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Wall Street Breakfast: Next Round Of Brexit Talks

Wall Street Breakfast profile picture
Wall Street Breakfast

The U.K. and EU renew divorce talks in Brussels today with the clock ticking down to a historic exit in March 2019. It's the second such meeting - the first round in June saw Britain concede to the EU's demand to first focus on discussing citizens' rights, the Irish border and a financial settlement. Only when "sufficient progress" has been made on those matters will the EU allow discussions to turn to trade.


The U.S. Senate will delay this week's consideration of healthcare legislation while Arizona Republican Senator John McCain recuperates from surgery, Mitch McConnell said on Saturday. With the GOP holding a 52-48 majority, they can afford to lose only two Republicans. Rand Paul of Kentucky and Susan Collins of Maine have already said they'll vote against the measure.

China's economy maintained its momentum last quarter, matching the 6.9% growth rate in Q1. Consumer spending, factory output and investment were all strong, while retail sales recorded their fastest expansion since December 2015. Local markets stayed in the red, however, weighed down as a major once-in-five-years government work meeting indicated Beijing was looking to increase control over the economy.

"The Washington Post story that we actually hacked [a Qatari government news site in May] is not true," said Anwar Gargash, UAE Minister of State for Foreign Affairs. The report said the country planted a false story that was used as a pretext for the current Gulf crisis. Gargash also said the UAE would not escalate its boycott by asking firms to choose between doing business with it or with Qatar.

Nearly 7.2M Venezuelans went to the ballot box in an unofficial plebiscite on Sunday as President Maduro seeks to create a legislative superbody that his adversaries call the consolidation of a dictatorship. 98% of voters are said to have opposed the new assembly, as well as urging the military to defend the existing constitution and supporting elections before Maduro's term ends in 2019.


It would be the biggest company ever to face a proxy fight. Nelson Peltz's Trian Fund Management plans to battle for a board seat at Procter & Gamble (PG) in an effort to jolt the products giant whose sales and profit growth have stalled, WSJ reports. P&G shares have underperformed the S&P 500 and the consumer-staples group for the past 10 years.

More consumer wars? Unilever (UL, UN) is locked in a £2B battle with Hormel Foods (HRL) to buy Reckitt Benckiser's (OTCPK:RBGLY) food business, according to the Sunday Times. Reckitt is rushing to offload the unwanted division after receiving a series of knockout bids in recent weeks. Binding offers for the unit are expected in the next few weeks.

Wells Fargo is preparing to jettison a "handful" of businesses, which are not "top-tier providers," as it looks to restore investor confidence in the wake of its sham accounts scandal. "We get a little bit smaller, a little bit less complex and we can focus on what we're good at," Wells Fargo (WFC) CFO John Shrewsberry told FT. "We could be more focused."

Cryptocurrencies took a beating over the weekend. Bitcoin traded as low as $1,836, down about 8% on the day, and almost 40% from its high of $3,018 on June 11, while ether plunged almost 20% to $155, knocking off about 60% from its high of $395 on June 13. The selloffs are yet another stark reminder that digital assets remain highly speculative trading vehicles.

Jumping further into the financial cybersecurity market, Big Blue has launched a new mainframe system capable of running more than 12B encrypted transactions per day. "We think this will be broadly adopted across financial services, government, retail and travel and transportation," announced Ross Mauri, general manager of IBM Z.

San Marino is set to become the first country in the world to be upgraded to a nationwide 5G network after Telecom Italia (TI) said it would use the enclave as a test bed for the new technology. It will double the number of mobile sites and install a network of small cells in the capital this year that will provide the backbone for the future network.

Disney is building an immersive Star Wars hotel as part of a flurry of investments announced Saturday by the company. Theme parks are Disney's (DIS) second-largest division after TV. It's been investing heavily in the business on the premise that park attractions can't easily be "replicated" or made obsolete by new technology.

Winnie the Pooh has been blacked out from Chinese social media in the lead-up to the country's 19th Communist Party Congress this fall, according to the FT. No official explanation was given, but observers said the crackdown may be related to past comparisons of the physical appearance of President Xi to the Disney-owned (DIS) fictional bear.

Twitter is in talks to screen the US PGA Championship after Sky (OTCPK:SKYAY) lost its exclusive broadcast for the event, FT reports. The group has been looking to grow its user base through live sports. Earlier this year, Twitter (TWTR) won rights to stream 31 smaller PGA tour golf tournaments around the world.

