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What We Are Following in the News

China’s economy has seen something of a rolling series of booms this century, and as policymakers address the excesses of the current one — led by “new productive forces” in manufacturing — the likelihood is a new one will emerge.

US stock market optimism is unbounded, with respondents to Bloomberg’s latest Markets Pulse survey predicting another advance following three years of double-digit gains, a feat last accomplished at the end of the previous century. The dollar’s struggles, on the other hand, are expected to persist, with more than three quarters of survey takers saying weakness in the currency will extend into a second year.

Copper extended a rally after bursting through $13,000 a ton for the first time. Concerns that the Trump administration may introduce a tariff on refined metal have drawn holdings to the US, potentially leaving the rest of the world short. https://buff.ly/WcoL7BV

Today, the US House of Representatives officially resumes legislative business. Lawmakers have less than one month (until Jan. 30) to pass a new budget and avoid a government shutdown.

High prices threaten to send US auto sales into decline this year as middle-class consumers shy away from new-vehicle purchases with stickers near record levels. https://buff.ly/lZGOfAN

US manufacturing activity shrank in December by the most since 2024, capping a rough year for American factories. The Institute for Supply Management’s manufacturing index edged down to 47.9 from 48.2, according to data released Monday.