Bloomberg - Evening Briefing - The verdict on Xi

Bloomberg Evening Briefing

A sense of exasperation swept across Chinese markets as Xi Jinping moved to stack his leadership ranks with loyalists. Stocks capped their worst day in Hong Kong since the 2008 global financial crisis and the yuan weakened to a 14-year low. China’s lurch toward one-man rule has made it more important than ever for investors to align portfolios with the priorities of Xi, but some have decided it’s not worth the trouble. The richest tycoons doing business in China have lost more than $12.7 billion in the market selloff that’s followed his consolidation of power. 

Here are today’s top stories

Ukraine’s allies are increasingly concerned that desperation over battlefield failures may lead Russia to escalate its war, possibly attacking a target like a dam or even using a weapon of mass destruction. Unsubstantiated Russian allegations about dirty bomb threats and Kyiv’s alarm over potential false flags by the Kremlin triggered warnings to Moscow from the office of US Secretary of Defense Lloyd Austin.

Lloyd Austin Photographer: Leigh Vogel/UPI

Nearly three-quarters of European consumers are cutting back spending on everyday items, including food, to make ends meet amid a worsening cost-of-living crisis. A new survey shows that 71% of consumers across six key markets in Europe have already made significant changes to how they shop as they cope with inflation.

Rishi Sunak is set to be UK prime minister after his last remaining Tory rival, Penny Mordaunt, pulled out of the race for 10 Downing Street.  The ruling Conservative Party confirmed Sunak has been elected its leader.

US business activity contracted in October for a fourth-straight month as concerns about inflation and sluggish demand weighed on the outlook. 

Stocks rallied for a second straight session as investors geared up for for some of the world’s biggest companies to report earnings this week. Here’s your markets wrap.

One of Wall Street’s most vocal bears is doubling down on his short-term bullish call on equities—a week after his initial view was met with client skepticism.

Rent gains are finally starting to slow in many parts of the US, cooling a years-long boom that sapped affordability from coast to coast. Landlords have little choice but to ease off big increases: Demand from tenants is suddenly sinking.

A rental unit apartment building in New York. Photographer: Gabby Jones/Bloomberg

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

 What you’ll need to know tomorrow

Instant Espresso That’s Actually Good?

Blue Bottle Coffee is known for meticulously brewed, smooth espresso— and the crowds that line up to buy it. Now the famed Bay Area roasters are getting into the instant coffee business, a category that’s gone from punchline to craft brew as more specialty brewers get in the game. On Nov. 7, Blue Bottle will start selling jars of Blue Bottle Craft Instant Espresso, freeze-dried crystals that can be stirred by the teaspoonful into warm water or milk and served in multiple espresso drinks, from iced to steaming hot.

Photographer: Jennifer West/Bloomberg

Older messages

‘Endless anarchy’

Saturday, October 22, 2022

Bloomberg Weekend Reading View in browser Bloomberg Follow Us Get the newsletter Even in the deeply unstable world of UK politics, this week was one for the record books. In the coming days, Britain

The ‘moron premium’

Friday, October 21, 2022

Bloomberg Evening Briefing View in browser Bloomberg Regardless of whether the third time in as many months is the charm, the next UK government faces a landscape of smoking economic ruin that the City

Canada’s dirty secret

Thursday, October 20, 2022

Bloomberg Evening Briefing View in browser Bloomberg Prime Minister Justin Trudeau pitches Canada as a global climate leader, one that's adopted ever-bolder climate targets and policies under his

Lost leverage

Wednesday, October 19, 2022

Bloomberg Evening Briefing View in browser Bloomberg Long maligned as the debt-addicted corporate raiders of Wall Street, private equity firms are resorting to an unusual maneuver to get deals done as

Screaming capitulation

Tuesday, October 18, 2022

Bloomberg Evening Briefing View in browser Bloomberg Sometimes giving up is a good thing. The sentiment on stocks and global growth among fund managers surveyed by Bank of America “screams” what Wall

You Might Also Like

🇨🇳 The US is out, China is in

Tuesday, March 11, 2025

Citigroup's forecast for US and Chinese stocks, Lego stacked bricks, and Boeing's investigation | Finimize Hi Reader, here's what you need to know for March 12th in 3:10 minutes. Citigroup

The Under-the-Radar Threat to Your Retirement

Tuesday, March 11, 2025

Nearly half of older adults are burdened by bad debt ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

15 Years Since We Bought Our Toxic Asset

Tuesday, March 11, 2025

In a new Planet Money plus episode, former Planet Money hosts David Kestenbaum and Chana Joffe-Walt look back at a pioneering series that sought to explain a major source of the 2008 financial crisis.

👋 Investors ditched the S&P 500

Monday, March 10, 2025

The US president didn't rule out a recession, but TSMC eased some of investors' other worries | Finimize Hi Reader, here's what you need to know for March 11th in 3:07 minutes. TSMC's

💳 Find a new credit card

Monday, March 10, 2025

Let's get those rewards ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Text and Telos

Monday, March 10, 2025

Plus! Diff Jobs; Scaling; Retail Investors; Comparative Advantage; Transaction Costs and Corporate Structure; DeepSeek Governance Text and Telos By Byrne Hobart • 10 Mar 2025 View in browser View in

Longreads + Open Thread

Saturday, March 8, 2025

Personal Essays, Lies, Popes, GPT-4.5, Banks, Buy-and-Hold, Advanced Portfolio Management, Trade, Karp Longreads + Open Thread By Byrne Hobart • 8 Mar 2025 View in browser View in browser Longreads

💸 A $24 billion grocery haul

Friday, March 7, 2025

Walgreens landed in a shopping basket, crypto investors felt pranked by the president, and a burger made of skin | Finimize Hi Reader, here's what you need to know for March 8th in 3:11 minutes.

The financial toll of a divorce can be devastating

Friday, March 7, 2025

Here are some options to get back on track ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Too Big To Fail?

Friday, March 7, 2025

Revisiting Millennium and Multi-Manager Hedge Funds ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