Biden’s China gambit

US President Joe Biden’s new restrictions on technology exports to China could undercut that country’s ability to develop wide swaths of its economy, from semiconductors and supercomputers to surveillance systems and advanced weapons. The Commerce Department over the weekend unveiled sweeping regulations that limit the sale of semiconductors and chip-making equipment to Chinese customers, striking at the foundation of Beijing’s efforts to build its own chip industry. The Biden administration also added 31 organizations to its “unverified” list, including Yangtze Memory Technologies and a subsidiary of leading chip equipment maker Naura Technology Group, severely limiting their ability to buy tech from abroad. The moves are Biden’s most aggressive yet as he seeks to stop China from developing capabilities the White House sees as threatening the US economy and national security.—Natasha Solo-Lyons

The biggest players in the $23.7 trillion US Treasuries market are in retreat. From Japanese pensions and life insurers to foreign governments and US commercial banks, where once they were lining up to get their hands on US government debt, most have now stepped away.

Millions of Americans are racing to file their 2021 federal taxes before time runs out. After two years of leniency due to pandemic-related chaos, the Internal Revenue Service is back to imposing fines on those who miss the deadline. Plus, the interest rate for underpayments increased to 6% on Oct. 1, up from 5%, so it’s now going to cost you even more if you haven’t paid everything you owe.

US stocks fell for a fourth day and a gauge of dollar strength rose to the highest level this month. Investors seem to expect this earnings season to pummel stocks further, with some watching Apple in particular as a bellwether for global economic conditions. Here’s your markets wrap.

Vladimir Putin’s blitz of missiles against dozens of civilian targets in Ukraine, including critical energy infrastructure, marks a major escalation as he tries to overcome a string of humiliating reverses. Russian troops may be returning to Belarus in large numbers months after most departed following Moscow’s failed campaign to capture Kyiv.

Putin’s missile strikes, a response to a successful attack on a bridge linking Russia to Ukraine’s Crimean peninsula, shows how much it hurt, Clara Ferreira Marques writes in Bloomberg Opinion. “The severe damage done to a symbolic and logistically important link with Russia exposes a leader under pressure from all sides.”

Cathie Wood flagged the risk of “serious losses” in the $1 trillion auto debt market after statistics showed US used vehicle prices decreased in September.

Colonoscopy screening exams that are recommended for older US adults failed to reduce the risk of death from colon cancer in a 10-year study that questions the benefits of the common procedure.

Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates.

London’s most expensive home is up for sale again. The Knightsbridge mansion overlooking Hyde Park is being offered for sale through Beauchamp Estates. The ultimate owner of the property is the family of Hui Ka Yan, chairman of embattled real estate giant China Evergrande Group. The planned sale comes less than three years after the property was last sold. A British Virgin Islands-based company called Vision Perfect Global Limited bought the 45-bedroom property in April 2020 for £210 million ($232 million).

Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive it in your mailbox daily along with our Weekend Reading edition on Saturdays.

For more stories about the future of work, check out Work Shift, Bloomberg’s new home for workplace and management coverage. And sign up for the Work Shift newsletter for reporting, data and insights delivered to your inbox every Tuesday.