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Photo: Jim Dyson/Getty Images

The British pound slipped but was much less volatile than expected after Prime Minister Boris Johnson's Brexit deal was rejected by Parliament on Saturday.

What's happening: The pound fell about 0.7%, but remained above $1.29, near a 5-month high. Big banks in London called in extra staff in anticipation of major market moves that didn't materialize after the first Saturday sitting in the House of Commons in 37 years.

What they're saying: “There is some uncertainty about Brexit, but it may not rattle investors too much because this is not an outright rejection of the deal,” Michael McCarthy, chief market strategist at CMC Markets, told Reuters.

  • "Trading volumes are around 40% of what they would normally be, which shows there’s not a lot of conviction in the market."

State of play: Parliament rejected Johnson's initial deal, but he may have the votes for a new agreement as members of the opposition Labour party as well as 20 former Conservatives are expected to support it.

  • Overall, the market remains on edge, but there appears to be little fear of Britain crashing out of the EU without a deal, as Johnson has threatened to do on Oct. 31.
  • "There was an initial sell-off, but it was much shallower than markets had anticipated," Russell Lascala, global head of FX at Deutsche Bank, told the BBC.

Go deeper:

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Illustration: Sarah Grillo/Axios

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  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
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  8. 🎧Podcast: The vaccine race turns toward nationalism.
Dan Primack, author of Pro Rata
Updated 8 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
10 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.

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