Here is what you need to know.
The IMF downgrades its outlook for the global economy. The International Monetary Fund says the global economy will grow at a 3.7% pace this year and next, down 0.2 points from what it predicted in July. It sees the US economy growing at a 2.9% clip in 2018 but slowing to a 2.5% rate next year in part because of the impact from President Donald Trump’s tax cuts.
Asian shares hit 17-month lows. MSCI’s Asia-Pacific index excluding Japan hit its lowest level since May of last year, Reuters says.
The 10-year yield hits a 7-year high. The benchmark yield touched 3.2594% early Monday, its highest since 2011.
Hedge funds could keep the stock sell-off rolling.Hedge funds’ most popular holdings are absorbing the brunt of the recent selling, and UBS has a handful of recommendations to help traders withstand the pressure.
Google shuts down its Google Plus social network after report of a huge security lapse. Google discovered in March that personal-profile data from as many as 500,000 Google Plus users was exposed, and the company did not disclose the matter for fear of the regulatory scrutiny it might draw in the wake of Facebook’s Cambridge Analytica data scandal, The Wall Street Journal says.
Tesla closes at its lowest level in more than 1 1/2 years. Shares finished Tuesday’s session down more than 4% at $US250.56, making for their lowest close since March 2017. They have fallen more than 35% from their high on August 7, the day of CEO Elon Musk’s “funding secured” tweet.
Volkswagen is looking into an IPO for its trucking unit. The German carmaker is close to hiring Citigroup, Deutsche Bank, Goldman Sachs, and JPMorgan to help with a potential public listing for its Traton trucking unit, Reuters says.
Faraday Future is trying to cancel a $US2 billion investment as it reportedly struggles to pay suppliers. The electric-vehicle startup is trying to cancel a $US2 billion investment in the Chinese healthcare company Evergrande Health Industry Group, Reuters reports, citing a Hong Kong stock exchange filing.
China’s HNA has just put a bunch of real estate up for sale. The Chinese conglomerate has listed at least $US11 billion worth of real estate for sale, including 850 Third Avenue in New York, which has come under US government scrutiny for its close proximity to Trump Tower, as it looks to cut its heavy debt load and restructure, Reuters reports.
Hurricane Michael is barreling down on Florida’s Gulf Coast. The hurricane is expected to reach at least a Category 3 status before making landfall Wednesday, according to the US National Hurricane Center.
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