Bloomberg - Evening Briefing - Oil keeps falling

The good news for cash-strapped consumers is that crude oil—which peaked at more than $130 a barrel in March—has given up all the gains triggered by Russia’s war on Ukraine, falling below $90 a barrel. But the reasons for this, given tight supply, are complicated. JPMorgan says a US recession looks increasingly less likely in the eyes of the stock market, and only five of 55 forecasters predict a contraction this quarter. But in the UK, the Bank of England unleashed its biggest interest-rate hike in 27 years and warned the country is heading for more than a year of recession. Indeed, for Great Britain, the “Great Resignation” may soon be the “Great Sacking.” —David E. Rovella

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

Home ownership has reached a milestone in the US. Nearly half of mortgaged properties were considered equity-rich in the second quarter— meaning owners had at least 50% in home equity. This marked the ninth straight quarterly rise. Here’s what’s going on.

A week after US Senate Majority Leader Chuck Schumer and Senator Joe Manchin stunned the world by announcing they’d finally struck a deal on a climate, energy and health package, the implications for greenhouse gas emissions are starting to come into view. This is what the bill could do.

The US Justice Department charged four current and former employees of the Louisville police department in relation to the killing of Breonna Taylor, a Black medical technician shot dead by White police who burst into her home in the middle of the night. Louisville police obtained their warrant with false information and then tried to cover it up, the government alleged. One cop fired 10 shots at the house when deadly force wasn’t justified, according to the DOJ. Kentucky prosecutors declined to bring charges against all but one of the police involved, and he was later acquitted. Those charged in the federal civil rights case are Brett Hankinson, Joshua Jaynes, Kelly Hanna Goodlett and Kyle Meany. Meanwhile, New York City Police Department misconduct, including police assaults on protesters demonstrating against police brutality, has reportedly cost city taxpayers at least $68 million so far this year, putting the agency on track for $100 million in wrongdoing payouts by year’s end.

A photo of Breonna Taylor was among photos of women who lost their lives as a result of violence during the 2nd Annual Defend Black Women March in Black Lives Matter Plaza on July 30 in Washington. Photographer: Leigh Vogel/Getty Images North America

Credit Suisse Group executives are discussing firing thousands of  employees all over the world as part of a plan to save $1 billion. Beset by a drumbeat of scandals and losses, the Swiss bank appointed former UBS Group executive Ulrich Koerner to right the ship last week, replacing Thomas Gottstein. 

BlackRock is partnering with Coinbase to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.

US health officials declared monkeypox a public health emergency, a step aimed at raising access to treatments, services and funds to fight the virus, and are eyeing ways of extending available doses as demand for vaccines outstrips supply.

A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing. Half a billion dollars of it has gone missing.

• China sends missiles flying in fit of pique over Pelosi Taiwan visit.
• But in South Korea, the House Speaker wasn’t nearly as welcome.
• US postpones its own missile test while condemning China “escalation.”
• Former Vice President Dick Cheney calls Donald Trump a “coward.”
• Russian officials sentence WNBA’s Griner to nine-year prison sentence.
• Virgin Galactic tumbles after delaying commercial service. Again.
• How a celebrity CEO’s rule of fear helped bring down this hot startup.

Burning fossil fuels can power the world 24 hours a day, sending electricity almost anywhere near-instantaneously. Unfortunately, this very effective source of power is pushing ecosystems, animal species and human civilization closer to catastrophe. Renewable sources such as wind and solar tend not to have these side effects, but they aren’t as dependable. There has to be a way to save some of that power for a rainy day.  

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