Good morning! Here’s what you need to know.
The IMF cut its global growth forecast for for 2015 and 2016. The global economy will expand just 3.1% this year and 3.6% next year, the IMF predicted, revising down its previous forecasts by 0.2 percentage points in both cases as it warned of growing risks from the slowdown in China and other emerging markets.
Lots of UK economic data is published today. Industrial and manufacturing production figures for the year and month are coming at 8.30 a.m. UK time (3.30 a.m. ET), while the National Institute of Social and Economic Research’s three-month GDP growth estimate is published at 2 p.m. UK time (9 a.m. ET)
Strikes at Fiat Chrysler factories will cost the company $US40 million (£ million) of profit a week. Sean McAlinden, chief economist at the Center for Automotive Research said the figure is based on the estimated per-vehicle profit of Fiat Chrysler autos sold in the U.S. market.
A major Basque separatist was arrested in Paris. The Spanish Interior Ministry said Egoitz Urrutikoetxea, who was detained in the Saint Denis suburb of northern Paris, was a prominent figure in militant separatist group ETA’s political apparatus.
Volkswagen will recall cars affected by its diesel emissions crisis in January. Chief Executive Matthias Mueller said in an interview with a German newspaper that the fix will be complete by the end of next year.
Goldman Sachs and Morgan Stanley are winning back hedge fund clients from EU rivals. The two U.S. banks together now have about 37% of the market for trading with hedge funds, up about 6 percentage points from the end of last year, according to research firm Preqin. Tougher EU regulations are seeing firms like Deutsche Bank scale down their businesses.
The EU wants more co-operation on the migrant crisis. A draft plan to enhance Turkish cooperation with Greece and other EU neighbours to stem migration flows was published on Tuesday. The EU would give Turkey 1 billion euros ($US1.1 billion) to help cope with the 2.2 million Syrian and Iraqi refugees.
NATO accused Russia of deliberately violating Turkish air space. Russian fighter jets entered Turkish air space in two separate incidents at the weekend, during the bombing campaign in Syria. The move prompted Turkey to summon the Russian ambassador twice to protest both violations.
Samsung quarterly profit jumped around 80%. Sales of chips and displays offset stiff competition in smartphones from Apple and cheaper Chinese rivals. The earnings forecast sent shares in the South Korean company soaring more than 5% in mid-morning trade.
Portuguese Prime Minister Pedro Passos Coelho is starting to form a coalition government. President Anibal Cavaco Silva urged the political parties to show a spirit of compromise in the coalition negotiations that will now begin.