Bloomberg - Evening Briefing - The end of an era

Queen Elizabeth II, whose reign took Britain from the age of steam to the era of the smartphone, and who oversaw the largely peaceful breakup of an empire that once spanned the globe, has died. Her death at the age of 96 marks the start of a tumultuous 10 days for the UK that will see a queen buried, a nation mourn its longest-reigning monarch and a new king proclaimed. Her death and the accompanying historic transition come as Britain faces an energy crisis and grim economic seas. —David E. Rovella

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

Russia’s move to shut down Nord Stream left just one major pipeline bringing natural gas straight to Europe. And that route is looking increasingly vulnerable. But two floating liquefied natural gas terminals are setting up in a Dutch port, the first in a wave of the specialist tankers that Europe is banking on to loosen Vladimir Putin’s grip.

The Pentagon has sent Ukraine its most accurate artillery shell, the GPS-guided Excalibur, according to budget documents that confirm the previously unannounced addition to the arsenal assembled to combat the Russian invasion.

An M982A1 Excalibur round being loaded into a howitzer during US Army training in 2020. Photographer: Staff Sgt. Ashley Morris/US Army

Prime Minister Narendra Modi’s push to boost domestic manufacturing of defense systems is leaving India vulnerable to persistent threats from China and Pakistan.

For early backers, Tencent Holdings, Alibaba Group Holding and BYD have been some of the most profitable Chinese stock investments of all time. But now big-name investors who’ve made billions of dollars from these shares are taking money off the table, underscoring growing angst over the prospects for China’s biggest companies.

The Bank of Canada laid out key markers it will be watching as it considers how high borrowing costs will need to rise, flagging inflation expectations and underlying momentum of price pressures.

The European Central Bank hiked interest rates by a historic amount and President Christine Lagarde hinted it could do the same again as part of “several” future moves to escalate officials’ attack against inflation. 

Singapore bank customers are enduring hours-long waits as they race to lock in the highest interest rates on fixed deposits since the end of the Asian financial crisis almost 24 years ago.

• Bloomberg Opinion: A red-hot US job market supports a soft landing.
• Bloomberg Opinion: The revolutionary monarchy of Elizabeth II.
• Climate tipping points may be triggered even if warming peaks at 1.5C.
• CityLab: Why housing costs have exploded during the pandemic.
• Princeton will cover all college costs for families making up to $100,000.
• DOJ to appeal ruling for a special master on Trump records.
• Musk says SpaceX discussed iPhone satellite service with Apple.

Things certainly look rough for movie theaters these days, with ticket sales still well off their pre-pandemic highs and one of the largest chains filing for bankruptcy. But Ari Emanuel, co-founder of one of the world’s largest talent agencies, strongly disagrees with folks who think cinemas will disappear.

Ari Emanuel Photographer: Amy Sussman/Getty Images

Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive it in your mailbox daily along with our Weekend Reading edition on Saturdays.

Want to retire early? Use Bloomberg's WealthScore to help plot your financial future.