Finance

Original title: Diesel Rally Seen Extending Into Fall if Fed Cuts Interest Rates Diesel’s summer rally may extend into the fall if the Fed cuts interest rates this month, bolstering industrial activity powered by the workhorse fuel, analysts say. Money managers turned the most bullish Bloomberg Terminal on diesel in four weeks after Fed Chair Jerome Powell signaled openness to a rate cut last month, highlighting diesel’s growing status as a go-to bet on the economy for macro-focused investors. The fuel has gained about 20% since early May amid a global supply crunch and refinery outages, outpacing crude and gasoline and drawing interest from new segments of speculators. ...

Original title: Trump to Review Approval of Massachusetts Offshore Wind Farm The Trump administration plans to reconsider a permit issued to a large wind farm off the coast of Massachusetts, the latest move in its targeted campaign against the clean energy resource. The US Interior Department intends to review the project’s approval issued Bloomberg Terminal in the waning days of the Biden administration, according to a filing by the Justice Department on Friday. The agency asked a federal court to pause the city of Nantucket’s challenge of the SouthCoast Wind development since the Trump administration intends to ask that the matter be sent back to the Interior Department for further action later this month. ...

Original title: Nestlé Ousts CEO Over Office Affair and Taps Nespresso Boss 00:00 Yesterday, Nestlé came out to say that to see how long all of it is immediately dismissed. The background is that he had an undisclosed relationship with at a subordinate, which he failed to disclose. So that’s a no go at the Swiss group, which is known for its conservative corporate culture. And what we learned from our reporting is that the concerns were first raised through an internal system called Speak Up, amnestied and chased these concerns and couldn’t substantiate these claims. But the concerns continued, and then the board decided to launch a wider investigation, which also included external counsel, and that then ended up to confirm the allegations. So really, in a turmoil that’s going on at Nestlé, it’s an extension of the turmoil because Lisa has only been there for a year. It’s exactly on the day that he started his position last year and now it’s over. And he took over from Mike Schneider, who was the previous CEO who was also ousted, surprisingly. But in his case, ...

Original title: Dutch Insurer Aegon Offers 6% ASR Stake as It Focuses on the US Dutch insurer Aegon Ltd. is looking to sell a 6% stake in ASR Nederland NV, the firm that bought its domestic operations, as it shifts its focus to the US. Aegon is offering around 12.5 million shares in fellow insurer ASR through a placement with investors, according to a statement, cutting its holding to about 24%. The stake for sale would be worth about €720 million ($838 million) based on ASR’s closing price on Tuesday. ASR will buy back about 15% of the stock on sale for as much as €150 million. ...

Original title: Strong US Spending May Play Into Jobs Report: Wyatt 00:00 I know you’ve been doing the work in terms of the the consumer in in the US and what looks like a bifurcated US consumer right now. Just talk us through what is happening with the US consumer, what the potential implications of that are. Yeah, so we really have a two speed consumer right now. We see the lower end of the labor market struggling a bit despite getting somewhat raises. The raises are not what they were. Inflation really hit this consumer pretty hard. They were the ones who pay rent every month. They’re not the ones who are owning their homes and really having not owner equivalent rent. It’s not really inflation when you own your home, it’s just a theoretical idea of inflation. So that lower end, yeah, we’re seeing some more defaults there. We’re seeing a little weaker consumer spending. But overall, most consumers are very low leverage right now, very low leverage ratios, very healthy balance sheets. Consumers are still getting raises. And actually, when we look at t ...

Original title: Brazil Back to Dollar Bond Market in Busiest Year Since 2014 Brazil is tapping international debt investors for a third time this year — its busiest for sovereign bond sales in more than a decade — as borrowers return to global credit markets. Latin America’s largest economy is reopening dollar notes maturing in 2030 and seeking to sell new bonds due 2056, according to a preliminary prospectus. Guidance for pricing on the notes is around 5.25% and 7.55%, respectively, tightening from initial price talks, according Bloomberg Terminal to a person familiar with the matter, who asked not to be identified. ...

Original title: Stocks Engulfed in Tech Swoon as Bond Yields Climb: Markets Wrap Wall Street kicked off September on a sour note, with stocks joining a slide in bonds amid heavy corporate-debt sales and developed-world budget worries. The dollar rose. Gold hit a record high. Yields on 30-year Treasuries approached 5%, pressuring tech shares whose valuations have widened during an almost five-month surge. The S&P 500 lost 1.4%. All megacaps fell, with Nvidia Corp. seeing its longest drop since March. ...

Original title: Tankmaker KNDS Said to Screen Advisers for Possible Dual Listing Franco-German tankmaker KNDS NV, which supplies machinery used in the war in Ukraine, is sounding out financial advisers to help arrange a potential initial public offering as it steps up preparations for a listing, according to people familiar with the matter. The company, owned by the German family behind Krauss-Maffei Wegmann and the French government, has invited capital markets specialists to vie for a role advising management on the possible IPO, said the people, who asked not to be named because the matter is private. KNDS may seek a valuation of around €20 billion ($23.4 billion), the people said. ...

Original title: Goldman’s Ingrassia Sees Chance for Record M&A Volume in 2026 Dealmaking could hit record volumes in 2026 if market conditions continue to improve and free up a backlog of transactions, according to Goldman Sachs Group Inc.’s co-chair of global mergers and acquisitions. “If the current momentum continues, there is a possibility that 2026 will represent an all-time high in M&A activity,” said Tim Ingrassia , speaking at Goldman’s EMEA Credit and Leveraged Finance Conference in London. ...

Original title: Nestlé Picks Insider to Replace CEO Fired Over Affair Nestlé SA is turning to the executive who runs its Nespresso coffee empire to try and steady the world’s largest food business after it was rocked by the second CEO firing in a little over a year. Philipp Navratil is taking over as chief executive officer at the Swiss company, after the exit of Mark Schneider for underperformance last year and Laurent Freixe on Monday for failing to disclose an affair with a direct subordinate. The female employee no longer works at Nestle, according to a person familiar with the situation who asked not to be named discussing confidential matters. ...