IMF warning; SoftBank and WeWork; Stocks drop

1. IMF warning: The International Monetary Fund has warned that a further escalation of tra...

Posted: Oct 10, 2018 12:21 PM
Updated: Oct 10, 2018 12:21 PM

1. IMF warning: The International Monetary Fund has warned that a further escalation of trade tensions could trigger another global financial crisis.

The fund said that risks to global financial stability are rising and it urged policymakers to step up efforts to complete financial reforms.

Alphabet Inc

Banking, finance and investments

Business and industry sectors

Business, economy and trade

Companies

Company activities and management

Company earnings

Economic indicators

Economy and economic indicators

Financial markets and investing

Financial performance and reports

Financial results

Food and beverage industry

Food production industry

General Electric Co

General Mills Incorporated

General Motors

Google Inc

Sales and selling

Sales figures

Securities trading

Stock indexes

Stock markets

Government organizations - Intl

International Monetary Fund

SoftBank Group Corp

WeWork

Continents and regions

North America

The Americas

United States

In its financial stability report, the IMF also cautioned about the risks stemming from the combination of growing levels of debt in emerging markets and rising interest rates in the United States.

"Clouds gather on the horizon," it said. "Support for multilateralism has been waning, a dangerous undercurrent that may undermine confidence in policymakers' ability to respond to future crises."

2. Big tech deal brewing? The Wall Street Journal has reported that Japan's SoftBank (SFTBF) is in talks to acquire a majority stake in WeWork.

The money involved is huge. The potential investment, which would likely come from SoftBank's Vision Fund, could reportedly reach $20 billion. The deal would value the office space provider at up to $40 billion.

SoftBank committed $4.4 billion to WeWork last year, but investors appear to be nervous about a deeper relationship. Shares in SoftBank dropped 5.4% in Tokyo on Wednesday.

WeWork operates in more than 20 countries and could soon become the largest office tenant in Manhattan. But analysts have questioned whether the startup's valuation is justified as losses mount.

The Wall Street Journal reported that discussions between the companies remain fluid. Both declined to comment to CNN.

3. Global market overview: US stock futures were pointing lower.

European markets dropped at the open. Stocks in Asia struggled to find direction.

The Dow Jones industrial average closed 0.2% lower on Tuesday, while the S&P 500 shed 0.1%. The Nasdaq ended the session flat.

4. Earnings and economics: Fastenal (FAST) will release earnings before the open.

The US Bureau of Labor Statistics will release its producer price index for September at 8:30 a.m. ET.

The UK economy expanded by 0.7% in the three months to August, according to the Office for National Statistics.

5. Coming this week:
Thursday — Delta (DAL) earnings; Walgreens Boots Alliance (WBA); Deadline for Sky shareholders to accept Comcast offer; Monthly OPEC report
Friday — Citigroup (C), JPMorgan Chase (JPM), Wells Fargo earnings (WFC); US consumer sentiment for October

New York Coronavirus Cases

County data is updated nightly.

Cases: 2112129

Reported Deaths: 53614
CountyCasesDeaths
Kings28090510462
Queens2775889966
Suffolk2012193401
Nassau1837873178
Bronx1837526584
New York1384504508
Westchester1297372291
Erie896141809
Richmond751121842
Monroe690691113
Orange48354843
Rockland46969963
Onondaga38980678
Dutchess29488445
Albany24718357
Oneida22641516
Niagara20048374
Broome18637366
Saratoga15393168
Ulster13916257
Schenectady13209205
Rensselaer11239143
Putnam1062293
Chautauqua8959145
Chemung7776136
Oswego762792
Ontario740893
Steuben6960145
Sullivan668376
St. Lawrence664997
Cayuga633892
Jefferson615668
Wayne578671
Cattaraugus572391
Genesee5438124
Herkimer5196109
Clinton483933
Madison456589
Livingston452460
Fulton442492
Tompkins435152
Montgomery4254127
Columbia4068104
Cortland392963
Tioga383663
Warren366757
Wyoming358453
Allegany355987
Chenango350476
Otsego346447
Greene340579
Washington316455
Orleans312183
Lewis281136
Franklin256312
Delaware238638
Seneca201156
Schoharie169417
Essex159326
Yates117926
Schuyler108014
Hamilton3132
Unassigned9516
Out of NY0250
Utica
Cloudy
57° wxIcon
Hi: 59° Lo: 55°
Feels Like: 57°
Oneonta
Cloudy
54° wxIcon
Hi: 61° Lo: 56°
Feels Like: 54°
Herkimer
Cloudy
57° wxIcon
Hi: 61° Lo: 58°
Feels Like: 57°
Old Forge
Cloudy
57° wxIcon
Hi: 57° Lo: 55°
Feels Like: 57°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Senior Send-Off brought to you by Herkimer College
18 Facets of Summer Photo Contest brought to you by Herkimer Diamond Mines
Looking for work or looking to hire? Check out the WKTV Job Fair!
Alivana Ready for Summer Giveaway
Saluting Those Who Are Proud 2 Serve