Airplanes to airwaves. Dame Carolyn McCall has been named CEO of broadcaster ITV (OTCPK:ITVPY), leaving EasyJet (OTCQX:ESYJY) to find a new pilot. The change in leadership comes at a difficult time for the budget airline, which is in the midst of repositioning its business in the wake of the Brexit vote.

Uber is suspending operations in Macau from July 22 as it could "not secure a business environment" to "unlock the full benefits of ride-sharing." Global retreat? UBER recently announced it would cede control in Russia to search giant Yandex following last year's pullout in neighboring China.

Today's Markets

In Asia, Japan +0.1%. Hong Kong +0.3%. China -1.4%. India +0.2%.
In Europe, at midday, London +0.3%. Paris -0.2%. Frankfurt -0.5%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude +0.1% to $46.56. Gold +0.1% to $1229.
Ten-year Treasury Yield flat at 2.31%

Today's Economic Calendar

8:30 Empire State Mfg Survey

Companies reporting earnings today »

This article was written by

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Wall Street Breakfast, Seeking Alpha's flagship daily business news summary, is a one-page summary that gives you a rapid overview of the day's key financial news. It's designed for easy readability on the site or by email (including on mobile devices), and is published before 7:30 AM ET every market day. Wall Street Breakfast readership of over 3.4 million includes many from the investment-banking and fund-management industries. Sign up here to receive the Wall Street Breakfast in your inbox every business day: http://seekingalpha.com/account/email_preferences Podcast RSS feed: https://www.spreaker.com/show/5725002/episodes/feed

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Comments (316)

Giorgio il Buffone profile picture

"I have been deleted for using goy"

Oy vey.
Rome understood that.

That BA T pop wasn't unexpected...teva.
Giorgio il Buffone profile picture
TEVA looks like it's trying to break out here.
Somebody is getting the job done inside.

Giorgio this is all part our work and we survived decades and satisfied liability through it.

FCEL popped PEG contracts,hot stuff man.
teva has the talent to immolate the gods BA and T

Olympus awaits.

I have been deleted for using goy
insightful?informed decider profile picture
ohn Brennan was the American progenitor of political espionage aimed at defeating Donald Trump. One side did collude with foreign powers to tip the election — Hillary’s.

Seeking to retain his position as CIA director under Hillary, Brennan teamed up with British spies and Estonian spies to cripple Trump’s candidacy. He used their phony intelligence as a pretext for a multi-agency investigation into Trump, which led the FBI to probe a computer server connected to Trump Tower and gave cover to Susan Rice, among other Hillary supporters, to spy on Trump and his people.

John Brennan’s CIA operated like a branch office of the Hillary campaign, leaking out mentions of this bogus investigation to the press in the hopes of inflicting maximum political damage on Trump. An official in the intelligence community tells TAS that Brennan’s retinue of political radicals didn’t even bother to hide their activism, decorating offices with “Hillary for president cups” and other campaign paraphernalia.

A supporter of the American Communist Party at the height of the Cold War, Brennan brought into the CIA a raft of subversives and gave them plum positions from which to gather and leak political espionage on Trump. He bastardized standards so that these left-wing activists could burrow in and take career positions. Under the patina of that phony professionalism, they could then present their politicized judgments as “non-partisan.”
Brennan got his anti-Trump tips primarily from British spies but also Estonian spies and others. In August and September of 2016, he gave briefings to the “Gang of Eight” about them, which then turned up on the front page of the New York Times.

All of this took place at the very moment Brennan was auditioning for Hillary. He desperately wanted to keep his job and despised Trump for his alleged “Muslim ban,” a matter near and dear to Brennan’s heart. Not only was he an apologist for the Muslim Brotherhood, but Brennan’s Islamophilia dated to his days in college, when he spent a year in Cairo learning Arabic and taking courses in Middle Eastern studies. He later got a graduate degree with an emphasis in Middle Eastern studies. In 1996, his ties to the Islamic world tightened after he became the CIA’s station chief in Riyadh, Saudi Arabia. He once recalled that “during a 25-year career in government, I was privileged to serve in positions across the Middle East — as a political officer with the State Department and as a CIA station chief in Saudi Arabia. In Saudi Arabia, I saw how our Saudi partners fulfilled their duty as custodians of the two holy mosques of Mecca and Medina. I marveled at the majesty of the Hajj and the devotion of those who fulfilled their duty as Muslims by making that privilege — that pilgrimage.”

Out of this Islamophilia came a special dislike of Michael Flynn, who had planned to rip up the Obama-era “reset” with Muslim countries. Furious with Flynn for his apostasy from political correctness, Brennan and other Obama aides couldn’t resist the temptation to take him out after rifling through transcripts of his calls with the Russian ambassador. They caught him in a lie to Mike Pence and made sure the press knew about it.

