Mueller's Next Court Test: Judges to Hear Case on His Legitimacy

(Bloomberg) — Hours after President Donald Trump appointed a new Justice Department overseer for Special Counsel Robert Mueller, one of Mueller’s top deputies heads to court Thursday to argue that the special counsel’s role is firmly grounded in the law. Three U.S. circuit judges in Washington will consider whether the special counsel was endowed with …

Oil Could Touch $100 If Supply Crunch Worsens, Citi's Morse Says

(Bloomberg) — Oil prices are likely to be “biased to the upside” for the rest of the year as demand from refineries rises in November and December, according to Citigroup Inc. An average price of $80 a barrel for this quarter is “realistic,” with spikes to $90 or even $100 possible if further disruptions worsen …

Cooler Maker Yeti Raises $288 Million in Second Try at IPO

(Bloomberg) — Yeti Holdings Inc., the beverage cooler maker that had delayed its initial public offering, raised $288 million in a downsized, below-range offering. The Austin, Texas-based company and existing stockholders sold 16 million shares Wednesday for $18 each, after marketing 20 million at $19 to $21 apiece to investors, according to a statement. Yeti …

Fragile Brexit Talks, China Prices, US Budget Blowout: Eco Day

(Bloomberg) — Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help get your day started: Theresa May and Emmanuel Macron are striking a dovish tone ahead of fragile Brexit talks; May’s promise to end austerity could cost the U.K. $25 billion, a think tank estimates Price check. Chinese inflation …

Virtu Is Pursuing Takeover of Investment Technology Group

(Bloomberg) — High-speed trading firm Virtu Financial Inc. is seeking to acquire independent brokerage Investment Technology Group Inc. as pressure mounts for proprietary traders to branch out. Virtu is working with a financial adviser to pursue ITG, according to people familiar with the matter, who asked to not be named because the information isn’t public. …

China's Yuan Falls Past Key Level of 6.9 as Bearish Views Mount

(Bloomberg) — Financial markets are closed all week in China, but across the border in Hong Kong, things are getting ugly. The benchmark Hang Seng Index slid 1.7 percent Thursday, taking its three-day loss to 4.2 percent, the worst since February. The offshore yuan weakened beyond its support level of 6.9 per dollar, while surging …

Global Factories Feel the Pain From Trump's War on Free Trade

(Bloomberg) — Factory activity plunged from Asia to Europe in September, reflecting how few countries are left unaffected by a U.S.-led shake-up of international trade policies. Chinese manufacturers said output took a hit amid the worst contraction in export orders since 2016, leading similar trends across Taiwan, Vietnam, and Indonesia. Confidence continued to plummet at …

GE Ousts Flannery After Slump, Names Lawrence Culp CEO

(Bloomberg) — General Electric Co. soared after shocking investors by naming Larry Culp chief executive officer and chairman, ousting John Flannery amid a severe share decline. Culp, who is highly respected on Wall Street for a successful transformation of Danaher Corp., will take over immediately, just 14 months after Flannery took the reins. Thomas Horton …