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Reuters quotes the European Union (EU) sources, saying that the only option for a new Brexit deal before Oct.31 is the return to Northern Ireland-only backstop.

The sources say that otherwise, the extension is likely, the bloc would not reject the request.

Additional Comments:

if this is final UK Brexit plan, it won’t work.

Would then move to discuss the extension of deadline.

Not clear if UK PM Johnson  positioning  himself for blame-game over failed  negotiations.

Time -limit to backstop impossible under Brexit proposal, as reported by media: Merkel and Macron would not bully Varadkar into it.

UK Brexit proposal, as reported by media, would effectively erect Irish border.

The pound remains pressured, with the Cable now meandering near daily lows of 1.2228, down -0.55% on the day.