Notes Today: 

• The CME is launching a water futures contract linked to the $1.1 billion California spot water market.

• Japan's Leading Economic Index at 93.8 in October from previous 92.5  - highest in 16 month.

• Senate Republicans
  
  have invited a leading anti-vaxxer to be the lead witness at a Homeland Security committee hearing on Tuesday at a time when the US is preparing the largest-ever vaccination campaign to fight Covid.

• YoY China Exports rose 14.9% in November from previous 7.6%
• China Trade Balance rose to 507.1B in November from previous 401.75B 

• Bloomberg: Trump said his attorney Rudy Giuliani, who has been leading efforts to overturn the results of the Nov. 3 general election, has tested positive for the Covid-19 virus.

• Reuters: A new EU-UK trade agreement will “definitely” not come together on Sunday night, citing an official with the bloc who added that three most contentious issues remained unresolved.

• FT: New US stimulus bill could come as early as Monday 

• Economist: Global debt will reach $200trn by the end of this year, predicted S&P Global, which owns a credit-ratings agency. The amount is equivalent to 265% of the world’s GDP. But the firm said that the increase in the global debt-to-GDP ratio was not a crisis, provided interest rates remain low and covid-19 vaccines become widely distributed. 

• New Zealand just became one of the only countries in the world to declare Climate Change a global emergency.