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Original article: Burgess COMMENTARY Peter Burgess | ||
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Bye bye business class
The Bloomberg Open 7:40 AM (41 minutes ago) to me NYSE-for-six-months-to-211001.jpg Good morning. Nancy Pelosi rallies the troops again today. A well-heeled neighborhood in Atlanta ponders secession. And the battered bolivar gets a new look. What’s Happening Now House Speaker Nancy Pelosi will try again today for a vote on a bipartisan $550 billion infrastructure plan. Lawmakers will pick up where they left off last night when talks failed. Progressive Democrats may stall the bill if the House and Senate don't first vote on Biden's bigger tax-and-spending package. Markets check: The first day of the fourth quarter failed to cheer investors. Futures dipped, the dollar pared gains and Treasuries were little changed. Oil and gold fell. Cryptos advanced, with Bitcoin spiking above $47,000. European gas surged to a record before retreating as the energy crunch deepened after China ordered state energy companies to secure supplies for this winter at all costs, people familiar said. That'll intensify a battle for LNG and coal just as Russian pipeline flows into a German compressor station tumbled. And the fuel crunch in the U.K. will take weeks to get back to normal, the Petrol Retailers Association said. Virus latest: Merck's antiviral pill reduced the risk of hospitalization or death by 50% in an interim analysis of a late-stage trial. One in four companies has instituted a vaccine mandate for U.S. workers, a sharp increase from last month, Gartner said. And top global airline executives will assemble next week to discuss the cloudy business travel outlook. Spotlight Bye bye business class. The pandemic whacked business travel, leaving airlines to look for another way to pad their bottom lines. Increasingly they're finding it in premium economy. More carriers are embracing the idea of a separate cabin on long-haul flights featuring wider seats, a deeper recline and better food and drink.
What to Watch Buckhead secession. Some residents want Atlanta's wealthiest and whitest district to be a separate city. A split would be devastating for Atlanta, taking almost 90,000 residents, about one-fifth of the population, and lopping off an estimated 38% of tax revenue. An analysis by the Atlanta Journal-Constitution found a new Buckhead City would be roughly three-quarters White. 
Global bond investors are facing their worst year at this point in more than two decades after a selloff in September triggered by hawkish statements from central bankers including Federal Reserve Chair Jerome Powell. Meanwhile, JPMorgan is being shut out of muni bond deals in Texas since the state banned working with banks that limit business with the firearms industry. Cathie Wood's flagship ARK Innovation ETF almost certainly had its biggest quarter of outflows, with about $1.97 billion leaving through late September. Wood's main fund and her firm Ark Investment Management attracted billions in the past year after her thematic tech-focused bets trounced the market in 2020. Opinion Ordinary investors believe the stock market is rigged, and they're right, Mark Gilbert writes. When corporate execs, judges and policy makers line their own pockets by bending rules designed to avoid even the appearance of impropriety, they do a disservice to society as a whole. They should not involve themselves in selecting specific individual stocks. Leave day trading to the day traders. The evidence of supply disruptions is multiplying but central bankers are still fixated on insufficient demand, Mohamed A. El-Erian writes. Cognitive traps like rear-view framing or confirmation bias can slow the shift of policy makers' focus to supply disruptions and reinforce approaches that inadvertently amplify the stagflationary winds that are starting to blow across a growing number of countries. By the Way The White House Situation Room is getting the much needed overhaul. The Pentagon proposed shifting $46 million dollars to accelerate the technology upgrades. That'll be added to about $44 million backed by Congress for the project since fiscal 2017 and $10 million requested for fiscal 2022. The Situation Room is actually a series of rooms, a command center on the lower level of the West Wing for the president and senior administration officials to conduct secure briefings and calls. Venezuela's battered currency, the bolivar, is getting a makeover with fewer zeroes, making it easier for citizens to get their everyday needs. The digital bolivar, which is being introduced today, effectively removes six zeroes from the 'sovereign bolivar,' which began circulating three years ago. The London Marathon is back Sunday, with a record 100,000 runners expected to participate. Look out for reigning champion Shura Kitata who'll be defending his title and Brigid Kosgei who's looking for her third successive win. -------------------------------------------- You received this message because you are subscribed to Bloomberg's The Bloomberg Open – Americas newsletter. Bloomberg L.P. 731 Lexington, New York, NY, 10022 Page 1 of 20
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