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Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• President Donald Trump signaled he would be willing to wait for another year before striking a trade agreement with China, casting doubt on the likelihood of a phase-one accord within weeks between Washington and Beijing
• Bond powerhouse Pacific Investment Management Co. has become the latest high-profile critic of negative interest rates, warning that one of the key central-bank tools in economically beleaguered Europe and Japan may do more harm than good
• In Europe, the ECB is said to be facing particular, and increasing, pushback against its negative interest-rate policy in private engagements with the region’s finance ministers
• For years, low inflation looked like a classic rich-world problem. Plenty of developing economies now have it too
• China’s PMI spread some cheer as the end of year approaches, but the pain is far from over, writes Bloomberg Economics’s Chang Shu
• South Africa’s economy contracted for a second quarter this year in the three months through September as farming, mining and factory output slumped
• Finally, here’s how the death of the U.K. high street is hitting women the hardest

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Andrew Atkinson

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