*As of 10:30 a.m. ET

Tesla has recalled ~50,000 cars in China that were manufactured in the U.S. The Chinese authorities have ordered Tesla to replace the linkages of the cars' suspension. All cars recalled were produced at Tesla's main facility in Fremont, California.

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• It is unclear if the National Highway Traffic Safety Administration will require a similar recall in the U.S. 
• Reports of problems with the suspension on Tesla cars are not new. Earlier this month, a Swiss owner of a Tesla Model S 90D was driving at 125 mph on the Autobahn when he heard a loud pop. He reported seeing heavy smoke before his steering wheel locked, and he lost full control of the car. The issue was revealed to be a broken suspension linkage. Tesla refused to cover the $8,223.38 repair cost despite the vehicle having been driven less than 50,000 miles. 
• Following setbacks with European manufacturing, Tesla will ship cars made in China to Europe beginning Tuesday.

Facebook is entering the cloud gaming space by launching its free-to-play cloud gaming service. Google, Apple, Microsoft, and Amazon launched their cloud gaming services in the last year, priced between $4.99 to $14.99 a month. 

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• Facebook’s vice president of play Jason Rubin said that introducing cloud gaming services will enable the company to offer more complex games on its platform that still run "in a fast, seamless way."
• WSJ noted that the adoption of cloud gaming services has been slow, as the services lack big titles, and the friends of players might not have a subscription to the service.
• Around 380 million users play games on Facebook every month, which will continue to offer HTML5 based instant games.
• Facebook acquired PlayGiga, a cloud gaming startup, for $78m in 2019. 
• The service will launch on the web and Android app. It will not be available on iOS due to usability restrictions. 

Global markets are down as COVID-19 cases climb in North America and Europe. Analysts predict that a winter wave of COVID-19 could be worse than the spring wave. As further lockdown measures are placed in many western countries, economic outlooks have taken a hit. 

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• Spain (20,986), Italy (21,273), the U.K. (26,687), Canada (3,287), and the U.S. (85,085) have all reached record high daily infections in the past week. 
• Parts of Canada have been locked down, restoring measures from April. 
• Spain and Italy both have the strictest lockdown measures in place since full national lockdowns in May.
• Along with U.S. futures, the FTSE, DAX, Shanghai Composite, and Nikkei are all down. 

Business software provider SAP’s market cap declined by $40b in one day – a 21% decrease – after it posted a 4% decline in its Q3 revenue and cut its forecasts. The company reported revenue of $7b, down 4% YoY, and a profit of $2.36b – similar to last year. 

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• SAP cut its previously estimated revenue forecast from $33.6b to $32.8b. The company said that the previous outlook assumed that COVID-19 lockdowns would ease and demand for its software would increase in Q3 and Q4 2020.  
• The company said that it would focus on cloud computing and expects cloud revenue to triple in 2025 to $26b. 
• SAP said it expects limited growth and marginal improvement in the next two years.
• Since Oct. 22, Intel's market cap has decreased by $27b as it reported a 7% decline in its data center revenue and a 47% decline in its Enterprise and Government segment.

Oxford Economists warn banks to prepare for heavy losses as commercial property values continue to decrease. The risks are highest in the U.S., Australia, Hong Kong, and South Korea. 

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• During the 2008 recession, 25-30% of all loan write-offs in the U.S. came from commercial properties. 
• As more people work from home, the value of commercial real estate is dropping. A recent survey found that prices are down 6% YoY in the top seven markets.
• Economists warn that even a 5% write off of commercial loans would cost banks up to 10% of their Tier 1 capital, their primary funding source. 

QUICK HITS

• Inspire Brands is planning to acquire Dunkin’ Brands Group and take the company private. Inspire Brand’s portfolio includes Arby’s and Buffalo Wild Wings.
• Gene therapy company AskBio is set to be acquired by Bayer in a $4b deal. 
• On Sunday, a Singapore arbitration court issued an emergency order to halt Reliance Industries’ acquisition of India’s retail chain Future Group, in which Amazon owns a 3.58% stake. The ruling was issued based on Amazon’s filing against the acquisition last month. However, Reliance Industries announced that the deal is valid under Indian law and intends to complete the acquisition immediately.
• Learn how to revamp your remote work strategy in this webinar: How to Build a Better Remote Work Experience With Less Software.*

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