London CNN Business  — 

2. Brexit deadlock: The United Kingdom continues to march towards Brexit without a viable exit plan.

After starting the day above $61, US oil prices nosedived nearly 6% to a 10-week low of $57.91 a barrel.

Chevron (CVX) and ExxonMobil (XOM) fell 2%, while oil drillers like Hess (HES) plunged more than 7%.

Fears that the trade war between the United States and China could get worse before it gets better are weighing on the oil market. The sector’s fortunes are closely tied to expectations for global growth. There’s also concern about signs that oil inventories are starting to build up.

The central bank just cut interest rates for the first time in more than a decade. But in failing to signal that more rate cuts are coming, Chair Jerome Powell has spooked investors, who had hoped the small cut would be just the start.

3. Bayer damages: A federal jury has awarded $80 million to a California man after determining that the popular Monsanto weedkiller, Roundup, was a substantial factor in causing his cancer.

President Donald Trump on Thursday raised the possibility of easing restrictions on Huawei as part of a broader deal with Beijing, despite labeling the Chinese telecommunications giant as “very dangerous.”

“It’s possible that Huawei even would be included in some kind of trade deal,” he said. “If we made a deal, I can imagine Huawei being included in some form of, some part of a trade deal.”

4. Brexit delayed: UK lawmakers on Thursday voted to delay the country’s departure from the European Union. Prime Minister Theresa May is now set to ask EU leaders next week for an extension to the March 29 deadline.

The Trump administration has been fiercely lobbying allies to keep the Chinese company out of their next-generation 5G networks due to perceived security risks.

3. May mayhem: British Prime Minister Theresa May laid out a timeline for her departure on Friday, triggering a leadership race that will determine the future of Brexit.

May will step down as leader of the Conservative Party on June 7, but remain as prime minister until the party selects a new leader.

Analysts predict that May will be replaced by a Brexit hardliner, increasing the odds that the United Kingdom exits the European Union without a deal — a nightmare scenario for many businesses.

UK markets were little changed Friday, after taking a knock Thursday in anticipation of the announcement. Britain’s FTSE 250 index of midsize companies rose 0.4%, while the pound was flat against the dollar.

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5. Global market overview: US stock futures were flat.

European markets opened mostly higher. Stocks in Asia finished the session mixed.

Major stocks in Asia also closed higher, while European markets edged upwards at the open.

The Dow Jones industrial average closed 0.1% lower on Wednesday. The S&P 500 dropped 0.5% and the Nasdaq shed 0.6%.

7. Coming this week:
Thursday — US final estimate Q4 GDP
Friday — Huawei earnings; Carmax (KMX) earnings