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U.K. Prime Minister Boris Johnson. Photo: Lindsey Parnaby WPA Pool/Getty Images

Two of the biggest constraints to the world economy — uncertainty about Brexit and the China trade war — were alleviated last week, Bloomberg reports.

Why it matters: With a "phase one" deal between U.S. and China staving off more tariffs and the United Kingdom now on pace to leave the European Union on Jan. 31, the outlook for global growth should be more positive in 2020 after being hampered by widespread uncertainty in 2019.

What they're saying: Ben Emons, managing director for global macro strategy at Medley Global Advisors in New York, told Bloomberg: "The China trade deal and U.K. election result have taken out a major tail risk overhanging markets and companies."

  • "Business confidence should see a large boost that could see a restart of global investment, inventory rebuild and a resurgence of global trade volume."

Yes, but: The New York Times' Peter Goodman writes in a new analysis that the Conservative victory in Britain has dealt another blow to globalism, paving the way for a new era of trade dominated by nationalism.

  • "The decisive Conservative victory in Britain leaves no doubt that in today’s global equation, national interests are supreme and globalization is suspect."
  • "[A] new era is underway in which national interests take primacy over collective concerns, with trading arrangements negotiated among individual countries."

Go deeper:

Go deeper

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
3 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.