Month from hell

It’s been a month Donald Trump would probably like to forget.After seeing his Republican party stumble in the midterm elections and many of [View in browser]( [Bloomberg]( It’s been a month Donald Trump would probably like to forget. After seeing his Republican party stumble in the midterm elections and many of the candidates he personally backed lose, the Supreme Court ruled yesterday that a House committee can access six years of his tax returns — something he’s been fighting for years. Key Reading: - [Supreme Court Clears House Panel to Get Trump’s Tax Returns]( - [Trump Had Losses of $900 Million in Two Years, Jury Told]( - [DeSantis Pitches Republicans Looking to Move From Trump]( - [DOJ Names Special Counsel for Trump Probes Due to 2024 Bid]( - [Trump Opens Battle of Wills With GOP Starting to Doubt Him]( Unlike most presidents, Trump has steadfastly refused to make his returns public, but the IRS is now free to provide them. The Democrat-led Ways and Means Committee has been trying to get them before the Republicans take control of the House — and the ability to subpoena and conduct hearings — in January. Much is already known about his business affairs. Yesterday an accountant who handled the returns of some Trump Organization executives told a jury in a New York tax fraud trial that Trump reported a total of about $900 million in operating losses over two years. His legal woes elsewhere are growing. Last week the Justice Department appointed an independent counsel to oversee criminal investigations into Trump’s possible role in the 2021 insurrection at the US Capitol, as well as his handling of classified records after he left office. The decision is aimed at insulating the government from charges of bias in the wake of Trump’s announcement that he’s running for the White House again in 2024. Even there, challenges are growing. While he retains a tight grip on his loyal base, many Republican leaders now favor moving on from the Trump era. Trump has always enjoyed attention, but the coming months look certain to cast him in a less flattering light. — [Karl Maier]( Trump at the Mar-a-Lago Club in Palm Beach, Florida, before announcing his presidential bid on Nov. 15. Photographer: Eva Marie Uzcategui/Bloomberg Click [here]( to listen to our Twitter space conversation at 8am ET about the renewed debate over Brexit. And if you’re enjoying this newsletter, sign up [here]( for Balance of Power. Global Headlines Covid ire | Hundreds of workers at Apple’s main iPhone plant in China clashed with security personnel, as [tensions boiled over]( after almost a month of tough restrictions to quash a Covid outbreak. The protest at the Foxconn factory started over unpaid wages and fears of spreading infection, and videos sent by a witness showed workers streaming out of dormitories, jostling and pushing past white-clad guards they vastly outnumbered. - China’s lack of intensive care hospital beds leaves the nation facing a [slow exit]( from its Covid Zero policy, likely stretching beyond 2023. - [Near-record]( numbers of Covid cases are spurring major cities from Beijing to Shanghai to revert to broad restrictions on people’s movements and mass testing to contain outbreaks. Crude cap | The European Union, in coordination with the Group of Seven nations, is discussing [capping the price]( of Russian crude oil at between $65 and $70 a barrel, sources say. EU ambassadors are meeting today with the aim of approving the cap mechanism and a proposed price level. - Follow our rolling coverage of the Russian invasion of Ukraine [here](. China’s purchases of machines to make computer chips fell 27% last month from a year earlier as the US imposed new, [sweeping sanctions]( to derail the country’s chip ambitions. Chinese purchases from overseas suppliers have fallen in seven of the 10 months for which data has been reported this year. Trouble brewing | UK Prime Minister Rishi Sunak [suffered a blow]( to his authority as he struggled to quell Conservative rebellions on multiple policy fronts, and his downcast lawmakers threatened to not pursue re-election in the next Parliamentary ballot. Just four weeks after taking office, Sunak was forced to pull a vote on a major proposal to build new housing plans due next week, after 47 Tory MPs signed an amendment that threatened to defeat the government. - The UK’s main opposition Labour Party will hand back [more powers]( to local communities if it wins the next general election, as part of a strategy for economic growth. Best of Bloomberg Opinion - [Is a Wealth Tax How Xi Fills China’s Empty Coffers?: Shuli Ren]( - [Gambling's Global Coming Out Party in Qatar: Lionel Laurent]( - [Cruelty to POWs Shows Ukraine War Fatigue: Leonid Bershidsky]( Election challenge | Brazil’s electoral court gave outgoing President Jair Bolsonaro’s Liberal Party until today to decide how to proceed after it [challenged]( the outcome of last month’s runoff election that gave leftist leader Luiz Inacio Lula da Silva a tight victory. The court said the allegations of problems with electronic ballots would only be considered if the first round is also reviewed, which could jeopardize wins of many Liberal congress members. Brazilian markets fell. - Advisers to Lula and members of congress are discussing a more [moderate]( spending plan after last week’s budget proposal sent local markets plunging, sources said. Explainers you can use - [Why Iran Protests Have Persisted Despite a Crackdown]( - [All About the YPG, the Syrian Kurds Vexing Turkey]( - [China’s Murky Bond Market Holds Key to Climate Crisis]( Conservative shadow | Whichever bloc wins power in Malaysia will have to contend with an increasingly popular [hard-line]( Islamist group. Parti Islam Se-Malaysia, or PAS as it’s known, won the most seats of any single party in Saturday’s inconclusive election. PAS has a long-stated objective of transforming the nation into an Islamic state, prompting concerns its agenda may damage the country’s democracy and economy. - Malaysia’s king has decreed that the former ruling Barisan Nasional bloc must be part of a so-called unity government. Read more [here]( on the jostling to form the next administration. PAS President Abdul Hadi Awang in December 2018. Photographer: Chris Jung/NurPhoto/Getty Images Bloomberg TV and Radio air Balance of Power with [David Westin]( on weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online [here](. News to Note - Two explosions [rocked]( Jerusalem today, killing one person and injuring at least 13 others, amid an uptick in violence between Israelis and Palestinians. - The UK’s Supreme Court [threw out]( an attempt by the Scottish government to bypass Westminster and call a second independence referendum. - A social media post questioning China’s Covid policies was removed and the author blocked after it went viral on the WeChat platform, signaling [growing]( public concern about Beijing’s stance and the continuing sensitivities over criticism of its approach. - Restrictions on weapons sales to Somalia are [undermining]( efforts to thwart al-Shabaab insurgents that are trying to overthrow the government, a cabinet minister said. - Taiwanese Foreign Minister Joseph Wu described talks between the leaders of China and the US as [good for peace]( in Asia-Pacific, underscoring how tensions in the region have eased in recent weeks. And finally ... Saudi Arabia’s jaw-dropping 2-1 win over heavily favored Argentina at the football World Cup sparked such jubilation that the oil-rich kingdom called a [national holiday]( for today. The day off raises a high bar for celebrations: If a single win can elicit a holiday, what will the Saudis do if their team miraculously emerges as tournament champions? Saudi players celebrate after the team’s second goal yesterday. Photographer: Julian Finney/Getty Images Europe Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](