Here is what you need to know.
- Trump touts progress on trade talks with China.“Just had a long and very good call with President Xi of China,” President Donald Trump tweeted Saturday. “Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!”
- Stocks are headed for their worst December since the Great Depression. The S&P 500 will book its worst December since 1931 if it closes below 2,594.56, according to CNBC. It’s on track to open up 21 points at 2,506 on Monday.
- China’s manufacturing sector contracts for the first time in 2 years. China’s official manufacturing purchasing managers’ index printed at 49.4 for December, its weakest since February 2016.
- The global economy is on an ‘irreversible path’ to a downturn. The credit cycle is heading toward a plateau and then a downturn, according to Naka Matsuzawa, chief Japan rates strategist at Nomura.
- Minimum wage will increase in 21 states and DC in 2019. Washington, DC, will have a $US14 an hour minimum wage – the highest in the country – when the hourly minimum increases by $US0.75 on July 1.
- Nissan’s disgraced former chairman remains in Japanese custody. Former Nissan Chairman Carlos Ghosn will remain in a Tokyo jail until January 11, after a court extended his stay in the wake of new allegations of financial conduct, The Asian Nikkei Review reports. Ghosn has denied the allegations.
- Amazon is planning to expand Whole Foods.Employees of the grocery chain have visited parts of Western North America to look for potential store locations that would allow more customers to be within Prime Now’s two-hour delivery-service range, the Wall Street Journal says.
- If you’re celebrating with premium vodka on New Year’s, don’t put it in the freezer. Putting cheap vodka in the freezer hides any “aggressive, burning notes,” but storing premium vodka there will block its aromas and flavours, Francois Thibault, the creator of Grey Goose vodka, told Business Insider.
- US economic data trickles out. Dallas Fed Manufacturing will be released at 8:30 a.m. ET. The US 10-year yield is up 1 basis point at 2.73%.
- Markets around the world are closed Tuesday for New Year’s Day. Most will reopen on Wednesday.
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