Good morning. Volodymyr Zelenskiy and his European allies head to the White House. Hurricane Erin is on the move. And the US approves new uses for weight-loss drugs. Listen to the day’s top stories.

— Omar El Chmouri and Eleanor Thornber

Donald Trump will host Ukrainian President Volodymyr Zelenskiy and key European leaders to set out terms for the potential peace deal he discussed with Russia’s Vladimir Putin at their big summit in Alaska over the weekend. US allies are set to plead with Trump to stand behind Kyiv, after he and Putin agreed last week that the US would be able to offer Ukraine security guarantees. 

Trade tensions still rumble on. White House trade adviser Peter Navarro wrote a strongly worded column in the Financial Times criticizing India’s purchases of Russian oil. A growing wave of Indian businesses are seeking partnerships with Chinese companies, as Trump’s barrage of levies nudges the longstanding Asian rivals closer. And frustrations are building elsewhere as firms are growing increasingly restless for the tariff breaks that were promised to them.

Bond traders’ big bet that the Federal Reserve is poised to lower interest rates faces a key moment this week as Chair Jerome Powell speaks at the central bank’s annual gathering in Jackson Hole, Wyoming. Atlanta Fed President Raphael Bostic has said he’s open to adjusting interest rates soon and that tariff costs are real.

Grounded. An Air Canada union defied a government order to return to work, forcing the airline to delay a plan to restart operations over the weekend. The carrier now expects to resume service at 4 p.m. Toronto time today but was forced to suspend its financial guidance through year-end amid the flight cancellations.

Hurricane Erin re-intensified after moving past Puerto Rico, with the storm expected to increase in size and remain over the ocean as it churns off the US East Coast later this week. Get used to it: The world may be about to shift into a La Niña weather pattern, increasing the risk of storms in the Atlantic as climate change fuels more destructive hurricanes. Read our explainer on what Trump's FEMA cuts mean for hurricane season.

Deep Dive: The Return of Novo?

Injection pens for Wegovy. Photographer: Dhiraj Singh/Bloomberg

It's not just weight loss. Blockbuster drug Wegovy won US approval to treat a serious form of liver disease.

• Danish manufacturer, Novo Nordisk, beat American arch rival Eli Lilly to the US market, the latest salvo in their fierce battle for dominance.
• It's a much needed win for Novo. It started the year as Europe's most valuable traded company but has since lost about half its value. This approval may set it back on the path to reclaim that title.
• Alarm bells will certainly be ringing for Lilly, which recently dealt with disappointing results from its new obesity pill. Politics is also causing problems: The company hiked the list price for its obesity shot in the UK by as much as 170% last week after pressure from Trump.

Bloomberg Green New York: Join us on Sept. 25 for a solutions-focused look into a new era of climate action during Climate Week NYC. On the heels of the 80th United Nations General Assembly, we’ll hear how top leaders in business, finance and government are approaching climate issues during times of geopolitical uncertainty. Learn more.

The Big Take

Optiver’s trading floor in Amsterdam, Netherlands. Photographer: Lina Selg/Bloomberg

The biggest names on Wall Street face a new competitor on their home turf. Dutch options trader Optiver is expanding its US presence with a new Manhattan office in a bid to take on industry heavyweights like Citadel Securities and Jane Street.

Opinion

Betting markets were unfazed by the Trump-Putin summit, John Authers writes. With neither combatant minded to call a halt to the conflict, the odds are that the war grinds on.

Before You Go

A Soho House location in Mexico City. Source: Business Wire

Soho House is about to get even more private after a group of investors agreed to acquire the company in a deal that values the members’ club at about $2.7 billion. Soho House started out in London in 1995 and expanded significantly with venues all over the world, but its stock has struggled.

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