Intellectual property has been one of the major sticking points in trade talks between the U.S. and China, so markets are taking a positive view of moves over the weekend by authorities in Beijing to address some of those issues. The country will raise penalties on violations of intellectual property rights and examine lowering the thresholds for criminal punishment for rule breakers.  Chinese government-controlled media say both countries are “very close to the phase one trade deal.” There is also no sign of China’s appetite for dollar debt waning, with the country planning a record sale of bonds denominated in the U.S. currency. There was less good news for U.S. farmers, as delays at China’s ports meant October saw the lowest level of soybean imports in three months.  (Bloomberg)

A spurt of deal-making to close out 2019 -- LVMH has agreed to buy Tiffany & Co. for $16 billion after raising their original offer for the U.S. jewelry retailer to $135 a share. The all-cash deal is expected to close in the middle of next year. Charles Schwab has  agreed to acquire TD Ameritrade in an all-stock transaction valued at about $26 billion and Novartis AG has agreed to buy Medicines Co. for $9.7 billion, giving the Swiss drugmaker a new promising cholesterol drug. (Refinitiv)

Disney’s Frozen 2 hauled in $127M domestically and $223M worldwide, resulting in the highest-grossing debut ever for any animated film globally. The motion picture marked a new high in the U.S. and Canada for an animated release outside the summer season and was the largest opening ever for Walt Disney Animation Studios. It's also likely to be Disney's sixth film to net more than $1B at the box office in 2019.  (SA)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.