Biden raises the stakes

With President Joe Biden already threatening major economic costs on Russia should Vladimir Putin attack Ukraine again, the Democrat had upped the ante even before he met virtually with the Kremlin leader on Tuesday. The U.S. plans to push Germany to stop the contested Nord Stream 2 gas pipeline if Putin goes to war. During the meeting, Biden also warned hat he may “provide additional defensive material to the Ukrainians, above and beyond that which we are already providing.” Russia, which has massed troops and weapons on Ukraine’s border for the second time this year, blames NATO efforts to woo its neighbor as the root of its brinkmanship. —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

For all the talk of Chinese President Xi Jinping’s desire to invade Taiwan, one counterpoint is often overlooked: The domestic risks involved in starting a potentially devastating war that likely involves the U.S. Moreover, there is the possibility that China could lose.

Some China Evergrande Group bondholders had yet to receive overdue coupon payments by the end of a month-long grace period, signaling a possible default as the spiraling developer prepares for a gargantuan debt restructuring. As of June, Evergrande’s total liabilities exceeded $300 billion.

While the world hopes for more evidence that the omicron variant of the coronavirus is less dangerous than its cousin mutations, a new report confirmed sobering suspicions that it is indeed better at partially evading at least one existing vaccine. GlaxoSmithKline meanwhile said that its antibody treatment is effective against the full combination of mutations in omicron. But it is the delta variant which continues to sow tragedy all over the world: Global infections are swinging upward as part of a fresh wave, with 531,000 new confirmed infections and 6,300 Covid-related deaths yesterday alone. In Europe, a key agency warned that deaths and hospitalizations will keep rising as vaccination rates remain too low. And in the U.K., the operation to roll out booster shots to all adults is struggling to pick up speed as omicron spreads rapidly there. More than 5.2 million worldwide have been reported to have died from Covid-19, though the actual number is likely much higher. Here’s the latest on the pandemic.

Former Fidelity Magellan fund manager Peter Lynch has advice for people who have gone all-in on passive investing: You’re losing out. “The move to passive is a mistake,” he told Bloomberg. “Our active guys have beat the market for 10, 20, 30 years, and I think they’ll keep on doing it.”

First some say buy the dip, mostly on very early data showing omicron may not be as dangerous as previous Covid-19 iterations. Now, Goldman Sachs is cautioning those buyers who are plunging back into stocks. Here’s why the tune is changing and your markets wrap.

Citigroup picked preferred bidders for its consumer assets in several Asian markets as the lender moves to shed units in the region. Here are the favorites to pick up its pieces.

Bad news for Bezos—and shoppers. An Amazon Web Services outage is wreaking havoc on the e-commerce giant’s delivery operation, preventing drivers from getting routes or packages and shutting down communication.

Despite more than 190,000 new Covid-19 cases in the U.S. on just Tuesday—an infection rate higher than the peak of three of America’s five previous waves—airports will be teeming soon like it was 2019. Those planning to travel during the holidays should brace for an approximation of normality—except for things like masks and unruly passengers.

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