Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
A technical recession occurs when there are two consecutive quarters of economic contraction.Asia Economyread more
"Deepfakes" are being used to depict people in fake videos they did not actually appear in, and can potentially affect elections, diplomacy and how markets move, experts say.Technologyread more
Chinese President Xi Jinping warned on Sunday that any attempt to divide China will be crushed.China Politicsread more
Syria's Kurds said Syrian government forces agreed Sunday to help them fend off Turkey's invasion.World Newsread more
U.S. President Donald Trump said that both sides reached a "very substantial phase one deal" that will address intellectual property and financial services concerns and...Asia Marketsread more
Hagibis dropped record amounts of rain for a period in some spots, according to meteorological officials, causing more than 20 rivers to overflow.Asia Newsread more
A spokesperson for the U.S.-backed Syrian Democratic Forces (SDF) has issued a stark warning to the international community.World Newsread more
Welcome to fall in Washington where chances of a government shutdown rise by the day.
The Senate this week will take up the continuing resolution (CR) funding the government passed by the House last week. Democrats are expected to strip out language defunding Obamacare and send the measure back to the House this week in time for final passage to avoid a shutdown on Oct. 1.
But there is no guarantee it will be anywhere near that easy.
Republicans could filibuster efforts by Democrats to take out the Obamacare language, though a new CNBC survey suggests there is little appetite, even among many Republicans, for forcing a shutdown or debt default over the health care law.
Even if the GOP goes along with stripping the health care provision, Democrats in the Senate unhappy with spending levels approved by the House could add more money and send the bill back to the lower chamber. This would leave House Republicans little choice but to cut the increased spending and ping-pong the bill back to the Senate.
Meanwhile, many House Democrats, including Whip Steny Hoyer (D-Md.), are adamant about opposing any CR that does not cancel the so-called sequester spending cuts. Some Republicans also want to cancel the sequester but probably not enough to cobble together a majority.
House Speaker John Boehner may be able to put together a majority including many Democrats for a government funding bill that does not increase spending or cancel the sequester or defund Obamacare. But it's not going to be easy and could come after a shutdown, not before.
And getting passed the shutdown just means getting to the debt ceiling, which must be raised by mid-October at the latest. There is a chance a bill to keep the government open a few months will also punt the debt ceiling back into December. This would likely do nothing to create a longer-term solution and only guarantee that Washington fights the same high-stakes battle during the holiday season, a rerun of the 2012-2013 fiscal cliff fight.
(Read more Guess who in DC is confusing the markets now?)
And that fight would occur around the time of confirmation hearings for a new Fed chair and probably as the central bank finally begins pulling back on stimulus.
ALSO THIS WEEK – People close to the process tell DCMI not to expect an announcement from the White House on a proposed successor to outgoing Fed Chair Ben Bernanke this week. President Obama is still likely to pick current Vice Chair Janet Yellen but its already a busy week for the president, who is in New York for the UN General Assembly on Monday and Tuesday.
Speaking of Yellen, a big piece in the Wall Street Journal on Monday described her not as a soft-spoken, consensus builder – the conventional view of her – but as a driven taskmaster with a very different style than the genial Bernanke. And in POLITICO over the weekend, I reported on how Yellen should face a fairly easy confirmation process but then her real problems will begin.
— By Ben White, POLITICO's chief economic correspondent and a CNBC contributor. White also authors the daily tip sheet POLITICO Morning Money [politico.com/morningmoney] Follow him onTwitter @morningmoneyben.