US job market figures set stage for new Fed rate hike — Quartz Daily Briefing — Quartz | Whuff News

Good morning, quartz readers!

Here’s what you need to know

Americans are still quitting at near-record levels as job openings increase. A hot labor market will prompt the Fed to continue raising rates more aggressively, as it has already done.

The US treasury department has lowered rates for its I bonds. From a record 9.62%, the interest rate is now set at 6.89% until April 2023.

A large Chinese industrial park entered the a weeklong covid lockdown. One of the factories affected is the world’s largest iPhone factory, run by Apple supplier Foxconn.

US airline pilots are demanding better conditions. United Airlines pilots rejected a tentative contract, while Delta Airlines pilots authorized a strike to add urgency to contract negotiations delayed by the pandemic.

Elon Musk lowers the price for Twitter Blue during a bargain with Stephen King. The author threatened to leave the platform over the proposed monthly fee, initially reported to be $20.

Brazilian President Jair Bolsonaro has yet to officially confess. As his supporters continued their roadblocks, the far-right leader neither accepted nor contested his election defeat.

What to watch out for

Three of Gautam Adani’s businesses in the infra, energy and utilities sectors will report earnings in the coming weeks. If the quarterly performance of companies in the same industry is any indication, Adani, already Asia’s richest man, is working to cement its position among the world’s top billionaires.

Adani Ports & Special Economic Zones, India’s largest private port operator, beat analysts’ expectations yesterday (Nov 1) as trade volumes fully recovered from pandemic restrictions. Adani Green Energy is poised to deliver strong results amid increasing demand for alternative fuel sources. And then came the turn of Adani Enterprises’ flagship, the multibagger stock that was recently included in the Nifty 50, India’s benchmark stock market index.

Although it has been a long journey for the conglomerate, the chairman’s wealth has skyrocketed this year. Adani has just reclaimed his position as the third richest person in the world, ahead of Amazon founder Jeff Bezos.

Central banks are experiencing a gold frenzy

It was the late 1960s. The Beatles’ “All You Need Is Love” is playing, people are deciding what tie-dye shirts to wear, and the central bank is just filled with gold.

It’s been a while since the precious metal actually supported the US dollar, but central banks are once again buying lots of the stuff, amassing gold reserves this year at a rate not seen since 1967.

Image copyright: Mimansa Verma

Gold is considered an effective inflation hedge, although some analysts believe this to be true only over time spanning over a century or more. But scorching inflation is driving higher demand for safer assets. Central banks in Turkey, Uzbekistan and India were among the biggest buyers of gold in the last quarter.

Another (safer) investment: Spam

Image copyright: Gem of Samad

Spam is experiencing a resurgence as shoppers turn to cheap and convenient foods amid soaring inflation. But in some places, the portmanteau for “spiced ham” never stopped being cool. In South Korea, for example, Spam is offered as a holiday gift. Part of the appeal of luncheon meat is that it’s more than just something you eat—it’s rooted in tradition, versatility, convenience, and culture.

We’re peeling back the lid on Spam in our next Weekly Obsession. Sign up to get emails in your inbox today! And while you’re at it, get a Quartz membership at our lowest discount yet (60% off) to support our work.

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A surprising discovery

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An area four times the size of India is needed to meet land-based carbon removal goals. Totaling about 1.2 billion hectares (2.9 billion acres), that’s unlikely.

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The first print edition of the US Constitution will soon be auctioned. One of two copies in existence sold last year for $43.2 million.

Neanderthal came out with a bang. They might be doing the devil tango with too many Homo sapiens.

Our best wishes for a productive day. Send any news, reviews, candy scams and other copies of the US Constitution to Reader support makes Quartz available to all—become a member. Today’s Daily Briefing is brought to you by Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck and Morgan Haefner.

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