Showing that poor November 2019 numbers were an outlier, December just provided strong evidence of a manufacturing rebound in the U.S. as factory orders easily beat the estimate by economists. Although this only partially included the impact of the coronavirus epidemic, the positive bounce shows decision makers feeling confident Trump would survive impeachment, and trade tensions with China would be resolved to some degree. Therefore, businesses began to add inventory and build infrastructure.

Factory Orders (MoM) (Dec) printed at 1.8% vs 1.2% consensus estimate.

China however is a different story, as markets continue to reflect extreme uncertainty and a severe economic slowdown, prompting officials in Beijing to turn on the stimulus faucet.

China's financial 'support' of the WHO continued to pay off on Tuesday as the head of WHO's Global Infectious Hazard Preparedness division said that the nCoV outbreak doesn't yet constitute a global "pandemic" - directly contradicting the organization's declaration, reported Zero Hedge.

We can't help but wonder if China will push Trump to ease conditions of the recently signed 'phase one trade deal'.

Rumors and circumstantial evidence of a bioweapon release are also rampant on the internet. This story is developing...

• American Manufacturing Explodes To The Upside, While China Wants ‘Flexibility’ On Trade Deal
• It’s Morning In America