What to watch for today
The EU and NATO tighten the screws on Russia. EU ambassadors are expected to approve (paywall) new sanctions against Russia’s biggest energy firms, while NATO leaders finalize strategy on the second day of their summit. Ukraine’s government and the separatists are also likely to order a ceasefire.
A big jobs report in the US… ADP’s private-sector hiring survey suggested that US job growth will keep up its healthy pace; economists predict between 220,000 and 225,000 new jobs, with a drop in the unemployment rate from 6.2% to 6.1%. Here are some other reasons to be optimistic.
…and Canada’s. After Statistics Canada goofed up July’s job report, this month’s data will be especially scrutinized. Analysts expect 10,000 new jobs were created; a new OECD survey projects Canada’s jobless rate will dip this year and next year.
Nevada scores a Tesla factory. The electric-car producer is expected to announce that it has chosen an industrial park outside Reno, Nevada for its “gigafactory,” which aims to make enough batteries to power a half-million new vehicles a year by 2020.
Brazil’s inflation stays high. Consumer prices will stay around the top of the government’s tolerance range, with food prices and air fares leading the way.
Decision time for Banco de México. With economic growth finally picking up, some analysts expect Mexico’s central bank to hold its benchmark interest rate at its record low to support the country’s recovery, but strong data lead others to believe it could hike the rate.
While you were sleeping
Mario Draghi got creative.The European Central Bank president cut the euro zone’s benchmark interest rate to a new all-time low, 0.05%, from 0.15%. He also announced something that sounds a lot like quantitative easing to start next month. Traders dumped the euro, which fell to its lowest against the dollar in more than a year.
Deepwater Horizon was mostly BP’s fault. A US judge found BP grossly negligent in the largest offshore oil spill in US history. BP has paid more than $28 billion in fines (paywall) and could now pay $18 billion more. The energy company, which saw its shares drop 5% after the ruling, said it will appeal.
Lego became the world’s largest toymaker. It reported an 11% increase in sales in its quarterly earnings, surpassing Mattel, the maker of Barbie. The LEGO Movie helped, but the company’s true test still lies ahead, at the Christmas buying season.
Ebola’s spread put the pressure on drugmakers. The World Health Organization urged drug companies to work faster, citing eight drugs and two vaccines as promising experimental treatments.
Ferguson’s police are under the microscope. Attorney general Eric Holder announced an investigation into last month’s fatal shooting of an unarmed black teenager and the subsequent riots. That could lead to either a lawsuit against the police or a “consent decree” mandating reforms, like those that over 20 US cities have adopted since the 1994 Los Angeles riots.
New York Fashion Week began. The eight days of runway shows, presentations, and parties—which kick off the season of shows to follow in London, Paris, and Milan—are expected to bring some $435 million to the city in hotel stays, venue leasing (It costs $60,000 to rent a tent at Lincoln Center), retail sales, and more.
Quartz obsession interlude
Max Nisen on the US’s huge year for IPOs. “There have been more than 40 filings in two different months this year, something that hadn’t happened previously since the pre-financial-crisis days of 2007. There have already been 261 initial filings (indicating an intention to IPO) this year—more than there were all of last year.” Read more here.
Matters of debate
Al-Qaeda’s new franchise in India is a sign of desperation. The group wants to reignite its brand as the Islamic State hogs the headlines.
Michael Bloomberg’s return to Bloomberg shouldn’t come as a surprise. The company is faced with a crossroads, and could use its founder’s leadership.
“Degrading” the Islamic State is easy. Destroying it is the real challenge.
Books should carry accuracy warnings. The book publishing industry is notoriously bad at fact-checking.
Local governments, not big government, are America’s biggest threat to freedom. Ferguson proves that perfectly.
Men weren’t the only Viking warriors. An archaeological study found that half were female.
And you thought T. rex was big. The newly discovered dreadnoughtus schrani weighed up to 60 tons.
A dog scarfed down 43 and a half socks. It was enough to make the Great Dane sick.
Chimps can beat humans at some video games. The results suggest they may have a superior memory and grasp of strategy.