Top financial news of the week

Here are the top financial news stories of the week:

1. Global Markets Plunge as US-China Trade Tensions Escalate

Global stock markets fell sharply on Monday after the US and China imposed new tariffs on each other's goods, escalating the trade war between the world's two largest economies. The Dow Jones Industrial Average fell over 600 points, or 2.3%, to 25,965. The S&P 500 index dropped 2.1% to 2,900, while the Nasdaq composite fell 2.5% to 7,950.

2. US GDP Growth Slows to 2.1% in Q2

The US economy grew at a slower pace in the second quarter, with GDP expanding at a 2.1% annual rate, down from 3.1% in the first quarter. The slowdown was attributed to a decline in consumer spending and a decrease in business investment.

3. Fed Cuts Interest Rates for the First Time in Over a Decade

The Federal Reserve cut interest rates by a quarter point to a range of 2% to 2.25%, the first rate cut since 2008. The move was seen as a response to slowing global growth and a decline in inflation.

4. Amazon to Acquire E-Commerce Company Eero

Amazon announced that it would acquire Eero, a company that makes Wi-Fi routers and mesh networking systems. The deal is seen as a move to expand Amazon's presence in the smart home market.

5. WeWork Files for Initial Public Offering

WeWork, a shared workspace company, filed for an initial public offering (IPO) that could raise up to $4.9 billion. The company has faced criticism over its financials and corporate governance.

6. Boeing to Cut Production of 737 Max

Boeing announced that it would cut production of its 737 Max aircraft by 40% due to the ongoing grounding of the plane following two fatal crashes.

7. US-China Trade Talks to Resume

The US and China announced that they would resume trade talks in October, following a pause in negotiations. The talks are seen as a key step in resolving the trade war between the two countries.

8. Oil Prices Fall as Global Demand Slows

Oil prices fell sharply on Monday as global demand for crude oil slowed due to a decline in economic growth. Brent crude oil fell 2.5% to $59.50 per barrel, while West Texas Intermediate (WTI) crude oil fell 2.7% to $54.50 per barrel.

9. US Treasury Yields Fall as Investors Seek Safety

US Treasury yields fell on Monday as investors sought safety in government bonds amid the global market turmoil. The yield on the 10-year Treasury note fell to 1.83%, while the yield on the 30-year Treasury bond fell to 2.15%.

10. Facebook to Pay $5 Billion Fine to Settle Privacy Probe

Facebook agreed to pay a $5 billion fine to settle a probe by the Federal Trade Commission (FTC) into the company's handling of user data. The fine is the largest ever imposed on a technology company by the FTC.