Top Overnight News In a closed-door meeting with Senate Republicans Wednesday, Treasury Secretary Scott Bessent agreed with lawmakers who suggested the Senate Banking Committee could investigate Federal Reserve Chair Jerome Powell, instead of the Justice Department. Semafor China has confirmed that discussions were under way about US President Donald Trump’s planned visit in April, when sources said the two sides were expected to extend their current trade truce by up to one year. SCMP One year after Chinese startup DeepSeek rattled the global tech industry with the release of a low-cost artificial intelligence model, its domestic rivals are better prepared, vying with it to launch new models, some designed with more consumer appeal. DeepSeek, Alibaba, ByteDance are set to release new AI models. RTRS Futures signaled that gains in Asian equities may extend to the US. Treasuries were flat after strong jobs data sparked a jump in yields. The dollar, gold and oil edged lower. BBG The “buy Japan” trade gained momentum after PM Sanae Takaichi’s decisive election victory increased investor confidence. The country’s long-dated bonds jumped, while the Topix extended its rally. BBG The UK economy grew less than forecast in the fourth quarter, piling pressure on Keir Starmer. GDP rose 0.1%, falling short of the 0.2% consensus. The pound was little changed. BBG The House of Representatives has voted to overturn Trump’s tariffs on Canada in a major rebuke of the US president’s signature economic policy. FT The Fed’s Jeff Schmid said rates should remain at a “somewhat restrictive” level, while Stephen Miran said January’s strong jobs report doesn’t warrant delaying further cuts. BBG Global oil inventories surged by 477 million barrels in 2025, the fastest build since 2020, as supply outpaced slowing demand, the IEA said, forecasting a record surplus in 2026. BBG “Old Economy” stocks are back in the lead. The Dow Jones Transportation Average has outpaced the S&P 500 in the past six weeks, as investors pivot from megacap tech to rails, truckers and airlines. BBG