Bloomberg - Evening Briefing - Darkest hours

Credit Suisse shares briefly turned positive in a wild day of trading that saw them drop as much as 12%. With yet another restructuring looming, several analysts countered market fears by bolstering bank claims that it has sufficient capital and liquidity to weather seas of uncertainty and volatility. The gyrations came on a day in which the cost to insure the bank’s debt against default jumped to its highest-ever level. But Paul J. Davies writes in Bloomberg Opinion that, while Credit Suisse is indeed in a tight spot, it isn’t as some would contend “on the brink.” The Swiss bank, Davies says, is experiencing its darkest hours at precisely the worst time, when everyone is nervous about what comes next. —Natasha Solo-Lyons

Home prices in the US are now posting the biggest monthly declines since 2009. Median home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July.

California suburbs Photographer: David Paul Morris/Bloomberg

Stocks kicked off the week with big gains after suffering their worst September in two decades. Weak US manufacturing data soothed concern the Federal Reserve will get more aggressive in tightening monetary policy. Here’s your markets wrap. 

The European market for Russia’s seaborne crude is drying up as sanctions draw closer, and the Kremlin’s Asian customers aren’t picking up the slack this time. In Ukraine, Kyiv’s forces are reportedly continuing to push back Vladimir Putin’s army in the northeast and the south, despite his claims of annexation and threats of nuclear warfare.

After a series of rulings in his favor by Aileen Cannon, a federal judge he appointed late in his term, Donald Trump now wants to slow down the government’s appeal in the case over the appointment of a special master to review documents seized from his home—including highly classified files. Meanwhile, while there are no specific threats to voting systems for the coming midterm elections, the FBI warns that messages sowing distrust in elections are being amplified online, with Russia the most aggressive among foreign foes.

Liz Truss is standing by Chancellor of the Exchequer Kwasi Kwarteng after the threat of a rebellion among fellow Tories forced a humiliating reversal on her plan to cut taxes for the rich—a plan that shook global markets.

Liz Truss. Photographer: Hollie Adams/Bloomberg

BlackRock tapped Martin Small, head of the firm’s US wealth advisory business, to become the asset manager’s chief financial officer, succeeding Gary Shedlin.

The US Supreme Court turned away a renewed challenge by 10 states to the Biden administration’s Covid-19 vaccine requirement for workers in facilities that receive federal health-care funds.

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• Bloomberg Opinion: Brazil’s Jair Bolsonaro is down but not out.
• Wealthy use loophole to reap tax breaks—and delay giving away money.
• MyPillow’s Mike Lindell rejected by Supreme Court on defamation suit.
• Rich kids’ boot camps return as private banks woo next-gen wealth.
• Bloomberg Opinion: Home ownership too hard for millennials, Gen Z.
• Sony betting big on next VR headset with increased production plan.
• Kim Kardashian to pay $1.3 million to SEC for crypto touting

A mansion built on Dubai’s Palm Jumeirah island has become the most expensive home to be sold in the Persian Gulf emirate, the latest real-estate record as the city’s luxury property sales surge. The villa, called Casa Del Sole, fetched 302.5 million dirhams ($82.4 million) when it was sold in July, according to its developer Alpago Properties. 

Dubai Photographer: Christopher Pike/Bloomberg

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