Quartz’s The Next Billion is back in New York on Nov. 16, exploring the next wave of internet users in emerging markets and on mobile platforms. Speakers include Phil Libin of Evernote, Luis von Ahn of Duolingo, Catherine Hoke of Defy Ventures, and many more. We’re hosting a full day of live interviews, interactive demos, debates, and networking with local and international innovators and decision makers. Register today using the code QZBRIEF for a 40% discount.
What to watch for today
India has its biggest IPO since 2012. InterGlobe Aviation, owner of budget airline IndiGo, completes its Rs 3,000 crore ($450 million) offering; IndiGo is the nation’s biggest carrier by market share.
Valeant tries to stop the bleeding. The beleaguered drug maker, which has lost two-thirds of its value since August amid questions about its accounting and business practices, holds a conference call (paywall) to discuss an attempted turnaround.
McDonald’s serves up its CEO… During a meeting with Steve Easterbrook, investors and analysts will hear about results from the company’s push for an all-day breakfast menu. McDonald’s is also expected to announce a sell-off of some restaurants, as well as more share buybacks.
…While US fast-food workers strike. Employees will walk out of restaurant chains in 270 cities across the United States in an effort to raise the national minimum wage to $15 an hour.
While you were sleeping
Barack Obama and Benjamin Netanyahu made amends. The Israeli prime minister confirmed his commitment to a two-state solution ahead of an expected request for record levels of military aid. Netanyahu had clashed with the US president over Obama’s nuclear deal with Iran.
An Amedeo Modigliani painting was auctioned for $170 million. Nu Couche fetched a record price for one of the artist’s paintings at Christie’s in New York. The Modigliani nude, from one of the most collectible series of the 20th century, was expected to sell for around $100 million.
Chinese inflation worsened. Consumer prices rose by 1.3% in October compared with a year earlier, missing the 1.5% expected, and suggesting domestic demand isn’t picking up economic slack. Producer prices fell for the 44th consecutive month, this time by a six-year low of 5.9%.
Filipino exports dropped by a quarter. The value of shipments was just $4.4 billion in September (paywall), down largely thanks to China’s slowdown but also due in part to Japan buying less. Exports account for a third of the Philippines’ GDP.
Australia’s economy took a bruising. Business confidence slipped in October to 2 points, from 5 in September, according to National Australia Bank; a number above zero indicates confidence. Separately, lending for property investments contracted by 8.5% in the month (paywall), its fastest pace since the financial crisis.
Markets haiku
The strong dollar hits
As Janet Yellen’s Fed hike
Looms like a shadow
Quartz obsession interlude
Tim Fernholz on how the TPP’s rules will make medicine more expensive in poor countries: “The origins of these new rules illustrate the compromises that have to be made in reconciling market forces with the public good… and how a powerful industry has a habit of ending up on the winning side of those compromises.” Read more here.
Matters of debate
Jerusalem has never been more divided. The Israeli government’s over-harsh security measures are fueling the unrest.
Married couples shouldn’t get tax breaks. They’re already likely to be wealthier than single people.
Something in African soccer is broken. Youth teams dominate competitions, but senior level teams struggle.
Surprising discoveries
Airplanes can make rainbows. A so-called “fallstreak hole” in Australia created a scene of surreal beauty.
A former “lost boy” is now a US diplomat. Gai Nyok, 29, left what is now South Sudan when he was five years old.
A McKinsey chairman made millions from his maid. She was unknowingly part of a major insider trading scandal.
Zoos are getting rid of peacocks. They are aggressive, vulnerable to epidemics, and are hell on the landscaping.
A masked superhero is fighting for Mexico City’s pedestrians. Peatónito spray-paints sidewalks where there are none.
Our best wishes for a productive day. Yes, we are trying out a new poetry-based markets feature. Please tell us whether you like it, and send any news, comments, unwanted peacocks, and cloud photos to hi@qz.com. You can follow us on Twitter for updates throughout the day.