Good morning, Quartz readers!
What to watch for today
Updates from the central banks of Europe, Norway, and Turkey. The European Central Bank meeting in Frankfurt will likely be uneventful—expect the bank to keep rates on hold—but the press conference afterward could shed light on Italy’s budget standoff and the bank’s plans to reinvest maturing bonds. Norway and Turkey are also expected to keep rates steady.
Shinzo Abe meets with Xi Jinping in Beijing. Abe’s three-day visit is the first by a Japanese leader to China in seven years. Marking the anniversary of a peace treaty signed by the two countries 40 years ago, the Chinese president will host Japan’s prime minister at a reception tonight that will be attended by 500 Japanese business leaders (paywall).
Big earnings day for tech. Amazon, Alphabet, and Twitter are due to report their results amid a tough month for tech stocks. Amazon is expected to show robust growth in e-commerce, ad sales, and cloud computing, but some investors are wary of its new $15 minimum wage and the US postal service’s proposed increase in shipping fees.
While you were sleeping
US markets erased their gains in 2018. The Nasdaq plunged 4.4% (paywall)—its biggest one-day loss in seven years—and entered into correction territory for the first time since February 2016, though it is still up 3% for the year. Meanwhile the Dow and S&P 500, which fell 2.4% and 3.1% respectively, entered the red for the year. Wall Street’s sell-off led Asian markets to tumble in early trading.
More suspicious packages sent to a high-profile Democrat were intercepted. Two packages addressed to California congresswoman Maxine Waters were found at a postal facility, shortly after authorities intercepted similar ones containing pipe-bomb-like devices sent to Barack Obama, Hillary Clinton, George Soros, and CNN.
The strongest storm of the year ravaged the Northern Mariana Islands. Tied with Mangkhut for the most intense storm recorded this year, Super Typhoon Yutu (paywall) enveloped much of the island of Saipan and all of Tinian in the Pacific. After passing through the islands, Yutu will likely weaken as it moves into the Philippine Sea.
Najib Razak faced more corruption charges. The former Malaysian prime minister—who has pleaded not guilty to 32 other charges linked to the mismanagement of the state fund 1MDB—and his top treasury official, Irwan Serigar Abdullah, were each charged with six counts of criminal breach of trust. Each charge carries a jail term of up to 20 years. Both men pleaded not guilty to all charges.
Tesla reported a surprise profit for the third quarter. The electric-car maker posted a profit of $312 million and $6.8 billion in revenue—well above expectations—despite manufacturing challenges and months of distractions centered around CEO Elon Musk. It had turned a quarterly profit only twice before.
Quartz Obsession interlude
Dan Kopf on the real winners of the US-China trade war: “If China isn’t exporting as much stuff to the US, there is an opportunity for other countries to fill the void. There’s a Chinese proverb for this scenario: When the snipe and clam quarrel, it is the fisherman who profits. In this case, the fisherman may well be Vietnam or the Philippines.” Read more here.
Matters of debate
Italy’s budget crisis is the biggest threat to the EU. The European Central Bank’s apparent willingness to buy Italian bonds could spell disaster due to Rome’s precarious economic situation.
US college sports are affirmative action for rich white students. The admissions process continues to favor those who can afford pricey equipment and private coaching.
Waking up early isn’t good for you. You’ll end up squeezing more work—not pleasure—into your day.
Surprising discoveries
A storm wiped a Hawaiian island off the map. Hurricane Walaka destroyed East Island, a critical nesting ground for endangered green sea turtles.
Rich Chinese millennials are flaunting their wealth in a meme. They’re tripping out of luxury cars, sprawled on the ground and surrounded by things spilled out of their designer handbags.
British police are inundated with Friends jokes. Authorities are seeking tips, not TV references, as they search for a David Schwimmer doppelganger who robbed a restaurant.
A Washington judge nabbed an escaping prisoner. After removing his robe, he ran down four flights of stairs and grabbed the man just as he was about to exit the courthouse.
Many families scatter the ashes of loved ones at Disney World. The practice is so common employees have a code word and cleaning protocol (paywall) to hide the remains from visitors.
Our best wishes for a productive day. Please send any news, comments, David Schwimmer sightings, and updated maps 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 Alice Truong and edited by Isabella Steger.