Michel Barnier has written to Mark Francois and told the Chair of the Eurosceptic European Research Group of Tory MPs that Brexit isn't worth it. Mr Francois had sent the EU's chief negotiator an open letter, which he titled a "missive from a free country", on June 29. "While nobody has been able to demonstrate to me the added value of leaving the most integrated economic and free trade area in the world, I have always respected the UK's decision to withdraw from the EU," Mr Barnier said in reply. "In this same spirit we approach the ongoing negotiations with your great - and indeed free - country." Mr Barnier warned Mr Francois that the EU would hold Boris Johnson to the joint Political Declaration and that Brussels was adamant that the European Court of Justice must have the final say on the interpretation of EU law. The Political Declaration, which is a non-binding document setting out the broad outline of the free trade agreement, was "agreed by your prime minister and voted for by the House of Commons,including yourself," Mr Barnier added. He said the level playing field guarantees the EU demands were necessary. Mr Barnier said that the EU would not agree a free trade deal without an agreement on fishing and described progress in negotiations as "disappointing". "We will continue to work with determination to conclude the negotiations with success as we continue to believe that this can be done despite the short time available, which is the choice of your government." Mr Barnier said, referring to the UK's refusal to extend the transition period. The French politician and commission official told Mr Francois it was a "pleasure" to hear from UK elected representatives. "Having been an elected representative for many years myself I value the crucial role you play in scrutinising and holding your government to account," he said In response, Mr Francois told the Telegraph that he was grateful for the "charming billet doux". He said, "As he rightly acknowledged, we are now a free country - and indeed very happy to be so." He added that the political declaration was "indicative and not legally binding - as Michel knows well. Nevertheless, I’m delighted that further talks are now agreed. As he often reminds us, 'the clock is ticking.'” UK and EU officials met in London this week and will meet again in Brussels next week as the try to break the deadlock in the trade negotiations. "This week’s discussions confirm that significant divergences remain between the EU and GB. We will continue working with patience, respect and determination," Mr Barnier tweeted on Thursday.

The 30-second ad by President Donald Trump's reelection campaign ends with “You won't be safe in Joe Biden's America,” emblazoned across a flickering hellscape. It blames a push by some progressive activists to defund the police as “violent crime has exploded.” With recent shootings that have killed children and dozens of other people in cities with large Black populations like New York, Atlanta and Chicago, the GOP is trying to play offense, ominously.

Protesters who have clashed with authorities in the Pacific Northwest are not just confronting local police. The Department of Homeland Security has deployed officers in tactical gear from around the country, and from more than a half dozen federal law enforcement agencies and departments, to Portland, Oregon, as part of a surge aimed at what a senior official said were people taking advantage of demonstrations over the police killing of George Floyd to commit violence and vandalism. “Once we surged federal law enforcement officers to Portland, the agitators quickly got the message,” said the official, speaking on condition of anonymity to discuss an ongoing operation.

(Bloomberg) -- Stocks slipped on Friday, paring the week’s advance as a surge in China cooled and concern resurfaced that rising coronavirus cases will hurt the global economic recovery. Treasuries and the dollar rose.Hong Kong bore the brunt of losses, falling more than 2%, as a spike in new infections left the government set to close schools. Shares in China were also lower as selling by state-backed funds signaled authorities wanted to slow of the pace of gains following the Shanghai Composite’s eight-day winning run. Japanese shares slipped along with those in South Korea. Contracts on the S&P 500 Index fell, while the yield on benchmark Treasuries dipped below 0.6%.“Optimism is giving way to de-risking into the weekend,” said Stephen Innes, chief global market strategist at AxiCorp. “The more uncertainty grows around the economic recovery front, the more cause for investors wanting to book profits even if volatility is not picking up that much.”Record deaths in Florida and California again put the spotlight on the spread of the coronavirus in the U.S. Elsewhere, Australia said it will tighten inbound travel and infections in Mexico jumped by a record for a second day. While optimists are betting that fiscal and monetary support will contain the fallout and cited U.S. jobs data Thursday that came in better than expected, others pointed out that the labor market is still treacherous.“We’re going to see intermittent periods of shutdowns over the next year or so while we’re still grappling with this virus,” Erin Browne, a multi-asset portfolio manager at Pacific Investment Management Co. said on Bloomberg TV. “But I wouldn’t expect we’re likely to see a wholesale shutdown of the U.S. economy like we saw earlier this year.”Elsewhere, oil traded below $39 a barrel and gold was steady.These are the main moves in markets:StocksFutures on the S&P 500 Index slid 0.7% as of 6:45 a.m. in London. The index fell 0.6% on Thursday.Japan’s Topix index declined 0.7%.Hong Kong’s Hang Seng index lost 2.2%.Shanghai Composite declined 1.4%.Australia’s S&P/ASX 200 Index slipped 0.8%.Euro Stoxx 50 futures lost 0.3%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%.The yen was at 106.95 per dollar, up 0.2%.The euro bought $1.1271, down 0.1%.The offshore yuan was at 7.0131 per dollar, down 0.2%.BondsThe yield on 10-year Treasuries slid to 0.59%.Australia’s 10-year yield fell four basis points to 0.86%.CommoditiesWest Texas Intermediate crude slid 1.7% to $38.93 a barrel.Gold was at $1,797.90 an ounce, down 0.3%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

China is accused of persecuting Uighur Muslims, including by locking them up in detention camps.

Asian stock markets followed Wall Street lower Friday on worries economic recoveries might fade as coronavirus cases increase in the United States and some other countries. Benchmarks in Shanghai, Tokyo, Hong Kong and Southeast Asia retreated a day after strong gains driven by the rise of U.S. tech stocks. On Wall Street, the benchmark S&P 500 index lost 0.6% overnight.

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