Were the media not so completely in the tank for Obama and Hillary, all of this political mischief would make for a compelling 2016 version of All the President’s Men. Instead, the public gets a steady stream of Orwellian propaganda about the sudden propriety of political espionage. The headline writers at Pravda couldn’t improve on this week’s official lie, tweeted out by the Maggie Habermans: “Susan Rice Did Nothing Wrong, Say Both Dem and Republican House Aides.”

Liberals pompously quote the saying — “the bigger the lie, the more it will be believed” — even as their media enshrine it. Historians will look back on 2016 and marvel at the audacity of its big lie: whispers of an imaginary Trump-Russia collusion that wafted up from the fever swamps of a real collusion between John Brennan and foreign powers seeking Trump’s defeat.
relospecialist profile picture
insightless: You lost me at, 'Brennan was the American progenitor'.

'Progenitor' Really. You have no idea what that word even means.
insightful?informed decider profile picture
relops,remember when I wrote this and you had a hissy fit few months ago?
A person who originates an artistic, political, or intellectual movement .
Preamble to the U.S. Declaration of Independence 1776. :We hold these truths to be self-evident, that all men are created equal, that they are endowed, by their Creator, with certain unalienable Rights, that among these are Life, Liberty, and the pursuit of Happiness. , 1776. Now ................What belief system would be the most likely Progenitor of this type of government ?
insightful?informed decider profile picture

Sure I do ,I've written extensively about it,go look at my old posts. But losing you was easy.
two problems two problems

can't allow the paradigm to shift anymore in the Korea's also the mid east.

GII was a ** diversion,it can work in our favor it has too.

Dick really did understand this,otherwise what fills the vacuum is not in our better interest.

Guys out there on the ground spotting the problems and they investigate them !wtf?

and this snot is calling me,me,retraded ^ .

^ you .
we are solidifying front lines situation that have been allowed to atrophy jobs getting ** Done !!!!
relospecialist profile picture
insight: 'Trumps work is done,he bought us a little time' Who are you referring to with 'US'.

I am glad you see he is finished and his work is done. Much more of this winning and I might even buy gold to protect my wealth from the fiat currency printing Republicans. Soon enough the majority party will increase the debt limit keeping those printing presses, like the Ft. Worth TX facility, My state, running and insure those jobs.
insightful?informed decider profile picture
Relo you are on a sinking ship.You don't have any way to fix it .
insightful?informed decider profile picture
Obama was successful in taking our country to the point of no return. Thankfully Trump stopped the Clinton Crime foundation from flushing us permanently. But Trumps work is done,he bought us a little time. The Establishment is still driving the car towards the cliff.
Mac is WSB's expert on Deplorables.

Our William F Buckley on Deplorable history.He has a career.
Giorgio il Buffone profile picture

"Mac is WSB's expert on Deplorables."

They're his people.
If there were no Deplorables what we could we have Mac do ?

ACA isn't solvent for the long term and that is the graph and chart that should be presented,it's an escalating hemorrhage.

and dangerous policy.

Adverse policy.
Giorgio il Buffone profile picture

He'd just invent something like they invented the alt right.
We the people shall overcome,God willing.

We are Americans we are bloods all different colors and religions of us.

And also those who want to be rock stars and porno and movie stars,which seems to be most now a days.

I can't figure it out,it's massive and complex.
The F-35 will lead a new day a new era in health care.
Giorgio il Buffone profile picture
"The F-35 will lead a new day a new era in health care."

yes Sir.
I have become death and hell destroyer of worlds.
Some how some way we make it through the brick wall that has become the human soul.

I have become like my fathers,what is a race,religion,the abyss that awaits us surely doesn't care.
Macro Investor profile picture
"Jeff Sessions wants police to take more cash from American citizens"


Does that mean who can take away Trump's cash and properties after he is convicted of conspiracy to commit treason? Will that fall under the RICO statue?
Macro Investor profile picture
Correction: ... *we* can take away ...

Also I just realized that a conviction is not needed. Cops can confiscate based on suspicion alone.

So what are we waiting for!? Let's take Mar A Lago away from him and force him to stay at Holiday Inn.
At least Mac has enthusiasm and belief in his point of view and he believes he is changing us for the better.

he would be a great federal employee.
Macro Investor profile picture
"he believes he is changing us for the better."

Not really. Deplorables can't be changed for the better. They are a lost cause.
deercreekvols profile picture
We saw more Elk (2 in Elk County, PA) than police cars (1 in Virginia near Norfolk) on our trip to Nags Head, NC.

