Today's Headlines

Bloomberg:

• EU Approves Tough Brexit Talks Stance, Demanding U.K. Pays. (video) The European Union finalized its tough Brexit negotiating position, reiterating its hard line on the U.K.’s departure bill and refusing to discuss a future trading arrangement until there is agreement on other key topics. “We want to move to a situation where all the commitments taken by the U.K. will be honored, as will ours with the U.K.,” Michel Barnier, the EU’s chief Brexit negotiator, told reporters in Brussels on Monday after a meeting of the remaining 27 national governments. “We need to settle the accounts, and that’s a question of trust between us to build our future relationship.”

• Pound Falls as Brexit Tensions Rise, Conservative Lead Narrows. (video)

• European Stocks Little Changed After Early Gains. (video)

• Iron Stockpiles Hit Record in China as Quality Gets Scrutiny. The record heap of iron ore on China’s doorstep just got even bigger, with the increase in holdings so far this year eclipsing the build up seen over all of 2016 as mills produce unprecedented amounts of steel. Stockpiles at ports rose 1.3 percent to 136 million metric tons, expanding for a fourth week, according to Shanghai Steelhome E-Commerce Co. So far in 2017, they’ve risen 22.05 million tons, surpassing the 20.85 million added last year.

• Your Evening Briefing.

• Delay on Obamacare Subsidy Decision Leaves Insurers in Limbo.

Wall Street Journal:

• Ford(F) Replaces CEO Mark Fields With Jim Hackett Amid Pressure on Profit. Move comes amid a significant decline in share-price value during CEO’s three-year tenure.

• Trump Meets With Israeli Leader in Bid to Revive Peace Process. President hopes to restart stalled negotiations between Palestinian and Israeli leaders.

• Companies Are Winning the Battle Over Adjusted Earnings. More big firms convince the SEC that such figures aren’t misleading investors. 

• North Korea’s Whirlwind Progress on Missile Sharpens Threat. Polaris-2 missile goes from first public test to mass production in three months.

• U.S., Europe Face Divisions Over Iran Policy. Trump administration seeks to isolate Tehran as European nations see moderation in Rouhani’s re-election.

Fox News:

• Flynn to invoke Fifth Amendment, rebuff Senate panel subpoena. (video)

CNBC:

• Is the rally still intact? Maybe. Here’s what I need to see to believe it.

• These 13 stocks are hedge funds' new favorites, Goldman says.

• Buy Qualcomm(QCOM) because the NXP acquisition benefit outweighs the Apple risk, JPMorgan says.

• Defense stocks soar to all-time highs on $110 billion US-Saudi Arabia weapons deal. (video)

• Trump Saves Obamacare Again... For Now.

• It’s becoming increasingly clear that Jared Kushner is part of Trump’s Russia problem.

• The S&P 500 appears primed to soar 10%, says analyst who called the rally way back in July. (video)

Zero Hedge:

• Trump's Budget Will Slash $1.7 Trillion In Entitlements, Cut Food Stamps By 25%.

• Seth Rich Plot Thickens: "DC Insider" Speaks Of "Complete Panic" At Highest Levels Of DNC.

• Bitcoin Blasts Through $2200, Here's Why. (graph)

• JPM Cuts 10Y Yield Forecasts "Significantly Lower" Due To Weaker Inflation Outlook.

• Why The Left Refuses To Talk About Venezuela.

• Here's How Facebook Decides What You Can And Can't See. (video)