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By Paula Arend Laier SAO PAULO, Oct 2 (Reuters) – BlackRock, the world’s largest asset manager, expects to maintain around 30% growth in assets under management in Brazil next year, regardless of the result of this month’s general election, the firm’s lead executive in the country said. In an interview with Reuters, Bruno Barino, chief executive of BlackRock for Brazil, said the firm’s assets under management in the country are set to grow between 30% and 35% this year, on the back of a 12% rise in 2025 and an outflow in 2024. “I think we can repeat the growth in 2027,” Barino said. He noted the move would be supported by rising interest among BlackRock’s Brazilian clients in international investments, which represent about 90% of the firm’s managed assets in the country.  BlackRock, which has some $15.3 trillion under management globally, has been growing its operations in Latin America’s largest economy, but its presence in the country is still modest when compared to the firm’s global footprint.  “If you look at the world’s major investable asset markets, BlackRock is a giant in all of them except Brazil,” Barino said. The firm did not disclose the specific amount of its assets in Brazil. The country’s main challenge is competing for long-term investments, and its ability to attract these resources hinges less on the results of the election than on the extent of fiscal reforms and policies aimed at boosting competitiveness, Barino said. Opinion polls have shown President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro statistically tied in simulated scenarios of the election. “Regardless of who wins, the depth of the reforms will determine Brazil’s ability to compete for investment,” the executive said. (Reporting by Paula Arend Laier in Sao Paulo; additional reporting by Luciana Magalhaes and Brad Haynes; Writing by Andre Romani; Editing by Lincoln Feast.) Brought to you by www.srnnews.com

MANCHESTER, England, Oct 2 (Reuters) – Manchester City have filed an appeal against an independent commission ruling that found the club guilty of serious breaches of the Premier League’s financial rules, seeking to overturn the verdict and avoid potentially severe sanctions. The league said on Tuesday that ​City had used “sham” commercial contracts as part of schemes to inflate revenue and understate costs by more than £900 million ($1.19 billion) over nearly a decade. ($1 = 0.7572 pounds) (Reporting by Suramya Kaushik in BengaluruEditing by Toby Davis) Brought to you by www.srnnews.com

By Kate Abnett BRUSSELS, Oct 2 (Reuters) – European Union countries discussed a French proposal on Friday to release diesel stocks in response to US pressure to help cool surging fuel prices, two sources familiar with details of the discussion told Reuters. The proposal, discussed on a call involving EU governments, calls for European countries to release 50 million barrels of diesel and International Energy Agency members to release 50 million barrels of crude oil, the sources said. The discussions underscore growing pressure on Europe as U.S. President Donald Trump considers a potential ban on US diesel exports to help lower domestic fuel prices ahead of November 3 midterm elections. In weighing its response, the EU needs to balance the need to ease soaring fuel costs against preserving emergency reserves to safeguard against uncertain supply from Gulf producers due to disruptions caused by the Iran war. France’s finance and energy ministry did not immediately respond to a request for comment. Reuters reported on Thursday that the Trump administration had told Germany and France to draw down emergency diesel inventories or face a potential US diesel export ban, according to three people close to the discussions. The US had demanded large European countries including France and Germany release 100 million barrels of diesel within a 20-day window, one of the sources told Reuters on Friday. Global diesel supply has been hit by the US war with Iran and a Russian ban on exports after Ukraine damaged many of its refineries. Chinese refiners have also suspended October fuel exports to bolster domestic stocks, sources said. The proposed 50-million-barrel release equates to approximately 17% of the EU’s total emergency stocks of diesel and gasoil, Eurostat data current as of May 2025 showed. It reflects around 3% of the bloc’s annual consumption of the fuel, Eurostat data show. Europe used to mainly rely on Russian and Middle Eastern diesel imports but has increasingly relied on imports from the United States in recent years. In the call on Friday, EU countries discussed making a condition for any agreement on diesel stock releases a US commitment to not impose a unilateral diesel export ban, one of the sources said. G7 country leaders may hold a call on Friday afternoon to discuss their next steps, the source said. France currently holds the presidency of the G7. The 32-member IEA agreed in March to a coordinated release of 400 million barrels of strategic oil reserves, in response to the Iran war, the largest such release in history. IEA Executive Director Fatih Birol said this week that members had released about two-thirds of those volumes. (Reporting by Kate Abnett, additional reporting by Forrest Crellin, Ahmad Ghaddar and Robert Harvey; editing by Kirsten Donovan and Jason Neely) Brought to you by www.srnnews.com

