Facebook is changing its data reporting and measurement practices to renew ad buyer confidence after a series of data discrepancies that damaged publisher relations in 2016.

Why it matters: Brands and publishers will penalize publishing partners that do not comply with industry standards for measuring and reporting data. Most notably, Procter and Gamble Chief Brand Officer Mark Pritchard said Sunday that he will no longer advertise with groups that do not meet industry data transparency standards. There have been several instances of Facebook misreporting data to publishing partners. Most notably, Facebook apologized in September for inflating video engagement metrics up to 60% for two years.

  1. Updating viewability standards and practices: Viewability is how much an ad loads and how often viewed by a human on a page. To give you a sense of how complicated measuring and reporting viewability can be, Facebook also announced that its added DoubleVerify as its 24th viewability partner. They also announced that they're adding viewabilty measurement to its Audience Network platform, in addition to what already exists for Instagram and Facebook.
  2. Adding cross-channel comparability: Cross-channel comparability allows ad buyers to measure ad engagement and reach across different platforms. Facebook is introducing a marketing mix modeling (MMM) portal for agencies and data vendors to gather information directly from Facebook, Instagram and Facebook's Audience Network on behalf of their clients. This will allow advertising buyers to compare which ads in their current marketing efforts — TV, digital and print — are driving their desired outcomes, and use that information to better inform their Facebook buys.
  3. Enhancing third-party verification: Facebook has expanded their data verification partnerships with Nielsen, comScore and Ad Science to more accurately measure reach, in-target performance and viewability. Using a third-party vendor to verify ad metrics is industry standard, because third-party sources are less likely to provide biased or inflated data.

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Updated 47 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 13,203,571 — Total deaths: 575,201 — Total recoveries — 7,331,068Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 3,407,798 — Total deaths: 136,252 — Total recoveries: 1,031,939 — Total tested: 41,004,275Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

1 hour ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."