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VW and the IMF’s take on the world economy–5 things to know today

Managing Director Christine Lagarde will give the IMF's latest take on the world economy later Wednesday.Managing Director Christine Lagarde will give the IMF's latest take on the world economy later Wednesday.
Managing Director Christine Lagarde will give the IMF's latest take on the world economy later Wednesday.Getty Images

Hello friends and Fortune readers.

Wall Street stock futures are sharply higher this morning, as markets experience another bewildering mood swing in favor of risk assets. That’s largely related to commodities and mining giant Glencore, whose shares are up another 10% so far. It’s also related to some window-dressing by people who are trying to make their 3rd quarter performance look less awful than it actually was. The dollar is flat, while crude oil futures are holding just above $45 a barrel.

Today’s must-read story is by Fortune’s Stacey Higginbotham on what it’s going to take to fuel our cars in the future–and you might be surprised that diesel is still on that list despite the recent Volkswagen blow-up. Read more here.

Here’s what else you need to know today.

1. Houston state attorney sues VW for $100 million

This is an ominous precedent. The first lawsuit to be filed against Volkswagen in the U.S. by state attorneys, which focuses on the damage to public health, would cost $8 billion if it became a template for others across the country. And that’s only one of many legal battles VW is getting ready to face across the world. Although it may face the severest financial penalties in the U.S., the ‘cheating diesels’ it sold there account for less than 5% of the vehicles worldwide that are affected.

2. Get ready for the September jobs update.

The end of the month brings along yet another employment update. The ADP National Employment Report for September is first up this morning at 8:15 a.m. ET. Economists estimate the report will show a gain of 194,000 jobs this month after private payrolls gained 190,000 in August. The Labor Department will release its official job figures this Friday at 8:30 a.m. ET.

3. IMF chief talks global economics in Washington.

International Monetary Fund Managing Director Christine Lagarde will be in Washington today where she will discuss global economic policies and prospects in a conversation hosted by the Council of the Americas at 10:30 a.m. ET. The discussion precedes the Annual Meetings of the IMF and the World Bank Group, which will take place in Lima, Peru next month.

4. Fed presidents make the rounds.

Federal Reserve officials are making the speaking rounds today. Fed Chair Janet Yellen and Federal Reserve Bank of St. Louis President James Bullard will open up the Third Annual Community Banking Research and Policy Conference in St. Louis this afternoon. Meanwhile, Federal Reserve Bank of New York President William Dudley will talk before the Securities Industry and Financial Markets Association at its Liquidity Forum in New York. Investors will be listening carefully for any update on the future interest rate hike. Yellen strongly hinted the rate rise could come this December when she spoke last week.

5. The last day of the federal fiscal year.

Today is officially the last day of the American fiscal year, and lawmakers are continuing to hash out a fiscal 2016 budget. For now, U.S. Senators approved a temporary spending measure on Monday that would continue to fund the government at 2015 levels through Dec. 11. However, many are already bracing for the worst if lawmakers can’t reach an agreement by then. Fortune’s Clay Dillow took a peek inside what this could mean for the Pentagon and defense industry.