Here is what you need to know.
1. Global stocks are dropping on trade-war worries after China reportedly wants more talks before signing Trump’s deal. Trump tweeted on Sunday that China has already begun increasing agricultural purchases from America, after the initial handshake agreement.
2. China exports slumped in September, as the effects of the trade war takes its toll on the superpower. Goldman Sachs says “it is more likely than not” that December tariffs kick in, perhaps with a delay.
3. SoftBank could reportedly take control of WeWork at a valuation below $10 billion as the embattled office rental company seeks bailout options. WeWork is also working with JPMorgan on another option, lining up billions for a debt deal.
4.Boris Johnson is preparing for another Brexit delay under ‘all circumstances’ as talks with the EU stall. He has previously said he would rather “be dead in a ditch” than delay Brexit.
5. Facebook’s Libra faces a support test after big payment backers quit. Mastercard and Visa abandoned the Geneva-based Libra Association on Friday, as did eBay, fintech startup Stripe and payments company Mercado Pago.
6. WeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year. Reuters said it’s likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public.
7. Economists Abhijit Banerjee, Esther Duflo, and Michael Kremer won the 2019 Nobel Economics Prize for creating an experimental approach to alleviating global poverty. “This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the academy said in statement.
8. Stocks are dropping on Monday. US futures underlying the S&P 500 (-0.4%) and the Nasdaq (-0.5%) are falling. European stocks also declined, with the DAX down (-0.7%) and the Euro Stoxx 50 (-0.8%). Asia bucked the trend as the Nikkei (+1.2%) bounced as did the Shanghai Composite (+1.2%) and the Hang Seng (+0.8%)
9. Monday kicks off a major week for earnings. Today United Airlines, Domino’s Pizza, and Charles Schwab all release earnings on Monday.
10. There’s no data out of the US on the Columbus Day holiday. European industrial production data was released this morning.
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Source:: Business Insider