Just when it was starting to look like a deal could be done in Washington, talks between Democrats and Republicans have gotten hung up again on the issues of business liability and state aid. The progress of the past few days where talks between both sides had coalesced around a $900 billion figure sparked optimism that a deal could be agreed in the next week. Now Senate Majority Leader Mitch McConnell wants lawmakers to proceed with a smaller bill that doesn't include state government aid and business liability protection. Further adding to fiscal woes, the Senate yesterday postponed a vote on a one-week stop-gap bill that would keep the government funded beyond today.
Airbnb hosts from around the world rang their doorbells on Thursday to celebrate the company's stock market debut, with shares of the home rental business more than doubling on their first day of trade. The stock opened at $146 apiece, which is more than double its elevated $68 IPO price. The current share price gives Air Bnb a market cap of $100bn on a fully diluted basis.
"There is now a strong possibility that we will have a solution that is more like an Australian relationship with the EU," Boris Johnson said in his first remarks since a crunch meeting in Brussels, suggesting a no-deal Brexit may be in the cards. What does that look like? Canberra largely does business with the EU based on World Trade Organization rules, and has few other arrangements in place, such as cooperation on science and trade in wine. With negotiations between the U.K. and EU still hung up over fishing rights, a competitive playing field and enforcement, some "Plan B" details are surfacing in case an agreement doesn't materialize before a weekend deadline.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.