By Anna Szymanski Oct 2 (Reuters) – The third quarter of 2026 won’t be forgotten soon – even if bond investors might prefer to. The last three months have seen government bond yields hit multi-decade highs, diesel prices reach all-time peaks and crude prices rise back above $100 a barrel as the Middle East conflict passed the seven-month mark. And lest we forget, investors also learned of threats to the future of humanity itself amid news of rogue AI agents and dire warnings from tech leaders. Yet global equities continued to grind higher in the period, fuelled by eye-popping corporate earnings growth, setting up a further test of resilience in the fourth quarter. The bond market hogged much of the spotlight again this week. The benchmark 10-year US Treasury yield hit a 24-year high of 5.34% on Thursday, after rising more than 80 basis points in the third quarter. While a sharp rally on Thursday pushed down yields, it’s still far too early to breathe a sigh of relief. The pain during the week was also felt in European bond markets, particularly in France, where yields hit a 24-year high on Thursday, nearing the psychologically important 5% level, having recorded a jump of around 120 basis points in the third quarter. Fiscal concerns in the euro zone’s second-largest economy helped blow out the spread between French and German sovereign bond yields to more than 140 basis points, the widest since 2012. This jarred European stocks and hit the euro. In Japan, the 10-year government bond yield rose on Friday, nearing the 30-year high of 3.115% reached last week, after investors learned that inflation in Tokyo rose in September at the fastest pace in 10 months. Markets are betting the Bank of Japan will increase interest rates again in December. Speaking of rate hikes, Australia’s central bank was the latest to lift its policy rate on Tuesday, voting unanimously to increase it by 25 basis points to 4.60%, a 15-year high, with the market expecting more hikes to come. Yet the week also brought one sign that the bond rout may be slightly overdone. The 2-year US Treasury yield edged lower midweek after New York Federal Reserve President John Williams on Tuesday said there was “no need for urgency” regarding another Fed rate hike in October. The implied probability of an October rate rise subsequently tumbled from around 70% to below 50%. Williams’ comments came amid the release of several relatively soft economic data points, including a drop in August job openings, dismal September consumer confidence numbers and, on Wednesday, a lower-than-expected 3.4% August annual inflation print from the personal consumption expenditures (PCE) price index, the Fed’s preferred gauge. Still, inflation remains well above the central bank’s 2% target, and economic growth and corporate earnings both remain robust, suggesting that bonds may get squeezed even more in the coming months. Shifting to politics, UK Prime Minister Andy Burnham gave a relatively bold speech at the Labour Party conference on Tuesday as he pledged to revive Britain’s economy by tackling social care, housing and utilities and also hinted that a return to the European Union was not out of the question. While undoing Brexit seems unlikely, even the hint of it has the potential to boost sterling assets. Moving further east, the conflict between the US and Iran may be heating up yet again. Washington is sending additional warships and troops to the region, according to a Wall Street Journal report, raising expectations that large-scale military strikes could resume after the US midterm elections in November. Tehran is preparing a broad and forceful response, according to Reuters sources, while continuing a diplomatic push that Iranian officials have privately indicated is unlikely to succeed. Brent crude settled up more than 4% on Thursday, but prices were down slightly early on Friday, as investors weighed elevated geopolitical risk with news that more oil is exiting the Gulf. Diesel remains the real pain point, particularly following news that Chinese refiners were suspending October fuel exports. The Trump administration is pressuring France and Germany to release diesel from their emergency inventories or potentially face a US diesel export ban. European Union countries on Friday discussed a French proposal to release additional stockpiles in response, according to Reuters sources. All is a bit quieter on the trade war front. China and the US announced early in the week that they would pursue tariff cuts on $60 billion worth of goods imported from each other, ranging from US corn to Chinese toys. Over in tech, Reuters had an exclusive look at the Anthropic IPO prospectus, which showed that the AI giant – which is aiming for a $2 trillion valuation – saw its revenue surge 12-fold in 2025 ⁠to nearly $4.6 billion, while