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Boeing 737 halt big enough to hit U.S. GDP, pound gives up all U.K. election gains, and further details of trade deal implementation emerge. Max effect  Boeing's decision to halt production of the 737 Max in January will add a headwind for the U.S. economy in 2020. The company said the indefinite shutdown would lead to no layoffs or furloughs for now, but economists see the rate of U.S. growth for the first quarter hit by around 0.6% from the move. The pressure on Boeing's finances is mounting, with the company's operating cash flow in the third quarter below the weakest performance during the 2008 financial crisis.  What election? The British pound was trading at pre-election levels this morning after Prime Minister Boris Johnson moved to introduce legislation to guarantee no extension to the post-Brexit transition period. Sabine Weyand, director general for trade in the European Commission, warned of a "cliff-edge situation" if the U.K. stuck to a hard deadline for negotiations. Top EU officials have already warned the current timetable may be too tight to wrap up agreements.  Sponsored Content by Global X ETFs Curious About Investing in Cannabis? Regulatory overhaul, changes in public opinion, and the presence of a large, proven addressable market are among the reasons why we believe cannabis is an investable theme worthy of attention. Learn more about the legal cannabis industry and how to gain exposure to the companies contributing to its growth.   Details, details The world breathed a sigh of relief at last week's announcement of an agreement on a phase-one trade deal between the U.S. and China that averted a fresh onslaught of tariffs over the weekend, but the details of what was actually agreed remained elusive. The accord, yet to be officially signed, does call for a large increase in purchases of U.S. agricultural products which China may struggle to meet. The country plans to increase ethanol imports as part of that goal, but also may reroute imports via Hong Kong to other mainland ports, according to people familiar with the matter. Such a move would put further pressure on Hong Kong's battered economy while leading to no increase in net U.S. exports.  Markets pause The recent rally in global equities is taking a break today as the trade-deal bounce fades. Overnight, the MSCI Asia Pacific Index added 0.8% while Japan's Topix index closed 0.6% higher with drugmakers leading the gains. In Europe, the Stoxx 600 Index was 0.8% lower at 5:45 a.m. Eastern Time with banks and consumer discretionary stocks among the biggest losers. S&P 500 futures also moved lower, the 10-year Treasury yield was at 1.857% and gold was higher. Coming up… U.S. housing starts and building permits numbers are published at 8:30 a.m. Factory output for November is expected to show a strong rebound when the data is released at 9:15 a.m. as the impact of strikes at carmakers ebbs. October job openings is at 10:00 a.m.  Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren speak today. FedEx Corp. reports earnings.  What we've been reading This is what's caught our eye over the last 24 hours. "Zombie" future threatens asset managers. 2019 was a great year for European markets. Now for the bad news. Defaults in one of China's richest provinces spook investors.  Reports find Sacklers withdrew $10 billion from Perdue Pharma. The volatile economics of natural vanilla in Madagascar. Having a home built by a star architect is amazing until you try to sell it.  Now even northern states are not safe from feral pigs. And finally, here's what Lorcan's interested in this morning Anyone following the COP25 climate talks in Spain over the weekend would probably have been left disappointed, but unsurprised by the result which undercut the principles of the 2015 Paris Agreement on climate change. For markets, the biggest missed opportunity was the failure to agree a mechanism to put a price on the cost of carbon. Goldman Sachs Group Inc. Chief Executive Officer David Solomon, writing in the Financial Times, urged governments to do exactly that "whether through a cap and trade system, a carbon tax or other means." The problem for companies is that without a single global policy on the matter there is no level playing field for all. The most successful regional carbon market is the European Union one, which has seen a shift in power production away from coal. However, without a global agreement, there remains no market force to make the biggest polluters change their behaviour. 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