Your Evening Briefing

(Bloomberg) --

Wall Street has a warning for China. One major bank says the primary target of President Donald Trump's global trade war will indeed suffer if threatened tariffs are imposed, especially since its financial system is already under strain. 

Here are today's top stories

Glencore saw its shares plummet after the Swiss mining giant revealed that it had been subpoenaed as part of a U.S. corruption and money laundering probe.

The Federal Aviation Administration contends the effort by airlines to squeeze as many bodies as possible into a plane to maximize profit isn't a threat to your safety.

Still too gun-shy to tap their home equity, Americans are turning to personal loans for money to play with. 

Stocks fell Tuesday thanks to weakness in technology and financial shares while oil briefly rose above $75 a barrel for the first time since November 2014.

Tesla shares tanked despite exceeding its 5,000-per-week goal for Model 3 production as Wall Street skeptics raised questions about the quality of its electric vehicles.

The Trump administration is letting ZTE resume some business activities while the U.S. weighs ending a seven-year ban on the Chinese telecommunications company.

What's Joe Weisenthal thinking? The Bloomberg news director is thinking about the gambling hub Macau, which is often a bellwether for the global economy, and how it's getting clobbered.

What you'll need to know tomorrow

• Malaysia's ex-leader was arrested as part of an inquiry into $4.5 billion of missing funds.
• Trump's trade war and Canada's response may hurt that country's pricey condo market.
• Chipmaker Micron Technology's stock dived after a court banned it from the Chinese market.
• Manhattan homebuyers are demanding bargains—if you call $835,000 a bargain.
• Extreme bitcoin mining is triggering an unexpected revolution in Iceland.
• The fall of Brazilian billionaire Eike Batista ended with a 30-year prison term.
• Tennis legend Roger Federer has dropped Nike in favor of Uniqlo.

What you'll want to read tonight

It's hot out there, so get over your fear of chilled wine. The French call them vins de soif (wines for thirst) or glou-glou (glug-glug, in English). They're wines so gulpable that one bottle will probably not be enough of their fresh, vivid fruit flavors. To judge by wine bar offerings and by-the-glass lists, these cool,easy drinkers are positively hot.

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