Good morning, Quartz readers!
What to watch for today
Apple’s big update: Investors will get their first numbers on a slew of new products, including the MacBook Pro, iPhone 7 and AirPods. But no matter how good the numbers might be, Apple is unlikely break its streak of quarterly declines in revenue and profit.
The UK parliament debates the Brexit bill. The opposition Labour party is deeply divided over whether to support the the 137-word legislation to trigger Article 50 and officially begin leaving the EU. MPs are seeking to add amendments to ensure tariff-free access to the EU single market, and guarantee a vote on the final deal.
The Bank of Japan announces monetary policy. In its first decision of 2017, the famously unpredictable BoJ is so far expected to do…nothing at all. Most analysts reckon it will stick with the current easing program, but there is one new factor: US president Donald Trump.
While you were sleeping
US stocks plummeted after Trump’s refugee crackdown. The Dow and S&P 500 had their worst day since the presidential election, on fears and uncertainties over the US president’s decision to single out Muslims for his immigration crackdown. Markets had previously surged on hopes that Trump would prioritize economic growth.
California installed hundreds of giant Tesla batteries. The state utility is using battery back-up facilities from Tesla and other companies to handle surges in demand and eventually store power from solar panels. Widescale adoption could spell the end of the expensive, polluting natural gas plants know as “peakers.”
Volkswagen became the world’s biggest carmaker. Despite being hit by the biggest scandal in its history, the German automaker narrowly overtook Toyota, selling 10.3 million cars to its Japanese rival’s 10.2 million. VW sales in China rose 12%.
Mylan Pharmaceuticals is under an antitrust investigation over Epipen. The US Federal Trade Commission has requested information from the drugmaker over its allegedly anti-competitive practices. The price of the injection devices has climbed more than 500% over the last few years.
Sony Pictures got stung by “dramatic shifts” in entertainment. Sony is taking a $962 million goodwill-impairment charge due to people ditching pay-TV, online video streaming, and other trends that are reshaping Hollywood—and making prestige projects like The Crown much more expensive.
Quartz obsession interlude
Steve LeVine on the Exxon Mobile that Rex Tillerson left behind: “Exxon is, and will long continue to be, foremost an oil company. Never mind possible disruptions from a change in social tastes. Exxon is doubling down on tradition, with a zeal that harkens back to a time when oil was the undisputed commodity of the moment and the future.” Read more here.
Quartz markets haiku
Stocks spiraling down:
Momentary correction
or something darker?
Matters of debate
“No one leaves home unless home is the mouth of a shark.” A British-Somali poet argues that people become refugees out of desperation, not by choice.
America’s mess is Australia’s opportunity. Universities, corporations, and governments can recruit talented people who would’ve otherwise emigrated to the United States.
Facebook is wooing China—and failing. Despite years of effort, Mark Zuckerberg is no closer to regaining access to the world’s biggest smartphone market.
Surprising discoveries
Fish communicate with urine. Researchers discovered that one species sends messages of male aggression with its pee.
There’s a method to Ikea’s naming madness. Kitchen accessories, for example, are all named after Swedish fish, mushrooms, and adjectives.
Scientists need help milking spiders. A reptile park’s visitors are being asked to capture funnel-web spiders, so their venom can be extracted.
Office “cake culture” will kill you. The UK health authority is warning against diabetes, obesity, and poor oral hygiene.
Women are ruling Turks & Caicos. The tiny Caribbean island elected its first female premier, and women hold many other positions of power.
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