10 things you need to know in markets September 5

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Good morning! Here’s what you need to know in markets on
Wednesday.

1. Strong action to combat climate change could cumulatively add
at least $26 trillion to the world economy by 2030, according to
a study on Wednesday which seeks to dispel fears that a shift
from fossil fuels will undermine growth. The
Global Commission on the Economy and Climate, which includes
former heads of government, business leaders and economists, said
there was “unprecedented momentum” toward greener growth that
would boost jobs and countries’ economies.

2. Asian stocks tracked their global peers lower while the
safe-haven dollar was broadly higher on Wednesday as worries over
persistent trade conflicts curbed investor appetite for riskier
assets. U.S. stocks had slipped on Tuesday as a drop
in heavyweights Facebook and Nike added to worries over trade
negotiations between the United States and other major
economies.

3. Recent data prints out of China continue to point to a
slowdown in growth for the world’s second-largest economy,
despite efforts by policy makers to kick-start
growth. Non-government data on composite PMIs
prepared by Caixin fell to a five-month low of 52 in August, down
from 52.3 in July.

4. Argentina’s government said on Tuesday it hoped the
International Monetary Fund would agree in the second half of
September to a deal giving the country more financial support as
it seeks to escape a deepening economic
crisis. Economy Minister Nicolas Dujovne met
IMF chief Christine Lagarde in Washington and both said they were
working together to improve a $50 billion standby finance deal
agreed with the IMF’s executive board in June.

5. Embattled blood-testing company Theranos will soon formally
dissolve, the Wall Street Journal reported. The
Silicon Valley firm will attempt to pay unsecured creditors its
remaining cash in the coming months, the report said, adding that
big name investors had lost about $1 billion.

6. Tesla employees described the frenetic pace of working at the
company, revealing that CEO Elon Musk is a visionary but
unpredictable boss. They described an attitude
of worship that some employees have toward Musk, likening it to a
“cult.”

7. Snap shares pushed lower for a fifth straight session on
Tuesday, touching a record low of $10.49 apiece. They’ve plunged
about 20% since the social-media company reported a drop in users
just more than a month ago. On August 7, Snap
beat on both the top and bottom lines, but said
its number
of daily active users fell 2% versus the
first quarter to 188 million, missing the uptick to 193 million
that was expected.

8. The newly formed healthcare venture of Amazon, Berkshire
Hathaway and JPMorgan Chase on Tuesday hired Jack Stoddard as
chief operating officer. Stoddard was previously
general manager for digital health at Comcast Corp. His
appointment was effective Tuesday.

9. Wealth manager Perpetual said it has divested Commonwealth
Bank of Australia from its A$1.3 billion ($933.6 million) ethical
fund due to revelations of corporate misconduct, the first big
institutional investor to do so. The move by
one of Australia’s best-known share managers could encourage
other socially minded stock pickers to divest from Australia’s
“Big Four” banks on ethical grounds.

10. Norway’s $1 trillion sovereign wealth fund will demand that
companies in which it invests follow stricter guidelines on
global sustainability, including efforts to combat plastic
pollution of the oceans, the fund’s manager said on
Wednesday. The fund’s ambitions as an investor
significantly overlap with the United Nation’s Sustainable
Development Goals, which aim to achieve sustainable economic,
social and environmental development by 2030, it said in a
statement.