Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: South Korean Presidential Blue House via Getty Images

Shortly after Trump announced he was canceling the summit with Kim Jong-un — and before Trump publicly signaled the summit might still happen after all — I received a prescient email from John Park, the director of the Korea Working Group at the Harvard Kennedy School.

The big picture: Park is impeccably connected in South Korea and his email is worth reproducing in full: "[South Korean President Moon Jae-in] has initiated a very bold game plan and has assumed a lot of the risk for Kim and Trump to have their summit and produce a joint declaration.  Moon needs this particular outcome to move forward with implementation of the Panmunjom Declaration — i.e. have more control over fate of the Korean Peninsula."

  • "Trump and Kim both benefit from a summit as well.  There will be more bumps along the way — 'on-again, off-again' drama — but Moon has done a lot of the heavy lifting in addressing the big deal-breaker items."
  • "A win for Moon is facilitating the launch of a 'denuclearization mechanism,' because it creates a political opening for forward movement on the other mechanisms — permanent peace mechanism and inter-Korean transportation infrastructure development mechanism — in the Panmunjom Declaration."
  • "Behind the scenes, Moon and his team have been acting like first responders to help both Trump and Kim get to Singapore.  They’ll continue to patch things up between the two leaders when egos are bruised.  (When the U.S. needs to be reassured on a particular issue, Moon Blue House discreetly coordinates with Kim regime to produce a statement or action that goes a long way in reassuring)."
  • "Bottom line: the Singapore summit is not a guaranteed event.  However, the chances of the summit happening are much higher than the political risk marketplace’s consensus view because of the Moon Blue House’s discreet activist role."

The latest, per WaPo's Anna Fifield, reporting from Seoul: "A team of U.S. officials crossed into North Korea on Sunday for talks to prepare for a summit between President Trump and Kim Jong Un, as both sides press ahead with arrangements despite the question marks hanging over the meeting..."

  • "Sung Kim, a former U.S. ambassador to South Korea and former nuclear negotiator with the North, has been called in from his posting as envoy to the Philippines to lead the preparations, according to a person familiar with the arrangements."

Go deeper

Felix Salmon, author of Capital
6 mins ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
1 hour ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

1 hour ago - World

U.S. notified Israel in advance about Syria strike

Photo: Abir Sultan/POOL/AFP via Getty Images

The Biden administration notified Israel in advance about the airstrike against an Iranian-backed Shiite militia base on the Syrian-Iraqi border Thursday evening, Israeli officials told me.

Why it matters: The airstrike was the first overt military action by the U.S. in the Middle East since Biden assumed office, and one that Israeli officials see as a positive signal about the new administration's posture toward Iran.