Hong Kong police fired tear gas at crowds in a popular shopping district on Christmas Eve as protesters took to the streets to demand greater democracy. But as billions of dollars in capital leaves, a new departure may soon take place: residents themselves. Months of demonstrations, increasingly violent confrontations and fear of a Beijing crackdown have triggered a tide of real estate inquiries abroad. —David E. Rovella

Here are today’s top stories

A former campaign adviser for President Donald Trump said in a sex-discrimination lawsuit that she was fired and denied a White House job after becoming pregnant. Meanwhile, Trump—now the third president in history to be impeached—voiced optimism about his Senate trial.

Travis Kalanick, the Uber co-founder pushed off his perch as CEO after a panoply of self-inflicted scandals, is now off the board, too.

YouTube is an online platform with little liability for what happens on its site. But as 2020 begins, the Alphabet-owned video goliath is increasingly under attack over privacy, copyright and content moderation.

America’s top shale field is producing more natural gas as oil drilling there slows. But producers don’t want it, so they pay to ship it away, or burn it off in a controversial practice known as flaring.

Investors should be of slightly less cheer this holiday season. Peter Coy writes in Bloomberg Businessweek that the stock market feels irrationally exuberant. Asset bubbles form when greed overwhelms fear. Bad loans are made in good times when lenders relax standards. So when will the chickens come home to roost? Coy quotes the late economist Rudiger Dornbusch: “In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”

What’s Ramesh Ponnuru thinking about? The Bloomberg Opinion columnist writes that the Democratic Party’s effort to unseat Trump faces a historical headwind, namely that the the economy looks to be, in many respects, doing well.

What you’ll need to know tomorrow

• Holiday travel hell envelops the U.S. Midwest.
• In the Philippines, Typhoon Phanfone has struck.
• A tire chain-owning family is contemplating a $3 billion sale.
• Bloomberg Opinion: Greece gets a dose of McKinsey.
• Flood damage to St. Mark’s cathedral in Venice is in the millions.
• What to expect from markets in 2020.
• Here are the top 10 art exhibitions to see in the new year.

What you’ll want to read in Bloomberg Pursuits

A Drinking Decade Changed the Future of Booze

The 2010s saw many ill advised drinking trends, ones the average bar denizen will be happy to see the back of. Radical shifts in collective taste, work habits, the way we consume information and even America’s hyper-polarized politics have driven our drinking style. The 2020s will be no different. Indeed, six recent changes to alcohol culture may have a stronger impact on what, and how, we drink in the next decade.

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