Equities found little encouragement to sustain any rebound attempt on the eve of the all-important US jobs report, with major benchmarks finishing solidly lower on Thursday. The latest bout of global financial volatility has heightened concerns about regulators’ continuing failure to resolve liquidity problems with US Treasuries—the debt that serves as a benchmark for the world. It’s getting harder to buy and sell Treasuries in large quantities without those trades moving the market. Market depth, as the measure is known, last week hit the worst level since the pandemic crash of 2020, when the Federal Reserve was forced into a massive intervention. With fear of a global recession, escalating geopolitical tensions thanks to Russia’s war on Ukraine, the UK’s tax-cut fiasco and the potential for further defaults by developing nations, investors may not be able to rely on Treasuries as the haven they once were. —David E. Rovella Sexual assaults, lurid propositions and a sex tape are mentioned in the latest filings of a lawsuit against Goldman Sachs. But a boss’s comment about an assistant’s engagement ring and a woman who complained that an executive checked her out are what set off an especially bitter dispute in the case. The reason? The men involved are two of the firm’s most prominent figures. Credit Suisse Group is trying to bring in an outside investor for a spinoff of its advisory and investment banking businesses as part of the firm’s latest overhaul. Credit Suisse’s investment bank sits at the heart of Chief Executive Officer Ulrich Koerner’s planned restructuring after it racked up huge losses and played a starring role in some of its biggest scandals. Jack Owoc—a trash-talking, chest-baring, only-in-Florida entrepreneur—has challenged Red Bull and Monster with his upstart beverage company, Bang Energy. Now his caffeine-infused juggernaut could be headed for a crash. Jack Owoc Photographer: Jeenah Moon/Bloomberg Detonations caused the recent ruptures of Russia’s Nord Stream gas pipelines, with the evidence pointing to a deliberate act, according to Swedish investigators. The completed preliminary investigation has “strengthened the suspicions of serious sabotage,” the Swedish Security Service said in a statement on Thursday. Swedish investigators didn’t give any indication of how the detonations occurred or who might be responsible. With its troops losing ground almost daily, the Kremlin has told some of its state media to start admitting some of the failings of Vladimir Putin’s invasion of Ukraine, worried that its relentless propaganda was fueling public doubts. “We have to stop lying,” Andrey Kartapolov, a former general who now heads the Defense Committee in the lower house of parliament, said this week. “Our people aren’t stupid.” A mass shooting that began with a daycare center in northeastern Thailand left 38 people dead, the majority of them children, according to officials. A 34-year-old former cop used an automatic weapon to fire at the center located in Nong Bua Lamphu province near Thailand’s border with Laos on Thursday afternoon, killing 24 children. An easier way to bet against finance personality Jim Cramer is in the works. Tuttle Capital Management—which previously launched an exchange-traded fund betting against Cathie Wood’s stock picks—plans to debut the Inverse Cramer ETF with the ticker SJIM. If approved, the fund would provide investment results that are approximately the opposite of Cramer’s investment recommendations. Jim Cramer Photographer: Noam Galai/Getty Images Bloomberg continues to track the global coronavirus pandemic. Click here for daily updates. A drone operator and helicopter pilot captured rare footage of killer whales dispatching a great white shark off the coast of South Africa. Now sharks haven’t been seen in the area for weeks. Such attacks have been cited by scientists as a possible cause of the giant shark species’ disappearance from some waters. A great white shark Photographer: Stephen Frink/Digital Vision 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. Bloomberg Invest: This year has seen the worst performance for equities and bonds since the 1970s. Aggressive rate hikes from the Fed, supply chain issues and geopolitical events have contributed to a challenging environment. Join us in New York or virtually Oct. 12-13 where we’ll hear from the most influential figures in investing and markets about how they’re navigating a rapidly changing economic landscape. |