Here is what you need to know.
1. Global stocks are crashing today after China devalued its currency in its fight against the trade war. The yuan has not fallen this low against the dollar since the 2008 financial crash.
2. The ‘cesspool of hate’ message board 8chan is down after being linked to three mass shootings this year.Online message board 8chan is down after being involved in the Walmart massacre in El Paso, Texas — the third mass shooting it has been linked to this year.
3. There’s a record number of immigrant-founded companies on the Fortune 500, despite Trump-era policies. A new report found that 45% of Fortune 500 companies were founded by immigrants or their children.
4. South Korea to spend $6.5 billion on R&D to cut reliance on Japanese imports. The move comes after Japan on Friday dropped Korea from its "white list" of countries with fast-track export status, intensifying a row over wartime forced laborers.
5. Photos show how Boeing’s grounded 737 Max planes are piling up at the company’s Seattle plant. Boeing recently said it will consider reducing or suspending production of its 737 Max aircraft if the jetliner remains grounded for much longer.
6. HSBC says CEO John Flint is to step down. The bank said it needed a change at the top to address "a challenging global environment."
7. Chinese state media says Huawei is testing a smartphone with its homegrown HongMeng operating system to rival Google’s Android OS. The move comes as Huawei’s relationship with the US remains tense after the US Department of Commerce added Huawei to a trade blacklist in May.
8. Global stocks are tanking today on trade-war escalation fears. US futures are down, with the S&P 500 sliding (-1.1%) as is the Nasdaq (-1.5%.) European stocks plunged with the Dax (-1.3%) down significantly as was Euro Stoxx 50 (-1.4%.) Asia stocks cratered on close. The Hang Seng crashed (-2.84%), the Shanghai Composite (-1.62%) was down as was the Nikkei 25 (-1.9%)
9. Earnings season is drawing to a close but there are still some interesting ones out. HSBC and Softbank both released their earnings earlier.
10. There is a lot of economic data in the docket today. New York Fed President John Williams will be making a speech and the Red Book Index is out.
- Security lockdown in place in Indian-controlled Kashmir
- Gunmen in attacks on El Paso Walmart and New Zealand mosques were tied to racist manifestos on the same website. The founder says the online community would likely be responsible for future tragedies.
- 28 sets of celebrity siblings who have worked together