Trade wars have slowed global growth momentum to a level last seen during the financial crisis, and governments aren’t doing enough to prevent long-term damage, the Organization for Economic Cooperation and Development warned. The group cut almost all of the economic forecasts it made just four months ago, as protectionist policies take an increasing toll on confidence and investment. —David E. Rovella

Here are today’s top stories

The head of one of the world’s largest sovereign wealth funds is sounding the alarm, saying markets are becoming increasingly dire.

The Fed added a third dose of liquidity to U.S. funding markets, helping rates retreat as investors warned that fresh bouts of stress are possible.

Wind and solar power used to be considered too expensive to build without government help. Today, renewable energy is so cheap that the subsidies they once needed are disappearing.

The tallest, most powerful wind turbines ever made are coming to U.S. waters, care of GE. Orsted A/S plans to use the 12-megawatt, 853-foot turbines, which are almost as tall as New York’s Chrysler Building, off the coast of Maryland and New Jersey.

Patrick Byrne, the founder and ex-CEO of Overstock.com, sold all of his holdings in the company and said he would buy gold and cryptocurrency.

Airbnb is learning the hard way that you can’t fight city hall. The embattled rental platform’s aggressive efforts in New York have backfired, Bloomberg Businessweek reports, making investors nervous and perhaps complicating prospects for an IPO.

What’s Joe Weisenthal thinking about? The Bloomberg news director says the recent turmoil in the repo market has opened the possibility that the Fed could expand its balance sheet to supply adequate reserves. This has people asking whether such a move would count as a new round of quantitative easing. Joe says no.

What you’ll need to know tomorrow

• Chinese take out their anger at President Donald Trump on Apple.
• SoftBank’s founder is increasingly vulnerable to WeWork’s woes.
• Iran warns Trump and Saudi Arabia of “all-out war” if attacked.
• Europe’s hottest property market is too hot for some. 
• Before GM goes electric, Mary Barra has a strike to settle.
• Cisco offered more than $7 billion for Datadog as its IPO nears.
• Clearwater’s Robert Petty says we’re in a rate declining environment.

What you’ll want to read in Bloomberg Pursuits

Pricey Japanese Whisky May Be Mostly Scotch

In less than a decade, Japanese whisky has risen from ­relative obscurity to the most sought-after liquor on the planet. Much of that demand has been driven by U.S. and European drinkers willing to pay top dollar for the expertise of the country’s famed ­craftsmen. Behind the hype, however, lies an uneasy truth: Japanese whisky doesn’t have to be made in Japan to be called such.

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