IMF Cuts Global Growth OutlookThe International Monetary Fund cut its forecast for global growth to the lowest since the financial crisis amid a bleaker outlook in most major advanced economies and signs that higher tariffs are weighing on trade. The world economy will grow 3.3 percent this year, down from the 3.5 percent the IMF had forecast for 2019 in January, the fund said Tuesday in its latest World Economic Outlook.
EU, China Present United Trade Front to TrumpEurope claimed a diplomatic win in the push for China to pursue fairer economic policies. At a European Union-China summit on Tuesday in Brussels, the EU said a laboriously drafted joint statement signaled important Chinese concessions over curbing subsidies to domestic industries and facilitating market access for foreign companies.
Stocks End Eight-Day RallyAsian stocks look set for declines after U.S. shares ended the longest winning streak in 18 months Tuesday amid renewed concerns about slowing global growth and an escalation of trade tensions. The S&P 500 fell for the first time in nine sessions, with multinationals bearing the brunt of the selling, as Caterpillar and Boeing dragged the Dow Jones Industrial Average lower. Airlines tumbled along with materials and energy producers.
EU Set to Force U.K. Into Long Brexit DelayBritain’s exit from the European Union looks set to be delayed by as long as a year in a blow for Theresa May that risks a destabilizing backlash at home. European Council President Donald Tusk rejected May’s request for a brief postponement to the U.K.’s membership, saying it would create a “rolling series of short extensions and emergency summits, creating new cliff-edge dates.
Aramco Sees Unprecedented Demand for Bond DealSaudi Arabia took its first major step onto the global financial stage to fund the heady ambitions of its crown prince, issuing $12 billion of bonds for its state-run oil company in one of the most oversubscribed debt offerings in history. The demand for Saudi Aramco’s debut offering was so robust it allowed the energy giant to borrow at a lower yield than its sovereign parent.
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