5AM ET FOX Business Report 10-12-2022

I'm Maria Barturamo, and this is the Fox Business Report.

British pop singer Ed Sheeran's heading to court in the U.S. over his song.

The $100 million lawsuit accuses Sheeran of stealing parts of Marvin Gaye's song,

Let's Get It On.

Inflationary pressures are coming from more than the war in Ukraine, supply chain issues,

high gas prices and rising interest rates, the drought in California is expected to drive

prices of vegetables, fruit, and nuts higher.

The International Monetary Fund, noting those pressures as it downgrades its 2023 outlook

for world economic growth to 2.7%.

The Nasdaq falls into its second bear market of the year over concerns rising interest rates

may push the U.S. into a recession.

The Dalgain 36 points, I'm Carmen Roberts, that your Fox Business Report invested in you.