In Wall Street-speak, a gray swan is an event that, while unlikely, may wreak havoc on markets when it comes to pass. Just how much havoc is unclear. It's also possible that, if this uncommon bird appears, it could arrive in the form of a positive development for investors. But don't count on it. —David E. Rovella

Here are today's top stories

China may cut tariffs on imported U.S.-made cars to 15 percent from the current 40 percent, bringing America back in line with other countries.

In Canada, a court ruled Huawei Technologies finance chief Meng Wanzhou could remain free while a U.S. extradition request is considered. Meanwhile in China, a former Canadian diplomat was reportedly detained.

Asian nations are souring on China’s "Belt and Road" plan as they discover that the promise of Xi Jinping’s program is too good to be true.

Christmas came early for Morgan Stanley, which won the contest to lead Uber's IPO and rake in the most fees from a listing valued at as much as $120 billion.

Remember Bernie Madoff? We do, and so does the hedge fund industry, which was turned inside-out after his monster fraud was revealed.

'Tis the season to give your loved ones the latest gadgets. The only problem is that a lot of those electronics are listening, watching and tracking us. This edition of Decrypted looks at Santa's Orwellian side.

What's Joe Weisenthal thinking about? Well, 2019. The Bloomberg news director is eager to see how the IPOs of Uber and Lyft work out.

What you'll need to know tomorrow

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What you'll want to read tonight

Why U.S. B-Schools Dominate Global Rankings

The only non-U.S. school to crack the top 10 in Bloomberg Businessweek’s Best B-Schools global ranking is IMD, in Lausanne, Switzerland. Just four schools outside the U.S. made the top 30. Why? Money, of course. Survey respondents overwhelmingly identified compensation—the potential for high-paying work after graduation—as their No. 1 factor in choosing a business school.

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