What to watch for today
Reaction to a looming Trump presidency. Donald Trump appears likely to become the next US president. You can follow the Quartz liveblog here. Markets are not reacting kindly, with more than 700 points already wiped off the Dow in futures trading. The Nikkei fell over 5%, the Hang Seng in Hong Kong around 3%. That could be just the beginning.
Duterte visits Malaysia. On his two-day trip the Philippine president will hold bilateral negotiations with prime minister Najib Razak. They’ll discuss economic and security cooperation, focusing on Malaysia’s role in peace talks between the Philippine government and the Moro Islamic Liberation Front.
The European Commission releases new economic growth forecasts. In its first new estimate since the Brexit vote, the body is expected to revise down its growth projections for 2017—they’re currently a feeble 1.8%.
While you were sleeping
Donald Trump had a good Election Day. Despite steady projections of a Hillary Clinton victory, Trump made a strong showing and sent the Clinton camp reeling. All the numbers now point to a Trump victory. The Republican Party maintained its grip on the House, and appeared set to do the same in the senate.
Marijuana won big. Massachusetts and California passed recreational marijuana, while several other states approved the drug for medicinal use. California has the word’s fifth-largest economy, so the victory there is seen as a game changer for the industry.
India outlawed its two biggest banknotes. Prime minister Narendra Modi dropped a bombshell in his fight against the black market economy, announcing that 500 and 1,000 rupee notes (the latter equaling about $15) would be void effective immediately. Indians will have 50 days to deposit notes at banks, creating a sticky situation for those hoarding cash to evade taxes.
A deadly shooting broke out near a California polling station. An assailant armed with a military-style rifle opened fire in a residential area of Azusa, near Los Angeles, killing one and injuring three. Authorities closed nearby polling places, though the shooting appeared unrelated to the elections. Police said the alleged gunman was found dead after a standoff.
Quartz markets haiku
On election day /
The stock market rallied late /
What do those guys know?
Quartz obsession interlude
Anne Quito on the terrible design of the US electoral system. “In my voting experience, the only thing that seemed obsessively designed were those “I Voted” stickers, that, as persuasive as they can be, are essentially just flair. We need designers to tackle the hairball, not just put on a bow.” Read more here.
Matters of debate
Twitter must be saved. It’s the only antidote to the misinformation spread by Facebook’s algorithm.
Americans are giving up on democracy. Regardless of the election’s outcome, many on the left and right have lost faith.
Modi’s surprise money move was a masterstroke. The “surgical strike on black money” bolsters his reputation as uncorrupt and technocratic.
Surprising discoveries
Toblerone downsized its UK chocolate bars, and Brits are irate. They’re blaming the Brexit vote.
There’s a bubble bath powder that smells like ramen. Noodles and pork belly are presumably sold separately.
It’s possible to have emotions without feeling them. Some reactions occur outside our awareness.
AOL’s “You’ve got mail” guy is now a driver for Uber. Elwood Edwards recorded the famous snippet way back in 1989.
McDonald’s sued Italy’s Florence for €18 million ($20.3 million). It’s claiming discrimination after being denied a location in one of the city’s most historic plazas.
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