Bloomberg - Evening Briefing - Buy the dip

While some have been beating the “inflation isn’t transitory” drum pretty loud of late, two Wall Street giants just proclaimed that they’re wrong. “Despite near-term uncertainty, we expect the equity market will continue to rally as investors gain confidence that the current pace of inflation is transitory,” Goldman Sachs said. JPMorgan concurred, writing that stagflation fears will soon start to fade. In other words, it’s apparently time to buy the dip. David E. Rovella

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

Here are today’s top stories

Oil prices north of $80 a barrel have revived the fortunes of shale drillers in America’s biggest oil field, where production is expected to return to pre-pandemic highs within weeks. Oil climbed again on Monday, and one oil historian predicted President Joe Biden will likely ask OPEC to pump more oil. Here’s your markets wrap.

Four years after vying with Jack Ma for the title of Asia’s richest man, Evergrande Chairman Hui Ka Yan and his company are just trying to stay above water as the world worries about the fallout. It’s a stunning reversal for a man who emerged from poverty in rural China to build one of the world’s largest property companies. In previous times of trouble, Hui had been able to rely on the help of tycoon friends and government support. This time, with a mind-numbing $305 billion in liabilities, he’s on his own. Says one China watcher: “There’s no interest to bail him out.” 

Hui Ka Yan Photographer: South China Morning Post 

Aluminum jumped to its highest price since 2008 as a deepening power crisis squeezes supplies of the energy-intensive metal that’s used in everything from beer cans to iPhones. Each ton of aluminum takes about 14 megawatt hours of power to produce, enough to run an average U.K. home for more than three years. If the 65 million ton-a-year aluminum industry was a country, it would rank as the fifth-largest power consumer in the world.

Merck and partner Ridgeback Biotherapeutics sought emergency use authorization in the U.S. for molnupiravir, making it potentially the first oral antiviral treatment for the coronavirus. It would be used at first to treat more vulnerable adults who have been infected. In Australia, Sydney started to emerge from a 15-week lockdown, while New Zealand extended restrictions in Auckland. In Asia, four nations look to be emerging from their recent delta variant-fueled infection waves. The world is slowly closing in on 5 million confirmed dead since the pandemic began, with the actual figure believed to be much higher. There are still about 300,000 new infections each day, and though the delta variant seems to be in retreat in many places, enough doses have been administered to fully vaccinate only 43% of the world. Here’s the latest on the pandemic.

There was a little good news in the otherwise grim global supply chain freeze-up. The steady climb to ever-higher rates for container shipping this year is showing signs of easing—at least temporarily.

The billions of dollars flowing into supposedly clean-energy stocks may be actually increasing the risks posed to investors throughout the white-hot sector—risks of both the financial and greenwashing sort.

European finance and tourism capitals dominate a Bloomberg ranking of the 70 global cities most open to travelers, based on vaccination rates, local public health rules and Covid-19 travel restrictions. Madrid, Vienna and Barcelona lead the list.

La Sagrada Familia cathedral in Barcelona, Spain Photographer: Angel Garcia/Bloomberg

What you’ll need to know tomorrow

Netflix Defends Controversial Chappelle Special

Netflix Co-Chief Executive Officer Ted Sarandos defended as “artistic freedom” the company’s decision to air a controversial Dave Chappelle comedy special featuring jokes about transgendered people. The company also suspended three employees who burst into an executive meeting to protest the airing of the program.

Dave Chappelle Photographer: Sean Rayford/Getty Images North America

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