5 things to start your day

[Bloomberg]( New Nafta deal hangs in the balance, Carney faces lawmakers and tropical storm lifts crude prices. Oh, Canada President Donald Trump was vocal in his [criticism of Canada]( over the Labor Day weekend as he threatened to push ahead with a new trade deal with Mexico, leaving the U.S.’s northern neighbor out. The problem Trump faces is that he needs congressional support for his stance, which [he is unlikely to get](, weakening the president’s negotiating position ahead of tomorrow’s resumption of talks. This week could also see the imposition of tariffs on a further [$200 billion]( of Chinese goods, while Trump could focus more attention on [the World Trade Organization](. Carney Q&A Bank of England Governor Mark Carney will get the chance to quell [speculation over his future]( this morning when he faces U.K. lawmakers at 8:15 a.m. Eastern Time. Yesterday [BBC News reported]( that he is in talks to extend his tenure past his agreed June 2019 departure day. For MPs returning to parliament today, there are more sobering projections on Brexit with UBS Group AG saying the decision to leave the EU has [already cost the economy]( 2 percent of GDP, while Pfizer Inc. said that the divorce will cost the company [$100 million](. Sponsored Content by Morgan Stanley Will Big Data Be Increasingly Fundamental to Stock Picking? After a record year of inflows, factor- and quant-based investing is a $1.5 trillion market that is only gaining influence. Should fundamental investors be paying attention? [Read more.](  Oil above $70 A barrel of West Texas Intermediate for October delivery was [trading at $71.05]( at 5:45 a.m. as [Tropical Storm Gordon]( approached oil platforms along the U.S. Gulf Coast. Brent crude was over $79 a barrel. The rise in prices may only be temporary: OPEC crude production rose to the [highest level in a year]( in August as an increase in Libyan output helped offset a sanctions-related cut in Iranian shipments. The latter is now at the [lowest level since 2016](. Markets slip Overnight the MSCI Asia Pacific Index fell 0.2 percent while Japan’s Topix index closed 0.1 percent lower as the country was hit by the [strongest typhoon in 25 years](. In Europe, the Stoxx 600 Index was 0.5 percent lower at 5:45 a.m., as cyclical stocks took a hit with exporters weaker due to the rising dollar. S&P futures were pointing to a [small gain at the open](, the 10-year Treasury yield was at 2.871 percent and gold was back under $1,200 an ounce. Coming up… U.S. August manufacturing PMI is due at 9:45 a.m., with the ISM gauge at 10:00 a.m. Autosales data for August are also out today. IMF Director [Christine Lagarde]( is due to meet Argentina’s Treasury Minister Nicolas Dujovne as the country tries to get a package of measures in place to ease the financial crisis. Speaking of emerging markets, keep an eye on the rand today after South African GDP data showed the country entered its first technical [recession since 2009](. What we've been reading This is what's caught our eye over the long weekend. - Odd Lots: Matt Levine dissects Elon Musk’s [controversial tweet](. - Investors rattled by [emerging-market losses]( in Turkey and Argentina. - [Bitcoin suspect]( could shed light on Russians targeted by the U.S. - Top banker at U.K. unit of foreign bank arrested, [but who](? - Trader [who shattered UBS]( now faces his own reckoning. - Nike decides a [Colin Kaepernick deal]( is worth the backlash. - In quantum physics, the chicken and egg [can both come first](. And finally, here’s what Joe's interested in this morning Shares of the advertising giant WPP [are getting slammed](today, after it reported results showing profit margins continuing to get squeezed. This is one of those stocks I've watched for awhile, because historically it's behaved quite cyclically. It has tended to go up when the market goes up, and down when the broader market goes down. But the company has stumbled due to pressure from Facebook, Google and increasingly Amazon. Over the long weekend I read [Frenemies,]( a new book on the ad business by Ken Auletta, and I was astonished by all the different ways the industry sounds like finance. For one, there's the whole tension between humans and quants. Just as there is pressure on active, discretionary managers from algos and PhDs, so too are "creatives" under threat from data-driven strategies. This, of course, is leading to substantial fee compression (again, see WPP's stock price) and just as "2 & 20" is under pressure, so are the traditional agency payment models. Then there's the whole question of fiduciary responsibility. In 2015, [the industry was rocked]( after a former executive claimed advertising was riven with kickbacks, whereby the agencies were getting payments from publishers (in exchange for business) that weren't being passed along to clients. Again, this has numerous parallels in finance, particularly as it relates to brokers and the incentives they get to push this or that product. Ad agencies also have trading desks where they buy and resell ad inventory, and there are concerns about their opacity and markups. Finally, the famous copywriter David Ogilvy [reportedly once said]( “Our business is infested with idiots who try to impress by using pretentious jargon.” Hopefully that parallel speaks for itself. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. 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