Bloomberg - Evening Briefing - Elon gets even richer

U.S. employment grew in September, albeit at the slowest rate so far this year and far below estimates, possibly complicating any move by the Fed to scale back financial support for the economy. Consecutive months of sluggish hiring accompanied the brutal Covid-19 infection wave fueled by the unvaccinated. Ironically, vaccine mandates, specifically in health care and education, might be contributing to labor market churn. Still, school reopenings and the end of expanded federal unemployment benefits may lead to a pickup in hiring over the coming months as companies also boost pay. President Joe Biden touted the drop in overall unemployment to 4.8%. Here’s your markets wrap. —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Elon Musk is pulling away from the rest of the world when it comes to personal wealth—even from Jeff Bezos. Musk’s net worth rocketed to $223 billion according to the Bloomberg Billionaires Index, after an agreement with investors valued his SpaceX in excess of $100 billion. 

Speaking of economic inequality, America’s middle class now holds a smaller share of U.S. wealth than its top 1%. The middle 60% of all U.S. households by income saw combined assets drop to 26.6% of national wealth, the lowest in Federal Reserve data going back three decades. The super rich now have 27% of it all.

Lawyers and investment bankers are scrambling to hatch contingency plans for offshore holders of $2.5 billion in China Evergrande Group’s bonds. They fear the struggling real estate giant may sell off assets that would back up their claims should it finally collapse.

The U.S. government is probing whether Bill Hwang’s Archegos Capital Management engaged in market manipulation. The firm’s trading activity, including whether it concealed the size of its bets, is the focus as authorities review whether Archegos bought multiple stakes in the same companies across several banks to avoid triggering disclosure rules. As you might remember, Archegos amassed a concentrated portfolio of stocks well in excess of $100 billion by using borrowed money. It imploded in March as some of the stocks tumbled, triggering a margin call meltdown that swept across Wall Street. 

Bill Hwang Photographer: Emile Wamsteker/Bloomberg

The Biden administration will give a House panel investigating the Jan. 6 insurrection access to some requested documents despite some unorthodox executive privilege claims by lawyers for former President Donald Trump. The Republican has been accused of inciting his followers, including white supremacists and so-called militia groups, who then attacked Congress seeking to block the transfer of power to Biden. Five people died and hundreds have been charged in the assault on and ransacking of the U.S. Capitol.

Iceland joined other Nordic nations in halting Covid-19 inoculations with Moderna’s Spikevax shot on concern over possible side effects. Deaths in Russia linked to the coronavirus in August grew to almost 50,000, adding to a surge in fatalities that’s brought that nation’s reported total to almost 420,000. In the U.S., where at least 700,000 have been killed by the virus, just under 100,000 people are being infected every day, the first time since August the figure fell below six figures. In Wyoming, hospitals have requested state guidance on potentially rationing care. Here’s the latest on the pandemic.

Chinese President Xi Jinping is expected to make a new overture to Taiwan, days after sending a record number of warplanes near the island as part of a pressure campaign against its democratically elected government. Xi’s appeal is anticipated Saturday as part of a speech marking the 1911 uprising that toppled the last Qing emperor and led to the founding of the Republic of China.

• Investors could see four new Bitcoin futures ETFs by November.
• But Biden is weighing a wide-ranging regulation of cryptocurrency.
• SEC chief is warning Wall Street that a crackdown is coming.
• Allstate to sell its Chicago headquarters, embracing work from home.
• Advanced U.S. submarine hits submerged object in South China Sea.
• Why it’s hard to ID a ship that may have caused the California oil spill.
• Parents found guilty in college admissions conspiracy trial.

By all accounts, the Emmy award-winning British soccer show Ted Lasso has been an overwhelming hit. Among the show’s breakout stars are the biscuits, better known in the U.S. as cookies. For those who haven’t seen it yet, the biscuits are made by Jason Sudeikis’s title character and used to charm the team’s antagonistic owner Rebecca Welton, played by Hannah Waddingham. We have figured out how to make them.

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