Nobody wants to be in London anymore. Barclays, Credit Suisse and Morgan Stanley are all in some stage of shrinking their footprint, moves that were planned before the coronavirus hit, back when the big calamity was something called Brexit. Now, with thousands of pandemic-induced job cuts likely to follow what’s forecast to be the worst recession in three centuries, the tenants of those glass and steel towers that dominate the City of London and Canary Wharf may really clear out. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

Businesses associated with President Donald Trump and members of his administration were among the recipients of pandemic bailout loans. So was one with ties to House Speaker Nancy Pelosi’s husband. Meanwhile, it turns out that in those parts of the country across the South and West where coronavirus cases are spiking, and people are beginning to die,Trump’s poll numbers are falling. Meanwhile, Wall Street is starting to look at the implications of a President Joe Biden.

The bad news is that a vaccine for the novel coronavirus, if one is discovered, is six months away at the earliest. The worse news is that any such shot will eventually wear off. Globally, the pace of new infections in Japan, Iran and elsewhere is raising concerns about a fresh wave. India’s epidemic is now the third-biggest in the world, surpassing Russia. In Israel, bars and gyms have been closed, and capacity at restaurants and on buses has been limited. In the U.S., Americans all over the nation spent the July 4 holiday weekend without masks or social distancing, as the infection rate continues to skyrocket.

The three northeastern states that lost more than 50,000 citizens earlier this year are trying to fight off reinfection. People traveling from states that ignored warnings about reopening too soon may be bringing the pathogen back to the blue states that suffered the most.

It would seem logical that nervous employers navigating the pandemic landscape as they reopen offices would implement mass employee testing. Well, many companies think testing workers is more trouble than it’s worth.

While much of Japan continues to debate the pros and cons of remote working, one of the country’s largest employers has made up its mind—and it could be a bad sign for Japan’s commercial real estate sector.

A rally in the shares of Square over the past few months has pushed the market valuation of the digital-payment company into the ranks of some of the biggest U.S. banks.

What’s Joe Weisenthal thinking about? The Bloomberg news director is mulling job losses—the permanent kind. Last Friday’s jobs report was better than expected: Some 4.8 million people went out to work, and the headline unemployment rate dropped to 11.1%. But the number of people losing their jobs on a permanent basis continues to rise, Joe says. In just four months, the number of people who characterize their layoff as permanent has jumped by over 1.6 million. By contrast, after the official start of the recession during the last crisis, it took 11 months to see more than 1.6 million permanent layoffs.

What you’ll need to know tomorrow

• A forgotten trade spat with Canada is costing U.S. homebuilders.
• Tech stocks led a market rally on Monday.
• America’s imploding shale industry gets $2.4 billion in rescue aid.
• Harvard and Princeton say some students can return this year.
• Maybe Major League Baseball won’t be back this year after all.
• Co-owner of bankrupt opioid maker Purdue Pharma dies. 
• The clues are piling up on how to save Covid-19 patients.

What you’ll want to read in Bloomberg Pursuits 

Disney Inks Media Deal With Colin Kaepernick  

Like Bloomberg’s Evening Briefing? Subscribe to Bloomberg All Access and get much, much more. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close.

People are increasingly wary of shopping in public places thanks to the coronavirus pandemic, a reality that has accelerated the shift toward contactless payment. On July 14, join Bloomberg’s The Future of Data-Driven Digital Commerce, and hear CEOs from companies including Checkout.com, Klarna and The Cambridge Satchel Co. explain why the transaction economy is shifting. Register here.

Download the Bloomberg app: It’s available for iOS and Android.

Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.