Good morning! Here’s what you need to know in markets on Tuesday.
1. Asian shares hit 17-month lows on Tuesday before stabilizing as the International Monetary Fund downgraded its outlook for the world economy, citing rising interest rates and growing tensions over trade. The S&P500 closed to finish flat, after UK and European markets both fell by more than 1% following the bloodbath on Chinese markets yesterday. US tech stocks got hit for a third straight day. Tesla is now trading at its lowest level in 18 months.
2. A software glitch caused Google to expose the personal-profile data of hundreds of thousands of Google+ users, and managers there chose not to go public with the information, according to a report Monday in The Wall Street Journal. In the wake of the publishing of The Journal’s story, Google announced in a blog post late Monday morning that it had closed down the social networking service for consumers.
3. The second man accused of being behind the nerve agent poisoning of Sergei Skripal has been identified as a Russian military doctor employed by the GRU, the Russian military intelligence service. The UK in early September accused two Russian men,Alexander Petrov and Ruslan Boshirov, of attempting to assassinate ex-spy Sergei Skripal with a military-grade nerve agent in Salisbury, England in March 2018. UK Prime Minister Theresa May said the names were most likely aliases.
4. Volkswagen is close to hiring Citigroup , Deutsche Bank , Goldman Sachs and JPMorgan to help with the potential stock market listing of its truck unit Traton, two people familiar with the matter told Reuters on Monday. Volkswagen said last month that Traton should by year-end be in shape for a potential stock market listing, which is expected to take place in mid-2019.
5. The European Union’s securities watchdog said on Monday it was examining every initial coin offering (ICO) to see whether it should be regulated, mirroring moves by its U.S. counterpart.An ICO issues crypto currencies like bitcoin or tokens to raise funds for a start-up company, and regulatory warnings that investors could lose their shirts may be falling on deaf ears.
6. The CEO of Aviva is stepping down from his role after directing a sweeping restructuring of the British insurer during his six years at the helm. Mark Wilson will be replaced temporarily by Chairman Adrian Montague while a permanent successor is appointed, a task the company said on Tuesday it aimed to complete within the next four months after assessing internal and external candidates.
7. Hurricane Michael is heading toward Florida’s Gulf Coast and is expected to make landfall on Wednesday. Experts say the storm is likely to reach at least Category 3 strength by Tuesday night local time, making it a major hurricane.
8. China has banned imports of pigs, wild boars and products from Japan and Belgium following outbreaks of African swine fever in the two countries, Chinese customs said on Tuesday. China also ordered the return or destruction of products shipped from the two countries, customs said.
9. Hong Kong leader Carrie Lam on Tuesday would not explain why authorities rejected a work visa renewal for a prominent British journalist, in an unprecedented case that has tarnished the city’s international reputation and stoked outrage.Victor Mallet, the Asia editor for the Financial Times newspaper, who has been based in Hong Kong for the past two years, was told last week his work visa would not be renewed.
10. Forget green fields and clouds. Blazing sunshine and rows of grapevines are now a growing part of the English countryside, leading to a rise in locally produced sparkling wine – boosted this year by a bumper harvest. At the Chapel Down winery in Kent, about 40 miles southeast of London, dozens of fruit-pickers are busy loading grapes into bins for the harvest, which is about 60 per cent bigger than last year’s.
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