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WASHINGTON (Reuters) – Democratic lawmakers will grill U.S. President Donald Trump’s new pick to run the Environmental Protection Agency on Wednesday over his past coal lobbying, but have little hope of blocking his confirmation in the Republican-controlled Senate.

Trump nominated EPA Acting Administrator Andrew Wheeler to run the agency permanently last week, a pick that could provide him another avid supporter of his deregulatory and pro-fossil fuels agenda without the constant criticism over alleged mismanagement that plagued Wheeler’s predecessor Scott Pruitt.

A Washington insider with years experience as a top aide to Republican Senator and climate skeptic Jim Inhofe, Wheeler has been running the EPA since July, when Pruitt resigned in a flurry of criticism over his expensive travel and use of resources and staff for personal matters.

Democrats on the Senate Environment and Public Works Committee running Wednesday’s confirmation hearing said they would press Wheeler on his past lobbying, which includes work for underground coal giant Murray Energy – a vocal proponent for reduced environmental and safety regulation.

LONDON (Reuters) – World equity markets on Wednesday rode out the heavy parliamentary defeat for British Prime Minister Theresa May’s Brexit deal, as investors saw potential for legislative deadlock to force London to delay its departure from the EU.
May’s government faces a no confidence vote on Wednesday after the shattering rejection left Britain’s exit from the European Union in disarray.
May is expected to survive the vote but investors see little sign of breakthrough on the Brexit impasse.
As a result, they are increasing betting on Britain being forced to postpone its planned March 29 exit, though few have any clarity on what that would mean for the country in the longer run.
Markets had largely priced in the overnight defeat, and in early trade major European bourses mirrored overall resilience in Asian markets.
There, stocks were also lifted by signs that China will take more steps to bolster its slowing economy and the U.S. Federal Reserve may pause its run of interest rate rises.
“We do think it is unlikely that sterling will fall to fresh lows unless the current government falls, and that unlikely although the risk is not zero,” said Alvin Tan, an FX strategist at Societe Generale in London.
“Volatility is expected to remain high, but we do think that there is upside for sterling. Sterling is very cheap on the long-term basis, partly because of the probability of the no-deal Brexit.”

NEW YORK (Reuters) – U.S. stocks rose on Tuesday as technology and internet stocks gained on Netflix Inc’s (NFLX.O) plans to raise fees for U.S. subscribers and hopes of more stimulus for China’s slowing economy fostered a risk-on mood among investors.

Netflix shares jumped 6.5 percent after the video streaming company said it was raising prices for its U.S. subscribers. Other internet stocks, including shares of Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O), also rose following the announcement.

The S&P 500 communication services index .SPLRCL, which includes Netflix and Alphabet, climbed 1.7 percent. S&P 500 technology stocks .SPLRCT advanced 1.5 percent.

Stocks also found support from hints by Chinese officials at more stimulus in the near term, easing concerns about a slowdown in the world’s second-largest economy.

Wall Street’s major indexes briefly pared some gains after the British parliament defeated Prime Minister Theresa May’s Brexit divorce deal by a wide margin. The rejection of the deal could lead to a disorderly exit from the European Union or even to a reversal of the 2016 decision to leave the EU.

The S&P 500 and the Nasdaq still closed near the session’s highs, however.

The Dow Jones Industrial Average .DJI rose 155.75 points, or 0.65 percent, to 24,065.59, the S&P 500 .SPX gained 27.69 points, or 1.07 percent, to 2,610.3 and the Nasdaq Composite .IXIC added 117.92 points, or 1.71 percent, to 7,023.83.

Earlier in the day, gains were capped by disappointing earnings reports from big U.S. banks.

JPMorgan Chase & Co (JPM.N), the largest U.S. bank by assets, missed quarterly profit estimates due to a slump in bond trading revenue, while Wells Fargo & Co (WFC.N) said its loan book shrank and quarterly revenue fell in all of its major businesses.

LONDON (Reuters) – British lawmakers defeated Prime Minister Theresa May’s Brexit divorce deal by a crushing margin on Tuesday, triggering political chaos that could lead to a disorderly exit from the EU or even to a reversal of the 2016 decision to leave.

After parliament voted 432-202 against her deal, the worst defeat in modern British history, opposition Labour Party leader Jeremy Corbyn promptly called a vote of no confidence in May’s government, to be held at 1900 GMT on Wednesday.

