Manage your expectations of the global economy. The International Monetary Fund will release some pretty discouraging forecasts next week as risks noted in earlier reports finally begin to materialize. Foremost among them, according to IMF head Christine Lagarde, is the U.S. trade war, which threatens to negatively affect trade, investment and manufacturing worldwide. But the bad news doesn’t stop there. IMF reports also bode ill for emerging markets, whose portfolios could lose as much as $100 billion. Argentina, Turkey, Indonesia, South Africa and Pakistan are especially vulnerable. Last, the reports made sure to note how concerned the IMF was about total global debt, which now stands at $182 trillion.
Heavy traffic in the Indo-Pacific. A Chinese destroyer has engaged in “aggressive” maneuvers in close proximity to a U.S. destroyer sailing in the South China Sea, at least according to a report from the U.S. Department of Defense. Nearby Taiwan has said it will commission in