Opening Bell: 9.17.18

Kavanaugh confirmation derailed; China trade talks getting hotter; Brexit still a hot mess; Snake throws up snake; and more!
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Brett Kavanaugh’s Confirmation at Risk After Accusation by Christine Blasey Ford [NYT]
The woman, Christine Blasey Ford, 51, a research psychologist at Palo Alto University in Northern California, said in an interview with The Washington Post that during a high school party in the early 1980s, a drunken Mr. Kavanaugh pinned her on a bed, groped her and covered her mouth to keep her from screaming.
“I thought he might inadvertently kill me,” the newspaper quoted her as saying. “He was trying to attack me and remove my clothing.”
Judge Kavanaugh has denied the accusations, and in a terse statement on Sunday, the White House said it stood by those denials. It signaled that it had no intention of pulling the nomination.

NoelGallagherBrexit

U.S. and China Ramp Up Trade Threats [WSJ]
The threats from both sides of the Pacific risk upending a fragile new diplomatic initiative—led by Treasury Secretary Steven Mnuchin and supported by top U.S. financial and business executives—to see if they can broker negotiations aimed at staving off a new round of tit-for-tat penalties.
As part of that initiative, the Chinese government over the weekend was completing plans for a top economic policy official to visit Washington in the next few days to lay the groundwork for a trip by Vice Premier Liu He the following week. Mr. Liu is expected to see Mr. Mnuchin, and possibly Mr. Trump. But Chinese officials said that if Mr. Trump carries out his plans to announce the fresh tariffs early this week—as people familiar with his plans said over the weekend that he would—then those talks could get scuttled.

China paper warns it won't play defense on trade as Trump lauds tariffs [Reuters]
The Global Times, which is published by the ruling Communist Party’s People’s Daily, wrote in an editorial: “It is nothing new for the U.S. to try to escalate tensions so as to exploit more gains at the negotiating table.”
“We are looking forward to a more beautiful counter-attack and will keep increasing the pain felt by the U.S.,” the Chinese-language column said.
Besides retaliating with tariffs, China could also restrict export of goods, raw materials and components core to U.S. manufacturing supply chains, former finance minister Lou Jiwei told a Beijing forum on Sunday, according to an attendee.

Goldman Sachs Doesn't Share Wall Street Fears of 2020 Recession [Bloomberg]
While Bridgewater Associates Inc. and JPMorgan Chase & Co. are starting to fret that tighter fiscal and monetary policies will create problems for the world’s biggest economy in two years’ time, Goldman Sachs sees just a 36 percent chance of recession over the next three years. That risk is below the historical average.
“There has been increasing investor interest in the chance of a recession in the U.S. over the next few years,” Goldman Sachs economists led by Jan Hatzius said in a report published on Sunday. “Our model paints a more benign picture.”

Time Magazine Is Bought by Marc Benioff, Salesforce Billionaire [DealBook]
Time’s parent company, Meredith Corporation, announced on Sunday that it had agreed to sell the flagship publication of once-mighty Time Inc. to the Benioffs for $190 million in cash.
Mr. Benioff becomes the latest tech billionaire to take the reins of an iconic media brand. Jeff Bezos, the founder and chief executive of Amazon, bought The Washington Post in 2013. Last year, Laurene Powell Jobs, the widow of the Apple co-founder Steve Jobs, agreed to acquire a majority stake in The Atlantic magazine through her organization, Emerson Collective.

UK economy will shrink without Brexit deal, IMF warns [Reuters]
The Fund predicted Britain’s economy would grow by about 1.5 percent a year in 2018 and 2019 — lagging behind Germany and France — if a broad Brexit agreement was struck.
“I’m a desperate optimist, and I very much hope and pray that there will be a deal between the European Union and the UK,” IMF Managing Director Christine Lagarde said.

Deutsche Bank steps up plan to shift more UK assets after Brexit [FT]
Deutsche could eventually move about three-quarters of its estimated €600bn balance sheet back home.
Any transfer of the German bank’s assets, equivalent to almost half the total held by European lenders in the UK, would be a big blow to the City of London, which has seen overseas banks move operations to mainland Europe amid the uncertainty of Britain leaving the EU.

This Snake Just Puked Up A Nightmare [HuffPo]
The snake had swallowed another snake and then proceeded to force the entire meal back out.
The unidentified person who filmed the encounter told Newsflare he found the snake outside his home in Kannur, Kerala, over the weekend and thought it was dead. He poked it to be sure, and that’s when the snake revealed it was still alive.

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