Vaccine race heats up

Evening Briefing

A coronavirus vaccine the University of Oxford is developing with AstraZeneca showed promising results in early human testing, and is now set to move into larger trials that are likely to determine its ultimate effectiveness. Still, Wall Street wasn't all that impressed: Shares of the pharmaceutical company fell from a record high as investors wondered whether AstraZeneca could match progress seen from Pfizer and BioNtech, as well as Moderna.David E. Rovella

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European Union leaders were given a new compromise proposal for a 750 billion-euro ($858 billion) economic recovery fund as negotiations continued through a fourth day. In the U.S., Congress is already fighting over a new Covid-19 recession bailout. In New York, Governor Andrew Cuomo threatened to close down all bars and restaurants if large street city gatherings continued in some neighborhoods. And in Florida, infections may be "totally out of control."

Russia's business and political elite have been given early access to an experimental vaccine against Covid-19 as the country races to be among the first to develop an inoculation.
Shares of this tiny pharmaceutical firm soared as much as 552% after the company said its experimental drug cut the risk of developing the worst symptoms of Covid-19.

Voters in the crucial battleground states of Michigan, Pennsylvania and North Carolina will begin casting ballots in September, giving President Donald Trump and former Vice President Joe Biden just weeks to make their cases to voters.

U.S. airlines hammered by the catastrophic loss of passengers during the pandemic are confronting a once-unthinkable scenario: the obliteration of much of the corporate flying they've relied on for decades.
A man found dead in upstate New York may be linked to a killing at the New Jersey home of a federal judge by a gunman posing as a FedEx delivery person.

Summer camps in parts of the U.S. are closing as children and counselors test positive for the virus, a troubling sign as states decide whether schools should start in-person instruction as soon as next month.

What you'll need to know tomorrow

What you'll want to read in Bloomberg Pursuits

The Rich Are Ready to Leave Everyone Behind

The next time the world's rich are forced into lockdown, they want an escape to a remote and sunny beach. Or perhaps to New Zealand, one of the few countries that have seemingly eliminated Covid-19. The wealthy are willing to pay for the privilege, of course. With the persistent threat of viral infections and sudden lockdowns, there are companies more than happy to help those with deep pockets buy access to a safe haven.

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