Bloomberg - Evening Briefing - The storm approaches

Financial markets were rattled this week by speculation the global recovery could lose momentum just as central banks get ready to reduce support measures. Stocks did climb on Friday as dip buyers resurfaced amid the a surge in global volatility. All major groups in the S&P 500 advanced, while the NYSE FANG+ Index of giants such as Apple and Facebook halted a five-day slide. Chinese shares listed in the U.S. rallied Friday, but still suffered their longest streak of weekly losses in a decade. Here’s your markets wrap. —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide. 

U.S. stock funds enjoyed their largest inflows in nine weeks, perhaps because strong central bank support means there’s no real alternative to equities right now.

As more Florida residents are infected and die from the delta variant of the coronavirus, with hospitals running out of ICU beds, Republican Governor Ron DeSantis is moving to withhold funding from school systems requiring masks to protect children. The state is averaging 24,000 new confirmed infections and 200 dead every day. In Europe, new cases in Ireland surged, while in Southeast Asia, Indonesia recorded a new record for daily fatalities. Here’s the latest on the pandemic.

President Joe Biden on Friday reiterated his promise to evacuate Afghan asylum seekers and allies who aided the U.S., adding he would mobilize “every resource necessary” to bring Americans still in Afghanistan home. But the Taliban are reportedly stepping up the torture and execution of Afghan civilians.

China’s longstanding claim that it’s waging a war on Islamic extremism, one that’s included internment camps in Xinjiang for Muslim Uyghurs, is becoming a hard sell at home. That’s because of Beijing’s new relationship with Afghanistan’s Taliban, extremists with a long history of human rights violations and protection of global terrorist groups such as Al Qaeda, which has killed thousands.

Copper producers are ready to start expansion projects worth $2 billion in Zambia next year, that is if the industry can reach an agreement on royalties with the government of President-elect Hakainde Hichilema.

Brazilian federal police raided the homes of several outspoken allies of President Jair Bolsonaro for allegedly inciting attacks against the nation’s democracy. 

Ethiopia said it will begin a national dialogue next month as federal troops and militias fight dissidents from the northern Tigray region. The conflict, beginning in November, has displaced hundreds of thousands of people and left millions more facing hunger. Ethnic rivalries have also degenerated into violence in several other areas.   

• Locked-in emissions from oil refineries spell doom for climate goals.
• Malaysia’s new prime minister brings the old guard back to power.
• Governments in 20 countries owe airlines almost $1 billion.
• Remember Theranos? Elizabeth Holmes? Her trial has arrived.
• Sex workers question how OnlyFans will apply ban on explicit content.
• Wondering when you’re going back to office? Probably not soon.
• Controversy sends new “Jeopardy!” host packing before he starts.

The storm approaches. This weekend, Tropical Storm Henri could wreak $1 billion in damage and losses as possibly the first hurricane to hit New England in 30 years. With winds of 80 to 85 miles per hour, Henri is forecast to come ashore along the Rhode Island coast and then drive into southern New England as it weakens, though its path can still change. Widespread rain and gusting winds will likely knock over trees, down power lines and cause flooding throughout the region. 

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