A drone attack on Saudi Aramco oilfields this weekend affected 5% of global production and sent “energy prices substantially higher” late Sunday and early today. Analysts don’t anticipate a “severe shock to energy markets and the world economy” for the long term, but that said, the political and military fallout from the attacks threaten to add even more volatility to an already shaky global economy – NYTimes and WSJ and Bloomberg and MarketWatch

The United Automobile Workers union announced late yesterday that its going on strike at General Motors, a move that will send “nearly 50,000 members at factories across the Midwest and South to picket lines [this] morning barring a last-minute deal” – NYTimes and WSJ and Bloomberg and MarketWatch

Purdue Pharma filed for bankruptcy late yesterday as part of a $10 billion plan “to settle claims that it fueled the U.S. opioid epidemic by illegally pushing sales of its addictive OxyContin painkiller” – Bloomberg and NYTimes and WSJ

Boeing’s board of directors is reportedly ready to consider overhauling the company’s engineering department in response to the safety crisis at the aerospace giant caused by two deadly 737 Max crashes in late 2018 and early 2019 – WSJ

Anyone who says talk is cheap wasn’t thinking about the effects that popular narratives can have on the actual performance of the US economy – NYTimes

Facing trial in federal court in just 5 weeks on a host of civil opioid-related claims, defendant retail pharmacy chains and drug distributors filed a surprise motion this weekend seeking to disqualify US District Judge Dan Polster, arguing that he “has shown his bias against the defendants” – NYTimes and Law360

More flashing red lights from an important sector of the financial world—this time, the junk debt market, in which an increase in the share of leveraged-loan sales in which borrowers cut pricing during marketing hints at a sharp change in investors’ risk appetite – WSJ

A BlackRock-led group of investors is calling it quits on a suit bringing derivative claims against BNY Mellon for alleged mismanagement as trustee of more than 200 RMBS trusts. Plaintiffs sought dismissal without disclosing the terms of any settlement – Law360

Meanwhile, banks are slowly but surely jumping back into the RMBS market as the White House looks to push GSEs out of the way and investors are looking for greater yields – WSJ

Germany appears ready to join France in the crusade against Facebook’s Libra cryptocurrency – Law360

The morning’s Brexit dispatch includes the reappearance of an early lead character (that would be former PM David Cameron) and a bit of gossip about 10 Downing’s current occupant – NYTimes

J.Crew’s planning to drop a Madewell IPO on us in the coming weeks in an effort to pay down company debt – WSJ

A timely installment from the Times’ Smarter Living section on strategies for helping your kids do well at school without falling into any helicoptering or snow plowing – NYTimes