JPMorgan slipped down a notch in the global assessment of the riskiest lenders, one of the few rankings where banks are eager to come in last. There was good news for Goldman Sachs, too, which was also deemed less risky than it was a year ago by the Financial Stability Board. But Elisa Martinuzzi writes in Bloomberg Opinion that any thought that the world’s banking and financial systems have become more resilient would be misplaced. The trillions of dollars injected into markets this year by central banks and governments have fanned an explosion of banking activities that’s yet to be captured by the risk metrics. Things may indeed be worse than they seem. —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

America’s most sustained increase in Covid-19 infections is poised to get even longer. The nationwide rise in cases that began in September is now in its ninth week. That’s a longer run than the March-April wave that unfolded largely in the Northeast, and the June-July upswing that hit the Sun Belt. More than 240,000 are dead, and the increase in hospitalizations that is following the uncontrolled surge is adding up to 1,300 to that total every day. Europe is also suffering a deadly onslaught that shows no signs of abating. Here is the latest on the pandemic.

New York City, at one time the global epicenter of the pandemic, with tractor-trailer trucks filled with the dead spread across the city, is facing a new nightmare. With its infection rate spiking, curfews are being imposed on gyms and restaurants and limits placed on gatherings, a grim echo of the Big Apple’s cataclysmic spring. Financially, the city could also be in for another gut-punch if its richest 1% flee for good.

The potential coronavirus vaccine by Pfizer and BioNTech that caused markets to jump this week faces one very serious problem if it ever makes it to widespread distribution. And Bloomberg Businessweek reports that it’s possible a vaccine will actually worsen the spread of the pathogen at first.

Airline passengers will need to keep taking Covid-19 tests long after a vaccine arrives, says the chief of one of the world’s biggest airports.

Stocks climbed Wednesday as giant tech companies rallied. Investors were shifting back to the safety of Silicon Valley as the pandemic’s resurgence portends an even slower economic recovery.

President Donald Trump continues to fight the outcome of the U.S. presidential election. One reason for that may be the daunting financial and legal threats he faces when forced to leave the White House, Bloomberg Opinion columnist Timothy O’Brien explains on Bloomberg Quicktake. President-elect Joe Biden brushed off Trump’s unsubstantiated claims of voting fraud and, despite obstruction by the Republican Party and the administration, broadened his transition effort. Still, when it comes to going all the way, there is a scenario by which Trump and the Republicans could seek to cancel Biden’s victory and the votes of 77 million Americans who chose him. This is how that might work.

After Minneapolis police killed George Floyd, an unarmed man asphyxiated by police employee Derek Chauvin, outrage turned to looting and destruction that claimed, among other things, a Target store. That store in South Minneapolis is now reopening, in an overhaul described as an effort for the suburban retailer to improve its image with Black customers. 

What you’ll need to know tomorrow

• Beijing moves to tighten its grip on Hong Kong.
• Big oil companies really aren’t doing much about climate change.
• Georgia orders a hand recount of votes with Biden in the lead.
• How a lame duck Trump can upend financial markets before leaving.
• Record hurricane season has demolished the offshore oil industry.
• What you need to know about how small businesses are surviving. 
• Here is the ultimate 2020 guide to filing for personal bankruptcy.

What you’ll want to read in Bloomberg Wealth

Greece Promises Tax Breaks For New Arrivals

Greece wants to use its enviable track record in combating the coronavirus as a way to help entice people to move to the country, and it’s promising that half of their income will be tax-free.

Tourists and local residents sit at a cafe bar in the main square of the town of Areopoli, Greece, on July 31.

Photographer: Konstantinos Tsakalidis/Bloomberg

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