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What We Are Following in the News

There are currently 914 filed lawsuits in the fights against tariffs. We may know on Friday what the Supreme Court thinks and if changes are coming. Expect the market to be active but the economic impacts will take longer to unpack depending on the decision.

As in the past - watch the commodities market: All but cut off from Venezuelan crude, Chinese refiners are eyeing a pricier alternative: Canada. Inquiries around Canadian supplies from China have increased since the weekend. https://buff.ly/dM5gNVG While it will take years (up to 10) to see high production levels from Venezuela, the shift in supply from Canada will likely increase the cost to US producers and to consumers.

German factory orders unexpectedly rose for a third month in November, suggesting that a recovery is taking hold in Europe’s largest economy. https://buff.ly/R0arEF6

Yesterday President Donald Trump pledged to ban institutional investors from buying single-family homes. The details on this will matter and the overall economics of such restrictions are way too complex for a bullet point policy concept. https://buff.ly/CmDJEtc

The fiscal austerians at Japan’s powerful Ministry of Finance would be the last ones to advertise it, but the nation long known as the world’s biggest debtor has been steadily shrinking its borrowing burden.

The Trump administration said Wednesday that US job openings fell in November to a more than one-year low and hiring slowed, indicating most employers remain reluctant to make big changes to headcount. The number of available positions decreased to 7.15 million in November from a downwardly revised 7.45 million in the prior month, according to the Bureau of Labor Statistics, part of the US Department of Labor. The figure was below all estimates in a Bloomberg survey of economists.