace in more than three years as the service sector unexpectedly improved. The Composite PMI increased to 53.1 from 52 in August after both Germany and France exceeded forecasts. BBG The Treasury’s cash balance topped $1 trillion for the second time in a month as officials study investing excess funds in repo. BBG NY Fed's Perli said Fed's Reserve Management purchases are not on a pre-set course and that the central clearing of Fed repo operations would have benefits, while Perli added that the monetary policy toolkit has been working well and the Fed's reserve forecasting process is robust. Punchbowl, citing US lawmakers/advisers, outlined that "the electoral climate for President Donald Trump and Republican leaders have worsened dramatically" over the last few weeks. US Democratic Senators are introducing a bill to allow first-time homebuyers to get up to USD 50k for a house down-payment: Axios. Novo is open to replacing its ADRs with a direct NYSE listing to raise its profile in the US. FT