6 Most Important Things in Business Today: China GDP Slows, New Tesla

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Gross domestic product growth in China slowed. According to Reuters:

China’s economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.

Chinese authorities are trying to navigate through numerous challenges, as the trade war fears have sparked a blistering selloff in domestic stock markets and a steep decline in the value of the yuan versus the dollar, heightening worries about the growth outlook.

The economy grew 6.5 percent in the third quarter from a year earlier, slower than 6.7 percent in the second quarter, the National Bureau of Statistics said on Friday. Analysts polled by Reuters had expected the economy to expand 6.6 percent in the July-September quarter.

Tesla Inc. (NASDAQ: TSLA) will soon produce a less expensive version of its most popular car. According to Reuters:

Tesla Inc on Thursday introduced a new $45,000 version of its Model 3 sedan on its website, launching the car as U.S. tax breaks for Tesla cars are about to decrease.

According to the website, the rear-wheel-drive model has a “mid range” battery, a range of 260 miles, 50 miles less than the long-range battery that the more expensive Model 3 is equipped with.

U.S. oil production could drive down global prices. According to The Wall Street Journal:

Rising crude oil inventories and increased output in the U.S. could push oil prices down in the coming weeks, an internal OPEC report said Thursday.

A coming “seasonal scale back in refinery demand…could result in oil stock builds,” said an internal market report, which was circulated late Thursday within the Organization of the Petroleum Exporting Countries and reviewed by The Wall Street Journal.

The buildup, “amid the upward trend in US crude oil production, could be a bearish factor for oil prices in the coming few weeks,” the report said.

Italy’s financial problems could spread to Europe. According to CNBC:

The European Union needs to be “sensible” in how it deals with the Italian budget crisis or the entire project could come to an end, one strategist told CNBC Friday morning.

The ongoing confrontation between the anti-establishment government in Italy and the European Commission has intensified over the few last weeks, with Rome insisting on increasing its spending next year, despite the EU’s disapproval. The concern in Brussels is that the higher spending will increase Italy’s debt pile, which is already the second largest in the euro zone.

Senator Elizabeth Warren wants the head of one of America’s largest banks to leave. According to CNNBusiness:

Senator Elizabeth Warren wants regulators to keep Wells Fargo in the penalty box until the bank replaces CEO Tim Sloan.

In a letter to the Federal Reserve on Thursday, Warren argued that Sloan, a three-decade Wells Fargo veteran, is “deeply implicated in the bank’s repeated and egregious misconduct.”

Apple Inc. (NASDAQ: AAPL) will launch new products at the end of the month:

Apple is hosting an event on Tuesday October 30 where it is expected to announce more product updates, including new iPads.

But instead of holding a press conference in San Francisco or its Cupertino, California campus, Apple executives will take the stage at the Brooklyn Academy of Music.

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