Five Things You Need to Know to Start Your Day

Trump gets almost nothing he wanted from the TikTok deal. Banks moved $2 trillion, defying money-laundering orders, a new investigation finds. The dollar's dark quarter may get even worse. Here are some of the things people in markets are talking about today.

The TikTok deal Donald Trump signed off on Saturday does almost none of what the president initially called for. In July, Trump threatened to ban the app used by 100 million Americans unless China handed over control of the company, its algorithms and data to the U.S. Hearkening back to his New York real estate days, he also insisted the U.S. government get compensated in the process. But China’s ByteDance Ltd. remains the majority shareholder in a new U.S. company that will include fresh investments by Oracle and Walmart in a future fundraising round. The algorithm itself — the thing that makes TikTok TikTok — will still belong to ByteDance, so national security concerns remain, experts said. And the government payout? That turned into a vaguely worded promise of $5 billion in new tax dollars to the U.S. Treasury. Meanwhile, ByteDance is seeking a valuation of $60 billion for TikTok in the deal, according to a person familiar with the matter. And the Trump administration’s curbs on WeChat were put on hold by a judge, upending an effort to halt use of the Chinese-owned app in the U.S.