3 Big Stories to Watch: China's Economic Data, Tilray Earnings, CBS-Viacom Deal

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U.S. futures are indicating a sharp decline Wednesday morning as global economic recession indicators mount.

China reported a decline in July investment, retail spending and manufacturing. Whether that is a function of the U.S.-China trade war or a wider economic downturn that could infect other global economies. 

In the U.S., an inversion of the 10-year and two-year yield curves is weighing on futures ahead of the open. 

CBS (CBS) - Get Report and Viacom (VIA) - Get Report agreed to a merger that will create a company with $28 billion in annual revenue and a $30 billion market cap. 

Finally, Tilray (TLRY) - Get Report shares are dropping double digits premarket after the Canadian cannabis company reported a second quarter net loss that was wider than expected

However, analyst at Piper Jaffray believe that long-term, Tilray has a good chance of being the industry's standard bearer. 

"We expect Tilray to remain in investment mode to drive growth and do not expect positive earnings in the near-term," the firm's note said.

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