Headlines discussed at LNWM’s Monday morning briefing:

— S&P 500 earnings are expected to be down slightly (0.5%) for 4th quarter 2019 vs. year-earlier period; rebound expected in 2020.
— Brexit terms were signed by Britain and will be approved by the EU on Jan. 29, making 2020 the year of implementation.
— The inventory of US homes for sale is down to 3 months of supply (not seen since 1999); 6-month supply is balanced market.
— US manufacturing activity slowed a bit in the past three months, but levels are indicative of an expanding economy.
— US weekly jobless claims rose less than expected, indicating the US job market is continuing to tighten.

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