What to watch for today and over the weekend
Barack Obama publishes new climate rules. The US president’s new legislation is aimed at curbing emissions but faces immediate resistance from the country’s business lobby and up to 25 states, who plan to block its implementation (paywall).
Mexico prepares for a “monster” storm. Several parts of the country’s Pacific coast have declared a state of emergency ahead of the arrival of Hurricane Patricia, which the Hurricane Centre in Miami called an “extremely dangerous, potentially catastrophic storm.”
Poland and Argentina go to the polls. A win by Poland’s leading opposition party, Law and Justice, would mean an end to a government that has overseen rapid and steady growth despite Europe’s stagnation. In Argentina, president Cristina Fernandez de Kirchner cannot seek a third term but her successor, Peronist Daniel Scioli, is currently in the lead.
Ukraine talks business in Berlin. German chancellor Angela Merkel will meet with Ukrainian prime minister Arseniy Yatsenyuk at an economic conference. Merkel has said Germany is ready to invest in Ukraine, but only if the country weeds out corruption and reduces the influence of its powerful oligarchs.
Jacob Zuma meets with student protestors. The South African president will discuss a planned increase to university tuition fees, following student demonstrations; some students briefly stormed parliament.
Earnings season continues: American Airlines, Procter & Gamble, Royal Caribbean Cruises, Thomson Reuters, Whirlpool, and Volvo all open their books.
While you were sleeping
Good news for the health of the euro zone. Markit’s flash composite purchasing manager’s index rose to 54 in October, from 53.6 in September, putting it further above the 50 mark that separates expansion from contraction. But while the service sector rose quickly, manufacturing was stagnant; German manufacturing hit a five-month low (paywall).
Italy raised $3.5 billion from a postal service IPO. The government set the share price for Poste Italiane at €6.75 ($7.50), valuing the company at €8.8 billion. The stock will start trading next week in Milan. Italy is also planning to partially privatize its air traffic control and railway companies.
A masked man killed two at a Swedish school. Police have not revealed the name of the 21-year-old attacker, who killed a student and a teacher with a long blade. The man also injured another teacher and one more student in what is believed to be a racist attack, before being shot dead by police.
Volvo offered a rare industry bright spot. The Swedish-headquartered auto maker reported a third-quarter core profit of 5.1 billion Swedish krona ($600 million), compared with the 4.6 billion expected. The Chinese-owned company said European demand for heavy-duty trucks was set to remain high, but that other markets are a source of concern.
A jihadi group claimed responsibility for a UK cyber-attack. A Russian Islamist group said that it was responsible for accessing data from up to 4 million customers of Talk Talk, a British mobile carrier, which said not all customer information was encrypted and that hackers could potentially have accessed data on all customers.
China’s property market stabilized. House prices were down by just 0.9% in September from a year earlier (paywall), compared with around 2% and 4% in August and July respectively; monthly prices also rose for the fifth consecutive month. That suggests Chinese investors might be returning to the property market, following a volatile affair with stocks.
Quartz obsession interlude
Hanna Kozlowska on why Poland’s refugee crisis isn’t what it appears. “No one in Poland is struggling with an influx of people from the Middle East and Africa—but the country has a refugee problem. And the problem is a horrifying display of xenophobia and historical amnesia, demonstrated in the country’s parliament, at dinner parties, on the streets, and, overwhelmingly, on the internet.” Read more here.
Matters of debate
Young Americans are unhappy because they’re delusional. They think too highly of themselves and expect too much from others.
The Benghazi hearing may have won more Hillary Clinton voters. She emerged mostly unscathed from a marathon 11-hour grilling by a Republican-led Congressional committee.
The NFL is screwing up its chances of European expansion. The teams sent to play in London are rubbish.
Amazon can’t lose on earnings day. Make a profit or not, investors just keep piling money into the business—but that can’t last forever.
The UK is too eager to please China. The cautious American approach is smarter.
European astronomers have found two “kissing” stars. The “honeymoon period” is destined to end in catastrophe.
It’s now cheaper to call to and from all US prisons. A new rule limits the maximum that federal prisons can charge to 11 cents a minute.
Your iPhone now has a taco emoji. In fact, iOS 9.1 contains every emoji in the Unicode Standard library.
Syrian refugees are forging an unlikely path to Europe. Some are riding bicycles across the Arctic Circle.
A rare “wicked” Bible is up for auction. The 1631 edition contains an unholy misprint urging readers to commit adultery.