U.K. Officials Said to Consider Transition Agreed: Brexit Update [Bloomberg]
U.K. officials consider the terms of the transition to have been agreed, and it’s just awaiting sign-off from Davis and Barnier, according to two people familiar with the situation.
Negotiators have been working through the weekend.
Investors tread lightly in wake of Trump’s Twitter meltdown, with the Dow set for a triple-digit drop [CNBC]
Late Sunday, White House lawyer Ty Cobb once again said the president was not considering or discussing firing Special Counsel Robert Mueller.T
The recent turmoil in Washington has this bull market “limping,” according to Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets.
“Washington has turned into more of a headwind than a tailwind recently,” Calvasina told CNBC’s “Futures Now” recently. She added, however, the major averages could still reach new highs despite all the news out of Washington. “It feels like the bull is limping a little in here, but generally we see more reasons to be positive than negative.”
WTO chief says U.S. wants reform in trade body, has raised concerns [Reuters]
The United States has raised concerns about the functioning of the World Trade Organisation and asked for reforms, WTO Director General Roberto Azevedo said on Monday.
Azevedo, speaking to reporters on the sidelines of an informal meeting of 50 WTO members in New Delhi, said the global trade environment was quite risky and the trade body had sought an “open and honest” conversation with its members.
“This is a moment we are facing many challenges inside and outside WTO,” he said.
Congress risks another shutdown as it struggles to nail down spending bill [CNBC]
Lawmakers have until midnight Friday to approve a spending bill or see the government’s funding authority lapse for the third time this year. Negotiations on legislation to fund the government through the end of September have slowed, despite Congress reaching a deal earlier this year setting spending levels.
Congress may create more last-minute fireworks this week as possible disagreements over both major parties’ policy priorities loom. If lawmakers cannot release a spending bill early this week, they may have to pass yet another short-term funding bill to avoid a shutdown.
Ex-Bear Stearns CEO Is Off Wall Street But Still Mixing It Up at the Bridge Table [WSJ]
There was no second act on Wall Street for Mr. Cayne after Bear Stearns collapsed in the spring of 2008. Former Bear colleagues who have crossed paths with him at bridge events say he splits his time between homes in Florida and New Jersey.
In 2015, two of his teammates were accused by an opponent of cheating. Mr. Cayne responded to the controversy by removing the accused from his team and offering to surrender the points his group had accumulated at the tournament.
Powell’s Fed to show policy caution, shun political friction [Reuters]
Powell’s public comments and Reuters conversations with his Fed colleagues since January, when he was confirmed as chairman, suggest such fears are overblown: Powell, the consensus-builder, may make some tweaks to reflect changing economic conditions but is as committed to gradual, moderate rate increases as his predecessor Janet Yellen who adopted that approach.
The new chairman’s overriding concern will be to sustain one of the longest U.S. recoveries for as long as possible, according to conversations with Fed officials and analysts. But given signs that the economy’s potential has strengthened, that might mean a policy-tightening cycle that lasts longer, with rates going a bit higher than earlier thought.
Facebook shares slump over 3 percent amid continued fallout from Cambridge Analytica scandal [CNBC]
Facebook shares fell over 3 percent in pre-market trade Monday after reports that Cambridge Analytica mined the data of over 50 million users of the social network without their permission.
Cambridge Analytica worked on Facebook ads for President Donald Trump during the 2016 election. It was initially funded by conservative billionaire Robert Mercer and led by former Trump advisor Steve Bannon.
Whistleblower Christopher Wylie revealed the alleged role played by Cambridge Analytica in obtaining data from Facebook users to The Observer newspaper in the U.K. and The New York Times.
Antitrust showdown with AT&T will resonate across all sectors [FT]
A federal court in Washington DC will be the scene of the biggest antitrust showdown in recent memory as the US Department of Justice faces off with AT&T over its $85.4bn plan to buy Time Warner.
The trial, set to kick off this week, will set the stage for future media consolidation, including Walt Disney’s $66bn bid for most of 21st Century Fox. And as the DoJ’s is the first court challenge to a so-called vertical merger — between companies operating in different parts of a production and distribution chain — in 40 years, it will also be closely watched by dealmakers seeking to decipher the Trump administration’s approach to antitrust enforcement. It also comes as dealmakers are digesting President Donald Trump’s blocking of Broadcom’s $142bn takeover of Qualcomm on national security grounds.
Driver Tries To Pass Homer Simpson License Off As Real To Cops [HuffPo]
An unidentified driver in Milton Keynes, southern England, presented a spoof Homer Simpson license to police during a traffic stop last Sunday night.
In addition to the bogus “Simpsons” identity document, officers also discovered that the man was driving without insurance.