Let’s start with the numbers. China’s factory activity is expected to have contracted in November for the seventh month in a row, according to a Reuters’s poll, and the central bank issued a warning as China’s household debt hit a new record. Then US-China. A deal looks increasingly to be in the offing, and most interestingly, the signing of the Trump of the bill passed by Congress related to Hong Kong appears not to have de-railed trade talks. Which has to mean it is really really important to Those in Command to get that deal. We mean really important. The financial industry, meanwhile, is going through rocky times with P2P lenders all being given two years to get out of the business and turn themselves into regular finance companies. But on the positive side, the pork crisis appears to be easing as herds start to recover from the swine fever deaths and culling. And Alibaba’s Hong Kong listing was a solid success. We’re heading into the final month of the year, and next year looks like it will be difficult, regardless of whatever deal the Americans and Beijing agree to. Wrap up warm.