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"When you begin to see the possibilities of music, you desire to do something really good for people, to help humanity free itself from its hangups." - See who said it and why it matters at the bottom.
Illustration: Lazaro Gamio/Axios
U.S. manufacturers and small businesses have been hit hard by the trade war, but recent data shows that China is really suffering.
Driving the news: China's total exports fell for the 12th straight month in November, dropping 1.1% from a year ago, and exports to the U.S. have fallen more than 20%, according to China’s customs administration.
What's happening: The U.S. trade deficit declined 7.6% in October to $47.2 billion, the smallest since May 2018, as both imports and exports of goods fell. It was the second straight month the trade deficit has fallen and the largest drop since January.
By the numbers:
What they're saying: "There’s little reason for the Trump administration to back away from tariffs as the pressure on China is working," analysts from S&P Global Market Intelligence note.
But, but, but: The goods trade deficit with the EU increased 20% during the month, with U.S. imports from the EU surging to a record high, so American business owners aren't necessarily reaping the benefits.
The Trump administration is poised to cripple the WTO's panel for hearing trade dispute appeals by blocking new members from being appointed. (N.Y. Times)
T-Mobile and Sprint are expected to be in court today to defend their $26 billion merger against 13 state attorneys general who have sued to block the deal. (WSJ)
Organizers estimate that 800,000 people turned out for protests in Hong Kong over the weekend, the largest demonstration in months. (Reuters)
There is a structural problem in the U.S. repo market, new analysis from the Bank for International Settlements finds. The September rate spike that prompted the Fed to begin daily cash injections was caused largely by over-reliance on four unnamed big banks and increased appetite for financing from hedge funds. (Bloomberg)
Without getting billions in tax write-0ffs or a signature helipad for CEO Jeff Bezos, Amazon announced it had signed a new lease for 335,000 square feet of real estate in the developing Hudson Yards neighborhood of Manhattan.
What's happening: The company said the building will be home to 1,500 employees, and represents "Amazon’s largest expansion in New York since the company stunned the city by abandoning plans to locate its second headquarters" there, WSJ's Keiko Morris reported Friday.
Why it matters: The move brings Amazon to New York in a major way and shows that it doesn't take billions of dollars in giveaways for the city to attract the top names in tech.
Of note: Critics charged that Amazon's HQ2 would have brought with it 25,000 jobs. However, that number was an estimate of jobs from Amazon that was not vetted by any outside party, and the jobs theoretically would have been created over 10 to 20 years.
Last week's ADP private payrolls report was a serious head fake for Friday's blockbuster U.S. jobs report from the Labor Department.
By the numbers: The 266,000 jobs added was the second highest total this year, trailing only January's 312,000, and was in sharp contrast to the slowing trend seen for most of the year.
Traders still don't trust the stock market's run and are moving money out of equities at a historic level, despite a 25% year-to-date gain for the S&P 500.
What's happening: Data from the Investment Company Institute shows money has been pulled out of equity mutual funds and ETFs in every month this year except January.
Similarly, a report from Refinitiv Lipper cited by WSJ shows the largest outflows in its history, which dates back to 1992.
After Friday's jobs report, there's near certainty that the Fed will hold U.S. interest rates firm this week.
The intrigue: Much less known is what to expect when Christine Lagarde makes her debut as ECB president on Thursday. There are no expectations for a change in policy, but Lagarde's language and the ECB's statement will be closely watched.
On Dec. 9, 1964, John Coltrane's Quartet recorded "A Love Supreme" at Van Gelder Studio in Englewood Cliffs, New Jersey.
Editor's note: This piece was corrected to show 13 attorneys general were suing to stop the merger between T-Mobile and Sprint (not 26).