Darkest hours

Credit Suisse shares briefly turned positive in a wild day of trading that saw them drop as much as 12%. With yet another restructuring looming, several analysts countered market fears by bolstering bank claims that it has sufficient capital and liquidity to weather seas of uncertainty and volatility. The gyrations came on a day in which the cost to insure the bank’s debt against default jumped to its highest-ever level. But Paul J. Davies writes in Bloomberg Opinion that, while Credit Suisse is indeed in a tight spot, it isn’t as some would contend “on the brink.” The Swiss bank, Davies says, is experiencing its darkest hours at precisely the worst time, when everyone is nervous about what comes next. —Natasha Solo-Lyons

Home prices in the US are now posting the biggest monthly declines since 2009. Median home prices fell 0.98% in August from a month earlier, following a 1.05% drop in July.

Stocks kicked off the week with big gains after suffering their worst September in two decades. Weak US manufacturing data soothed concern the Federal Reserve will get more aggressive in tightening monetary policy. Here’s your markets wrap.

The European market for Russia’s seaborne crude is drying up as sanctions draw closer, and the Kremlin’s Asian customers aren’t picking up the slack this time. In Ukraine, Kyiv’s forces are reportedly continuing to push back Vladimir Putin’s army in the northeast and the south, despite his claims of annexation and threats of nuclear warfare.

After a series of rulings in his favor by Aileen Cannon, a federal judge he appointed late in his term, Donald Trump now wants to slow down the government’s appeal in the case over the appointment of a special master to review documents seized from his home—including highly classified files. Meanwhile, while there are no specific threats to voting systems for the coming midterm elections, the FBI warns that messages sowing distrust in elections are being amplified online, with Russia the most aggressive among foreign foes.

Liz Truss is standing by Chancellor of the Exchequer Kwasi Kwarteng after the threat of a rebellion among fellow Tories forced a humiliating reversal on her plan to cut taxes for the rich—a plan that shook global markets.

BlackRock tapped Martin Small, head of the firm’s US wealth advisory business, to become the asset manager’s chief financial officer, succeeding Gary Shedlin.
The US Supreme Court turned away a renewed challenge by 10 states to the Biden administration’s Covid-19 vaccine requirement for workers in facilities that receive federal health-care funds.

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

A mansion built on Dubai’s Palm Jumeirah island has become the most expensive home to be sold in the Persian Gulf emirate, the latest real-estate record as the city’s luxury property sales surge. The villa, called Casa Del Sole, fetched 302.5 million dirhams ($82.4 million) when it was sold in July, according to its developer Alpago Properties.

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.