Global confirmed coronavirus fatalities now exceed 1 million, and a dark turn in U.S. hospitalizations may mean more death and illness this winter for the nation hardest hit by the scourge. America’s Covid-19 catastrophe will be chief among the topics President Donald Trump faces Tuesday night when he debates former Vice President Joe Biden. The Democratic candidate has said the administration’s botched response to Covid-19, and Trump’s downplaying of the threat as infections skyrocketed, have played a critical role in America’s massive death toll. Here is the latest on the pandemic.  —David E. Rovella

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Here are today’s top stories

The end-of-month rebound in global equities faded on Tuesday as stocks fell. Oil tumbled on concern slow growth will limit demand. Meanwhile, a long spell of low or negative interest rates, a record level of public debt, a deep recession, income inequality and climate change are all conspiring to make the odds of a financially secure retirement more remote for older people all over the world.

JPMorgan admitted wrongdoing and agreed to pay more than $920 million to resolve U.S. claims of market manipulation involving two of the bank’s trading desks, the largest sanction ever tied to the illegal practice known as spoofing.

Nikola is trying to put allegations of deception behind it with a push to showcase its own innovations and detail how it plans to get its clean-powered trucks to market.

The Nikola Badger

Source: Nikola

Following a New York Times investigation reporting that Trump rarely paid income taxes (and is still fighting for a $73 million refund), Biden released his 2019 tax returns on Tuesday: He paid $299,346 in income taxes in 2019.

Among the biggest questions about Trump’s foreign policy has been why he lavishes praise upon autocrats. The Times investigation shed new light on that: In the first two years of his presidency, Trump’s businesses received income from countries led by officials with an authoritarian bent or shoddy human rights records: $1 million from Turkey, $3 million from the Philippines and $2.3 million from India.

A bruising Senate confirmation fight over Trump’s unprecedented, last-minute Supreme Court choice may seal the fates of several incumbent senators in the November election, though it has yet to drastically alter the odds for which party will control the chamber. If Amy Coney Barrett, a favorite of the religious right, is confirmed as expected by the Republican majority, Democrats contend the Affordable Care Act and abortion rights could very well come to an end. Trump has said Barrett may lend a hand with any high court ruling on the coming election, too: Democrats are calling on Barrett to recuse herself, should she be confirmed, from any such case.

A wildfire that jumped across California’s famed Napa Valley forced the evacuation of an entire wine country resort town and threatened thousands of homes in a region devastated by blazes just three years ago.

What you’ll need to know tomorrow

• New York City Covid positive rate breaks 3% for first time in months.
• The broader metropolitan region faces a 40% bankruptcy surge.
• Pelosi, Mnuchin resume talks over a second coronavirus bailout.
• Mass airline layoffs in swing states could be very bad for Trump.
• Sheikh Sabah, Kuwaiti leader who tried to heal rifts, dies at 91.
• U.S. asks Zimbabwe to help fight Islamic militants in Mozambique.
• Boris Johnson was wrong about U.K. Covid rules, but he’s sorry.

What you’ll want to read in Bloomberg Pursuits

A Bad Year for Champagne Is Finally Redeemed

Most Champagne is nonvintage. Instead, grapes from various years are blended to create a consistent flavor. In the best years, vintners will sometimes release a wine using only grapes from a singular, superior harvest; 2010 wasn’t one of those years. Much of the crop was lost after two months’ worth of rain fell over two days in mid-August. But this summer, Dom Pérignon became the first major house to release a 2010 vintage after discovering something very interesting as the surviving grapes ripened.

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The Year Ahead Revisited: Vikram Pandit Presents The Road to Resilience. How has the global pandemic permanently changed the face of the financial workforce? How are executives handling disruptive innovation to build resilient flows of resources amid global turmoil? Join us on Oct. 1 and be a part of this crucial discussion led by the former Citigroup CEO, now chairman and CEO of The Orogen Group. Register here.

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