Top Overnight News The Trump administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in just five weeks. RTRS US Commerce Secretary Howard Lutnick said he was optimistic that the United States and India would reach a trade agreement soon, but urged New Delhi to open its markets, reduce arms purchases from Moscow, and scale back its alignment with Brics. SCMP US President Trump posted on "Passing THE ONE, BIG, BEAUTIFUL BILL is a Historic Opportunity to turn our Country around after four disastrous years under Joe Biden. We will take a massive step to balancing our Budget by enacting the largest mandatory Spending Cut, EVER, and Americans will get to keep more of their money with the largest Tax Cut, EVER, and no longer taxing Tips, Overtime, or Social Security for Seniors". OECD cut its global growth forecast this morning (2025 from +3.1% to +2.9% and 2026 from +3% to +2.9%) due to rising headwinds (“Substantial increases in trade barriers, tighter financial conditions, weakened business and consumer confidence, and elevated policy uncertainty all pose significant risks to growth). OECD A private gauge of China’s manufacturing activity tumbled into contraction in May, touching the lowest level since September 2022 as tariffs continue to weigh despite a trade truce with the U.S. The Caixin manufacturing purchasing managers index slid to 48.3 in May from 50.4 in April. WSJ China’s chief trade negotiator, He Lifeng, is prepared to play “hardball” with the US as Beijing pursues a more confrontational approach to talks w/Washington vs. Trump’s first term. WSJ Stronger demand at Japan’s 10-year bond sale brought some temporary relief as traders position for another auction in less than 48 hours that will test appetite for longer-dated debt (30 yr). BBG Russia told Ukraine at peace talks on Monday that it would only agree to end the war if Kyiv gives up big new chunks of territory and accepts limits on the size of its army. RTRS Eurozone CPI for May comes in below expectations at +1.9% on the headline (down from +2.2% in Apr and vs. the Street +2%) and +2.3% core (down from +2.7% in Apr and vs. the Street =2.4%) BBG TSMC said profit will rise to a record this year and reaffirmed its plan to invest another 100 billion on manufacturing in Arizona. BBG