Photo of the Week: Red August

If the screens outside a stock exchange attract a crowd, including a man with a television camera, it’s likely a sign that something bad is happening.

That was certainly the case in Tokyo on Monday, where the Nikkei 225 index fell shortly after the market opened and finished the trading session down a full 12.5%. That marked its worst single-day decline since the Black Monday crash of 1987. Globally, it was a roller-coaster trading day, with stocks in the red as concerns about the stability of the U.S. economy grew.

The Nikkei rebounded 10% the next day and other markets rallied as the Federal Reserve tried to calm nerves with assurances that the U.S. would not fall into recession. The Bank of Japan, blamed for the market chaos after it raised interest rates in late July, dismissed the possibility of further increases as markets remained volatile.

Global markets were still on edge, though, with Wall Street’s Vix, a measure of volatility better known as the “fear gauge,” trading near a nearly two-year high on Tuesday as investors remained cautious. Could a red August be upon us?

By the numbers: A deal every day

25 billion dollars

The market value of Pringles maker Kellanova, which was spun off from cereal maker Kellogg last year. That has swelled in recent days after a surge in its stock price.

16.2%

The stock price of New York-listed Kellanova rose on Monday after Reuters reported that Mars Inc was in talks to buy the snack company in what would be one of the biggest deals this year.

£534 million

That’s the price Mars recently paid for British premium chocolate company Hotel Chocolat. According to the Wall Street Journal, Kellanova could be worth around $30 billion (€27 billion). But once you’ve had it, you can’t stop.

Let’s Get to Know: Allianz Stadium

Not to be confused with the Allianz Stadium in Sydney, the Allianz Arena in Munich or the Allianz Parque in São Paulo, this Allianz Stadium is in London – or rather, in Twickenham. Because it is Twickenham. The Rugby Football Union, the governing body of rugby union in England, has sold the naming rights to its home ground for the first time in the stadium’s 117-year history. Are people happy about it? Of course not. Former player and manager Clive Woodward led the charge, claiming the RFU had “sold its soul” by agreeing to the 10-year deal, describing it as “a huge blow”. He acknowledged that a cash injection might be needed, but the fact that Twickenham will be completely removed from the venue’s name from September meant it was “a very sad and poignant day”.

List: Elon Musk’s lawsuit

Elon Musk, owner of X, has filed a lawsuit in a Texas court against advertisers for not advertising on his social media platform — or rather, for participating in what he claims is an “illegal boycott.” It’s a bold move; let’s see if it works out for him. So which companies and organizations, exactly, are in his legal crosshairs?

1. World Federation of Advertisers: According to Musk, advertisers have acted through this trade association, through an initiative called the Global Alliance for Responsible Media, to withhold “billions of dollars” in revenue from X. Honestly, it seems responsible.
2. Unilever: The home goods group, one of the world’s biggest advertisers, was named in the lawsuit. “Two years of trying peace, now war,” Musk tweeted, and last year he told advertisers to “go f*ck yourselves.”
3. Orsted: The Danish wind farm operator was drawn into this absurd legal manoeuvre for some reason.
4. CVS Health: The private healthcare company is also mentioned.
5. Mars: The candy group is currently busy chasing down the Pringles maker (see above), but Musk doesn’t care — he’s added Mars to the lawsuit. Twix, anyone?