🌍 Christmas restrictions loom over Europe

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Here’s what you need to know

The Netherlands went into a snap lockdown. The shutdown closed all nonessential stores, restaurants and other public places until Jan. 14. Meanwhile, central banks are worried that omicron will sustain inflation, and the EU could approve Novavax’s Covid vaccine today.

Passage of Joe Biden’s $2 trillion spending package looks bleak. The US president lost the support of Democratic holdout senator Joe Manchin, who cited concerns over the nation’s debt and inflation.

Super Typhoon Rai killed more than 200 people in the Philippines. Casualties are still being tallied as communications are restored after the storm, which hit the country’s southeastern islands on Thursday.

Hong Kongers sat out its first “patriots-only” election. Scores of pro-democracy figures are behind bars, while new rules prevented the rest from running in Sunday’s legislative poll.

A key Brexit negotiator resigned. UK foreign secretary Liz Truss will take over from David Frost, who cited differences in policy with prime minister Boris Johnson for his exit.

Canada’s Bank of Montreal is looking to buy BNP Paribas’s US unit. The French bank’s US business could be worth close to $14 billion.

What to watch for

Nike reports its second-quarter earnings today. It will be a decisive release for Nike—which is fresh off its first metaverse deal—as it will signal whether slowing revenue growth will become a trend for the iconic shoemaker. Its revenue gains eased to 12% last quarter, down from 17% in the previous year.

Nike CFO Matthew Friend has blamed the slowdown on supply chain snarls rather than a decrease in demand for the world’s largest sportswear brand. Although analysts don’t expect Nike to raise its guidance much, they will be looking for estimates of how the company has performed during the peak holiday selling period and whether supply chain challenges are receding.

It’s too soon to say if Nike’s bet on virtual sneakers will significantly boost its sales, but analysts expect executives to focus on long-term growth from new products and digital sales, which were up 25% last quarter.

Omicron’s threat

Early signs out of South Africa suggest that the covid-19 omicron variant might be somewhat milder than delta was. But in the US, hospital ICU capacity is already in a tenuous spot. ICUs nationwide are currently operating at 79% capacity, the highest rate since September 2021.

In some states where omicron has already been detected, like Texas, Rhode Island, and New Hampshire, hospitals are operating with more than 90% of ICU beds filled. Even a “mild” omicron wave in the US, which is not guaranteed, could overwhelm already-strained hospitals—and healthcare workers—making omicron far more dangerous.

21,027: New covid cases in New York on Friday, a record for the state

77: Countries that have identified omicron

1 in 5: US healthcare workers who have left medicine since the start of the pandemic

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Surprising discoveries

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A tardigrade is the first to survive quantum entanglement. Scientists believe the microscopic animal existed in a state of life called cryptobiosis, or extreme inactivity.

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