Today's Headlines

Bloomberg:

• China's Debt-to-GDP Ratio 260%. (video)

• Steelmakers Surge on `Precedent-Setting' U.S. Import Ruling. U.S. Steel Corp. led gains among major American producers of the metal after the U.S. slapped duties on some Vietnamese alloys made with China imports. In a preliminary ruling, the Commerce Department found that corrosion-resistant steel and some cold-rolled metal from Vietnam made from products originating in China circumvented duty orders on those imports from China. The decision could pave the way for the U.S. to place duties on other countries that use Chinese steel.

• Copper Flashes Red as Stockpiles and Spreads Point Bearish. (video)

• Here’s Where the GOP Tax Plan Stands Right Now. (video)

• Retail Investors Just Made a Historic Move Into U.S. Stocks. Clients at TD Ameritrade added to stock holdings for a 10th straight month in November, driving a gauge of retail investor sentiment 15 percent higher to a record, according to the online brokerage’s website. That was the “largest single-month increase ever” in the firm’s IMX measure, as investors piled into an equity market that’s on pace for its best year since 2013.

• Investors Down in December Are Still Up Big For the Year. (video)

Wall Street Journal:

• Trump Says U.S. Recognizes Jerusalem as Israel’s Capital. President says the move will advance the peace process; others have warned of the opposite effect.

• Socialism, Capitalism Seen in New Light by Younger Americans. Surveys show a leftward tilt, and pessimism about the future, among millennials.

• North Koreans Get Smartphones, and the Regime Keeps Tabs. Dictatorship allows wider use of mobile devices and embeds technology to limit and monitor their use.

• Home Depot(HD) to Launch $15 Billion Share Buyback Program. Home-improvement retailer also vowed to step up investments in its business.

Fox News:

• Trump officially recognizes Jerusalem as Israel's capital, orders US embassy move. (video)

CNBC:

• Trump: Government shutdown 'could happen' Saturday. (video)

• They're watching you: Malls tap new tech to track shoppers.

• Wal-Mart Stores(WMT) to change name to Walmart, as it shifts its focus to e-commerce.

• Greenspan compares bitcoin to Colonial America currency that eventually became worthless. (video)

• Meet CryptoKitties, the $100,000 digital beanie babies epitomizing the cryptocurrency mania.

• Stocks are off their highs, but BofA says keep buying. (video)

Zero Hedge:

• ECB Caught In Sprawling Scandal After Bonds It Owns Implode.

• Trump Recognizes Jerusalem As Israel's Capital As Middle East Prepares For Violence.

• Al Franken To Make An Announcement Tomorrow After 11 Democratic Senators Demand Resignation.

• "Declaration Of War": Trump Jerusalem Decision Sparks Outrage, Warning Of "A Fire With No End In Sight".

• Chuck Grassley Demands FBI Produce All Strzok Text Messages As Part Of Trump Anti-Bias Probe.

• "Like Driving Into Hell" - Los Angeles' 405 Freeway Shutdown As Wildfires Spread. (pic)

• Arizona Citizens Tracked In Facial Recognition Database In First Step For 'REAL ID' Implementation.

• WTI/RBOB Extend Losses On Biggest Gasoline Build In 11 Months, Record Crude Production.

• BofA: "In Every Market Shock Since 2013 Central Banks Have Stepped In To Protect Markets".

• Higher Wage Hope Hammered As American Worker Compensation Slumps. (graph)

• Zandi Warns "Job Market Feels Like It Might Overheat" As Manufacturing Jobs Grow At Fastest Pace On Record.

• "The Silence Breakers" - Time Reveals "Person Of The Year" 2017.

• World's Third Largest Shipbuilder Crashes 29% Amid Asian Equity Carnage.