Good morning, Quartz readers!
What to watch for today
The Federal Reserve stays the course ahead of Election Day. The US central bank is widely expected to keep interest rates unchanged, but will signal its plans for December. A strong economic recovery has bolstered the central bank’s plans to hike rates.
Alibaba posts its numbers… While the stock has surged 77% from a low in September 2015, concerns remain that the e-commerce giant’s profitability may be overstated. Short sellers have bet a cumulative $11.6 billion (paywall) that Alibaba’s shares will fall.
…as does Facebook. The company is expected to reveal a 70% increase in profit, fueled by strong mobile ad sales. Analysts say the company has a “virtually insurmountable advantage.”
While you were sleeping
President Trump? The markets wept. A poll showing Donald Trump with a one-point lead over Hillary Clinton and a surge in the US’s CBOE Volatility Index (the so-called “fear” gauge) spooked investors. The dollar declined against the yen, euro, and pound (paywall) while the Trump-proxy Mexican peso fell 0.8%. Most Asian indexes closed more than 1% down and European markets were also falling in early trade.
The Ivory Coast backed a new constitution. An overwhelming majority of voters supported a new charter aimed at ending years of instability in the country. Opposition leaders are alarmed that the new charter allows the president to pick the vice president and nominate a third of the senate.
South Korea appointed a new prime minister. Kim Byong-joon takes over the post, which is seen as a desperate attempt (paywall) by president Park Geun-hye to defuse the scandal surrounding her relationship with Choi Soon-sil, who is accused of wielding undue influence over Park. Prosecutors have requested an arrest warrant for Choi.
Moller-Maersk sailed choppy waters. The world’s largest container shipping company’s shares fell by over 6% after it posted a 44% fall in third-quarter profit to $438 million. Maersk has been buffeted by overcapacity in the shipping industry and a wave of mergers.
UK house prices stagnated. House prices in Britain didn’t rise in October, for the first time in 16 months. The Nationwide Building Society said the housing market was “fairly subdued” and annual price growth slowed, from 5.3% to 4.6%, as Brexit fears took hold and a new stamp duty applied.
Quartz obsession interlude
Tim Fernholz on the crucial role that Google’s chairman played in Hillary Clinton’s campaign. “‘I met with Eric Schmidt tonight,’ John Podesta, the longtime Hillary Clinton adviser, told campaign manager-in-waiting Robby Mook in April 2014, more than a year before Clinton announced her candidacy for president. The email, stolen by Russian hackers and published by Wikileaks, details the billionaire Alphabet chairman’s interest in backing Hillary Clinton’s nascent presidential run.” Read more here.
Matters of debate
Don’t be surprised by James Comey. Liberals applauded his appointment in 2013, but the FBI director has constantly taken authoritarian and dubious public stances.
The Google Pixel is full of small inconveniences that make it annoying to use. It has an excellent camera, but not much else.
Bitcoin isn’t anonymous enough for the dark web. Analytics companies are getting really good at cracking user identities.
Surprising discoveries
Venezuela’s cash is easier to weigh than count… Hyperinflation has devalued the bolivar to the point of absurdity.
…and the Venezuelan president launched his own salsa show. “This space will serve us to share our joy,” Nicolas Maduro said (link in French) as his country goes to ruin.
Deaf and blind Americans created a language that only uses touch. “Pro-tactile American Sign Language” doesn’t require seeing or hearing.
A Dubai man spent $9 million on a license plate. Property developer Balwinder Sahni bagged the single digit “5”; he previously paid $6.7 million for the number “9.”
Indonesia wants to mandate doorless dorm rooms. A minister hopes it will curb promiscuity and homosexuality.
Our best wishes for a productive day. Please send any news, comments, expensive license plates, and salsa-dancing presidents to hi@qz.com. You can follow us on Twitter for updates throughout the day or download our iPhone app.