Your Evening Briefing
Lawmakers returned to Washington as fallout from the government shutdown continues to spread. The number of screeners at airports who were no-shows hit a new high over the weekend. Thousands of federal workers are getting credit card bills for work-related expenses but can't get reimbursed. President Donald Trump, meanwhile, still wants to give a State of the Union address at the Capitol, a week after Speaker Nancy Pelosi said the shutdown should end first. Tomorrow will be the 33rd day of the impasse over Trump's border wall. There is, however, a glimmer of hope: For the first time since the standoff began, Senate leaders have agreed to allow votes on bills to fund the government.
Here are today's top stories
Stocks fell the most in almost three weeks as rising pessimism that trade tensions with China will persist helped send technology and multinational companies tumbling.
The U.S. and China have until March 1 to reach a concrete deal to end the trade war, but there’s no stopping the deterioration in global trade. Two of 10 readings we’re following have lurched into below-average territory.
The U.S. Supreme Court said the Trump administration can, for now, start barring most transgender people from serving in the armed forces.
Alexandra Ocasio-Cortez may not be in Davos, but her influence there is clear. Three weeks after the congresswoman called for a marginal tax rate of up to 70 percent on the richest Americans, billionaire investor Ray Dalio suggested the idea may have legs.
Banks worry flooded homeowners will default on mortgages. Disney fears its theme parks will be too hot for vacationers. AT&T worries natural disasters may knock out its cell towers. Coke wonders if there will be enough water to make Coke. Apple, however, thinks climate change will increase demand for iPhones because they double as flashlights.
What's Lorcan Roche Kelly thinking about? The Bloomberg cross-assets reporter notes that multiple money managers have argued that the Fed has tightened monetary policy too far. But economic data remains very strong and interest rates are still low. It may be a long time before they get the chance to tighten again.
What you'll need to know tomorrow
- China worries about the social implications of a slowing economy.
- Unicorns are about to chew an $80 billion hole in stocks.
- Patek Philippe may be up for sale, and could fetch up to $10 billion.
- Los Angeles teachers agreed to a new contract, ending a strike.
- The inventor James Dyson is now the wealthiest person in Britain.
- Run faster: Your treadmill might be generating electricity.
- Cristiano Ronaldo pleaded guilty to tax fraud.
What you'll want to read tonight
For such a technologically innovative society, Japan often appears stuck in yesterday's version of tomorrow. Flip phones, fax machines and Yahoo remain wildly popular in the island nation. But it's at the center of what might be the world’s most comprehensive government effort to understand and encourage flying cars.
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