Bloomberg - Evening Briefing - Bright side of a bad week

Bloomberg Weekend Reading

U.S. recession warnings are mounting in some quarters as the ties that bind the global economy look to be unraveling. Wall Street—having gotten used to easy money and strong balance sheets—lurched lower this week while Target and Walmart earnings reflected higher supply costs and slower consumer spending. The latter however presents a flip side to the grim tidings: Falling demand for goods would alleviate some labor and supply chain pressures, in turn tamping down key ingredients of inflation. And declining stocks could drive some people back to the labor market. Conor Sen asks in Bloomberg Opinion: “Isn’t this exactly what we wanted?”

What you’ll want to read this weekend

The first Russian soldier to face trial for war crimes perpetrated by Vladimir Putin’s forces in Ukraine pleaded guilty to killing an unarmed civilian. As Russia’s botched war drags on, Moscow said almost 1,000 Ukrainian troops surrendered at the besieged steel plant in Mariupol. Europe is working to ban imports of Russian oil and gas while China is seeking to replenish its stockpiles with cheap Russian crude.

Ukrainian servicemen after exiting Mariupol’s devastated steel plant. Photographer: Alexei Alexandrov/AP

China warned that US support of Taiwan is a “dangerous situation,” days after a top US military official said the island democracy should prepare for Chinese aggression. Meanwhile, China’s Covid zero policy continues to pummel its economy, though Beijing has taken steps to prop up the industrial sector. “The question now is, at what point does the financial viability of these policies fall apart,” Anjani Trivedi writes in Bloomberg Opinion.

Dangerous heat has gripped the world from India to Spain to North America, which will soon be at risk of summer blackouts. The Horn of Africa is suffering its driest conditions in decades while rain in Canada poses a further threat to global grain supplies limited by Russia’s war. Four key climate crisis indicators set records in 2021, a United Nations report found, as humans fail to move away from fossil fuels.

New York City is nearing a high Covid-transmission level, but Mayor Eric Adams has refused to heighten precautions such as mask mandates. Now, health officials are investigating a possible cases of monkeypox. New and suspected instances of the rare virus have cropped up in Europe, Canada, the US and the two biggest cities in Australia.

Divorce can be costly, but Harry and Linda Macklowe’s split reaped a tidy profit when a judge ordered their art collection sold. The haul, including works by Andy Warhol and Mark Rothko, was worth almost $1 billion, the most expensive collection ever sold at auction. Separately, a painting by Jean-Michel Basquiat sold for $85 million.

Andy Warhol’s Self Portrait from 1986. Courtesy Sotheby's

What you’ll need to know next week

What you’ll want to read in Businessweek

A $60 Billion Crypto Collapse Is a New Bank Run

Soaring prices for Bitcoin, Dogecoin and other cryptocurrencies lured many into the market to make an overnight fortune. But the collapse this month of Luna and TerraUSD, the “king” of stablecoins, contributed to a staggering $300 billion rout of the crypto market, wiping out some investors’ life savings. The system around the coins is complex, but one thing was clear: “You can’t just create more money out of thin air.”

Billionaire investor Mike Novogratz tweeted his Luna tattoo before the crash. Photo: Mike Novogratz/Twitter

Key phrases

Older messages

Elon tweets, Tesla twists

Friday, May 20, 2022

Bloomberg Evening Briefing View in browser Bloomberg Tesla is limping to the finish line, as the stock's 14% decline this week makes it the second-biggest drag on the S&P 500 Index over the

Forget the ‘Fed put’

Thursday, May 19, 2022

Bloomberg Evening Briefing View in browser Bloomberg China is seeking to replenish its strategic crude stockpiles with cheap Russian oil, a sign Beijing is strengthening its energy ties with Moscow

Retail calamity

Wednesday, May 18, 2022

Bloomberg Evening Briefing View in browser Bloomberg US consumers are shifting their spending from merchandise to services, a worrying trend for retailers that spent the past two years profiting from a

America’s ‘domestic terrorism’

Tuesday, May 17, 2022

Bloomberg Evening Briefing View in browser Bloomberg The Biden administration is poised to fully block Russia's ability to pay US bondholders after a deadline expires next week, a move that could

Putin’s new warning

Monday, May 16, 2022

Bloomberg Evening Briefing View in browser Bloomberg Vladimir Putin has already warned Sweden and Finland against joining NATO, a move both nations are moving toward in response to his invasion of

Six (Important) Passive Income Sources for Online Writers

Thursday, April 28, 2022

Not “FU money.” But they can easily lead to it. View this email in your browser Logo Editor's Picks Six (Important) Passive Income Sources for Online Writers Not “FU money.” But they can easily

Apple's repair-it-yourself iPhone service and toolkits launch in the US

Thursday, April 28, 2022

The Morning After Now available on your smart speaker and wherever you get your podcasts Apple Podcasts | Spotify | Google Play | iHeart Radio It's Thursday, April 28, 2022. Apple's Self

McCarthy Found Trump’s Hotels Competitive Only During Trump’s Presidency

Thursday, April 28, 2022

Zach Everson Staff Writer APRIL 28, 2022 In 2019, Kevin McCarthy defended then-President Donald Trump's continued ownership of his hotels, saying they were just competing on the free market like

How a local influencer can improve your brand visibility

Tuesday, April 5, 2022

The Content Marketer Today, we're showing you the importance of local influencers, teaching the essentials of visual guiding, telling you all about the science behind clickbait titles and more!

Twitter zooms on Musk news, Sequoia names a new top banana, and a peek at the assets of certain VC firms

Tuesday, April 5, 2022

View in browser Such a thrilling game tonight. Congratulations, Jayhawks fans.:) Top News Shares of Twitter soared today on news that Elon Musk has personally bought a 9.2 stake in the social media

Supply Chains Roasting on an Open Fire

Tuesday, October 26, 2021

Peak season surcharges won't be the only thing costing you holiday cheer...Read our holiday sanity guide to get your Q4 in gear. Logo URL for accounting Supply Chains Roasting... On an open fire.

Your Friday Briefing

Thursday, September 23, 2021

The US prepares for vaccine boosters. View in browser| Continue reading the main story Morning Briefing, Asia Edition September 24, 2021 Author Headshot By Melina Delkic Writer, Briefings

FTT Update: NFT Sports are on 🔥, Paypal's "SuperApp"

Wednesday, September 22, 2021

​ ​ Hi friends! Parker here. After writing about the Mainnet conference in Monday's newsletter, FTT community member and VP of BD & Ops at Messari Ben O'Neill reached out and invited me to

CryptoPage Newsletter - Issue 100

Monday, September 20, 2021

Crypto Daily News - September 20, 2021 View on the Web Archives ISSUE 100 September 20th 2021 Crypto News JPMorgan Strategist Estimates Ether's Fair Value at $1500 Amid Competition From '

Crypto rules are coming

Saturday, September 18, 2021

Bloomberg Follow Us Get the newsletter Crypto fans need to prepare for stricter rules from US regulators, because they're coming soon. In China, Beijing's campaign against the funny money is