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Combination images of European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson. Photos: Julien Warnand/AFP via Getty Images; John Sibley/PA Images via Getty Images

European Commission President Ursula von der Leyen and Prime Minister Boris Johnson announced Sunday they have agreed to extend negotiations on a post-Brexit trade deal.

Why it matters: The deadline for a deal was Sunday. "Despite the exhaustion after almost a year of negotiations, despite the fact that deadlines have been missed over and over, we think it is responsible at this point to go the extra mile," the leaders said in a joint statement after speaking by phone on Sunday. "We have accordingly mandated our negotiators to continue the talks and to see whether an agreement can even at this late stage be reached."

Go deeper: U.K., EU brace for no-deal Brexit cliff as trade talks falter

Go deeper

Felix Salmon, author of Capital
Jan 1, 2021 - Economy & Business

Post-Brexit Britain arrives

Illustration: Sarah Grillo/Axios

It took two general elections, three prime ministers, and just over 4 1/2 years, but as of today Britain finally has the Brexit it voted for in June 2016.

  • It's not a pretty sight.

The big picture: Britain has left Europe's single market and customs union, and is no longer governed by European law.

Dion Rabouin, author of Markets
12 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
43 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.