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Stocks may have reached the end the Trump rally

The S&P 500 fell 0.27% during trading Monday, perhaps confirming that investors have come down from their post-election euphoria. Evidence of division among Republicans on economic issues has disabused the market of its belief that profit-boosting policies would pour from Washington soon after inauguration.

The smart money on Wall Street agrees: The Wall Street Journal reports that big-bank executives have sold close to $100 million worth of stock since the election. If the likes of Morgan Stanley's James Gorman are exiting the market, perhaps you should too.

Need proof of China's bitcoin binge?

Chinese bitcoin exchanges agreed to charge a transaction fee 0.20%, ostensibly to cut down on speculation. But the Chinese government is also keen to rein in bitcoin use, as Chinese investors have conducted vast majority of bitcoin trades in recent months. Sound smart: The Chinese have used bitcoin as a means to move money out of the country as China tries to prevent capital from fleeing its slower-growing economy.

Theresa May's soft touch

The day Donald Trump announced American withdrawal from TPP — drawing criticism from John McCain and others for the geopolitical implications —The Financial Times reported that Prime Minister Theresa May will soon travel to China to discuss trade relations.

Why it matters: Like his counterpart, Donald Trump will also have to come up with a plan to boost exports, rather than just fighting unfair imports.

What we're watching: The heads of Ford, General Motors and Fiat Chrysler will meet President Trump for breakfast. The CEOs hope the meeting will provide clarity on the Trump trade agenda, and news from it will be pertinent to traders and politicos alike.

Go deeper

23 mins ago - World

Iran's nuclear dilemma: Ramp up now or wait for Biden

Illustration: Annelise Capossela/Axios

The world is waiting to see whether Iran will strike back at Israel or the U.S. over the assassination of Mohsen Fakhrizadeh, the architect of Iran's military nuclear program.

Why it matters: Senior Iranian officials have stressed that Iran will take revenge against the perpetrators, but also respond by continuing Fakhrizadeh’s legacy — the nuclear program. The key question is whether Iran will accelerate that work now, or wait to see what President-elect Biden puts on the table.

Updated 1 hour ago - Health

U.K. first nation to clear Pfizer coronavirus vaccine for mass rollout

A health care worker during the phase 3 COVID-19 vaccine trial by Pfizer and BioNTech in Ankara, Turkey, in October. Photo: Dogukan Keskinkilic/Anadolu Agency via Getty Images

The United Kingdom's government announced Wednesday it's approved Pfizer-BioNTech's COVID-19 vaccine, which "will be made available across the U.K. from next week."

Why it matters: The U.K. has beaten the U.S. to become the first Western country to give emergency approval for a vaccine that's found to be 95% effective with no serious side effects against a virus that's killed nearly 1.5 million people globally.

3 hours ago - World

Biden says he won't immediately remove U.S. tariffs on China

President-elect Joe Biden during an event in Wilmington, Delaware, on Tuesday. Photo: Alex Wong/Getty Images

President Trump's 25% tariffs imposed on China under the phase one trade deal will remain in place at the start of the new administration, President-elect Biden said in an interview with the New York Times published early Wednesday.

Details: "I'm not going to make any immediate moves, and the same applies to the tariffs," Biden said. He plans to conduct a full review of the current U.S. policy on China and speak with key allies in Asia and Europe to "develop a coherent strategy," he said.

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