Top Overnight News Trump said Waller, Warsh and Hassett are the three finalists for Fed chair nomination. In relevant news, White House’s Hassett said Fed monetary policy needs to be fully independent of political influence, including from President Trump: CBS News interview. Trump issued a “last warning” via social media to Hamas to accept his peace terms. The proposed deal would include the release of all remaining hostages in exchange for ending the war in Gaza. Axios Trump signed Executive Orders on Friday regarding changing the name of the Department of Defense to the Department of War, and on ordering penalties against countries complicit in holding wrongfully detained Americans. A huge downward revision to the March US jobs count is expected Tuesday, a markdown that sets the table for the Fed to cut rates. BBG The French government will probably fall in a confidence vote today after a push to rein in France’s massive debt load, leaving investors facing months of budget deadlock. BBG The US is proposing annual approvals for exports of chipmaking equipment to Samsung and SK Hynix’s factories in China, people familiar said. The so-called site licenses would supplant indefinite authorizations granted under the Biden administration China is prepared to open its domestic bond market to major Russian energy firms in the latest sign of improved relations between Beijing and Moscow (Russian energy firms have been locked out of many financial markets by Washington and Brussels, which makes this move by China particularly significant). FT China’s export growth slowed to a six-month low as US shipments slumped again, though stronger sales elsewhere kept Beijing on track for a record 1.2 trillion trade surplus this year. BBG The yen fell and Japanese stocks gained as PM Shigeru Ishiba’s resignation triggered speculation about fiscal stimulus and slower monetary tightening under his successor. Long-maturity sovereign bonds stand out as being particularly vulnerable to selling. BBG German exports unexpectedly fell in July on a sharp decline in U.S. demand due to tariffs, while industrial output rose. German industrial production for Jul comes in a bit better than expected (+1.3% M/M vs. the Street +1%) while exports fall short (-0.6% vs. the Street +0.1%). RTRS The European Union is exploring new sanctions on about half a dozen Russian banks and energy companies as part of its latest round of measures to pressure President Vladimir Putin to end the war against Ukraine. The package could also see the EU target Russia’s payment and credit card systems, crypto exchanges as well as further restrictions on the country’s oil trade. BBG(zerohedge)