News from Around the World

Powell Likely to Use Jackson Hole to Suggest Fed Ready to Cut

Federal Reserve Chairman Jerome Powell will have no lack of material to choose from when he kicks off the central bank’s annual Jackson Hole symposium Friday with a speech on the challenges for monetary policy.

Hong Kong’s richest man Li Ka-shing weighs in on protests

Li Ka-shing, Hong Kong’s richest man, on Friday weighed in on the city’s anti-government protests after months of silence with front-page newspaper advertisements calling for an end to violence.

The 91-year-old property-to-infrastructure magnate — whose Midas touch has won him a reputation among Hong Kong investors as the city’s answer to Warren Buffett and Bill Gates combined — issued two different advertisements calling on his fellow citizens to love the territory and China.

Stocks tank as another recession warning surfaces

U.S. stocks tumbled at open Wednesday after the inverted yield curve, one of the most reliable indicators of a recession, sparked a new wave of investor fears, erasing the short-lived bump from Tuesday’s trade easing.

Over 150 Flights Canceled as Hong Kong Airport Is Flooded by Protesters

HONG KONG — Hong Kong’s airport came to a near halt on Monday, with more than 150 flights canceled after thousands of demonstrators flooded one of the world’s busiest transportation hubs in a show of anger over the police’s response to protests the night before.

The airport said in an afternoon statement that all flights had been canceled for the rest of the day other than those already en route to Hong Kong. Almost 150 departures and more than two dozen arrivals were affected, according to the airport’s website.

U.K. Economy Shrinks for First Time Since 2012 as Brexit Worries Take a Toll

LONDON—The British economy unexpectedly contracted in the second quarter as uncertainty over the country’s planned departure from the European Union on Oct. 31 took its toll on business confidence.

World Economy Edges Closer to Recession as Trade Woes Spread

The escalating trade war between the U.S. and China is nudging the world economy toward its first recession in a decade with investors demanding politicians and central bankers act fast to change course.

US Treasury officially labels China a currency manipulator

The Trump administration has officially labelled China a “currency manipulator” after the Chinese central bank allowed the renminbi to fall below a key threshold, marking a dramatic escalation in the trade war between the two economic powers.

The US Treasury announced its decision after financial markets closed on Monday. It came just hours after President Donald Trump again accused China of weakening its currency to create an unfair trade advantage.

Morgan Stanley: If the trade war escalates, a recession will be here in 9 months

If the U.S. continues to raise a wall of tariffs on Chinese goods in the coming months and China responds, expect a global recession in three quarters, Morgan Stanley said Monday.

“As we view the risk of further escalation as high, the risks to the global outlook are decidedly skewed to the downside,” Morgan Stanley chief economist Chetan Ahya said.

Tariff Fight Costs China Spot as Top U.S. Trading Partner

WASHINGTON—Escalating tariff disputes between Washington and Beijing cost China its position as the U.S.’s top trading partner in the first half of the year, as exports and imports between the two largest economies fell sharply.

Europeans Going Round in Circles on IMF Job as Irritation Grows

European finance ministers will hold a call on Thursday to discuss who should take over the top job at the International Monetary Fund. The discord over who they’ll put forward could threaten the continent’s claim to the post.

EU governments have so far failed to rally behind a single candidate to replace Christine Lagarde atop the Washington-based IMF and the frustration is palpable across capitals.