Evening Briefing

The dollar’s historical position as the global reserve currency is in jeopardy because of steps the U.S. has taken to save its economy during the Covid-19 pandemic, according to Ray Dalio, founder of hedge fund giant Bridgewater Associates. While equities and gold benefited from trillions of dollars in fiscal spending and monetary injections, those efforts are debasing the currency, he warned. —David E. Rovella

Here are today’s top stories

Eli Lilly and partner AbCellera Biologics said preliminary results on an experimental antibody treatment for Covid-19 show it reduced the rate at which symptomatic patients were hospitalized. The two firms are among a handful pursuing antibody treatments for people with the virus. On Wednesday, the German government declared Vienna a high-risk area to contract the coronavirus, a move that may require people arriving from the Austrian capital to quarantine. Here is the latest on the pandemic.

House Speaker Nancy Pelosi rejected calls from some Democratic moderates to hold a vote on a smaller coronavirus bailout bill, instead renewing her push to get President Donald Trump to agree to a $2.2 trillion package. One Senate Republican said the latest bill would not be well received in that chamber, but Trump aides indicated they might consider it.

Boeing’s sweeping failures and deception, along with errors in U.S. government oversight, led to two fatal crashes of the 737 Max, which killed 346 people, congressional investigators concluded.

Relatives comfort each other in Jakarta, Indonesia, on Oct. 29, 2018. A Boeing 737 Max operated by Lion Air crashed into the Java Sea, killing all 189 people on board.

Pension and sovereign wealth funds are set to dump $200 billion of equities, JPMorgan warned, posing a risk for global shares. U.S. homebuilder optimism rose to a record in September, with low mortgage rates driving a housing boom. The Fed left interest rates near zero and signaled it would hold them there through at least 2023. But Fed Chair Jerome Powell’s doubts about a U.S. recovery sent stocks downward on Wednesday. Lenders from Citigroup to HSBC have restarted firings, bringing employee departures announced this year to almost 64,000. That puts the industry on track to exceed the almost 80,000 disclosed last year. For the global economy and its ability to weather the pandemic, though, the news may not be as bad as previously thought.

Amazon plans to open more than 1,000 small delivery hubs in cities and suburbs all over the U.S., making shopping online as fast as a trip to the store, and thus more convenient than heading to, say, Walmart.

Out west of Sydney it gets hot. Really hot. Like 122 degrees Fahrenheit hot. Stand in a parking lot and the radiant heat from the tarmac can push the mercury even higher, to the temperature of a slow cooker. This is the place where the Australian government wants almost a million people to move.

Oracle’s bid for TikTok falls short of resolving concerns of Trump administration officials that the Chinese-owned video-sharing app poses a risk to U.S. national security. Meanwhile, Apple and Singapore have partnered on a two-year health initiative built around tracking and rewarding user behavior. Singapore residents will be able to earn $280 by walking or doing other exercises like swimming or yoga.

What you’ll need to know tomorrow

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What you’ll want to read in Bloomberg CityLab

The Truth About U.S. Migration During Covid

Are people in the U.S. really migrating during the pandemic? And if so, are they going places they didn’t go pre-pandemic? Are they leaving cities? Moving to the suburbs? There is data emerging that paints a clearer picture of exactly where people are going.

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