10 things you need to know in markets today

Good morning! Here’s what you need to know in markets on Wednesday.

Adam Neuman + Miguel McKelvey, WeWork foundersWeWork

1. Asian shares steadied in early Wednesday trade after world stocks hit eight-week lows the previous day on worries about global economic growth. Risks to the global financial system have risen over the past six months and could increase sharply if pressures in emerging markets escalate or global trade relations deteriorate further, the International Monetary Fund said on Wednesday. The IMF, whose autumn meetings with the World Bank get under way on the Indonesian island of Bali this week, also noted that easy financial conditions are contributing to a buildup of vulnerabilities such as high debt levels and “stretched” asset valuations.

2.SoftBank is in discussions about investing $US15 billion to $US20 billion in WeWork, giving it a majority stake in the co-working space company, according to a Wall Street Journal report on Tuesday. The potential deal – a massive investment in a private company even by the dizzying standards of Silicon Valley – would effectively give Japan’s SoftBank control of the fast-growing office sharing company.

3.Department store chain Sears has hired advisors to help the company prepare for a possible bankruptcy,The Wall Street Journal reported on Tuesday. The struggling retailer is bringing in M-III Partners to put together a bankruptcy filing that could land as early as this week, The Journal reported citing people familiar with the plans.

4.China will not cave in to US demands even if it faces further tariffs on its exports, China’s Commerce Minister Zhong Shan has said, signalling Beijing’s uncompromising stance in dealing with US. “There is a view in the US that so long as the US keeps increasing tariffs, China will back down. They don’t know the history and culture of China,” Zhong said, in a statement published by Bloomberg News.

5. British Prime Minister Theresa May is planning to have an extended discussion on Brexit at next Tuesday’s cabinet meeting in hopes of outlining a compromise deal on the Irish border, The Times reported on Wednesday. May’s discussion is expected to include commitment to keep the whole of the UK in an effective customs union with the European Union post Brexit, The Times said.

6. Mental health disorders are on the rise in every country in the world and could cost the global economy up to $US16 trillion between 2010 and 2030 if a collective failure to respond is not addressed, according to an expert report on Tuesday. The “Lancet Commission” report by 28 global specialists in psychiatry, public health and neuroscience, as well as mental health patients and advocacy groups, said the growing crisis could cause lasting harm to people, communities and economies worldwide.

7. Goldman Sachs’ venture unit is leading a new round of investment in an Argentinian fintech company backed by billionaire investors George Soros and Steven Cohen. Ualá, the one-year-old mobile banking startup, raised $US34 million in its series B round led by Goldman Sachs Investment Partners, along with existing investors including a private fund managed by Soros Fund Management, Jefferies, the venture arm of Steve Cohen’s Point 72, and entrepreneur Kevin Ryan, according to an announcement seen by Business Insider.

8.Audi interim CEO, Bram Schot, would be available as Audi’s chief executive in the longer run, he said in an interview with German business monthly manager magazin published on Wednesday. “I am concentrating on now and am trying to be a better CEO today than I was yesterday, just like any company leader. I would be available as Audi chief in the long run and would like that very much,” the magazine quoted him as saying.

9. A group of companies led byKKR & Co will invest in an existing real estate project under construction in the Gangnam district of Seoul, South Korea, hoping to cash in on one of the world’s fastest-rising commercial property markets. The U.S. private equity firm will invest along with South Korea’s National Pension Service and IGIS Asset Management, the country’s biggest real estate fund manager, KKR said in a statement.

10. A California man who was accused by Special Counsel Robert Mueller’s office of operating an online auction service that trafficked in stolen identities will be sentenced on Wednesday in a federal district court. Richard Pinedo, who pleaded guilty to one count of identity fraud in February, could face between 12 to 18 months in prison and a fine of $US5,500 to $US55,000, according to U.S. sentencing guidelines.

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