Here are the top business, market and economic stories you should be watching today in the UK, Europe and abroad:

Asos sends out SOS

Shares in Asos (ACS.L) dropped by more than 40% on Monday morning after the online fashion group cut its annual sales growth and profit margin forecasts.

It’s the latest British retailer to highlight very poor November trading. Last week Sports Direct (SPD.L) said November trading was “unbelievably bad”.

“Whilst trading in September and October was broadly in line with our expectations, November, a very material month for us from both a sales and cash margin perspective, was significantly behind expectations,” Asos said.

It said growth in online clothing sales was the weakest in recent years, reflecting economic uncertainty and a weakening in consumer confidence.

Job cuts at Jaguar Land Rover?

The threat of up to 5,000 job cuts is reportedly looming at Jaguar Land Rover, according to the Financial Times, which cited unnamed sources “close to the company.”

Britain’s largest automaker, owned by India’s Tata Motors (TTM), employs roughly 44,000 people around the world.

Jaguar Land Rover said it “notes media speculation about the potential impact of its ongoing ‘Charge and Accelerate’ transformation programmes,” which aims to “deliver £2.5 billion of cost, cash and profit improvements over the next two years.”

“Jaguar Land Rover does not comment on rumours concerning any part of these plans,” the company told Yahoo Finance UK in a written statement.

In September, the company announced it was cutting production at its Castle Bromwich factory near Birmingham. About 1,000 workers there were downgraded to working three days per week.

In November, the company announced its engine manufacturing centre in Wolverhampton would take a temporary pause in production in response to adjustments in vehicle production schedules.

The carmaker said at the time that the “external environment remains challenging.”

Trouble for Goldman Sachs

Malaysia is filing criminal charges against Goldman Sachs (GS) and two of the bank’s former employees in connection with a corruption and money laundering probe at state fund 1MDB.

Goldman Sachs has been under scrutiny for its role in helping raise $6.5bn (£5.2bn) through three bond offerings for 1Malaysia Development Berhad (1MDB), which is the subject of investigations in at least six countries.

Malaysia’s Attorney General Tommy Thomas said criminal charges under the country’s securities laws were filed on Monday against Goldman Sachs and a handful of individuals.

In an emailed statement, a Goldman Sachs spokesman said “these charges are misdirected” and that the bank continues to cooperate with all authorities in their investigations. The bank has consistently denied wrongdoing.

Downbeat words from the IMF

Trade frictions between China and the United States are affecting business confidence and investment in Asia, leading to the possibility that the International Monetary Fund (IMF) could further cut its global growth forecasts in January, according to a senior IMF official, Changyong Rhee.

Japan and South Korea could be among worst hit countries in the region due to their reliance on exports to China, Rhee said.

The IMF cut its global growth forecast in October to 3.7% for both 2018 and 2019, down from the projected 3.9% in July.

Global stock markets

European stock markets were making moves lower on Monday, though the dips weren’t very dramatic.

Britain’s FTSE 100 (^FTSE) was slipping by about 0.3% in the early morning, alongside similar slides for Germany’s DAX (^GDAXI) and France’s CAC 40 (^FCHI).

Most Asian markets finished the day with modest gains. Australia’s ASX All Ordinaries (^AORD) was a standout performer after notching a 1% jump.

US stock futures were mixed in the hours ahead of the open.

After the close of the day, US-tradedcompanies including Oracle (ORCL) and Redhat (RHT) are set to report quarterly results.

With files from Reuters