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Obamacare is going to get a lot more expensive in 2017. On Monday, the Obama Administration warned premiums for Obamacare, also known as the Affordable Care Act, will soar by an average of 25% nest year.
Twitter is planning a round of layoffs. The social media company is planning to cut about 300 jobs, or about 8% of its staff, according to a Bloomberg report citing anonymous sources.
Apple Watch sales are in freefall. An estimate released by IDC shows Apple shipped just 1.1 million Apple Watches in the third quarter of 2016, down a whopping 71.6% form the 3.9 million watches that were delivered a year ago.
The world’s oldest bank is cutting jobs and shares are crashing. Debt-ridden Banca Monte dei Paschi di Siena is down more than 13% in Rome after announcing it would slash 2,600 jobs, or about 10% of its labour force.
South Korea’s economy was hurt by the fire-prone Galaxy Note 7. The South Korean economy grew by a seasonally adjusted 0.7% quarter-over-quarter in the third quarter. “When you take away the effects from Samsung and Hyundai, third-quarter growth was considerably better than expected,” said Chung Kyu-il, a director at the Bank of Korea. The Korean won slipped 0.2% to 1133.35 per dollar.
Business conditions in Germany keep improving. Germany’s Ifo Business Climate survey rose to 110.5 in October, making for the best print since April 2014. “The upturn in the German economy is gathering impetus,” Prof. Dr. Clemens Fuest, President of the Ifo Institute, wrote in the report. The euro is weaker by 0.2% at 1.0879 against the dollar.
Greece got more bailout cash. The debt-plagued country has been granted another 2.8 billion disbursement by eurozone officials, raising the total amount of bailout cash awarded to 31.7 billion euros of the 86-billion-euro program that was implemented in July 2015, AFP reports.
Stock markets around the world are up. Overnight, Japan’s Nikkei (+0.7%) hit a six-month high. Meanwhile, in Europe, Spain’s IBEX (+1.3%) leads the advance. S&P 500 futures point to a gain of about 0.2% at the open.
Earnings reporting is heavy. Caterpillar, Freeport McMoRan, General Motors, and Under Armour are among the names reporting ahead of the opening bell while Apple and Chipotle Mexican Grill highlight the names releasing their quarterly reports after markets close.
US economic data flows. The FHFA Home Price Index will be released at 9 a.m. ET and consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is unchanged at 1.77%.
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