Top Overnight News US military confirmed it has activated 700 marines to help protect federal personnel and federal property in the greater Los Angeles area: RTRS US Health Secretary Robert F. Kennedy Jr. dismissed all 17 members of one of the main committees that advises the government on vaccine safety and policy. BBG META is creating a new AI research lab dedicated to achieving “superintelligence,” and Alexandr Wang, the founder and CEO of Scale AI, is set to join the initiative (Meta is in talks to invest billions into Scale AI). NYT House Speaker Johnson said they are on track to get a budget bill passed by Independence Day and urged the Senate to modify SALT as little as possible. US GOP Rep. Green notified the Speaker he would resign from Congress after the reconciliation package vote. China is tapping its 1.5 trillion housing provident fund to salvage its property sector, with the government program outpacing banks in providing mortgages. BBG TSMC reported a 40% jump in May revenue, fueled by companies stockpiling chips in response to mounting trade uncertainty. BBG Huawei’s founder said US export controls won’t have an impact on the company as Washington exaggerates the firm’s capabilities. Ren Zhegfei said Huawei’s Ascend chip, the main rival to NVDA’s products in China, “still lags behind the US by one generation.” FT Bank of Japan Governor Kazuo Ueda said the central bank is still some distance from its inflation goal in comments that helped accelerate a weakening of the yen. While Ueda also talked down the possibility of any rate cut to boost the economy, the mention of a possible need to offer support for the economy likely gave the impression that the bank’s next move to raise rates will be more distant. BBG The U.K.’s labor market cooled in the three months to April, offering reassurance to Bank of England policymakers despite the level still being well above that required to return inflation to target any time soon. Average weekly earnings excluding bonuses rose 5.2% from a year earlier, down from 5.5% in the three months to March. The unemployment rate climbed to 4.6% in the period from 4.4% in the prior quarter, the highest since May-July 2021. WSJ Britain approved a £14.2 billion investment to help build its nuclear plant Sizewell C. The country’s wide-ranging spending review — set to be announced tomorrow — includes plans to offer cheaper financing for housebuilders. BBG META is creating a new AI research lab dedicated to achieving “superintelligence,” and Alexandr Wang, the founder and CEO of Scale AI, is set to join the initiative (Meta is in talks to invest billions into Scale AI). NYT Autos are a key component of trade negotiations and Trump might need to make a choice: he can’t keep his auto tariffs and strike trade deals. Politico