China’s premier calls for balance between Covid controls and boosting the economy. Biden signs $437 billion Inflation Reduction Act. Masayoshi Son is having a very bad week. Here’s what you need to know today. Covid Pressure China’s Premier Li Keqiang has acknowledged the “more-than-expected” downward pressure Covid lockdowns have had on the economy, and ordered local officials to strike a balance between virus control measures and the need to boost growth. The move comes after data showed consumption and output fell below expectation due to the curbs. At a meeting with officials from six key provinces, Li told them to take the lead in helping boost consumption and offer more fiscal support via government bond issuance for investments, state television CCTV reported. A surprise interest-rate cut did little to allay concerns over the property and Covid Zero-led slowdown, with calls for additional stimulus. Stock investors fixated on Covid curbs were also unimpressed. Major Victory President Joe Biden signed a sweeping tax, climate and health-care measure into law, sealing a major legislative victory ahead of the November midterm elections. The measure, known as the Inflation Reduction Act, contains key parts of Biden’s policy agenda that just weeks ago appeared to have virtually no chance of becoming law. The $437 billion bill contains $374 billion in energy and climate provisions, including tax credits for electric vehicles and incentives for clean-energy projects, as well as provisions to lower the price of medicines for seniors. Our Big Take looks at how Bill Gates and other influential figures secretly helped save the bill from the chopping block. A Bad Week Softbank’s Masayoshi Son has had a particularly bad week. Just eight days after the company reported a record loss for the last quarter, its shares fell after a report that hedge fund Elliott Management has sold off almost all of its position in the Japanese conglomerate. Investors are increasingly losing confidence in Son and his ability to close the valuation gap between the company and its portfolio holdings and shares have dropped almost 50% from their peak last year.  Robust Earnings Stocks look poised for a firm open in Asia after robust earnings from US retailers supported Wall Street shares. Futures rose for Japan, Australia and Hong Kong after Walmart and Home Depot helped US shares to a small gain despite a tech-sector drop. Oil, however, held losses in a sign of ongoing worries that the economic outlook is darkening. Shorter-maturity Treasury yields climbed, deepening a bond-curve inversion that also flags jitters about the possibility of an economic contraction. Wild Swings The wild stock swings that Hong Kong regulators spent more than half a decade trying to stamp out are now popping up in New York. Post-listing spikes of thousands of percent in two little-known Hong Kong firms over the past weeks have baffled investors in the world’s financial capital. And they’re not the first this year. For investors and regulators watching from Hong Kong such unexplained stock jumps are familiar. Now they’re on the radar of the top US regulator. Get the full story here.