Bloomberg - Evening Briefing - China’s Covid crisis

Bloomberg Evening Briefing

China said it would bolster vaccinations of senior citizens, a move regarded by health experts as crucial to reopening an economy that’s been stuck in a loop of “Covid zero” curbs. But it stopped short of announcing mandates that helped raise inoculation rates in other countries. The push comes days after protests erupted in cities from Beijing to Shanghai and even Kashgar as frustrated citizens took to the streets, urging an end to the curbs put in place by Xi Jinping. Rising infection rates and popular anger have combined to trigger a fresh crisis for a Communist government already facing disrupted businesses and slowing growth. Some Chinese officials however are striking a conciliatory tone in the face of the unrest, saying local authorities must respond to and resolve “reasonable” Covid requests from the public in a timely manner. 

Here are today’s top stories

Risk appetite has suddenly soured on one of the biggest corporate credit exchange-traded funds. More than $3 billion exited the $36 billion iShares iBoxx $ Investment Grade Corporate Bond ETF on Monday, Bloomberg data show. That’s the biggest one-day outflow since the fund’s inception in 2002.

Ukraine should be free to strike military sites inside Russia as Vladimir Putin continues a campaign to destroy his neighbor’s critical infrastructure, and with it the ability of civilians to survive the winter, Latvia’s foreign minister said. His statement, in which he said allies should not fear escalation, comes as NATO continues to take great pains not to send Kyiv weapons that could provoke a direct confrontation with Moscow. The Biden administration meanwhile is weighing whether to label Russia’s Wagner Group, a mercenary outfit run by Putin aide Yevgeny Prigozhin, a foreign terrorist organization—part of US efforts to handicap the group’s attacks inside Ukraine and its growing presence in Africa.

Yevgeny Prigozhin Photographer: Mikhail Svetlov/Getty Images

Stewart Rhodes, leader of the far-right “Oath Keepers” militia group, was convicted of the rare charge of seditious conspiracy on Monday for his role in the deadly Jan. 6, 2021 attack on the US Capitol. Rhodes and his followers allegedly sought to stop the peaceful transfer of power and keep Donald Trump in power.

Banks in the US and Europe with around $42 billion of buyout debt stuck on their balance sheets are making the most of their last chance to get rid of it this year. Stabilization in the leveraged loan and high yield bond markets has led to an opening for big deals.

Royal Bank of Canada agreed to buy HSBC’s Canadian unit for C$13.5 billion ($10 billion) in cash, expanding its roster of business clients and bulking up its retail presence on the West Coast as HSBC pivots to Asia.

The fallout from the collapse of Sam Bankman-Fried’s FTX crypto empire has spread to a new corner of the digital-asset market. Traders’ focus has turned to the price disparity between Bitcoin and a derivative called wrapped Bitcoin, which can be used on the rival Ethereum blockchain. Wrapped Bitcoin is backed 1-to-1 by the token, which is held in custody by the digital-trust firm BitGo. But while it normally trades on par with Bitcoin, a “persistent” discount emerged in mid-November.

New York City taxpayers may have to pay up to $300 million to settle a lawsuit accusing the city’s embattled Department of Correction of holding thousands of people in jail hours, in some cases days, after they paid bail

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

 What you’ll need to know tomorrow

What Electric Cars Should Be in 2023

The redesigned Toyota Prius hybrid has won critical applause for its improved body—it looks less like a medical appliance from and more like a teardrop. But still, this is arguably not be the electric vehicle consumers truly deserve. The next stage of EV development needs to focus on making cars that drivers want to drive, rather than simply because it’s “the right thing to do.” 

A new Prius plug-in hybrid prototype from Toyota  Photographer: Akio Kon/Bloomberg

Older messages

The answer to the jobs riddle

Monday, November 28, 2022

Bloomberg Evening Briefing View in browser Bloomberg The global economy looks shaky and some of the world's biggest names are firing thousands of employees. For those workers, there's little

Oil’s weird decline

Saturday, November 26, 2022

Bloomberg Weekend Reading View in browser Bloomberg For investors keen to see the US Federal Reserve slow the size of its interest rate hikes, this week offered some hope. The bad news is that Fed

The real ‘Fed pivot’

Friday, November 25, 2022

Bloomberg Evening Briefing View in browser Bloomberg Beneath the surface of a Wall Street still crowded with bears, some money managers are reacting to the latest signs that a “Fed pivot” has finally

Fifty-fifty chance

Wednesday, November 23, 2022

Bloomberg Evening Briefing View in browser Bloomberg As some have since telegraphed in public, US Federal Reserve officials concluded in private earlier this month that they should soon moderate the

Holiday gut punch

Tuesday, November 22, 2022

Bloomberg Evening Briefing View in browser Bloomberg A gut punch to the US economy looms just in time for the holidays. American railway union members rejected a labor deal brokered by President Joe

🚗 BYD’s going FTW

Monday, January 30, 2023

BYD had a show-stopping year | Ryanair took off last quarter | TOGETHER WITH Hi Reader, here's what you need to know for January 31st in 3:08 minutes. 🌋 The dust from last year's crypto

The pros get played

Monday, January 30, 2023

Bloomberg Evening Briefing View in browser Bloomberg Big money has spent a fortune snapping up homes in recent years. Now regular folks are outsmarting the pros. First-time buyers and small investors

Your workplace isn’t a family

Monday, January 30, 2023

Plus: A big threat to the economy, and how a NFL star spends his money. View in browser Subscribe January 30, 2023 Hello, Insiders. As a new year has begun, a lot of people are rethinking their lives,

Wall Street: High, literally, finance

Monday, January 30, 2023

The latest in finance. View in browser INSIDER INSIDER Subscribe 10 THINGS ON WALL STREET Welcome back! Dan DeFrancesco in NYC. Lots of good responses to my callout for guesses on what Sam Bankman-

🚀 Emerging markets might take off

Sunday, January 29, 2023

Chevron couldn't impress investors | H&M's profit took a plunge | Finimize Hi Reader, here's what you need to know for January 30th in 3:15 minutes. 😳 The last few years proved that

🚀 Is TikTok losing the hype?

Sunday, January 29, 2023

Plus, the maker of Pokemon GO releases an NBA game! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Homebuyers are screwed — Money man — Tech’s wake-up call

Sunday, January 29, 2023

A selection of our best stories from the past week, as chosen by a top editor. Subscribe to Insider View in browser INSIDER WEEKLY Hi, I'm Matt Turner, the editor in chief of business at Insider.

Inside a 57-hour train journey

Saturday, January 28, 2023

Plus: Silicon Valley's hot hobby, and Florida alternatives. View in browser Subscribe January 28, 2023 Hello, Insiders. Welcome to another Saturday edition — filled with fascinating reads for your

Where it stops, nobody knows

Saturday, January 28, 2023

Bloomberg Weekend Reading View in browser Bloomberg The US economy is cooling just like the Federal Reserve wants, but growth hasn't stalled—also as the Fed wants. While US gross domestic product

Cooling inflation

Friday, January 27, 2023

Bloomberg Evening Briefing View in browser Bloomberg The US Federal Reserve's preferred inflation measures eased in December to the slowest annual pace in over a year while consumer spending fell,