Business

• Gunman kills 26 in Texas (Reuters)
• Trump Urges Japan to Buy More U.S. Military Equipment (WSJ)
• Ex-Catalan leader granted freedom to campaign for independence (Reuters)
• House begins revising Republican tax bill to quell dissent (Reuters)
• Why the Next Four Days Will Be Crucial for the GOP Tax Bill (BBG)
• Broadcom offers to buy mobile chipmaker Qualcomm for $103 billion (Reuters)
• Billionaire Olayan Family Said to Put Saudi IPO Plan on Hold (BBG)
• How Doctors Are Getting Rich on Urine Tests for Opioid Patients (BBG)

Steve Liesman's Saturday night report that NY Fed president, and former Goldman chief economist is retiring, was spot on and moments ago it was confirmed by the Federal Reserve Bank of New York which today announced that "William C. Dudley, president and chief executive officer, intends to retire from his position in mid-2018 to ensure that a successor is in place well before the end of his term. Mr. Dudley’s term ends in January of 2019 when he reaches the 10 year policy-limit in the role."

As was leaked by Bloomberg on Friday afternoon, this morning communications chipmaker Broadcom, which just last week announced it would move its headquarters from Singapore to the US (to make any future mega deals easier) said it offered to buy smartphone chip supplier Qualcomm Inc for $70 per share in a transaction valued at $130 billion, including $25 billion net debt, in what would be the biggest technology acquisition ever.

Following an early shaky start, which saw the Hang Seng tumble as much as 1.6% driven by weakness in financials and real estate names following the latest warning by PBOC governor Zhou about "sudden, complex, hidden, contagious, hazardous" risks In markets and a decline in local real estate prices, and pressure global risk, US equity futures have recouped all losses and are back to unchanged on monday morning, as President Trump continues on his first official trip to Asia.