Diesel Prices Reach an All-Time High

0:00Today's customer experience isn't built one AI tool at a time. It's about billions of interactions seamlessly orchestrated. Nice, unites, agent-to-gei, human agents, and customer intelligence for truly modern CX at EnterpriseGale. Learn more at nice.com. Here is your morning brief for Friday, September 4. I'm Luke Vargas for the Wall Street Journal. The world's biggest sovereign well fund is looking to slash its holdings of US treasuries, the head of Norway's oil fund wants to cut the portion of its bond portfolio allocated to government debt to 50 percent from a current 70 percent citing recent market volatility and arguing that greater exposure to equity markets would boost returns and limit its exposure to risk. Bond yields have come off of their highs from earlier this week with investors in a holding pattern ahead of today's jobs report. The non-farm payrolls come at a crucial time for markets, as investors try to discern whether the federal reserve will lift interest rates this month.

1:01Meanwhile, diesel prices have hit a new all-time high of $5.85 a gallon, topping a previous record dating back to Russia's 2022 invasion of Ukraine. Prices aren't how more than $2 higher than they were when the Iran War began, a jump that's likely to show up in grocery stores given diesels use across the agricultural supply chain. Some analysts expect diesel to climb even higher, as harvest season kicks off in the US and the East Coast begins to burn heating oil. And Volkswagen's shares have soared after its board approved a sweeping restructuring plan that will eventually see 100,000 jobs cut worldwide and a slashing of its vehicle line up by 2035. The surprise move comes after two months of wrangling between company management and the union-led board. The overhaul aims at reaching an operating margin of 9% by 2030, while punting the question of plant closures and instead developing a competitive production plan for its European sites by next

2:02June. Asian stocks have ended the day mixed. European stocks are looking for direction, and US stock futures are fairly flat ahead of the open. And we have got a lot more coverage of the day's news on the WSJ's What's News podcast. Listen and subscribe wherever you get your podcast.