Good morning from the WSJ Washington Bureau.

Trump's Day: The president has a campaign rally in Manchester, N.H., at 7 p.m. EDT, where may endorse former aide Corey Lewandowski for a Senate run. More below.

Markets: Yields on the 10-year Treasury note fell below two-year yields Wednesday for the first time since 2007, an inversion viewed by many as a signal that a recession is likely. The DJIA fell 3%. 

Hickenlooper: Former Colorado Gov. John Hickenlooper plans to drop out of the 2020 presidential race on Thursday, as he considers launching a Senate campaign in his home state

Israel: Israel is considering denying entry to Reps. Rashida Tlaib and Ilhan Omar, government officials said, as their planned visit generated controversy over their criticism of Israeli policy toward Palestinians.

The U.S. arranged secret meetings between Israel and the United Arab Emirates to discuss efforts to counter Iran, Warren P. Strobel and Dion Nissenbaum report. They are the latest sign of a thaw between Israel and Gulf Arab nations, largely brought about by their antipathy toward Tehran.

• The U.S. has made an application in Gibraltar’s Supreme Court to seize an Iranian tanker that the British overseas territory impounded in July, stoking a brewing crisis between the U.K. and Iran.

President Trump called for a “personal meeting” with Chinese President Xi Jinping to discuss the crisis in Hong Kong, and warned Beijing it must respond “humanely” to the protests there if it wants a trade deal, report Vivian Salama and Alex Leary.

• Mr. Trump’s tweet came as concerns grew within the administration that China may resort to military intervention. The leaderless protests veered into violence at the airport this week.

Warning signs pointing to a deepening global economic slowdown—and the risk of recession—are flashing more brightly, report Josh Mitchell and Jon Hilsenrath. Many of the biggest troubles are showing up overseas, but markets are signaling that the threat of a downturn is spreading to the U.S., the world’s largest economy.

President Trump lashed out at the Federal Reserve for not cutting interest rates more aggressively after fears about a global-growth slowdown rippled through financial markets, reports Nick Timiraos.

• Former Fed Chairwoman Janet Yellen said the most likely outcome for the economy isn't a recession. "The U.S. economy has enough strength to avoid that, but the odds have clearly risen," she said.

Stocks plummeted Wednesday after weak German and Chinese economic data raised concerns of an impeding global slowdown. Here's how the two are connected.

When President Trump takes the stage at his rally in Manchester, N.H., Thursday, will he issue a coveted endorsement to his former campaign manager Corey Lewandowski, who is considering a run next year?

The state’s senior Democratic senator, Jeanne Shaheen, is up for re-election, but the race isn't at present expected to be competitive. Mr. Lewandowski hasn't formally announced his candidacy but has said he was considering it. Mr. Trump won the state resoundingly in the 2016 Republican primary, then lost it to Hillary Clinton by less than one-third percentage points, suggesting his endorsement would be invaluable in a primary race.

Trump campaign aides said Wednesday that they didn't know whether the president planned to endorse Mr. Lewandowski at Thursday night's rally. One aide said advisers were on "pins and needles" about whether the president would mention the Senate race in his remarks. Mr. Lewandowski is expected to attend the rally.

Early Thursday, President Trump retweeted two tweets from Mr. Lewandowski’s account that speculated about his run.

Republicans Bill O'Brien, the former New Hampshire House speaker, and Donald Bolduc, a retired Army brigadier general, are already in the running. Ms. Shaheen won her second term in 2014 by a margin of 3.2 percentage points.

Republicans currently have 53 seats in the Senate. If Democrats win the White House next year, they'll have to pick up three of those seats to also take control of that chamber. If Mr. Trump wins re-election, Democrats would need four, since Vice President Mike Pence would hold the tiebreaking vote.

Ms. Shaheen isn’t a top target this cycle for national Republicans, who have been focusing on more vulnerable Democrats like Doug Jones in Alabama and Gary Peters in Michigan.

Mr. Lewandowski’s entry would crowd the primary race, and if he wins the primary, his controversial record could be a hindrance in the general election.

Mr. Lewandowski managed Mr. Trump’s 2016 campaign until June of that year, when he departed after being accused of grabbing a reporter at a campaign event—an action he has denied. Mr. Trump replaced Mr. Lewandowski at the helm of his campaign at the urging of Mr. Trump’s older children and some of his senior advisers.In 1994, as a college student, he attempted a run for a seat in the Massachusetts House of Representatives. 

Write to Jesse Naranjo at jesse.naranjo@wsj.com

A former Blackwater security guard was sentenced to life in prison again for his role in a 2007 Baghdad shooting, reports Aruna Viswanatha. Nicholas Slatten said Wednesday he had rejected a plea deal offered before trial that would have resulted in a much shorter sentence.

• Mr. Slatter was convicted in December of firing the first shots and murdering the driver of a stopped car during the Iraq war, an episode that left more than a dozen unarmed Iraqi civilians dead. 

Huawei employees embedded with cybersecurity forces in Uganda and Zambia intercepted encrypted communications. The investigation didn’t find evidence of spying by or on behalf of Beijing. Details of the operations, however, offer evidence that the telecom's employees had a role in the governments' efforts to intercept opponents' communications, report Joe Parkinson, Nicholas Bariyo and Josh Chin.

• Huawei “rejects completely the unfounded and inaccurate allegations.”
• The U.S. government has since 2012 accused Huawei of being a potential tool for the Chinese government to spy abroad. 

• Banners for President Trump's re-election campaign are being made in China. And they may be hit by new tariffs the president has threatened. (Reuters)
• Former Arizona GOP Sen. Jeff Flake says he won't vote for President Trump, and is surveying the field of Democratic candidates. (Deseret News)
• The longer President Trump persists in his trade war with China, the higher the chances of a recession will be. (New Yorker)

This newsletter is a production of the WSJ Washington bureau. Our newsletter editors are Tim Hanrahan, Kate Milani, Troy McCullough and Daniel Nasaw. Send feedback to capitaljournal@wsj.com. You can follow politics coverage on our Politics page and at @wsjpolitics on Twitter.