Good morning, Quartz readers!
What to watch for today
Decision day for the Fed and RBI. The US central bank is expected to hold interest rates steady, but will likely stay on track for two hikes this year—despite Donald Trump’s misgivings. Analysts expect the Reserve Bank of India to hike its benchmark rate by 25 basis points.
Tesla reports its most anticipated earnings of the season. In light of its heavy cash-burn, CEO Elon Musk’s disparaging treatment of analysts, and a drop in the electric-car maker’s stock over the last year, things could get interesting.
The Trump administration ups the pressure on China. It reportedly plans to propose 25% tariffs on $200 billion of Chinese imports after initially setting them at 10%. Meanwhile representatives of US Treasury secretary Steve Mnuchin and Chinese vice premier Liu He are in private conversations to reduce tensions.
While you were sleeping
Apple’s profits surged on pricier iPhones. For its fiscal third quarter the company reported $11.5 billion in profit, a jump of 32% from the same period last year, and $53.3 billion in revenue. Apple sold 41.3 million iPhones, up only 2% from a year earlier, but the average selling price was higher due to the pricey iPhone X. Shares rose 4% in extended trading.
A US federal judge blocked an attempt to post blueprints for 3D-printed guns. It had appeared that, starting today, a gun-rights activist in Texas would be allowed to usher in what he called “the age of the downloadable gun.” But amid dire warnings about risks to public safety, a Seattle judge granted a temporary nationwide injunction blocking the plan (paywall).
Facebook warned of an attempt to secretly influence US midterm elections. The social media platform has removed 32 suspicious pages and accounts behind a coordinated political influence campaign. The perpetrator was not identified, but company officials reportedly told US lawmakers that Russia could be the culprit.
The NBA made MGM its first-ever betting partner. The basketball league and casino giant have been largely at odds since the US Supreme Court overturned the federal ban on sports gambling in May. But MGM will now be able to use NBA and WNBA trademarks and logos, and access NBA data streams for its betting products (paywall).
Quartz Obsession interlude
Gwynn Guilford on how the weakening Chinese currency might affect Trump’s trade war. ”Since July 6, the yuan has dropped around 2.5% against the US dollar… The [weaker] yuan makes Chinese exports to the US relatively cheaper, dampening the effects of US tariffs. And for Chinese businesses and consumers, a weaker yuan makes imports of American goods even more expensive—amplifying the impact of China’s retaliatory tariffs.” Read more here.
Matters of debate
The US has much bigger problems than 3D-printed guns. Other types of unregistered guns have long been widely available.
Uncertainty helps us learn. Unpredictable circumstances make our brains work harder and absorb more information.
Stock buybacks are ruining the economy. The transfer of trillions of dollars to shareholders increases inequality and reduces corporate investment.
Surprising discoveries
“Bigfoot erotica” is an issue in a US election. House candidate Denver Riggleman’s sensual Sasquatch drawings have been causing a stir.
Dating apps are hooking up singles… with work opportunities. One photographer says he’s landed about 10 gigs through them.
Obese tourists are crippling donkeys. American and British tourists were accused by activists of overloading livestock in Santorini.
A Texan stole a shark by disguising it as a baby. He used a stroller to rob the San Antonio Aquarium, but the animal has been returned safely.
All 100-plus passengers and four crew survived a plane crash in Mexico. The Aeromexico flight crashed into a field shortly after takeoff, billowing smoke and fire.
Our best wishes for a productive day. Please send any news, comments, sturdy burros, and marine-creature babies to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our apps for iPhone and Android. Today’s Daily Brief was written by Steve Mollman and edited by Alice Truong.