Bloomberg - Evening Briefing - Hottest summer ever

This summer was the warmest on record by a large margin as extreme heat waves impacted North America, Europe and Asia, Europe’s Earth observation agency Copernicus announced. Temperatures in June, July and August were 0.66 degrees Celsius above the average between 1991 and 2020. Last month was the warmest August on record globally and the second-warmest month ever (July was No. 1). For those still doubting the science behind the climate crisis, Samantha Burgess, deputy director of the Copernicus Climate Change Service, says this: “The scientific evidence is overwhelming. We will continue to see more climate records and more intense and frequent extreme weather events impacting society and ecosystems, until we stop emitting greenhouse gases.” —Natasha Solo-Lyons

The US economy has been looking so solid lately that the Federal Reserve will probably need to double its projection for growth in 2023 when the central bank publishes an updated outlook later this month. Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for gross domestic product.

Ukrainian President Volodymyr Zelenskiy said Russia shelled a market in an eastern town on Wednesday, killing at least 16 people in one of the deadliest Kremlin attacks against Ukrainian civilians in the past few months. The shelling injured at least 31 in Kostyantynivka, situated some 50 kilometers (31 miles) north of Russian-occupied Donetsk, according to the country’s Prosecutor General’s office.

Emergency personnel at the site of what Ukraine authorities said was a Russian attack on a market in Kostyantynivka Wednesday. Photographer: Ihor Klymenko

Stocks declined while Treasury yields climbed after a stronger-than-estimated reading on the US services industry bolstered speculation the Fed will keep interest rates at their current level for longer. Here’s your markets wrap. 

Toronto’s unexpected rebound in home prices came to an end last month as back-to-back interest rate hikes by Canada’s central bank helped squeeze buyers out of the market. The benchmark price of a home in Canada’s largest city slipped 0.1% in August from July to C$1.16 million ($850,000). It was the first decline in six months.

Blackstone’s almost $50 billion private credit fund for affluent individuals attracted the most capital in more than a year as the asset class sees a rebound in fundraising. Capital inflows to Blackstone Private Credit Fund, BCRED, rose 30% to $2.4 billion in the third quarter to date from the prior three months, according to an investor letter seen by Bloomberg. Current annualized distribution yield was 10.6% based on net asset value for Class I Common shares, the letter said.

Wilson tennis racket maker Amer Sports is said to have filed confidentially for a US initial public offering that could value the group at as much as $10 billion. The company plans to list by early next year.

Populist Prime Minister Narendra Modi has revamped and dominated India’s political landscape—and now he’s looking to assert his nation’s presence on the world stage. His vision has India as the fulcrum between Washington and Beijing, beholden to neither and free to pursue its own national interests to build its economy and claim a greater global role.

US President Joe Biden, right, and Narendra Modi, India’s prime minister, during a state dinner at the White House on June 22. Modi sees a world where India sits at the center, between the US and China. Photographer: Bloomberg

• US Constitution bars Donald Trump from running again, suit claims.
• WeWork to renegotiate nearly all leases, exit “unfit” sites.
• Ares Management bosses reap $250 million selling shares.
• Bobby Jain hires more key talent ahead of 2024 hedge fund debut.
• Bloomberg Opinion: Colleges will have to put ChatGPT on curriculum.
• Audemars Piguet CEO expects to exit watchmaker with record sales.
• Bloomberg Opinion: Burning Man 2023 is a climate-crisis parable.

Soho House, which began in London in 1995, opened its first New York club in Manhattan’s Meatpacking District 20 years ago. It now has three in the city, and has launched in Los Angeles, Miami, Nashville and Austin, Texas, among others. Now, Chief Executive Officer Andrew Carnie is announcing plans to open a further six in the Americas over the next two years, bringing the total to 20 by 2025. He is also laying out plans for a country-house inspired outpost in Rhinebeck, in upstate New York.

Andrew Carnie Photographer: Jose Sarmento Matos/Bloomberg

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

 Intelligent Automation—Transformation in a Time of Uncertainty: Top business and IT executives will gather in a city near you to explore ways in which intelligent automation can offset economic pressures and help organizations thrive by enhancing operational efficiencies and stakeholder value. We'll feature in-depth conversations about designing and implementing high-value projects, building teams that embrace automation and making the business case to top management about investing in transformation. For London on Sept. 19, Register here; For Toronto on Oct. 19, Register here; And for Seattle on Nov. 8, Register here.