Bloomberg - Evening Briefing - The wider threat

The U.S. Supreme Court confirmed as authentic a draft opinion supported by five Republican-appointed justices that would overturn the landmark abortion rights case Roe v Wade, sending shockwaves across the country. Published by Politico on Monday, the opinion—if it becomes final—would be transformational for an already-riven America—legally, politically and socially. Legal experts warned such a ruling could be a wider threat to other rights and spell the end of gay marriage and access to contraceptives. U.S. President Joe Biden pushed Congress to pass laws legalizing abortion—something Senate Republicans would almost certainly block. Millions of American women live in the two dozen states where abortion would likely be outlawed. Fallout from a ruling overturning Roe may implicate other critical issues currently affecting American women: the U.S. ranks as one of the worst in the developed world for maternal mortality; the nation has no federal paid parental leave; and regular, affordable or subsidized childcare (as the Covid-19 pandemic exposed) remains a key reason why women are being forced out of the workforce. —Margaret Sutherlin

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Some Ukrainian survivors of the brutal Russian siege of the Azovstal steel plant in Mariupol reached safety Tuesday. While the European Union has come together to oppose Vladimir Putin’s war, Italy’s Mario Draghi called for a swift rethink of EU mechanisms and an end to member state vetoes over foreign policy to better confront Russian aggression. Draghi’s comments take aim at Russia-friendly Hungary, which has indicated a willingness to veto an EU oil ban. Meanwhile, the Kremlin has one day to get payments on two foreign bonds to investors and dodge a default in a closely watched struggle with sanctions.  

A boy from Mariupol, Ukraine, looks through the smashed windscreen of his family’s car after arriving at an evacuation point. Photographer: Chris McGrath/Getty Images Europe

After chaos over a Covid-19 outbreak in Shanghai, China is deploying an increasingly hard-edged playbook in Beijing, from repeat testing to barring access to public places and placing residents in different risk categories. Meanwhile, Pfizer executives said patients who suffer a relapse in symptoms after taking a full course of its antiviral Paxlovid should take more of the treatment, though current U.S. guidelines limit use to five consecutive days.

The White House’s plans for student loan relief may come with a big caveat: an income cap.  On Monday, officials said Biden may limit forgiveness to those making less than $125,000. 

Microfinance was once hailed as the answer to global poverty, giving small low-interest loans to those on the lowest rungs of the ladder to start businesses. Instead, the great economic experiment became more about prioritizing profits than helping the poor. Some of the most indebted borrowers have been forced to sell their homes and property, sent to debtors prison, and in some cases, attempted suicide. Read our investigation and watch the Bloomberg documentary “The Dark Side of Microfinance.” 

Nan, 47, took a loan out from a microfinance lender and was forced to sell her home. It’s a common story across the developing world. Photographer: Cindy Liu/Bloomberg

Apple is doubling down on its self-driving electric car ambitions with a new hire. The company recruited longtime Ford executive Desi Ujkashevic, who helped lead safety efforts and vehicle engineering for three decades. The Apple car is seen as a “next big thing” for the iPhone maker—a new product category that can keep its sales growth from stalling. But the project has suffered numerous strategy shifts and personnel changes since it kicked off around seven years ago.

The U.S. will probably fall into recession, predicts Randal Quarles, the Fed’s former vice chair for supervision. Quarles made the comments just one day before Fed officials are expected to hike rates to slow inflation. Stocks had a volatile trading day: Here’s your markets wrap. 

Just in case you needed the data to prove it: surging home prices mean surging mortgage payments. The monthly mortgage bill on a typical existing single-family home jumped to $1,383 in the first quarter, while the median price of an existing single-family house rose 15.7% from a year earlier to $368,200. This raises a question: Will the Fed be able to cool the hot housing market by raising rates? Sure, but it won’t be fast enough.

• Blooomberg Opinion: Rising dollar will make global growth very hard. 
• Biogen’s CEO is out after the disastrous rollout of its Alzheimer’s drug.  
• Survivors of the Tulsa race riot in 1921 are closer to reparations. 
• A Roe reversal may not save Democrats in the midterm elections. 
• This is how the U.S. might investigate the Roe decision leak.
• The world’s biggest asset manager wants $4 billion for a new fund. 
• You’re using the wrong black pepper on your pasta.

The heated U.S. housing market is soaring to new extremes in California, where buying a home requires sharp elbows—and a lot of money. Take a two-floor, 2,500-square-foot house listed in Berkeley last month for $1.795 million. The property received 28 offers. Guess which bid won? 

The interior of a Berkeley home that sold to a cash buyer for more than $4 million last month. Open Homes Photography

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