Peak supply chain

The global economy came to a sudden, violent stop last year thanks to the arrival of Covid-19 and the shutdowns that followed. As the months wore on, nations, states and businesses tried to get moving again—albeit in fits and starts as new waves of infection and death rose and fell, sometimes triggered by premature reopenings. But what the pandemic’s persistence couldn’t break has recently been buckling under the weight of history’s biggest traffic jam: New indicators developed by Bloomberg Economics underscore just how bad the supply chain freeze-up is, and how in some regions, it’s getting worse. That said, there is some good news today that may signal the crisis could peak soon. —David E. Rovella

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

It’s a white hot-deals market. Apollo Global Management, Blackstone and their rivals handed back $45 billion to investors last quarter. Exits by private equity in the U.S. reached a record $638 billion this year through September, and firms including Carlyle Group and KKR & Co. are rapidly spending current funds as they prepare to return to the market with bigger buyout pools. “It is a perfect storm right now,” said Patrick Davitt, an analyst at Autonomous Research. “The IPO markets are open, the debt markets are open. Pretty much every avenue for exiting positions is.”

Beijing is worried about winter. Chinese authorities told local governments to ensure an adequate food supply for the coming months and encouraged people to stock up on essentials. The warnings, and the worries that have exploded online as a result, are potentially tied to the confluence of a widening coronavirus outbreak, looming cold snap and rising tensions with Taiwan (and thus the U.S.). In particular, the Ministry of Commerce urged the preservation of supplies of vegetables for this winter and next spring.

Another rental car giant shakes up Wall Street. Avis Budget Group shares soared 218%, trading at their highest level ever as retail traders went nuts when the company said it will play a big role in U.S. adoption of electric cars. The jump triggered 10 trading halts for volatility. One hedge fund made out with billions of dollars while shorts were burnt to a crisp. Avis didn’t actually disclose any plans to add EVs to its fleet after rival Hertz agreed to buy 100,000 cars from Tesla, but executives said that doesn’t mean they aren’t pursuing potential deals. As for that Hertz deal, a certain unpredictable CEO has now cast doubt on it. Here’s your markets wrap.

BP aspires to be the oil industry’s climate champion. Last year, the London-based company became the first of the world’s supermajors to pledge an eventual phase-out of all greenhouse gas emissions. But a Bloomberg News analysis of new data collected from the Permian Basin, the largest U.S. oil field, shows that BP’s operations are among the dirtiest of dozens of companies operating there. It’s even worse than Exxon.

A lot more promises are being made at COP26. U.S. President Joe Biden joined with European Union leaders in Glasgow to recruit nations to a first-ever pact to reduce destructive methane emissions. There was also a promise to end deforestation and discussion of aid to developing nations, with island states under near-term threat of catastrophe making impassioned pleas. Meanwhile, host country U.K. is burning the most coal since March. Here’s your climate summit update.

No, it’s not over. Though the world surpassed 5 million confirmed dead from the coronavirus this week, with the actual number likely much higher, some have begun to refer to the pandemic in the past tense. According to the World Health Organization, about 300,000 new infections were reported just yesterday and almost 4,700 new deaths. Moreover, weekly averages have actually increased slightly since mid-October. In the U.S.—which has long led the world in terms of Covid-19 infections and deaths—there were 124,000 confirmed new cases on Monday alone and 1,153 fatalities. In Colorado, rationed care—where some patients may be turned away due to overwhelmed hospitals—is at hand. Here’s the latest on the pandemic.

A fiercely contested gubernatorial contest in Virginia will be decided tonight while in New Jersey an incumbent is fighting to protect his lead. Although it’s an off-year election in the U.S., both the Republican and Democratic parties have been watching the two races for implications for next year’s midterm Congressional elections. Here’s your election update.

Netflix is moving beyond movies. The streaming service has begun its planned foray into video games with the introduction of five titles playable on mobile devices. The games are included in a Netflix subscription, and there’ll be no advertising or additional purchases required.

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