Line chart of the 7-day average of daily confirmed cases with new coronavirus cases in the US has accelerated

FirstFT: Today’s Top Stories | Financial Times

Daniel Loeb’s third point won nearly $ 400 million on a bullish bet on the US election outcome, making the hedge fund one of the big winners of recent market volatility.

A Financial Times analysis of regulatory filings and an investor letter from Mr. Loeb show the hedge fund manager benefited from the market’s reaction to the election result, which misled some investors.

A few weeks ago, Mr. Loeb informed the customers of his fund that he had retained his exposure to shares on the upcoming election day. Many other fund managers gave up betting on the choice after being burned by Donald Trump’s shock victory in 2016 and the ruins that followed.

Jeffrey Talpins, the secret founder of Element Capital, also positioned himself for the major market rotations last week. After profiting from bets on falling stocks since late summer, Mr Talpin wrote to clients on Oct. 26 that he had taken a positive stance and bet that the results of the Phase 3 vaccine trials of the Drug giants Pfizer would baffle investors. (FT)

Coronavirus digest

  • Anthony Fauci The positive data from a second coronavirus vaccine developed by Moderna could be in quickly following strong study results from Pfizer and BioNTech this week. BrazilIn the meantime, the decision to suspend trials of a Chinese vaccine has been reversed.

  • new York social gatherings set new limits and Texas was the first US state to report more than 1 million infections.

  • The United Kingdom The economy grew the fastest in the third quarter. However, the Bank of England has not changed its view that UK production will remain below pre-pandemic levels through the first half of 2022.

  • Italy The number of Covid-19 cases surpassed 1 million on Wednesday, after rising from 32,961. HungaryIn the meantime, the first EU country is to test the Russian Covid vaccine.

  • A Covid-19 vaccine is unlikely to be used for the Oil market The International Energy Agency announced on Thursday that it will be saved at the end of next year at the earliest.

In Wednesday’s poll, readers said the news of a Pfizer BioNTech vaccine makes them more hopeful when life returns to normal. Thank you to everyone who voted.

Follow our coronavirus tracker and live blog for the latest information. Sign up for our Coronavirus Business Update email to be regularly informed about pandemics.

In the news

Biden selects an experienced advisor as chief of staff The President-elect named Ron Klain as his White House Chief of Staff on Wednesday. Here are some of the names touted in Washington as potential cabinet choices from health and energy to transportation. Mr Biden also took his first major foreign policy move on China on Wednesday. (FT)

New Mexico governor Michelle Lujan Grisham is a potential health minister © Reuters

Muddy Waters makes a bet against MultiPlan Former Citigroup dealmaker Michael Klein has been targeted by short seller Carson Block. Muddy Waters, the investment firm led by Mr Block, released a devastating attack on MultiPlan, a healthcare company that earlier this year struck an 11 billion dollar deal with one of Mr Klein’s acquisition vehicles, on Wednesday. (FT)

SoftBank posts $ 3.7 billion in losses on its tech stock trading unit The Japanese conglomerate opened the lid for the first time on SB Northstar, the new entity set up for the technology stocks market – and has revealed it has caused $ 3.7 billion in trading losses to date. (FT)

Exclusive: Tech platforms in the UK could face an obligation to be impartial Downing Street urges online platforms to do more to prevent political prejudice as part of an upcoming Online Harms Bill after US Conservatives accused Twitter and Facebook of harboring liberal prejudices during the presidential race. (FT)

Local elections to test the political climate in Bolsonaros Brazil More than 5,000 cities across Brazil will host local elections starting Sunday. The campaign was marked by increased mobilization across the political spectrum, with record numbers of women, blacks and military officials battling for seats. (FT)

Guilherme Boulos is a candidate for the mayor of São Paulo who will be instrumental in determining who controls local levers of power ahead of the 2022 presidential election. © Sebastiao Moreira / EPA-EFE

BAE wins the role on a £ 1.3 billion contract to build Eurofighter jets BAE Systems has won a key role in a £ 1.3 billion contract to build 38 Eurofighter Typhoon aircraft for the German Air Force, which will help keep UK production lines running beyond 2025. (FT)

The day ahead

Weekly unemployment claims Another 734,000 Americans are expected to start filing for benefits last week, underscoring the economic challenge facing President-elect Joe Biden. (FT)

TikTok deadline The 90-day deadline for ByteDance to divest TikTok’s US operations expires on Thursday. However, the Chinese owner of the short video app has filed a legal petition asking the White House for an extension.

Summary of results The data analytics group Palantir reports its first earnings today. Disney and Cisco Systems are also reported. (FT)

Central banks The President of the European Central Bank, Christine Lagarde, will attend a political panel on Thursday along with the Chairman of the US Federal Reserve, Jay Powell, and the Governor of the Bank of England, Andrew Bailey. (FT)

Paris Peace Forum French President Emmanuel Macron will attend the opening ceremony of the forum on Thursday. (FT)

The future of global tourism will be one of the items on the agenda of the second day of the FT Global Boardroom Conference, which will be attended by Celebrity Cruises President and CEO Lisa Lutoff-Perlo. Here you can register for free.

Washington-based law and enforcement correspondent for the FT, Kadhim Shubber, will answer questions today about Donald Trump’s legal challenge to the presidential election result. Do you have a question for Kadhim? See this story for more details.

What else are we reading?

Democracy or Dictatorship? One commentator called Donald Trump’s post-election reshuffle an “attempted coup,” while others worry about the peaceful transfer of power. What’s going on in the White House? Demetri Sevastopulo, head of the Washington office, and Katrina Manson, US foreign policy and defense correspondent, explain. Donald Trump is not done with America yet, writes Edward Luce. (FT)

Donald Trump, pictured at a Veterans Day ceremony in Arlington National Cemetery, has raised concerns by refusing to commit to a peaceful transfer of power. © EPA / Shutterstock

Biden’s Middle East Test Joe Biden is likely to rethink much of his predecessor’s Middle East policy, writes David Gardner, and his plan to re-enter the Iran deal will strain relations with Israel’s Prime Minister Benjamin Netanyahu. Philip Stephens says the president-elect can afford to pay less attention to Britain. The entire United States – and the world – need a New Deal program from the new president, writes Martin Sandbu. (FT)

Can Americans Learn to Trust a Covid Vaccine? The reversal of attitudes toward wearing masks in New York is an example of how a culture of shame can change attitudes. Los Angeles, devoted to behavioral science, offers another one, writes Gillian Tett. (FT)

An increase in Covid cases is testing Sweden’s stand-alone approach The country’s Covid-19 hospital stays are growing faster than any other country in Europe. In Stockholm – the epicenter for both waves – every fifth test is positive. Is Sweden’s strategy of avoiding a formal lockdown sustainable? (FT)

Too early to celebrate Despite a Joe Biden win and a possible coronavirus vaccine, we stick with a worse problem: climate change, writes Simon Kuper. (FT)

Is AI approaching human intelligence? GPT-3 was hailed as a breakthrough in artificial intelligence. John Thornhill gives it a try and evaluates the rewards – and the risks. (FT)

Video of the day

Justin Trudeau on working with Joe Biden FT Editor Roula Khalaf opens the FT Global Boardroom Conference with an interview with the Canadian Prime Minister. He talks about the state of US politics after the recent elections, Brexit and world trade. (FT)

Video: Justin Trudeau talks to the FT editor about working with Joe Biden

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