Editorial: The U.K. Needs to Admit that Brexit has Failed (Bloomberg Opinion)
If parliament rejects the current Brexit plan — as it should, and as it seems likely to — Theresa May or her successor ought to declare Brexit a failure and call a second referendum to confirm the country’s wish to remain in the union.

Headlines from the U.K.:
-U.K.’s Theresa May On the Brink as Tories Plot to Kill Brexit Deal (Bloomberg)
-Bank Stocks Sink on Fear of Hard Brexit and Corbyn ‘Armageddon’ (Bloomberg)
-Pound Dives After Brexit Resignations – Bloomberg Screen Shows Sharp Drop (BBC News)

U.S. Midterms Update:
-Nancy Pelosi Celebrates Democrats’ Midterm Victory in New York with Donors and Possible 2020 Candidate Mike Bloomberg (CNBC)

-Republican Leader’s Women Claim Wrong (Associated Press)
Mike Bloomberg’s team says it’s misleading for Republican leader Kevin McCarthy to claim that the billionaire is responsible for reducing the number of GOP women in Congress. Bloomberg spokeswoman Rachel Nagler says the former New York City mayor spent $110 million on Democrats by targeting 24 House races nationwide. Overall, just two Republican women were defeated by Bloomberg-backed candidates and both were replaced by Democratic women.

The Facts: 15 of 21 winning Democratic House candidates supported by Mike Bloomberg’s Independence USA were women. (18 of 24 Bloomberg-supported House candidates were women). Read more here.

Gun Sense Wins: The Midterm Results were a Mandate for Congress to Act on Guns (Washington Post – John Feinblatt, President of Everytown for Gun Safety)

2020 Watch: Electoral College Map Analysis – Trump Must Defend Midwest States and Defend Republican Erosion in South and Southwest (Axios – Mike Allen)

Supporting a Free Press: Bloomberg, Associated Press, New York Times and Ten Other News Organizations (including Fox News) Back CNN in Lawsuit against Trump White House (Axios)
Read the joint statement here.

U.S.-Mexico Border: U.S. Defense Secretary Jim Mattis Visits Troops in South Texas and calls Deployment to the Border ‘Great Training’ (Washington Post)

Tech Today: How Facebook’s Leaders Fought Through Crisis (New York Times)

Placing Bets Beyond the Venture Hubs of New York and Silicon Valley (TechCrunch)
Following Mike Bloomberg’s trip to South Carolina to visit technology startups, Bloomberg Ventures head Roy Bahat writes about the business opportunities across the U.S.

Best of late night.

“Two men are competing to be the first person to complete an unassisted 921 mile trek across Antarctica, which is dumb because if they just waited a few years, Antarctica will only be like 20 miles tops.”
— Seth Meyers

“I see that Monopoly just released a new version of their game, called ‘Monopoly for Millennials.’ It’s just like the original, except everyone starts with $60,000 worth of college debt.”
— Jimmy Fallon