The New York Federal Reserve President John Williams said the central bank needed to “act quickly” when the economy was slowing and rates were low. He said in a speech that “it’s better to take preventative measures than to wait for disaster to unfold”. Later, Fed vice-chair Richard Clarida said in an interview with Fox Business Network that policymakers should lower rates early to combat rising economic risks. After those comments, expectations of a 50bps rate cut this month surged sending US stocks and gold higher and the US dollar and Treasury bond yields lower.

President Trump said a US Navy ship shot down an Iranian drone in the Strait of Hormuz, after Iranian forces said they had seized a foreign tanker, in the latest in a series of incidents that have heightened tensions in the Persian Gulf region.
The European Commission is imposing a €242 million fine on US chipmaker Qualcomm, its second penalty on the chip maker in 18 months, for "abusing its market dominance" in 3G baseband chipsets by charging prices below cost to force competitors out of the market. It’s the latest move by the EU targeting top US tech companies for breaching antitrust rules.

The EU's chief Brexit negotiator Michel Barnier said the UK will have to "face the consequences" if it opts to leave without a deal. He told the BBC that the thrice-rejected agreement negotiated by Theresa May was the "only way to leave the EU in an orderly manner".
The Bank of Korea has unexpectedly cut its policy interest rate for the first time in three years. The BoK reduced its benchmark interest rate by 25bps to 1.5%.
On today’s Money Talk, Francis Lun of GEO Securities and Dickie Wong at Kingston Securities review the latest business headlines. After 8:30, we’re going to discuss health and fitness. Local entrepreneur Keith Rumjahn, Founder & CEO of OliveX tells us how he’s combined sport and AI, and how his fitness mirror helps rehabilitate hospital patients. Edward Chan, Occupational Therapist at Queen Mary Hospital joins us to explain more. Finally, we look at some of the latest developments in the health insurance market with Julien Mathieu, Co-founder of AD MediLink.