China sought to avoid trade-related matters when it retaliated against the U.S. over a new law passed by Congress supporting Hong Kong’s democracy protesters. Instead, the Asian nation vowed to sanction some rights organizations and halt warship visits to the city. U.S. stocks fell, but that had more to do with trade-related matters that weren’t avoided elsewhere. —Josh Petri

Here are today’s top stories

U.S. President Donald Trump said he is reinstating tariffs on steel and aluminum from Argentina and Brazil. The move amounts to retaliation against two nations that have become big suppliers of soybeans to China, grabbing market share away from the U.S. during Trump’s trade war. Rural U.S. voters, including farmers who have been damaged by the conflict, are a key constituency for Trump.

Investors have been plowing cash into private equity, but historically high valuations for leveraged buyouts are causing some to warn the industry has hit its peak.

For years, OPEC ignored the rise of the U.S. shale industry and came to regret its mistake. Now, the group is making another bold gamble on America’s oil revolution: its best years are behind it.

U.S. shoppers are on track to spend an estimated $9.4 billion on Cyber Monday—a record—boosting an already robust holiday shopping season. 

Hedge fund manager Michael Hintze made his fortune on old-school judgment calls. He’s also working to develop quantum computing technologies to help his firm optimize portfolios and execute hedging strategies.

U.S. Supreme Court justices weighed tossing out a New York City firearms case because the law being challenged no longer exists. Gun industry lobbyists want them to rule on the law anyway.

What’s Joe Weisenthal thinking about? The Bloomberg news director says the big action Monday happened in the bond market, with rates on government debt jumping all over the world. One contributing factor may be a surprise jolt to German domestic politics, but viewing the moves through a macro lens is more interesting. What we’re seeing, Joe says, is a global rethink of the role of fiscal policy. 

What you’ll need to know tomorrow

• VW is facing one of the largest ever U.K. class action lawsuits.
• Amazon is testing a new system to speed holiday deliveries.
• Amazon critics rallied worldwide in protest of Cyber Monday.
• Trump increasingly stocks his cabinet with business lobbyists.
• Congressman Duncan Hunter plans to plead guilty to corruption.
• Rudolph Giuliani’s associates are likely to face new charges.
• America braces for a possible french fry shortage.

What you’ll want to read in Bloomberg Opinion

Where’s the Next Financial Capital of Asia?

Hong Kong once prided itself on being simultaneously the most laissez-faire and law-abiding city on the planet—an ideal home for a world capital. Yet as democracy protests have become running battles between demonstrators and riot police, the city looks more like a strife-torn corner of an increasingly repressive China than a global financial capital, David Fickling writes in Bloomberg Opinion. Where would Asia's financial center of gravity move, if it left the island? 

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