Treasuries Show Another Notable Move To The Downside

After coming under pressure over the course of the previous session, treasuries showed another notable move to the downside during trading on Monday.

Bond prices moved notably lower early in the day and remained firmly negative throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.2 basis points to 1.853 percent.

The ten-year yield closed higher for the third consecutive session, ending the day at its highest closing level in well over a month.

The continued weakness among treasuries came amid optimism about U.S.-China trade talks as well as news that the European Union has granted the U.K.’s request for a Brexit deadline extension.

The move by the EU, which delays Brexit until January 31st, was widely expected but still removes the risk of a damaging no-deal split on Thursday.

Strength among stocks on Wall Street also reduced the appeal of safe havens like bonds, with the S&P 500 reaching a new record high.

Stocks benefited from the geopolitical developments as well as news on the merger-and-acquisition front and largely upbeat earnings news.

Following a quiet day on the U.S. economic front, trading on Tuesday may be impacted by reaction to reports on consumer confidence and pending home sales.

However, trading activity may be somewhat subdued as traders look ahead to the Federal Reserve’s monetary policy decision on Wednesday.

CME Group’s FedWatch Tool is currently indicating a 95.1 percent chance that the Fed will cut interest rates by another 25 basis points.

Bus falls into massive sinkhole in Pittsburgh

PITTSBURGH (AP) — The front of a city bus is up in the air after a sinkhole opened under it during rush hour in downtown Pittsburgh.

The Port Authority of Allegheny County says only the driver and one passenger were aboard the bus when it plunged into the hole. The passenger was taken to a hospital for a minor injury Monday, and the driver was not injured.

The agency tweeted that the bus was at a red light when the street gave way and the rear half plunged into the hole.

A photo shows the front of the bus pitched into the air and the front wheels of a car that was behind it dangling over the sinkhole’s edge.

Officials are waiting for a tow truck to remove the bus.

US proposes cutting off funds for Chinese telecom equipment

Blacklisted Huawei still plans to work with US companies, Huawei’s SVP says

Huawei Senior Vice President Vincent Pang tells FOX Business in an exclusive interview on Huawei working with companies in the U.S. and America’s allies. Then, Lifewire.com editor-in-chief Lance Ulanoff analyzes what this means.

U.S. regulators are proposing to cut off funding for Chinese equipment in U.S. telecommunications networks, citing security threats.

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The Federal Communications Commission will vote next month on a proposal to bar telecom companies from using government subsidies to pay for networking equipment from Huawei and ZTE. The move mostly affects small, rural companies, as larger U.S. carriers do not use equipment from those Chinese companies.

HUAWEI ACCUSES US OF CYBERATTACKS, THREATENING EMPLOYEES

The agency also plans to seek comments on how to help carriers out financially if they're required to redo their networks to get rid of Chinese equipment.

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The U.S. government says Huawei poses an espionage threat, but has presented no evidence of its equipment being used for spying by the Chinese government.

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Fitbit shares soar on report Alphabet interested in acquisition

Google owner Alphabet has made an offer to acquire US wearable device maker Fitbit, as it eyes a slice of the crowded market for fitness trackers and smartwatches, people familiar with the matter said on Monday.

While Google has joined other major technology companies such as Apple and Samsung in developing smart phones, it has yet to develop any wearable offerings.

There is no certainty that the negotiations between Google and Fitbit will lead to any deal, the sources said, asking not to be identified because the matter is confidential. The exact price that Google has offered for Fitbit could not be learned.

Google and Fitbit declined to comment.

Fitbit shares were up 27.4 percent Monday afternoon, at $5.49.

Utility says power lines may have started 2 California fires

LeBron James forced to evacuate as California wildfires rip through the state

FOX Business’ Robert Gray reports from Santa Clarita, California on the wildfires as 200,000 are ordered to evacuate.

SAN FRANCISCO (AP) — The Pacific Gas & Electric Co. utility says its power lines may have started two wildfires over the weekend in the San Francisco Bay Area.

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The company reported the incidents near the town Lafayette to state regulators on Monday.

CALIFORNIA WILDFIRES TORCH WEALTHY LA NEIGHBORHOOD, WINERIES

PG&E told the California Public Utilities Commission that a worker responded to the first fire around 4:45 p.m. Sunday and was told firefighters believe contact between a power line and a communication line may have caused it.

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A worker went to another fire about an hour later and was told firefighters are investigating a transformer as a possible ignition source.

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PG&E is under severe financial pressure after its equipment has been blamed for a series of destructive wildfires in Northern California.

U.K. Parliament rejects Boris Johnson’s call for early election

British lawmakers have rejected Prime Minister Boris Johnson’s call to hold an early election on Dec. 12 in a bid to break the political deadlock over Brexit.

The House of Commons voted 299-70 to hold an early election, but that fell well short of the two-thirds majority of all 650 lawmakers that Johnson needed.

Opposition parties said they wanted an election, but not on the prime minister’s terms.

The opposition Liberal Democrats and Scottish National Party plan to try to secure a Dec. 9 election using a different procedure.

The wrangling follows the European Union’s decision to give Britain a three-month delay to its departure, which had been due to take place on Oct. 31.