10 things you need to know before the opening bell

Reuters

Here is what you need to know.

1. Germany’s economy just shrank, meaning Europe’s biggest economy is ‘teetering on the edge of recession’. The economy contracted by 0.1% in the the three months to June, fuelling Germany’s slowest first-half growth rate in six years.

2. Argentina just suffered the 2nd-biggest crash since 1950 for any stock market – and the nation is again on the brink of a financial crisis. A shocking primary election saw President Mauricio Macri lose to Alberto Fernandez and his running mate, former president Cristina Fernandez de Kirchner.

3. Stocks are plunging as traders brace for a German recession and global turmoil as the US-China trade war continues.“The delay to tariffs looks more like a temporary reprieve for domestic reasons rather than a genuine signal of willingness to talk with China,” one analyst said.

4. China’s industrial output fell to a 17-year low in July as trade war escalated and retail sales disappointed. Industrial output grew 4.8% in July from a year earlier, data from the National Bureau of Statistics showed on Wednesday.

5. Women who say they were sexually abused by Jeffrey Epstein are expected to sue the disgraced financier’s estate as soon as Wednesday.New York lawyer Roberta Kaplan hopes to take advantage of the Child Victims Act, a New York state law which opens a one-year window for people to file lawsuits over alleged sexual abuse regardless of how long ago it occurred.

6. Trump’s escalating trade war with China is starting to hurt the US job market. “It’s the most frustrating time I’ve ever had running a business, and I’ve been doing this for 20 years.”

7. A group including Macklemore, Ciara, and Microsoft’s CEO will buy a stake in Seattle’s pro soccer team. Former Microsoft Windows chief Terry Myerson organised the local purchasing group during his last days at Microsoft, saying it was important to keep the team in Seattleites’ hands.

8. Stock markets are mixed around the world today. US futures are sliding, with the S&P 500 (-0.6%) and the Nasdaq (-0.7%) both falling. In Europe, stocks had a gloomy opening as the Dax (-1.2%) and Euro Stoxx 50 (-1.1%) both fell. In Asia, stocks closed higher with the Nikkei 225 (+1.0%), Shanghai Composite (+0.4%) and Hang Seng (+0.1%) all up.

9. Some interesting companies are reporting. Chinese entertainment giant Tencent is set to release its second-quarter earnings.

10. There’s lots of trade data coming out. Both export and import indexes are out later in the US.

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