Global markets see wild week on tariff fears, economic dataPosted: Updated:
Here's a look at your latest business and tech headlines from Cheddar on News 12.
It was a roller coaster of a week for global stock markets. The Dow notched an 800 point loss on Wednesday -- about 3%, marking its biggest decline of the year. Investors were responding to a one-two punch of worrisome economic data from Germany and China, which was made worse when the yield curve inverted for the first time since 2007. In response to fears that another round of tariffs could impact American pocketbooks in time for the holidays, the president said he was punting further tariffs at least until December.
General Electric shares plummeted 11 percent for the biggest drop since the financial crisis. It followed a report by a well-known forensic accountant who accused the company of committing "a bigger fraud than Enron." Harry Markopolos, known for blowing the whistle on Bernie Madoff's Ponzi scheme years before it fell apart, said he believes GE under-reported losses to the tune of $38 billion -- nearly half the company's market cap.
And WeWork filed paperwork with the SEC indicating it plans to go public, possibly as soon as next month. The IPO prospectus noted that despite the company's $47 billion private valuation, it had lost about $900 million in the first half of 2019. The filings show that WeWork, which has rebranded to the We Company, is essentially a commercial real estate company that wants to be seen as a mission-driven tech company.