Good morning, friends and Fortune readers.
Stocks look set to open lower Tuesday as investors look ahead to the start of third-quarter earnings season, which kicks off (unofficially) with the release of Alcoa’s earnings report tomorrow afternoon. And don’t forget Fortune’s Most Powerful Women Summit, which is taking place today in Laguna Niguel, Calif. Last night Warren Buffett and singer-songwriter Paul Anka paid tribute to journalist Carol Loomis, who recently retired from Fortune after 60 years with the magazine (see video below).
Here’s what else you need to know about today.
1. IMF looks into its crystal ball
The International Monetary Fund will be releasing its forecast for the global economy today. The expectation is that the organization will cut growth expectations — not a good sign for the world economy.
2. Elon Musk gets some love in Japan
Japanese electronics company Panasonic is investing tens of billions of yen in Tesla’s battery factory, reports The Wall Street Journal. Tesla’s CEO Elon Musk has said before he expects Panasonic to cover 30-40% of the total cost of building the factory.
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3. Economic bigwigs take the stand
Yesterday, former Treasury Secretary Henry Paulson took the stand in Washington, D.C., to testify in the AIG trial, where the company’s former execs are alleging that it was singled out during the financial crisis. Today, it’s possible we’ll see both Paulson’s successor Tim Geithner and formed Fed Chairman Ben Bernanke, both of whom are on the witness list for this week.
4. It’s beginning to look a lot like shopping season
The National Retail Federation is getting excited for the holiday season. The group expects retail spending around this year’s holiday period to jump 4.1% to $616.9 billion. Get ready for crowded stores.
5. Will earnings be Yummy?
Yum Brands (YUM), which owns chains including KFC, Taco Bell and Pizza Hut, is reporting its earnings this afternoon. With fast food already in trouble in the U.S. due to customers moving toward fast-casual chains (Chipotle, for example), this quarter has another potential red flag for the company — the meat scandal in China, which had a negative impact on KFC restaurants in Asia.
