Breaking news

• Bessent says Trump admin will be able to replicate tariffs even if it loses Supreme Court decision - The Treasury secretary cited several sections of 1962 Trade Act that give the president sweeping powers over import duties.
• November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reports - The payrolls decline marked a sharp step down from October, which saw an upwardly revised gain of 47,000 positions.
• As regime change looms at the Fed, one candidate emerges as frontrunner for chair - President Donald Trump knows who he's going to select as the next Federal Reserve chair but isn't saying yet.
• India's industrial output grew just 0.4% in October, missing estimates - India's industrial output suffered due to weak manufacturing output and mining activity, low electricity consumption.