| President Donald Trump’s latest China broadside—barring firms deemed a national security threat from selling to the U.S. and threatening to block Huawei Technologies from buying essential components—could do collateral damage to American companies and disrupt the rollout of 5G wireless networks around the world. It may also escalate the trade war he started to a whole new level. —David E. Rovella Here are today’s top stories Beijing’s main defense against trade war fallout this year is more likely to come from its finance ministry than the central bank. Singapore urged the U.S. to allow China to have a greater say in shaping global rules rather than force smaller countries to choose between them. Ukraine’s prosecutor general said he had no evidence of any wrongdoing by former U.S. Vice President Joe Biden or his son, despite theories being thrown around by a Trump lawyer. Junk bonds are flying out the door. Indebted companies are borrowing even more. Megadeals held up as a return to IPO glory flopped. On Wall Street, they’re dancing as fast as they can because they know the music might stop at any moment. A United Arab Emirates official warned of being baited into a conflict with Iran after four ships were damaged by unknown parties, while Saudi Arabia claimed Tehran ordered attacks on its oil infrastructure. Steve Cohen made a lot of money buying and selling stocks. But when it comes to selling real estate, he isn’t doing so well. What’s Joe Weisenthal thinking about? The Bloomberg news director is looking at why U.S. government bonds have been tumbling. People have a vision of China holding America over a barrel because it buys so much American debt. If China were to sell, they think, interest rates would soar and the U.S. economy would tank. But it wouldn’t work out that way, Joe opines: Long-term Treasury yields are a function of expected Fed policy over time. And the latter is driven by inflation and growth dynamics. What you’ll need to know tomorrow Markets continued their climb out of the hole dug earlier this week. Millennials may be the canary in the U.S. consumer coal mine. Citigroup led the five banks fined $1.2 billion for Forex collusion. Trump’s business earnings drop as revenue at Mar-a-Lago falls. A condo glut is helping create a buyer’s market in Bangkok. The TWA hotel at JFK? The design is louder than the runways. Steve Mnuchin’s art-dealer dad just bought a $91 million bunny. What you’ll want to read tonight in Checkout The market for egg alternatives, once a fusty category targeted mostly at bakers and vegans, is officially blowing up. Egg whites are universally accepted as a healthy source of protein, but because they come from chickens, many worry about animal welfare, the environmental damage wrought by the poultry industrial complex, and even Salmonella. Everyone has heard of fake meat and plant-based burgers. Let us introduce you to the multibillion-dollar race to make you a fake egg. Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg.com. You’ll get our unmatched global news coverage and two premium daily newsletters, The Bloomberg Open and The Bloomberg Close, and much, much more. See our limited-time introductory offer. The global economy is at an inflection point. Sign up for the Turning Points newsletter to be one of the first to receive weekly insights—and solutions—on climate, tech and trade from Andrew Browne and leading experts. Download the Bloomberg app: It’s available for iOS and Android. | 