U.K. abandons hope for Brexit, U.S. trade deals

• While U.K. and EU negotiators began the latest round of Brexit negotiations on Monday, the two sides remain deadlocked over fishing rights, level playing field guarantees, governance of the deal and the role of the European Court of Justice.
• With just days to go until Boris Johnson's deadline for an outline agreement, senior sources tell The Telegraph that there is now an assumption that "there won't be a deal."
• What would happen in that case? The U.K. would leave the bloc on December 31 by following default WTO rules and specific agreements for certain goods.
• The British government has also abandoned hopes of clinching a U.S. free trade deal ahead of the presidential election in November, with the novel coronavirus outbreak blamed for slow progress.
• Sterling -0.6% to $1.2654.
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