(Bloomberg) -- Well, hello there.
What a week it’s been. Battered by central bankers hellbent on tightening monetary policy, Wall Street may be nearing a tipping point with the S&P 500 down nearly 5% over the past five days, the dollar at a two-decade high and Treasury yields leaping to levels seen more than a decade ago. It’s no wonder investment managers are throwing out their long-held playbooks and bearish traders are flocking to protection at a record pace.
But however bad things seem over here, UK traders might just have it worse. Prime Minister Liz Truss’s plan to revitalize growth started to sour even before her chancellor finished delivering it on Friday, with the pound crashing to its lowest since 1985 and five-year gilts posting their biggest-ever daily decline. As Chris Hughes writes in Bloomberg Opinion, get ready for the “ great British fire sale.” While Therese Raphael argues, the problem may be that Truss’s plan just isn’t radical enough.
Meanwhile, the Atlantic hurricane season looks like its coming to life after months of quiet. Having ravaged Puerto Rico and the Dominican Republic earlier this week, Fiona made landfall overnight in Nova Scotia, leaving over 400,000 households without power. Keep a close eye also, on Tropical Storm Ian, which is heading toward Florida and may make landfall next week.
Ian’s imminent arrival meant that NASA has once again delayed its Artemis I mission to the moon next week. Looks like third time isn’t a charm. But disappointed space fans have another mission to look forward to: On Monday, the agency will ram a robotic space craft into a distant asteroid nearly 7 million miles from Earth. The maneuver — straight out of a sci-fi movie — could pave the way for planetary defense program, if successful.
We’re about seven weeks out from the US midterm elections and one race in particular exemplifies the struggles for the GOP, whose once-strong chances of taking the Senate are waning. JD Vance, backed by Donald Trump, has been out-raised and outspent by his Democrat rival Tim Ryan in Ohio, a state that the former president easily won twice.
And finally, Bloomberg Green looks at how the longstanding American tradition of buying “ too much car” is shaping the EV market.
Enjoy the rest of your Saturday, and we’ll be back tomorrow with a look-ahead to the coming week.
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