Bloomberg - Evening Briefing - Omicron spikes

Around every corner there seems to be new research on this latest, still-mysterious variant of the coronavirus. Scientists are banging away trying to figure out its secrets but remain far from agreement. To wit: A new study from South Africa lent more weight to early suspicions that while omicron spreads like wildfire, it doesn’t appear to be as severe as delta. Researchers there reported a lower hospitalization rate as compared to previous waves, though with the usual caveat that other nations may have a different experience (witness the U.K. and U.S., where health systems are buckling again). It’s thought that maybe admission rates are low because such a high percentage of South Africans were previously infected. But another report on Friday said previous infection (or just having two vaccine shots) is barely an obstacle to reinfection via omicron, and more darkly that there’s no indication the new variant is any less dangerous than delta. And while the South Africa study said the vast majority who die from omicron are unvaccinated or partially vaccinated, research has also shown more vaccinated individuals are being admitted to hospitals than in previous surges. In other words, there are still many unknowns. Here’s the latest on the pandemic. —David E. Rovella

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

New York state is experiencing a dramatic spike in Covid-19 cases, driving a fresh wave of school closings, work-from-home orders and business disruptions. The 21,027 new cases reported Friday surpassed the previous record of 19,942 set in January. Of the roughly 263,500 people tested, 7.98% were positive for the virus.

U.S. Federal Reserve Governor Christopher Waller said that given his expectations for inflation and labor market conditions, increasing the federal funds rate will be warranted “shortly after” the central bank concludes its asset purchases early next year. Here’s your markets wrap.

Seeking to negotiate from the barrel of a gun. The Kremlin just made some big demands of Western powers on what they can and cannot do in the old Soviet sphere of influence. NATO however was having none of it. Russia must pull back its military from Ukraine’s border first for any talks to begin, the organization said.

Vladimir Putin has proposed a major reworking of security agreements in Eastern Europe as his military appears to threaten invasion of Ukraine. Above, a welcoming ceremony for the NATO Multinational Battalion Group in Orzysz, Poland, in 2017.  Photographer: Gallo Images/Gallo Images Editorial

Turkey halted trade on the Istanbul bourse after a huge selloff triggered circuit breakers and the lira extended its drop to a record low. The Borsa Istanbul 100 index fell as much as 7% on Friday. 

About one-third of U.S. disposable personal income is held by the top 10% of households. 

The U.S. government has warned for years that products from China’s Huawei Technologies pose a national security risk to any country that uses them. Huawei and its supporters have dismissed the claims as lacking in evidence. Now we’ve discovered some evidence.

Billionaire real estate developer Rick Caruso is fed up with the way Los Angeles officials are handling crime, homelessness and other issues. And that’s got him considering a run for mayor.

Rick Caruso  Photographer: Patrick T. Fallon/Bloomberg

• Bloomberg Opinion: Who’s appeasing Putin now?
• Sinopharm, J&J, Sputnik shots are weaker against omicron.
• Pfizer is studying a three-dose coronavirus shot for kids.
• Bitcoin looks like it’s in trouble again.
• GM bids a brusque farewell to the CEO of Cruise.
• “Keep Driving:” Text messages show Amazon chaos amid tornados.
• Businessweek: How McDonald’s made enemies of Black franchisees.

The year 2021 held great promise—for starters, it meant 2020 had finally ended. But dreams of a return to normalcy were quickly dashed by the deadly attack on the U.S. Capitol by Trump followers, an insurrection that along with a national Republican effort to restrict voting access and politicize election regulators has thrown American democracy into doubt. The year also brought a global supply chain freeze-up, an uneven rollout of Covid-19 vaccines and new waves of infections, deadly wildfires and extreme market volatility. Here’s how we told some of 2021’s most important stories with charts, maps and visuals.

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