Top Overnight News Donald Trump played down the idea of further guardrails in most advanced AI models, saying the US needs to keep its lead over China. BBG China’s spy agency has warned that AI could pose a risk to the country’s political and social security, signaling growing concern in Beijing that rapid advances in the technology could be exploited against the country. FT Oil rose as a meeting between Iran and several Gulf nations on a temporary shipping lane was postponed, while Saudi Arabia’s East-West pipeline remained closed, following last week’s attacks by Iraqi militants. BBG U.S. President Donald ‌Trump on Sunday called on Ukrainian President Volodymyr Zelenskiy to stop targeting Russian diesel infrastructure, saying the attacks were causing a shortage of the fuel that is "hurting the world". RTRS A wave of long-distance Ukrainian drone attacks on Russian oil refineries in recent months ⁠has reduced that country's fuel production, triggering gasoline shortages across the country. RTRS Just as Ukraine was learning how to parry Russia’s drone attacks, Moscow has moved the goal posts with a new generation of innovative jet-powered weapons. WSJ The CMBS market is being reshaped by a surge in data-center deals, forcing investors to grapple with an entirely new set of risks. BBG A year after shifting production and sourcing out of China to avoid higher U.S. tariffs, some companies are learning that replicating the country's factory ecosystem is not so easy and are bringing manufacturing back. RTRS Eurozone governments are gearing up for one of the biggest leadership reshuffles in the European Central Bank’s 28-year history, with a “grand package” over its three top roles expected to be agreed by the end of December, according to people familiar with the matter. FT The 10-year US Treasury yield surged to nearly 5% this week, reaching its highest level since October 2023. Following an above-consensus CPI print, Goldman economists expect a 25 bp hike at the FOMC meeting next week. Their rates strategists believe that the combination of rising oil prices, a repricing of the Fed path, strong economic growth, and AI investment have lifted long-term interest rates