Good morning. With COVID deaths and second wave fears front and center again, the markets are slipping into a familiar pattern: oil and equities are falling, while the dollar climbs. Even Bitcoin is slipping in choppy trade.

Let’s check in on the action.

Markets update


  • The major Asia indexes are mixed in afternoon trading with the Shanghai Composite the best of the bunch, up 0.5%.
  • The diplomatic tensions between China and Australia continue to deteriorate with PM Scott Morrison saying in a TV interview that Australia’s “values, democracy and sovereignty ‘are not up for trade.’” This comes after China delivered to Australian media a list of grievances against the Morrison government.
  • Activist short-seller Carson Block has a new Chinese company in his sights: livestreaming giant Joyy Inc. In a report published on Wednesday, Block’s firm, Muddy Waters, called Joyy a “fraud tech company,” sending its shares tumbling 26% in New York trading. Spoiler: I have a feature on Block and his fellow activist shorts…

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