Though the "Brexit deal" they had been hoping for was merely a nonbinding "political statement" laying the foundation for a more substantive agreement down the road, resistance from within May's conservative party has apparently shifted the dealmaking caluclus in favor of blowing Monday's self-imposed deadline and waiting for Wednesday's regular EU meeting before giving talks another shot.
"Despite constructive and intensive negotiations, several key issues remain unresolved," one senior EU diplomat said. "No further negotiations are planned ahead of the European Council. The EU negotiator will brief the leaders who will then assess the progress so far."
While negotiators have held the exact details of the agreement close, it appears objections over the status of Northern Ireland and a "temporary customs arrangement" have been the biggest sticking points. While the outcome of these talks is looking increasingly uncertain, the one thing analysts can say for sure is that markets, which have optimistically priced in a resolution to the increasingly fraught negotiations, won't be pleased to hear this.