Bloomberg - Evening Briefing - Lower severity

The results from initial studies of the omicron variant of the coronavirus are starting to roll in almost daily, and early suspicions are gaining more support. The mutation is much better at infecting—70 times faster than delta and the original strain. But the severity of illness is likely to be much lower, according to a study from the University of Hong Kong, echoing earlier observations from doctors in South Africa where the variant was first observed. The supercharged speed of omicron’s spread in the human bronchus was found 24 hours following infection, according to the university. However, the study found it replicated in lung tissue much less efficiently than earlier mutations, which may signal “lower severity of disease.” Here’s the latest on the pandemic. —David E. Rovella

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

Federal Reserve officials intensified their battle against the hottest U.S. inflation in a generation by moving to end their asset-buying program earlier and signaling they favor raising interest rates in 2022 at a faster pace than expected.

Even with that hawkish move by the central bank, investors on Wednesday gobbled up megacap tech stocks. Apple was the hot pick, rising as much as 2.9%. The world’s largest company by market value is roughly 2% short of hitting a $3 trillion valuation. Here are today’s other winners, and your markets wrap.

Traders prepared for the worst—and didn’t get it. That may be the best explanation for how a seemingly hard turn by Fed Chair Jerome Powell translated into the biggest rally since 2020.

Its balance sheet is less than one-third that of China Evergrande Group and it doesn’t even crack the top 10 list of Chinese property companies by sales. But for many investors, Shimao Group Holdings has suddenly become the single biggest worry in the Chinese real estate sector.

Shimao Group's residential development in Kunshan, China  Photographer: Qilai Shen

More companies are reconsidering their return-to-office plans as an omicron wave is predicted to strike America in the coming weeks. On Wednesday, Apple announced that it was pushing back its return date from Feb. 1 to a “date yet to be determined.” 

U.K. inflation surged to its highest level in more than a decade in November, exceeding 5% long before the Bank of England had expected. Increases in the price of clothing, auto fuel and second-hand cars drove consumer prices up 5.1% from a year earlier.

Kevin Ulrich’s two-decade run at the top of Anchorage Capital Group is over. The co-founder of what was once among the world’s biggest distressed-debt hedge funds said he’s closing the flagship vehicle after years of client withdrawals and uncooperative markets.

Kevin Ulrich Photographer: Getty Images North America

• More than 800.000 Americans have died from the coronavirus.
• British Covid-19 cases hit record high as omicron drives new wave.
• That surge of infections has turned London into a ghost town.
• See how the unvaccinated are collapsing U.S. healthcare systems.
• But that’s not stopping them from protesting Covid-19 precautions.
• What a brain scan reveals about the science of persuasion.
• Bloomberg Opinion: In the next war, America’s mainland is a target.

In 2021, Audi and BMW introduced more battery-powered cars and SUVs than ever. Hennessey and  Rolls-Royce announced plans for opulent EV stunners; even 112-year-old Bugatti is going electric. But in the end, this was the best car we drove this year.

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