Bloomberg - Evening Briefing - Big fat bonuses

Though its effectiveness in preventing infection by the omicron variant of the coronavirus is just 33%, according to new South African studies, the Pfizer-BioNTech vaccine (as well as that of Johnson & Johnson) may largely prevent severe disease from the new mutation. At the same time, leading scientists cautioned that the level of immunity against the coronavirus among South Africa’s population due to earlier infections could be masking the severity of illness caused by omicron. Also, separate studies disclosed by Pfizer on Tuesday said the pharmaceutical giant’s experimental pill was highly effective at keeping Covid-19 patients out of the hospital. Here’s the latest on the pandemic. —David E. Rovella

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

The two Wall Street investment-banking titans dominating this year’s dealmaking frenzy are opening up their wallets to keep bankers happy. Goldman Sachs and JPMorgan are ready to pump up their bonus pools by a huge amount. The big payout is coming.

As the Federal Reserve gets ready to wrap up its final meeting of the year, another report showing U.S. inflation running hot tanked equities. Here’s your markets wrap.

The District of Columbia sued two violent far-right groups for their roles in the deadly attack on Congress Jan. 6. The Proud Boys and Oath Keepers allegedly conspired to terrorize the U.S. Capitol when a mob of followers of Donald Trump tried to stop the transfer of power, according to court papers. Meanwhile, former Trump chief of staff Mark Meadows is increasingly at the center of an investigation as to who knew what and when about the insurrection.

Mark Meadows, left, greets Trump supporters at the White House in October 2020. Photographer: Erin Scott/Bloomberg

Boris Johnson suffered his biggest rebellion since becoming U.K. prime minister, forcing him to rely on opposition votes to implement a key part of his strategy to tackle the new Covid-19 variant.

Goldman likes China. The Asian nation’s battered stocks present a buying opportunity, the bank says, as most of the headwinds facing its economy are now priced in.

Argentina’s central bank is weighing its first interest rate increase in over a year as it seeks to bring borrowing costs closer to inflation. The consideration comes amid talks with the International Monetary Fund over a new financial program.

If the financial-services industry was a country, it would rank as the world’s fifth-largest emitter of greenhouse gases. And it’s that huge carbon footprint that may trigger the next financial crisis.

• Activists tout climate savings to fight debt fears on Biden plan.
• Tesla to accept Dogecoin as payment for some products, Musk says.
• Senator Elizabeth Warren and the Tesla CEO snipe on social media.
• Bloomberg Opinion: Student loan relief is losing momentum.
• But you can get rich sending poor American workers to college.
• Luxury London rental discounts are disappearing fast.
• Andrew Cuomo has to give back his $5 million book payment.

Even during the deepest depths of the pandemic, you wouldn’t see people in South Korea hoarding steaks, toilet paper or pet food. Instead, they developed another new habit: waiting on lines outside department stores, beginning at 5 a.m., to buy items like a $9,500 Chanel purse. Confused? Here’s why.

Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.

Leap ahead of the competition: Get the news and ideas shaping global markets every morning with Bloomberg Surveillance, your go-to source for the latest on economics, finance, investment, politics and international relations. Subscribe now via Apple Podcasts, Spotify or wherever else you listen.