The Cost of Extreme Heat

▤ Summary

The European heat wave that baked Italy, France and Spain over the past week has reached London, putting life on hold and testing infrastructure. Officials issued Britain’s first “red” warning for extreme heat, declaring a national emergency in a country accustomed to temperate weather, where few homes have air conditioning. SkyBridge Capital, which is run by Anthony Scaramucci, Donald Trump’s communications director for 11 days, was reportedly forced to suspend redemptions from one of its smaller funds that took heavy losses from crypto and stock investments. In the wake of the financial crisis over a decade ago, the large banks, driven in part by regulators and changes in the law, promised to shy away from risky bets in the market. Federal prosecutors and securities regulators are trying to determine why traders snapped up millions of warrants issued by Digital World just days before the Oct. 20 announcement of its merger with Trump Media.

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