Oil prices steady; Greek debt in focus
Wall Street closed with slight gains Monday on mixed economic data and declining oil prices. Those prices have stabilized overnight as growing demand offsets the global supply glut. Asian markets closed mainly lower Tuesday with Shanghai the only major index posting gains. Australian markets were lower following the RBA’s decision to hold interest rates steady at 2 per cent, prompting a sell-off. In Europe Greek debt continues to dominate with a payment due to the IMF Friday and no new deal on debt yet agreed. Mixed data and the lower Asian markets have also pushed all major indexes in Europe lower.
US stock futures are trending lower. Oil is trending higher (Brent $65.28, WTI $60.74 at 6.05am ET) Gold is trending lower.
Motor vehicle sales
Factory orders at 10am ET
Conns, Dollar General and Guess are among the companies reporting earnings today.
Obamacare could cost far more next year
Health insurance companies have requested large increases in premiums for next year’s Obamacare plans. Preliminary data from the White House shows that higher than expected care costs and increased pharma bills mean that dozens of insurers are seeking to increase premiums by double-digit percentages. Fox News reports that one of the biggest requests is by High Mark Health in Pennsylvania which has asked to hike fees by 30 per cent.
HSBC faces $34 billion mortgage lawsuits
HSBC will face three lawsuits in the US over claims that it breached its duties as trustee of mortgage-backed securities that suffered more than $34 billion of losses in the financial crisis. Reuters reports that the bank must face the claims from funds including BlackRock, PIMCo and TIAA-CREF.
The magic is over for Disney CFO
Disney’s chief financial officer is stepping down says the LA Business Journal. James “Jay” Rasulo will leave at the end of this month and was widely expected as he lost out to Thomas Staggs as potential successor to CEO Bob Iger and has been working without a contract since January. The decision to leave ends a career with the company which began in 1986 although Disney says he will continue to advise the firm following his departure.
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