operating losses more than doubled to over $8 billion. The prospectus also highlighted how dependent the young firm is on a small group of customers. And the document included a warning not commonly found in such filings: “catastrophic or existential risks to humanity.” Good luck pricing that. Staying in tech, Nvidia boosted its share buyback authorization by a record $150 billion, eclipsing Apple’s $110 billion approval in 2024. Finally, all eyes will be on the September US nonfarm payrolls data due later today. Consensus forecasts are for a gain of 90,000 jobs and a steady unemployment rate of 4.1%. Next week will be light on economic releases, but investors will get more insight into the Fed’s thinking with the release of the minutes from last month’s FOMC meeting. Happy reading! Before you head off, take a look at some questions ROI columnists have recently been exploring: • Why can’t the US grow its way out of its debt woes? • What multi-trillion spending trend could reshape the global economy? (Hint: it’s not AI.) • Why isn’t inflation data as straightforward as it seems? • How is the energy transition beginning to feed itself? • What warning sign is Bangladesh sending to the LNG market? • What will cash-rich oil majors’ strategy look like after the Iran war? • Which Asian equity markets and sectors are most vulnerable to Fed tightening? • Will the drop in global demand for seaborne coal offset the decline in supply? • Are AI credit tremors a warning or a “buy” signal? • How exactly do you price alumina? I’d love to hear from you, so please reach out to me at Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. Opinions expressed are those of the authors. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Brought to you by www.srnnews.com

By Echo Wang and Milana Vinn NEW YORK, Oct 2 (Reuters) – Anthropic warned that government attitudes toward the company and its technology could have broader implications for its business, including its relationships with commercial customers and partners, according to the IPO prospectus seen by Reuters. Companies routinely warn that policy changes could affect their business, particularly government contractors. For example, SpaceX said in its IPO filing that maintaining strong relationships with US government agencies is critical to its business and warned that any deterioration in those relationships could materially harm its ability to retain existing business and win new opportunities. Anthropic’s disclosure appears broader, suggesting that government perceptions of the company and its conduct could extend beyond its direct dealings to affect customers, partners, other commercial relationships — and even civilization. The filing warns that advanced AI could pose “catastrophic or existential risks to humanity,” an extraordinary warning by a company planning an IPO that could be valued at $2 trillion for the firm’s capacity to profit from the same technology. The company said revenue from government agency contracts accounts for less than 1% of its annual revenue.  The company has become a magnet for concern about the risks carried by the rapid advancement, intense global competition and limited oversight of AI technologies. The broad question of AI safety has come into the public eye recently with Anthropic CEO Dario Amodei’s call for the industry to slow its development, following repeated accounts of hacking activity by so-called rogue autonomous AI agents. Amodei met US President Donald Trump last Sunday for dinner as calls for greater regulation of AI have grown. Trump has largely rejected those calls, though the Federal Trade Commission is conducting an industrywide probe of AI firms including Anthropic, Reuters reported on Wednesday. In the prospectus, Anthropic cited several interactions with the US government over the past year as examples of actions that could hurt its business. The filing said that in February the president ordered federal agencies to stop using the company’s models and that the US Department of Defense designated Anthropic a supply-chain risk to national security.  “The company may experience material revenue losses or business disruptions attributable to these events,” Anthropic said. Anthropic also said that in June the US Department of Commerce imposed worldwide export restrictions on its Fable 5 and Mythos 5 models, prompting the company to disable the models for all customers to ensure compliance. While the Commerce Department later lifted those restrictions and Anthropic redeployed the models, the company warned that similar actions could occur in the future. Such measures could result in “significant reputational harm, including adverse media coverage, public scrutiny, and negative perceptions among existing and prospective customers, partners, employees, and investors,” regardless of the ultimate outcome. The company added that selling to government agencies carries additional risks, including changes in the government’s view of Anthropic or its technology. (Reporting by Echo Wang and Milana Vinn in New York; editing by Colin Barr and David Gaffen) Brought to you by www.srnnews.com