Market mayhem welcomed investors back from the Thanksgiving holiday as a new coronavirus variant was identified in South Africa. A top U.K. adviser warned that it’s the most worrying mutation yet. As concern swirls around the prospect of renewed travel restrictions and lockdowns in Europe, pressure is building to critical levels in America. In some states, the willfully unvaccinated are buckling some healthcare systems, endangering non-Covid patients in need of care. But the vaccinated aren’t out of the woods: Rich nations appear to have been lulled into a false sense of security.

Jamie Dimon dined on crow for Thanksgiving after realizing Beijing might not share his sense of humor about the Chinese Communist Party’s longevity. His expression of regret less than 24 hours after cracking a joke shows the power China wields over even the biggest businesses. But, as Tim Culpan explains in Bloomberg Opinion, it was the JPMorgan CEO’s comment about Taiwan that was more on point.

Bank of America strategists are bearish on markets next year and urged investors to focus on preserving cash. A plunge in tech stocks is setting off a quick exodus among professional speculators and the surge in inflation is giving others pause. Top money mangers told Bloomberg how to adapt.

Known Holdings is building what it calls a mothership for Black, Indigenous and Latinx leaders on Wall Street. “Salomon Sisters” marked its debut by forming a partnership with Lazard. Dads are doing less at home as offices reopen, and President Joe Biden says he wants diversity at the Fed. Here are some potential candidates.

Known Holdings co-founders from left, Ushir Shah, Jim Casselberry, Valerie Red-Horse Mohl and Nathalie Molina Niño.

Putting money to work: Jack Dorsey’s big-money giving has bloated Hollywood charities. The dollar surged this week to its strongest level in more than a year, driven by a climb in Treasury yields following Biden’s decision to renominate Jerome Powell as Fed chair. Bitcoin tumbled 20% from a record high as the new variant of the coronavirus spurred traders to dump risk assets across the globe.

From Miami to Seattle, rents are skyrocketing. But in Asia, there’s a major tax battle brewing as Singapore and Hong Kong vie to remain attractive to the wealthy. And for all the globetrotters out there, here are some essential travel tips, including why you should always pack champagne.

Nosy Be island, Madagascar

Photographer: DEA / E. Caracciolo/De Agostini Editorial

• Another strong U.S. jobs report is expected.
• Western diplomats resume talks with Iran.
• Facebook parent Meta starts trading under new ticker MVRS.
• OPEC+ meets to decide production policy.
• Opening statements begin in the trial of Ghislaine Maxwell. 

NASA Is Doing Something About Planet Killers

NASA launched a mission to crash into an asteroid. But don’t panic: It’s a test to learn how humans can nudge threatening rocks off course to avoid an extinction-level event. The Double Asteroid Redirection Test will cruise for 10 months to a binary asteroid system, targeting a 530-foot rocky body in a bid to change its orbit around the larger asteroid.

A rendering of the DART craft.

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