Ivanka Trump’s finances; ‘Made in Germany’ faces new test; Britain’s chocolates are shrinking

Profitable Moment   IMF and S&P: No Trump boom The U.S. economy will grow this year and next around 2.1% to 2.3%, according to the IMF and S&P Global Ratings. This is a long way from the 4% promised by President Trump during the 2016 election. If these two new economic forecasts are accurate, it is doubtful the U.S. will even reach the 3% growth target Trump set after entering the White House. The IMF is clear about the reason: uncertainty over economic policy and the ability to get tax reform and an infrastructure bill passed. S&P agrees, saying there will be no federally funded infrastructure package this year or next. Without implementing these fiscally expansionary policies, there is no way to juice up the economy to higher growth. Growth of 2.3% may be on the low side, but it's respectable. The problem is President Trump has promised higher growth and the stock market climbed on the back of stimulus that now seems unlikely. In short, the IMF and S&P have called out an uncomfortable truth. Now we have to hope the stock market, having its eyes opened to the emperor's new clothes, doesn't take fright. -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan and Julia Horowitz of CNNMoney 1. It's true! Britain's chocolates are shrinking You're not imagining things. Thousands of British treats are getting smaller. More than 2,500 products sold in Britain have shrunk in size -- but not price -- since January 2012, according to the Office for National Statistics. The phenomenon, called "shrinkflation," has already taken a bite out of beloved treats and sweets including Toblerone, Maltesers, M&Ms and Minstrels. Unfortunately, food seems particularly at risk (it accounts for roughly 80% of the shrinking products, the statisticians say). 2. What we know about Ivanka Trump's finances Recent public records provide the most complete look yet at Ivanka Trump's vast financial wealth. Of note: Trump has earned millions in income since the beginning of 2016 (she made at least $13.5 million between January 1, 2016 and May 31, 2017, according to the documents). Most of the money came from her own business, the Ivanka Trump brand, as well as from the Trump Organization and associated projects. But she had other sources of income, too -- such as a $787,500 advance for her book "Women Who Work." 3. 'Made in Germany' faces critical new test Germany is still reeling from the "dieselgate" scandal sparked by Volkswagen. Now, the country's auto industry is being accused of operating a huge cartel since the 1990s. Der Spiegel reported that hundreds of execs from Volkswagen, Daimler and BMW participated in 60 secret industry working groups over decades to suspend competition. European antitrust officials have already said they are assessing information they've received on this claim. The German auto makers have declined to comment on the allegations of a car cartel, though BMW said its diesel emissions system differs from its rivals. 4. Europe warns of fallout from Russia sanctions It's all about natural gas. Russia supplies about one-third of the European Union's natural gas. Some of it's sent to Italy and France, while countries in central and eastern Europe are even more reliant on Russia. Europe is now worried that sanctions against Russia being considered by the U.S. Congress could derail key energy projects on the continent. One project that has been in focus is Nord Stream 2, a gas pipeline that would extend from Russia across the Baltic to Germany. 5. Quick Takes: Make your final masterpiece? Microsoft Paint could get erased after 32 years Do your homework: How tax reform could change your 401(k) tax break WebMD finds the cure it was looking for with $2.8 billion sale Tour firms say North Korea has canceled its annual beer festival Ryanair could move its fleet out of the U.K. due to Brexit uncertainty 6. What's next: Earnings bonanza: This week's crush of earnings reports from major companies picks up momentum on Tuesday when results are on due before the bell from McDonald's, General Motors, Caterpillar, 3M, DuPont and United Technologies. Chipotle and AT&T: After the closing bell, Wall Street will hear from Chipotle just as the burrito chain grapples with fresh health concerns. Earnings are also expected from AT&T. Look to see if AT&T drops any hints about when it will complete its takeover of CNN owner Time Warner. Still feeling confident? While confidence surveys of consumers, business owners and investors spiked after the U.S. election, sentiment has cooled off a bit in recent months. Another update is due out at 10 a.m. ET on Tuesday when the Conference Board releases its consumer confidence survey for July. Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. One CNN Center Atlanta, GA 30303 Add us to your address book unsubscribe from this list    update subscription preferences