Nissan's survival plan ~ ⛾:Kaffibolla

Nissan's CEO Ivan Espinosa is working hard to save the struggling Japanese carmaker, which faces a $5.6 billion debt repayment wall next year. The company is seeking to raise more than $7 billion from debt and asset sales to keep operations on track, Bloomberg's exclusive reporting shows. In addition to issuing convertible securities and bonds, including high-yielding US dollar and euro notes, Nissan also plans to take out a £1 billion syndicated loan, guaranteed by UK Export Finance. And it's seeking to sell part of the stakes it owns in Renault and battery maker AESC, as well as plants in South Africa and Mexico. Sale-and-lease-back plans for its Yokohama headquarters, plus properties it owns in the US, are also on the cards. The automaker's shares in Tokyo jumped on the news.

Espinosa has said his rescue plan for the ailing automaker can work even without the help of an outside partner. Let's see if he's right. The funding proposal doesn't appear to have been approved by Nissan's board yet, leaving it unclear whether it will happen. Nissan's options are narrowing after the collapse earlier this year of talks to join forces with Japanese peer Honda.—Stephanie Phang

What You Need to Know Today

SpaceX's colossal Starship rocket suffered a leak, tumbled out of control in space and disintegrated as it hurtled back to Earth during a test flight on Tuesday, in a third setback in a row for the Elon Musk-led company. There's a lot going on for Musk, the world's richest person, who says he is stepping back from his political work in Washington and focusing on his business empire. A judge ruled that Musk will have to face a lawsuit that claims he wielded illegal power by orchestrating President Donald Trump's dramatic cuts in federal government jobs and spending. Meanwhile, Musk expressed dissatisfaction with Trump's giant tax bill, which the US House narrowly passed last week, saying it undercut his efforts to slash government spending.

Ray Dalio, founder of Bridgewater Associates, won't be an adviser to Indonesia's new sovereign wealth fund Danantara, people familiar with the matter said, just two months after officials announced the billionaire's involvement. The reason wasn't immediately clear, but Dalio's absence is another setback for one of Indonesian President Prabowo Subianto's flagship initiatives as he tries to supercharge the economy.

Ray Dalio. Photographer: Chris Ratcliffe/Bloomberg

It was a down day in markets. Stock-index futures slid and Treasuries halted a three-day rally amid lingering concern about the fiscal health of the US economy. Weak demand at a Japanese bond auction also hurt sentiment, adding to concerns following volatility in global debt markets. Here's why investors are so nervous about Japanese bonds.

China is grappling with a challenging outlook. European firms in China are more pessimistic than they've been since 2011 about growth prospects, according to a survey by the European Union Chamber of Commerce in China, underscoring the challenges of doing business in the world's second-largest economy despite recent government efforts to address some complaints. Separately, economists polled by Bloomberg expect deflationary pressure to get worse in China, even as they improve forecasts for growth and exports this year after a truce in the trade war with the US.

China's also working hard to manage things. The country is on the cusp of its biggest move yet to open up its vast commodities markets, after the Shanghai Futures Exchange unveiled an internationalization plan to streamline access for overseas investors. Restrictions on foreigners and their capital are an oft-cited reason for China's failure to punch its weight in international markets. Meanwhile, the dollar's extended slide has prompted China's central bank to change tack in managing its currency, as it pivots from supporting the yuan to guarding against the risk of a rapid appreciation.

The Shanghai Futures Exchange Photographer: NurPhoto/NurPhoto

Trump's moves continue to stir angst. Former Reserve Bank of India Governor Raghuram Rajan warned about the long-term risks to the US economy if politics eroded the pipeline of international students to American universities. Southeast Asian leaders called out the president's tariff plans as causing uncertainties in commerce with their region's largest export customer and underscoring an "urgency of diversifying trade beyond traditional markets."

In an evasive maneuver, the Indian maker of the iconic Royal Enfield motorcycles frontloaded exports to the US before Trump targeted automobile imports, hoping to keep prices stable and winning customers seeking affordable rides, according to people familiar with the matter. Eicher Motors Ltd., the owner of the cult brand founded in the UK at the start of the last century, shipped nearly 9,000 motorcycles to the US — compared with about 6,000 units it typically sells in North America a year — just before Trump announced a 25% duty on automobile and automotive parts imports on March 26, said the people.

What You'll Need to Know Tomorrow

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Pensions

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For Your Commute

The makers of ahit Hong Kong documentary — about one of the world's toughest trail races — are in talks to distribute their movie globally. Four Trails showcases the grueling 298-km (185-mile) endurance challenge and a select group of trail runners who have bravely attempted it. Since its theatrical release in December, the 101-minute-long movie has pulled in more than HK$10 million ($1.3 million) in box office receipts, making it the second highest-grossing documentary film ever released in the city. Read this interview with director Robin Lee and producer Ben Lee, two brothers based in Hong Kong.