Good morning. China’s Xi Jinping holds a once-a-decade military parade in Beijing, accompanied by Vladimir Putin and Kim Jong Un. Some corporate chiefs are still behaving badly. And Lululemon is looking beyond yoga to win back investors. Listen to the day’s top stories.

By Maddie Parker and Omar El Chmouri

Showtime on Tiananmen Square. Chinese President Xi Jinping held a once-a-decade military parade to commemorate 80 years since the defeat of Japan in World War II. As well as parading military hardware from drones to nuclear-capable ballistic missiles, China’s diplomatic influence was also on show, with Russia’s Vladimir Putin in attendance — and a rare appearance by North Korea’s Kim Jong Un. President Donald Trump wasn’t impressed, and said Xi was “conspiring against” the US.

Global bonds faced renewed selling pressures as jitters around inflation and debt sales unnerved investors. The cost of lending to Japan’s government for 20 years advanced to the highest level since 1999. Treasuries weren’t immune, with the US 30-year yield climbing toward 5%. As for stocks, here’s the outlook for today.

Donald Trump said his administration would ask the Supreme Court for an expedited ruling to overturn a federal court decision that many tariffs were illegally imposed. The president said he isn’t budging on levies on India, and the trade story continues as the US revoked TSMC’s waiver for China shipments of chip supplies.

Jane Street, Citadel Securities and Hudson River raked in nearly $30 billion in first-half trading revenue, intensifying their challenge to Wall Street banks. Meanwhile, BlackRock has lost a mandate worth $17 billion at Dutch pension fund PFZW, amid concerns it isn’t acting in the best interests of clients in terms of climate risk.

After years of pushing back against Russia’s ambitions for a new gas pipeline, China has brought the power of Siberia 2 a step closer to reality. The pipeline agreement is seen as a major geopolitical message, with China hedging against its exposure to US LNG. Oil steadied as investors weighed geopolitical risks, including a potential escalation of US sanctions on Russia.

Deep Dive: How to Lose the Top Job

Nestlé SA CEO Laurent Freixe lost his job this week.  Photographer: Gabriel Monnet/Getty Images

The fraternity of corporate chiefs ousted over an office romance just added a new member. C-suite dalliances continue to cause turmoil atop some of the world’s biggest companies, raising the question of whether internal corporate alarm systems are working — or not.

• Nestlé CEO Laurent Freixe lost his job this week after an investigation found he had an undisclosed romantic relationship with a subordinate.
• Freixe is not alone. Astronomer CEO Andy Byron lost his job in July, after being caught on a stadium “kiss cam” with the firm’s chief people officer at a Coldplay concert. That followed the exit of Kohl’s CEO in May, also in relation to an undisclosed romantic relationship.
• CEOs behaving badly is hardly a new trope, but the #MeToo movement put boards under greater pressure to show they investigate complaints thoroughly. Even consensual relationships can cause problems, particularly when a manager gets involved with a subordinate.

The Big Take

Photographer: Illustration: Qianhui Yu for Bloomberg

Earlier this year, Nintendo was under growing pressure. But its new console smashed records for opening weekend sales, and highlights how an old-fashioned focus on fun has built a game maker unlike any other.

Opinion

Google may have lost its antitrust case — but after hearing the punishments handed down by a federal judge, it now feels a lot like winning, Dave Lee writes. The ruling confirmed the fears of those who felt these antitrust proceedings, groundbreaking as they were, simply came too late.

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Before You Go

Lululemon signed seven-time Formula 1 champion Lewis Hamilton as a brand ambassador. Photographer: Clive Rose/Getty Images Europe

Lululemon looked unstoppable for more than a decade but is hoping to win back investors after the stock has fallen by about 50% this year. The yogawear brand is looking for answers beyond its roots by signing endorsement deals in golf, tennis and Formula 1.