LONDON (Reuters) – Prime Minister Theresa May faced the prospect of defeat in a historic vote on her Brexit deal in parliament on Tuesday, potentially leaving Britain in limbo about the biggest political and economic change for the country in decades.

A day after May urged lawmakers to take a second look at her plan, parliament looked set to reject it in a voting session due to start at 1900 GMT.

Two-and-a-half months before Britain is due to leave the EU, May’s hopes of keeping her plan alive will hinge on the scale of her expected loss.

Avoiding a heavy defeat could give her the chance to ask Brussels for more concessions before attempting to get the plan through parliament in another vote.

But a humiliating outcome could pressure her to delay Britain’s scheduled March 29 departure from the EU and potentially open up other options, ranging from a second referendum to leaving the EU with no deal.

DETROIT (Reuters) – Auto executives gathered in Detroit on Monday called on the Trump administration and Congress to resolve trade disputes, and end the government shutdown, saying political uncertainty is costing the industry.

U.S. trade officials are negotiating a new deal with China in hopes of avoiding new tariffs, while a new regional trade agreement with Canada and Mexico still needs congressional approval. Automakers producing vehicles in the United States are contending with U.S. steel and aluminum prices driven higher by Trump administration tariffs.

Fiat Chrysler Automobiles NV (FCHA.MI) (FCAU.N) Chief Executive Mike Manley told reporters at the Detroit auto show on Monday that U.S. metals tariffs will raise the automaker’s 2019 costs by $300 million to $350 million, or about $135 to $160 a vehicle, based on the automaker’s 2018 U.S. sales.

Toyota Motor Corp’s (7203.T) executive vice president for North American sales, Bob Carter, said the company has had to raise prices three times because of higher tariff costs – even though 96 percent of steel in Toyota U.S. vehicles is from U.S. steel plants. The tariffs boosted industry vehicles prices by about $600 on average, he estimated.

General Motors Co (GM.N) and Ford Motor Co (F.N) are also taking financial hits from the U.S. steel and aluminum tariffs.

GM Chief Executive Mary Barra last Friday promised investors the company would boost 2019 profit despite tariff-related costs and investments in electric vehicles. She stuck to her plans to target five North American factories for closure and cut nearly 15,000 jobs overall.

Manley said the U.S. government shutdown is holding up certification of one of the company’s new heavy duty pickup truck models. Those vehicles are among the company’s most profitable products.

“The earlier it can be resolved, clearly the better,” he said.

Concern in the auto industry about the uncertainty created by Trump’s efforts to revamp trade and environmental policies is weighing more heavily as forecasters call for a slowdown in vehicle demand in the United States and China during 2019.

(Reuters) – All the banks under the European Central Bank’s oversight will receive a target date by when they will have to fully cover their stock of impaired loans, a source familiar with the situation said on Tuesday.

The target date will be over the medium term and differ from lender to lender, the source said.

WASHINGTON/NEW ORLEANS (Reuters) – President Donald Trump on Monday rejected a Republican call for temporarily reopening shuttered U.S. government agencies in order to encourage negotiations with Democrats on border security issues, as a partial government shutdown limped through its 24th day.

At a speech to an American Farm Bureau convention in New Orleans, Trump again urged Congress to grant him the money, saying drones, sensors and other technology cannot do what a wall can do to stop illegal border crossings.

Farmers, a key bloc of Trump supporters, have been hit by the shutdown as federal loan and farm aid applications have stalled and key farming and crop data has been delayed.

The number of airport security screeners not showing up for work continued to rise since the start of the disruption. Most Transportation Security Administration workers were required to report to work but they are not being paid due to a lack of funds.

Many security officers “are understandably looking for other work to make ends meet, House of Representatives Homeland Security Chairman Bennie Thompson, a Democrat, said in a statement.

WASHINGTON (Reuters) – U.S. President Donald Trump said on Monday he rejected a proposal from a Republican ally in the Senate that he temporarily reopen closed parts of the government to allow resumption of negotiations on a funding standoff.

As he left the White House for a trip to Louisiana, Trump told reporters he did not agree with Republican Senator Lindsey Graham’s proposal to reopen the government for three weeks.

If talks fail during that period, Graham said on Sunday, then Trump could go ahead and declare a national emergency to bypass Congress and get money for a wall on the U.S.-Mexico border – the issue that triggered the shutdown on Dec. 22.

Trump has held out the option of declaring a national emergency if he cannot get a deal with lawmakers. He said on Monday he was not looking to do so.

Democrats have refused further negotiations until the government is reopened.