Know someone who would like this newsletter? Forward it to them.
The World
Unemployment applications rose to the highest level since late August, as persistent layoffs hold back the economic recovery and global markets fell amid fresh European coronavirus restrictions and dimming prospects for a U.S. stimulus package. Treasury Secretary Mnuchin again said a relief deal is unlikely before election, while more than 100 million Americans remain out of the labor force — and 8 million have slipped into poverty since May as federal aid drive up. G20 finance ministers pledged to do 'whatever it takes' to support global economy, and agreeing for the first time on a “Common Framework” to address countries’ debt. (Wall Street Journal, Washington Post, Axios, New York Times, Reuters)
U.S. virus cases are climbing toward a third peak, while Europe recorded its highest ever weekly number of new cases, and the W.H.O. warned death rates could reach 4-5X their April peak within months. London will go into lockdown beginning Saturday, with tough restrictions on socializing and traveling: 9 million people will be banned from meeting indoors, including in pubs and restaurants, and advised not to use public transport. President Macron ordered a third of France’s population — Paris and eight other big French cities — be put under nightly curfew beginning Saturday to tackle a surging second wave. The curfews will last an initial four weeks, but Macron will seek a 2-week extension from parliament. A nationwide ban in Ireland on almost all household visits begins tonight In the U.S., new reports that government officials gave the financial sector early, non-public warnings about the pandemic, fueling a selloff. (New York Times, The Guardian, The Times, Reuters, The Times-2, New York Times)
A rapid, 30-second detection test of the Covid-19 virus had successful preliminary results at the University of Nevada, Reno. The test uses a nanotube-based electrochemical biosensor, a similar technology used for detecting tuberculosis and colorectal cancer as well as detection of biomarkers for food safety. (Science Daily)
Global emissions fell 8.8% in first half of 2020, but while the drop reflects the contraction in economic activity, it is not expected to slow warming of the planet. Meanwhile, the European Union unveiled a wide-ranging strategy to cut methane pollution, the second-largest contributor to global warming after carbon dioxide. (Financial Times, Axios)
Thailand declared a strict new state of emergency, a day after a student-led protest against the country’s traditional establishment saw an extraordinary moment in which demonstrators heckled a royal motorcade. (Associated Press, Nikkei Asian Review)
The EU imposed sanctions on six Russian officials over the Navalny poisoning, as figures from the Kremlin, defense ministry and intelligence agency subject to travel bans and asset freezes. Russia has threatened to break off ties with the European Union. Meanwhile, Sweden will increase military spending by about 40% in the next five years and double the number of people conscripted into its armed forces amid growing tensions with Russia. Separately, Kyrgyzstan’s president resigned, bringing political impasse to an end. (Financial Times, The Times, The Guardian, Washington Post)
The Senate Judiciary Committee set a panel vote on Judge Amy Coney Barrett’s Supreme Court nomination for Oct. 22 at 1 pm ET. “We have the votes,” Senate Majority Leader Mitch McConnell said, adding the full Senate will begin debate on Oct. 23. (Washington Post)
U.S. gun sales are soaring amid pandemic, social unrest, election fears. Eight of the top 10 all-time weeks for background checks have happened this year, according to NICS data that goes back to 1998. Shares of Smith & Wesson and Sturm Ruger & Co Inc, the two top U.S. manufacturers, have soared 131% and 59%, respectively, this year. (Reuters)
Economy
Morgan Stanley’s 3Q20 profits jumped 25% on Wall Street trading bonanza; United Airlines posted a wider-than-expected $1.8 billion 3Q20 loss. (Financial Times, CNBC)
Funding to North American startups held steady in 3Q20: Investors put $35.7 billion into seed- through growth-stage funding rounds, a 9% rise from 2Q20 and a 2% gain from year-ago levels. (Crunchbase)
When China rolled out its own Nasdaq-style listings venue last year, the country’s regulators forced investment banks to buy stocks in the companies they took public. That unusual requirement for banks to eat their own cooking is now paying off big time. (Wall Street Journal)
WarnerMedia is putting its stake in its new HQ building up for sale before it even moves in, aiming to cash in on the rising value of Manhattan’s Hudson Yards office space by selling it — they’re asking some $2 billion — and signing a lease of about 20 years with the new owner. (Wall Street Journal)
Technology
Google Cloud announced two new 5-year agreements: 1. With the Energy Department to provide cloud technologies; 2. With Nokia, which will move from its own data centers to Google Cloud. (Axios, Bloomberg)
India startups are uniting for “independence” from Google, comparing its practices to British colonialism: "This is not just about 30%. This is about this entire East India Company-like structure, which is trying to oppress us." (Nikkei Asian Review)
Justice Clarence Thomas wants to reel in Section 230, as noted in his commentary about Section 230 following the court's decision not to hear a related case. Thomas wrote that internet companies have been granted "sweeping protection" and courts are reading more comprehensive immunity into Section 230 than was intended. Internet companies’ argument that Section 230’s purpose was to allow companies to moderate online content and remove material as they see fit seems to have a shrinking constituency in Washington. (Axios)
As China’s ‘iPhone City’ pushes full steam ahead to produce the new Apple iPhone 12, customers can begin pre-ordering tomorrow. Pricing varies by country. (South China Morning Post, Statista)
Smart Links
Learn More (Today, 4 pm ET): Live event with Global Chief Security Officer of TikTok & Bytedance, Roland Cloutier. (Harvard Kennedy School)
Rise of “Retention Rates,” the software metric investors are obsessing over. (The Information)
State of the art in AI for brain disease treatment. (American Institute of Physics)
The importance of teaching creativity. (University of South Australia)
Magazine covers in 2020 have featured Black subjects three times more than the previous 90 years. (Poynter)
Space junk on 17,000 mph collision course. (The Times)