Top Overnight News

China is experiencing its biggest copper oversupply in years as surging prices and slowing consumer demand have forced manufacturers to cut back on consumption. FT

China’s PBOC governor says the central bank is studying how to implement bond trading but has declined to compare it to quantitative easing. BBG

Chinese carmakers have called on China to impose a 25% tax on European big cars, the latest sign of rising tensions between Beijing and Brussels. BBG

AAPL is looking for local Chinese AI partners (in talks with Baidu, Alibaba and Baichuan AI) to help launch Apple Intelligence in China. WSJ

The SNB surprised markets with a 25-bp rate cut at Thursday’s meeting (most rates are expected to remain unchanged). Inflationary pressures eased further, prompting rate cuts. RTRS

France confirmed healthy demand as it tested markets with a $10.5 billion debt auction that rattled investors for the first time since Emmanuel Macron’s election call. Bidding for all four sales was 2.41 times the total. BBG

Russia’s Vladimir Putin arrived in Vietnam from North Korea, where he and Kim revived a Cold War-era agreement to provide immediate military aid in the event of one or the other being attacked. BBG

Nasdaq is stepping up its investigation into smaller IPOs in China and Hong Kong to avoid sharp swings, officials said. BBG

Bobby Jane indicated that efforts to raise cash for his new hedge fund faced competition with private credit companies. BBG