Low mortgage rates and thriving employment usually mean a strong U.S. housing market. But that’s no longer the case. What began in big cities like New York and San Francisco has been radiating inland: Entry-level buyers are fighting over homes that are in short supply, sending prices soaring. American incomes just can’t keep pace. —David E. Rovella

Here are today’s top stories

A Trump administration official said the government is monitoring what it described as Chinese forces congregating at the Hong Kong border. Beijing has blamed the escalating protests there, which began over a controversial extradition law, on America.

U.S. stocks fell amid growing speculation that a deal to end the administration’s trade war with China remains elusive. President Donald Trump complained China isn’t following through on grain purchases. Meanwhile, Apple projected revenue that topped analyst estimates, signaling its optimism about potential sales of coming iPhone models.

Trump is defying a federal judge’s order by continuing to split up families of migrants seeking asylum in the U.S., the American Civil Liberties Union said. More than 900 children, including babies and toddlers, have been taken from their parents in the past year over parental infractions including minor traffic violations, the civil liberties group said in court papers.

Senators Bernie Sanders and Elizabeth Warren are likely to keep the gloves on during Tuesday night’s Democratic presidential debate. 

Sears workers who retired after years of toil for the iconic American retailer have been told life insurance plans which once promised thousands of dollars for their families are now worth $135.

The world’s most expensive warship, a $13 billion U.S. aircraft carrier made by Huntington Ingalls Industries, has a little problem: It can’t get the weapons it needs to wage war on deck because most of its new elevators still don’t work.

What’s Luke Kawa thinking? The Bloomberg cross-asset reporter says that while a Fed rate cut Wednesday is priced into the stock market, there’s a big variable that’s not cooperating: The dollar. Since the central bank cemented expectations of the move, the Dollar Spot Index is up almost 1%. The broader Bloomberg U.S. dollar basket is marginally higher. It’s tough to see how a stronger dollar is good for global activity right now.

What you’ll need to know tomorrow

• These are the countries where a housing price correction is coming.
• The man who founded India’s biggest coffee chain is missing.
• Boris Johnson keeps talking hard Brexit; the pound keeps diving.
• Mexico City’s e-scooter push is hobbled by theft and regulation.
• Capital One was bragging about data safety while being hacked. 
• A U.S. drug price-fixing probe has hit some major roadblocks.
• Cannondale is making a move to pass rival bike makers.

What you’ll want to read tonight 

Dirty Money and Its Enablers in Family Offices

Jahangir Hajiyev was convicted of looting millions of dollars from a bank in Azerbaijan. Lawyers, investment advisers and a family office in London helped him spend his money, steering wealth into assets in the U.K. from a web of offshore companies.

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