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We start Wednesday like we have every day this week with bad economic news out of China. Investment, retail spending, and factory output all fell on the world's second largest economy in July. Whether that's a function of the U.S.-China trade war or just more signs of a global economic recession remains to be seen. What is apparent though, is that Nasdaq and Dow futures are down triple digits. CBS and Viacom agreed to a merger that will create a $28 billion company with a $30 billion market cap, and finally Tilray is down 10% after the company reported at wider than expected net loss. However, analysts at Piper Jaffray still think that the company is well positioned to be top in the space with the analyst saying, "We expect Tilray to remain in investment mode to drive growth and do not expect positive earnings in the near term." So near term volatility or long-term success is an investing fund.

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) 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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