Top Overnight News Equities momentum continuing this morning after the US and China finalized an understanding on trade. The deal includes a commitment from China to deliver rare earths. BBG Lutnick said the US will imminently announce trade deals with 10 major trading partners while Trump hinted at an agreement arriving soon with India. BBG US lawmakers said they would remove Section 899 from the tax bill: Reuters. On whether the US Reconcilliation Bill can be sent to President Trump by the July 4th deadline, Punchbowl says that it is possible, but is becoming increasingly difficult; Senators say voting will not being until Saturday at the absolute earliest. "...one key holdout said they’re far from the point when Trump will be needed to help close a deal." Senators say voting will not being until Saturday at the absolute earliest, with that viewed as optimistic. Senate parliamentarian ruling focused on "the provider tax freeze in the bill rather than the Senate’s more drastic constraints for Medicaid expansion states, according to two sources with knowledge of the decision". Republicans believe they can come up with a fix. President Trump has reportedly told multiple GOP senators privately that he prefers the House’s provider tax framework, which is much less drastic than the Senate’s version: Newsquawk US DOGE Service has sent staff to the Bureau of Alcohol, Tobacco, Firearms and Explosives with the goal of revising or eliminating dozens of rules and gun restrictions by July 4th: WaPo Europe considers a range of concessions to the White House in an effort to strike a trade deal in the near-term, including lowering tariffs on a range of imports, removing certain non-tariff barriers, buying more American products, and taking steps to address concerns about China. WSJ A flurry of Federal Reserve officials this week made clear they’ll need a few more months to gain confidence that tariff-driven price hikes won’t raise inflation in a persistent way. After Waller and Bowman’s dovish commentary on lowering rates as soon as July, nearly a dozen policymakers have dumped cold water on that idea since then. BBG China’s industrial profits slumped 9.1% in May, the biggest drop since October, under the weight of higher US tariffs and deflationary pressure. The decline adds urgency for more stimulus to meet growth goals. BBG Japan’s Tokyo CPI for June cools by more than anticipated, coming in at +3.1% Y/Y on a core basis (down from +3.3% in May and below the Street’s +3.3% forecast). WSJ Individual investors in Japan are boosting their purchases of government bonds at the fastest pace in 18 years as a rise in yields enhances the asset’s appeal. BBG Goldman forecast that core PCE prices rose 0.18% in May and 2.63% over the last year. Data from the CPI, PPI, and import prices suggest a modest tariff effect and a soft core print this month. Headline PCE prices rose 0.14% in May and 2.29% over the last year. GS expects the largest tariff effects on monthly inflation to show up from June through August. GIR NKE +9% pre mkt...after mgmt reaffirmed that 4Q will be peak pressure on call keeping turnaround story intact; That overshadows the weaker quarter last night (EPS 0.14 vs bogey of 0.20+).