The escalating trade war between the U.S. and China is nudging the global economy toward a self-inflicted recession, its first since 2008. Investors are demanding that politicians and central bankers act fast to change course before it’s too late. —Josh Petri

Here are today’s top stories

Disney is pricing a new bundle of streaming services at the surprisingly low price of $12.99 a month, in a direct challenge to Netflix.

The Puerto Rico Supreme Court ruled that Pedro Pierluisi violated the commonwealth’s constitution when he took office as governor last week, prolonging a tangled leadership crisis.

The U.S. cannabis industry took in $10 billion in cash last year, and banks would love to get their hands on it. Momentum in Washington is finally building for a weed-banking law. 

FedEx is cutting another tie with Amazon as the e-commerce giant built by Jeff Bezos continues to build its own shipping network. 

After years of platitudes, major investment firms are taking far more aggressive measures against stocks that pose climate risks.

This story has everything: A personal trainer who said he was wrongly arrested; a globetrotting trip to Mykonos and Marrakech; a divorce threat triggered by Instagram photos; a Greenwich, Connecticut cop accused of shirking his duties; and a bank strategist who refused to cut his hair until the Fed cut rates.

What’s Joe Weisenthal thinking about? The Bloomberg news director is wondering if he’s living in his own version of the movie “Groundhog Day.” We just keep repeating the same old macro stories, Joe says: Central banks in nations around the world—New Zealand, Thailand, India—have made fresh rate cuts; Germany has some more bad data; And yields on government debt are falling again.

What you’ll need to know tomorrow

• WeWork teamed up with Ashton Kutcher to pitch NBC a TV show.
• These countries are the most at risk from a water crisis.
• Star Wars is struggling to win over the next generation of kids.
• Home prices fell in some of the costliest U.S. markets.
• A federal statute tried to make the Internet a better place. It failed. 
• Alphabet’s DeepMind is hemorrhaging money.
• Southern California’s perfect beaches are killing wildlife.

What you’ll want to read in Bloomberg Work Wise

Millennials Are Already Itching to Switch Careers

Much of the guidance out there on career-switching is geared toward midlife transitions—professionals in their 40s or 50s in search of a “second act.” But today, the most common time to change careers is much younger. In your 20s or 30s and already feeling the itch to switch jobs? Here’s how to get it done, even if you don’t have a lot of experience.

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