Crypto News: Waiting for payrolls

Good morning. US payrolls and French debt preoccupy markets. Nike just didn’t do it — again. And you may be able to afford that Rolex, but it doesn’t mean you can actually buy one. Listen to the day’s top stories.

— Angela Cullen

Market Snapshot
WTI Crude Oil Futures	$89.30	-3.8%
S&P 500 Futures	7,754.50	+0.4%
Nasdaq 100 Futures	30,968.25	+0.7%
Market data as of 06:23 AM ET. Data is subject to provider delays.	Your watchlist

Markets were placid ahead of US monthly payrolls data expected to show a notable decline in jobs growth from August’s blockbuster print. Any uptick in the unemployment rate would bolster the case for the Fed to hold rates steady in October. Belying the tranquility, France has become a lightning rod in the global debt market as investors’ nerves fray about missed deficit targets, policy gridlock, and 2027 elections that could radically alter the country’s direction.

The Pentagon is deploying a third aircraft carrier and 10,000 additional troops to the Persian Gulf. The move gives American commanders more options if Donald Trump escalates attacks on Iran. Meanwhile, governments around the world are running out of room to shield consumers from higher energy prices resulting from the war, with fuel subsidies potentially costing more than $1 trillion, a UN study found. Oil fell as European states were said to discuss releasing strategic diesel reserves to ease the price surge.

Oil tankers and cargo vessels off the coast of Oman.

No Lights, No Radio: Getting Oil Through Hormuz Is a Risky Job

A tanker captain’s first-hand account shows why flows from the Middle East are rising, despite the dangers of Iranian drones and missiles.

Nike just didn’t do it. The company is bracing for a revenue decline in the high-single-percentage digits and plans a wave of job cuts in a bid to save $2.5 billion, guidance analysts said might spark ruminations about CEO Elliott Hill’s future. Wall Street enthusiasm for the stock is at a low ebb and the brand has taken several hits, after both teams in the 2026 FIFA World Cup Final used gear by arch-rival Adidas, it lost French football superstar Kylian Mbappé to upstart On Holding, and its Converse brand was criticized for evoking the Ku Klux Klan. A reset might need a bit more than the Kardashians, Juliana Liu writes.

Broadcom started amassing $60 billion of fresh chip financing to benefit Anthropic and others, people familiar said, a deal Wall Street and Silicon Valley are watching closely for reassurance that investors are still keen to back AI’s buildout. Amazon is going for a more asset-light financing model. Longtime Google executive James Manyika warned that AI’s risks are real and the industry can’t police itself alone. Meanwhile, New York’s AI boom is drawing massive investments and fueling a surge in office leasing, but it’s doing little for young workers trying to start their careers.

New York Governor Kathy Hochul appointed state Attorney General Letitia James as special prosecutor in the case of an alleged gang rape at a Cornell University fraternity two years ago. It’s been reopened after an unidentified woman filed a civil suit, alleging she was drugged and sexually assaulted by frat members. The case raises “serious questions about Cornell’s campus culture and its systems for prevention, reporting, and response,” Hochul said.

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Deep Dive: Brazil’s High-Stakes Election

Flávio Bolsonaro and Luiz Inácio Lula da Silva. — Flávio Bolsonaro and Luiz Inácio Lula da Silva

Brazil heads to the polls on Sunday with President Lula da Silva and right-wing challenger Flávio Bolsonaro locked in a tie, according to the latest survey by Datafolha. The stakes are high as consumers and businesses struggle with sky-high borrowing costs and the fiscal outlook alarms investors.

The race has been upended by a major bank fraud case centered on Daniel Vorcaro, the jailed former owner of Banco Master.
Police are probing Bolsonaro’s dealings with the banker for possible crimes including corruption after he approached Vorcaro to help fund a film about his father, ex-President Jair Bolsonaro. The conservative denies any wrongdoing.
Lula, meanwhile, has suffered an anti-establishment backlash after revelations tied the Supreme Court to the scandal. Even a marginal erosion of support in his biggest political stronghold in the country’s Northeast could cost him the election.
Rio de Janeiro, the former capital where Bolsonaro launched his campaign, has emerged as the crucible for Brazil’s ugly politics.

The Big Take

Nvidia’s AI chips keep making their way to China despite US curbs. Officials are asking why the company missed red flags.

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Man City’s Uncertain Future

Opinion

US national debt display. — Signage displays the US national debt total at a bus stop in Washington, DC.

The US has led the way in the collapse of fiscal responsibility and thus bears outsized responsibility for thinking about solutions, Bloomberg’s editors write. Yet even now, Washington policymakers would rather not think about it. They may not have that luxury much longer.

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Before You Go

That first Rolex. Having enough money is just the start. Here’s how to navigate wait lists, authorized dealers, and the booming secondhand market to land the timepiece you actually want.

A Few More