Bloomberg - Evening Briefing - Three-month slide

Stocks have been doing pretty good so far this week—it’s the rest of October and the two months prior that have Wall Street moaning. Markets have notched their longest monthly slide since the onset of the pandemic in 2020. At the same time, the US dollar’s winning streak looks to be near an end. Strategists at Barclays, Morgan Stanley and National Australia Bank are cautioning that bets on the greenback are getting increasingly stretched, with the weakest appetite for new dollar positions in two months. And then there’s the bond market: Here are some really ugly charts to ruin your Halloween. —David E. Rovella

He may be the richest man in the world, but oh boy is Elon Musk having a bad time when it comes to his two marquee businesses. The first—the one that made the South African a household name—is Tesla, whose shares have plummeted. How far, do you ask? Well they’ve wiped out nearly one-fifth of their value in less than two weeks. The second—the company that arguably made Musk a divisive political figure—is Twitter (or X). A year after buying the troubled social media platform and firing thousands of its employees, his investment is worth less than half of what he paid. 

Elon Musk Photographer: Chesnot/Getty Images Europe

Dominion Energy secured permission Tuesday from the US Interior Department to build a 2.6-gigawatt offshore wind farm near the Virginia coast—making it the country’s largest-ever authorized offshore wind venture. The bad news is that, even as major renewable energy projects proliferate, it’s likely too late to avoid the worst human-induced global warming has coming our way.

Western sanctions against Russia over its 20-month war on Ukraine, and the tens of thousands of Ukrainians its forces have killed, have not been successful in bringing the country’s economy to its knees. What they have done however is changed everything for Russian billionaires who prospered under Vladimir Putin. The sanctions have destroyed the standing of many wealthy Russians abroad who remained silent or avoided direct criticism of Putin. Now many of them are headed home.

Israel has reportedly pushed multiple columns into northern Gaza, attacking what it says are Hamas strongholds and adding to a Palestinian death toll local authorities say exceeds 8,000. The invasion comes amid global calls for a ceasefire, warnings from Washington about civilian killings (the Biden administration has called for a humanitarian “pause”) and fears the conflict will trigger a terrorist attack in the US. Additionally, the risk that other militant groups and even Iran could join in, and thus draw in US forces, is seen as elevated. According to Iran’s state media, Foreign Minister Hossein Amir-Abdollahian met Hamas’s political leader Ismail Haniyeh in Qatar to discuss the war, their second meeting since Hamas launched the Oct. 7 assault that killed 1,400 Israelis. The Iranian diplomat has also visited Hezbollah’s leadership in Lebanon, according to state media.

Israeli armored vehicles on the border with Gaza near Sderot on Oct. 31. Photographer: Ilia Yefimovich/picture alliance/Getty Images

New research suggests more newcomers to Canada have chosen to leave in recent years, a threat to a country that relies on immigration to drive population and economic growth. The rate of immigrants leaving the country has been steadily increasing, suggesting newcomers “may not be seeing the benefits of moving to Canada,” according to a study on immigrant retention by the Institute for Canadian Citizenship and the Conference Board of Canada. Why? Worsening housing affordability, a strained health-care system and underemployment, among other things.

Nigeria’s naira weakened 26% against the dollar on the official market, touching its lowest closing price on record amid an acute local shortage of the greenback in Africa’s most-populous nation. Nigerian authorities have attributed volatility in the naira exchange rate to inadequate dollar supply. Finance Minister Wale Edun has said the government expects to attract $10 billion of inflows in the coming weeks to help ease liquidity.

Meet Europe’s richest millennial. Red Bull heir Mark Mateschitz received a €582 million ($615 million) dividend as his first payment since inheriting the energy-drink empire from his late father. The Austria-based company distributed half of last year’s €1.56 billion profit among its shareholders, and Mateschitz owns 49%, making him eligible for a €383 million handout. He received an additional €199 million following a years-long tradition of making an extra payment to the company’s Austrian owner.

Mark Mateschitz Photographer: Manfred Noger/ATPImages/Getty Images

• Druckenmiller is touting “massive” bullish bets on 2-year notes.
• Canada hedge fund trades halted after losses and manager’s death.
• Zillow plunges after verdict on real estate brokerage commissions.
• Donald Trump scrambles to fight insurrection ballot lawsuits.
• India and Taiwan tourists can enter Thailand sans visa—for six months.
• Sony’s Bungie game unit cut 8% of staff after “Destiny” play wilted.
• At Formula 1 Las Vegas, celebrity chefs will feed you—for $11,000.

Hemlines rise and fall. Trousers get slimmer or fuller. But more than just trends, fashion is a type of social language used as a marker of identity. The history of dress can easily be read as a series of battles around race, class, gender and sexuality. The meaning of certain items changes over time: One group picks up a garment, another moves on. In the end, perhaps the best way to understand how America has always fought its “culture wars” is through our wardrobe.

Photo illustration: 731; photos: Airwair Intl.; Alon Reininger/Contact Press Images; FirstView; Getty Images; Los Angeles Public Library; mptvimages; UPPA/Zuma Press

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