Reuters/Susana Vera

Here is what you need to know.

There's a mountain of evidence that Trump's trade fights will be most harmful to the people who voted for him. Red states that voted for President Donald Trump in 2016 stand more to lose if other countries retaliate against US tariffs, according to economists at Citi.

Sovereign funds are getting nervous about a trade war. A study by the asset manager Invesco found that more than one-third of 126 sovereign investors and central-bank reserve managers surveyed were planning to cut their exposure to equities over the next three years as trade conflicts, geopolitics, and high valuation weigh, Reuters reports.

The UK will start including online shopping in inflation figures. The Office of National Statistics is adding the price of online goods to its inflation measure in an effort to modernize economic measurements and keep pace with the digital age, The Telegraph says.

Ethereum's founder blasts the most powerful players in crypto. "I definitely personally hope centralized exchanges burn in hell as much as possible," Ethereum's founder, Vitalik Buterin, told TechCrunch.

Mark Zuckerberg is now the 3rd-richest person in the world. The Facebook CEO's net worth jumped to $81.6 billion Friday, putting him ahead of Warren Buffett on the list of the world's richest people. He trails only Amazon CEO Jeff Bezos ($139.6 billion) and Microsoft cofounder Bill Gates ($92.3 billion)

Xiaomi goes public. Shares of the Chinese smartphone maker slid 1.18% in their trading debut in Hong Kong.

The owner of MoviePass has been flooding the market with new shares. Helios & Matheson's share count has soared 3,429% since August, to 250 million from about 7 million, and its dilution is set to only get worse.

PayPal is planning a $3 billion deal spree. "I wouldn't rule out that we take on a bigger deal if there's a good fit for us,” PayPal CEO Dan Schulman told Germany's Handelsblatt business daily when discussing his company's recent $2.2 billion acquisition of the Swedish fintech startup iZettle.

Stock markets around the world are gaining ground. China's Shanghai Composite (+2.47%) posted strong gains in Asia, and France's CAC (+0.65%) leads in Europe. The S&P 500 is set to open up 0.44% near 2,772.

US economic data trickles out. Consumer credit will cross the wires at 3 p.m. ET. The US 10-year yield is up 3 basis points at 2.85%.