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Ignoring Warren Buffett

Evening Briefing

The U.S. reported the most daily coronavirus infections in two months as total cases neared 8 million, while cases worldwide have surpassed 39 million. Nations from Germany to Italy to Portugal reported record infections as the pandemic's accelerating resurgence across Europe forced fresh lockdowns. Londoners will be banned from mixing with other households indoors, while residents of Paris and eight other major French cities will be confined to their homes at night. Here is the latest on the pandemic. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today's top stories

Warren Buffett, who at the time was Wells Fargo's top investor, publicly advised the bank's board last year not to hire a leader from Wall Street—but it did so anyway. What followed shows just what can happen when a company rejects the legendary investor's advice.

World Bank Chief Economist Carmen Reinhart said the pandemic is turning into a major economic crisis and warned of the possibility of a financial crisis emerging.

The U.S. economy just posted its largest fiscal deficit on record. The budget shortfall more than tripled to $3.1 trillion, swelling the national debt to exceed the entire U.S. economy. The deficit as a share of the economy surged to 16%, the largest since 1945. Here is your markets wrap.

U.S. retail sales rose in September at the fastest pace in three months, topping forecasts and capping a third-quarter rebound for consumer spending that nevertheless faces increasing headwinds.

A leading American statistician says the Trump administration has "sabotaged" the U.S. Census, the constitutionally mandated population count responsible for legislative representation and trillions of dollars in federal funding. Now cut short by the U.S. Supreme Court, Robert Santos predicted the once-in-a-decade count will be "one of the most flawed censuses in history."

House Speaker Nancy Pelosi said a divide persists with the White House over many parts of a proposed second coronavirus bailout, including what she described as a poison pill: Senate Majority Leader Mitch McConnell's requirement that business owners be inoculated from most lawsuits by workers, customers or their survivors after they are infected or die from Covid-19. Pelosi labeled it a "radical liability provision which forces workers to risk their lives in unsafe workplaces with no legal recourse."

Debris of a Boeing 737 Max that crashed in Ethiopia in 2019, killing 157 passengers and crew. An earlier crash of a 737 Max in the Java Sea killed 189 people.

Europe's top aviation regulator said changes to Boeing's defective 737 Max have made the plane safe enough to return to the region's skies this year, even as a further upgrade demanded by the agency won't be ready for up to two years. Two separate disasters off the coast of Indonesia and in Ethiopia involving the flawed Boeing airliner killed a total of 346 people. Ethiopia says it plans to complete its investigation of the second of the two crashes in March, its two-year anniversary.

What you'll need to know tomorrow

What you'll want to read in Bloomberg Pursuits

A Rolls-Royce So Quiet It Made Drivers Sick

Searching for the "perfect" automotive sound idea is nothing new. Mercedes-Benz was bragging about its signature door "thunk" six years ago. Porsche has manufactured a particular sound to augment the otherwise near-silent ride of the electric Taycan sedan. The deep rumble of the Lamborghini Aventador can be identified from blocks away. But for Rolls-Royce, sitting atop the pinnacle of luxury with machines that can cost $300,000 or more, crafting the perfect sound experience is of particular concern

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