Brexit’s path keeps getting muddier, Trump’s fiasco over North Korean sanctions, Apple loses patent ruling. Here are some of the things people in markets are talking about.
May’s Brexit Deal Finds New Friends
U.K. Prime Minister Theresa May saw signs that her beleaguered Brexit deal might be winning support, just as Parliament began work to design a rival divorce plan. On Tuesday morning, Jacob Rees-Mogg, chairman of the pro-Brexit caucus in May’s Conservative party, said that while he didn’t like her deal, it was better than staying in the European Union. It's a break for May, but the question is whether it will be enough, or too little, too late. Under the terms set out by the EU at a summit in Brussels, she has until Friday to get her deal passed. Here’s a guide to how Parliament plans to take control of Brexit.
Judge Recommends Apple Ban
Apple Inc. infringes a Qualcomm Inc. patent and some imported iPhones should be blocked from the U.S. as a result, a U.S. trade judge said in one of two cases before the U.S. International Trade Commission. ITC Judge MaryJoan McNamara said she would be recommending an import ban on iPhones, which are made in China, according to a notice posted on the Washington agency’s electronic docket. The judge found no violation of two other Qualcomm patents in the case. The judge’s findings are subject to review by the full commission, which has the power to block imports of products that infringe U.S. patents.
Trump Tried to Undo North Korean Sanctions
President Donald Trump intended to reverse sanctions imposed on two Chinese shipping companies accused of violating North Korea trade prohibitions last week — until officials in his administration persuaded him to back off and then devised a misleading explanation of his vague tweet announcing the move. Trump stunned current and former government officials Friday afternoon with a tweet saying he had “ordered the withdrawal” of “additional large scale sanctions” against North Korea. For hours, officials at the White House and Treasury and State departments wouldn’t explain what he meant.
Stocks Rise, Apple Falls
Asia shares look set for a strong open following rallies in the U.S. and Europe. The S&P 500 Index gained for the first time in three sessions, getting a boost from technology shares. Though, a patent ruling against Apple pushed the iPhone maker lower, and weighed on benchmarks. The yield on benchmark U.S. bonds rose after a two-day plunge, although the spread between three-month and 10-year rates remained in negative territory. The greenback erased its monthly drop, and the Japanese yen led losses in haven currencies. Gold retreated.
Huawei Dodges EU Ban, For Now
The European Union laid out a broad strategy aimed at ensuring its future 5G networks are secure from cyber threats, but stopped short of meeting U.S. demands for a ban on Huawei Technologies Co. The U.S. has been pressuring European allies to bar Huawei equipment from telecommunications networks amid concerns Chinese companies could be forced to facilitate espionage by Beijing — accusations both Huawei and the Chinese embassy in the EU have denied. In the recommendation published Tuesday, the European Commission, the bloc’s executive body, left the decision in the hands of the member states. The EU gave member states until July 15 to report back after carrying out risk assessments of 5G network infrastructure in their individual countries.
What we’ve been reading:
This is what caught our eye over the last 24 hours.
And finally, here's what David's interested in this morning
Sleepless on the sell side came early for analysts covering Samsung Electronics. The company issued a very rare profit warning ahead of next week's earnings release. It says an ongoing glut in memory chips has put more pressure on prices than initially anticipated. The bad news is that Samsung's semiconductors business accounts for 75 percent of the group's profits. The good news though is markets appear to be taking this in their stride. Investors saw the punch coming from a mile away. As early as November 2017, Morgan Stanley already warned of a possible rolling over in NAND and DRAM prices. Look at Samsung's stock price at around that time and it's easy to spot when that bearish note came out. 
Another positive here is the nature of problem. It's a correction so it's temporary and since we're talking inventories, the hit to earnings is non-cash if you exclude the deflationary effects on sales. Sanjeev Rana, CLSA Securities' Korea Technology Analyst, sees inventories gradually starting to come down but cautions the correction process may last until the summer. But again, it's temporary, and Samsung is to chips what OPEC+ is to oil. Our analysts at Bloomberg Intelligence see output and capex cuts as the next logical steps. Not only does that address the glut, but it also keeps more cash on Samsung's balance sheet leaving room, they note, for higher dividends.
You can follow Bloomberg TV anchor David Ingles on Twitter at @DavidInglesTV.
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