Five Things You Need to Know to Start Your Day

IMF says bank turmoil will weigh on global growth. Tim Cook to open first Apple stores in India. Fed split over rate hikes. Here’s what you need to know today.

The International Monetary Fund warned it was too soon to sound the all-clear from the turmoil that’s shaken the world financial system and said the banking breakdowns will likely be a drag on global economic growth. In its Global Financial Stability report, the IMF warned financial markets remain fragile and stressed, following a series of bank collapses. Meanwhile, the IMF trimmed global-growth projections, warning that financial-sector stress adds to pressures from tighter monetary policy and war in Ukraine. GDP will likely expand 2.8% this year and 3% next year, each 0.1 percentage point less than forecast in January, the fund said.