Good morning. Finance chiefs are increasingly tying their floating-rate debt payments to benchmarks that are rising at a slower pace than interest rates, in a bid to mitigate higher financing costs, report the WSJ's Ben Eisen and Matt Wirz.

The rejiggering among companies comes as rates have climbed this year, spurred by increases from the U.S. Federal Reserve, expectations for a pickup in inflation and an increase in government debt sales to fund last year’s tax-cut package.

The rate at which banks lend to each other for three months has been rising much faster than the rate at which they lend for one month, pushing the gap in April between the two to its widest since 2009. The three-month U.S. dollar London interbank offered rate has climbed 0.62 percentage point this year to 2.32%, while the one-month counterpart has climbed a comparably meager 0.41 point to 1.98%.

Accordingly, more than half of junk-rated corporate loans recently had interest payments tied to one-month Libor, up from less than a quarter at the beginning of 2016, according to data tracked by Wells Fargo & Co. on about $500 billion of loans. The share of loans tied to three-month Libor has been dwindling.

• Political worries about Italy and Spain sent the Stoxx Europe 600 down 1.6% in morning trading on Tuesday.

• The euro fell 0.6% to $1.1551 from its lowest settlement against the dollar since November. The yen was last up 0.7% against the dollar, which tends to put pressure on multinationals translating revenues from abroad.

• Oil prices were mixed Tuesday morning, even as the crude complex remained largely under pressure days after plummeting from nearly four-year highs.

HP Inc. will report fiscal second-quarter results after the market closes on Tuesday. The WSJ's Jay Greene has three things to watch. 

Salesforce.com Inc. is also slated to release earnings today. 

The European Union’s top trade official will meet U.S. counterparts in Paris on Wednesday in a last-ditch effort to secure waivers from steel and aluminum tariffs and to engage Washington on efforts to tackle China’s market-distorting policies.

Also on Wednesday, Brazil releases first-quarter gross domestic product and budget figures. The U.S. Commerce Department publishes its second estimate of first-quarter economic growth. On Thursday (Wednesday night in the U.S.), China releases the official manufacturing purchasing managers index. Later that day, the European Central Bank publishes inflation figures for May. The week is capped by the May jobs report in the U.S. on Friday.

Shari Redstone jockeyed for years to succeed her father atop a media empire that includes CBS Corp. and Viacom Inc. Having reached that summit, the newly minted media mogul believes merging those companies is the best way to preserve her family’s legacy and wealth.

Smartphone maker Xiaomi Corp. shot to success selling stylish but low-cost models in emerging markets. But can that formula work in the affluent markets of Europe, where Samsung Electronics Co. and Apple Inc. hold sway?

U.S. software company Verint Systems Inc. is in talks to buy  NSO Group, an Israeli maker of cybersurveillance products, for about $1 billion, according to a person familiar with the situation.

Swiss Re AG and SoftBank Group Corp. ended talks about a minority investment by SoftBank in Swiss Re, reports the Financial Times.

All 12,000 staff employed by sandwich and coffee chain Pret A Manger will receive a £1,000 ($1,325) bonus once the sale of the firm is completed. Private equity firm Bridgepoint Advisers Ltd. is selling the company to Luxembourg-based JAB Holdings Co., reports the BBC.

Founders of highflying startups are increasingly wresting control of their companies from venture-capital backers and extracting huge pay packages tied to going public.

Two Canadian banks -- Bank of Montreal and Simplii Financial, a unit of Canadian Imperial Bank of Commerce -- on Monday reported their customer accounts may have been breached.

A Chinese conglomerate that backed out of $5.2 billion deal for a Hong Kong skyscraper has defaulted on a set of U.S. dollar bonds. It's the third time this year an Asian company has failed to repay its dollar-denominated debt.

• The U.S. decided to defer launching a major new sanctions push against North Korea, part of a flurry of weekend moves by both sides aimed at reviving a summit between President Donald Trump and North Korean leader Kim Jong Un.

• Faced with tepid loan growth and heated competition for clients, banks are sweetening their deals on loans to businesses, a development that is concerning regulators.

• In the battle between Johnson & Johnson and plaintiffs’ lawyers over alleged dangers of its signature baby powder, juries cut both ways last week.

• It will be months before new U.S. sanctions against Iran take hold, but global shipping operators are already pulling back from the big oil-exporting nation. The world’s two biggest shipping lines, Denmark’s Maersk Line and Swiss-based Mediterranean Shipping Co., said they were winding down general cargo shipments.

• British manufacturers on Tuesday said the government should abandon one of its two post-Brexit customs proposals, criticizing the idea of a technology-based solution as unrealistic and a waste of money, reports Reuters.

• An erosion of public trust in institutions could threaten the independence of central banks and requires greater transparency and accountability from policy makers following the 2008 financial crisis, Federal Reserve Chairman Jerome Powell said Friday.

• Federal Reserve Bank of St. Louis President James Bullard on Tuesday repeated his long-running belief that more central-bank rate rises would be a mistake, reports Reuters.

• U.S. households became less confident about the economy in May, continuing to ease from a 14-year high seen earlier this year.

• Turkey’s central bank said Monday that it has decided to complete the simplification of its monetary policy by setting the one-week repo rate as the policy rate, which will be equal to the current funding rate of 16.5%, in a move to support the lira.

• Bank Indonesia has set the stage for another rate increase when it meets on Wednesday, the second in less than two weeks in order to stabilize the rupiah, which is struggling to recover from 31-month lows.

Ms. Price will also receive a target equity grant valued at $1.415 million in a combination of 60% performance-based restricted stock units which will vest at the end of a three-year performance period and 40% stock options.

Ambienta Sgr SpA, a Milan, Italy private equity fund, appointed Daniele Gatti as CFO. Mr. Gatti joined Ambienta in 2012. Prior to that, he worked for Ernst & Young LLP's corporate finance and transaction services unit. Compensation details were not immediately available.

Write to Nina Trentmann at nina.trentmann@wsj.com.

Follow the WSJ CFO Journal Team on Twitter: @CFOJournal, @MissShumsky, @nina_trentmann, @zekeminaya.

The editor, Kimberly Johnson, can be reached at kimberly.johnson@wsj.com, or on Twitter @KimberlyReports.

Tatyana Shumsky contributed to today's Ledger.