Largest herd of Elk, some 900+, roaming in the forests of PA. Impressive creatures.

This Day in History will return to WSB at some point later this week or early next week. My apologies for not keeping up with this.

maillot jaune profile picture
Great update, DCV, on what you saw... but did you see Jon Corzine?

Have a great time.
deercreekvols profile picture
I may have spotted The Honorable Jon Corzine on a paddle board this morning.
I think that I saw a MF Global logo on a wetsuit. It was early and we were walking on the beach. A slight haze obscured my view.

Thank you maillot jaune. We are having a ball. Working in some house hunting and plenty of beach time.
Macro Investor profile picture
I hope this guy gets life in prison without parole.

Macro Investor profile picture
OK guys, the Senate ACA killer bill is dead. Two more GOP Senators just said that they won't vote for it.

Why can't the GOP get anything done even when they have the majority? What a bunch of nincompoops.
insightful?informed decider profile picture
" Perhaps the Macro-Bob team can provide to the WSB readers, the details as to what actually happened in these (6) purple states on election day in 2016? Maybe put forth the explanation as to what steps are being implemented so that in future elections, a foreign country will be prevented from stealing future elections. Perhaps if the democrats are able to defeat voter ID laws in most states across the nation, they would be able to overcome any efforts of a foreign country to secure a majority of electoral votes and specifically the vote in a handful of purple states?"

BINGO ! They won't admit the truth now ,they wouldn't admit it then. The American won the election because he was the better man.
Macro Investor profile picture
"The American won the election because he was the better man."

Is that why more people voted against him than for him?
maillot jaune profile picture
Poor Macro is still babbling about "my team had more rushing yards" when his team lost the game 306-232.
Macro Investor profile picture
Sore topic, eh, MJ? Look man, your party won. Why still so sore of not winning majority of the votes?
Macro Investor profile picture
Ever since Orangutan Jr confessed to colluding with the Russians the usual Trump bootlickers on WSB have gone mellow in spewing nonsense. Come on guys! Just come up with some new horse sh*t, like the Constitution requires Republican candidates to collude with hostile foreign powers or something.
maillot jaune profile picture
Way to stay oh so classy, Macro.
All their excuses have already fallen apart.

Originally, it was poor Fredo was a neophyte and didn't know what he was doing. That didn't hold up since Manafort was present and is a 30 year experienced political veteran. He certainly would've known better.

The alternative spin -- was that only the Magnitsky sanctions were discussed, but that immediately fell apart with the release of Don Jr's e-mails ("Clinton dirt? Hot diggity!")

Then, it was "everybody does it"; "nobody would've refused such a meeting to get dirt on a political opponent". That also fell apart, as numerous professionals who do this sort of opposition research have chimed in, stating it is one thing to look through an opponents records and statements and something else to go soliciting foreign operatives.

Just this weekend, they then tried to blame the Secret Service for not properly 'vetting' these people who Don Jr. was going to meet with.
The Secret Service shot that down by pointing out that at the time of that meeting Don Jr. was not under Secret Service protection.

They've about run out of excuses and explanations to rationalize this as anything but the treason it is.
Macro Investor profile picture
MJ, how classy do you want me to be? P*ssy grabbing classy or merely she-has-blood-coming-o... classy?
Susan Collins is a democrat.
Susan Collins is a wide-eyed fool. She was on a Sunday morning political show and proved it. She prefers ACA over Republican option and in the same breath states that the solution to out-of-control medicaid spending is that we need to let the states be more innovative with health care solutions. Guess she has not read the Republican proposal which gives block grants to the states and lets them design the programs on how best they see fit.
Macro Investor profile picture
Maine is a rural state. It will get devastated by Medicaid cuts. Collins is voting for the interests of her state. I guess that upsets the conservatives who want to eff the poor.

Why are conservatives all trying to eff the poor, I wonder. Are they not getting any at home? If not, even then they can stay home and just eff themselves instead of trying to eff the poor.
Busker Bob: There is certainly a lack of consistency with political philosophy going on.
Divorces,Hackings,Winnie the Poo is an enemy of the State and People...did I do something wrong ? i'm sorry.

I had an elderly hindu tell me this is the Kaliuga,i asked him how long does it last,he said it could be 10's of thousands of years,i asked him when did it start he said within the last 100 years,oh boy..
I take dibs on "Eeyore".
Now it's t's dilution of shares with the time warner acquisition.
Just t's below 36 telecom has distresses.

another gov agency...

taking on debt to survive.
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