Business News

Europe May Drag Down Open

US stocks look to open lower this morning, following the best week of the year for the markets. The results of Brazil's presidential election and bank stress tests in Europe did little to sway the markets. (CNBC)

Bad news out of Europe just keeps coming. Twenty-five out of 130 European banks have failed a key stress test of the region’s financial system.  Those banks failing the test would have a nearly $32 billion shortfall on their books during a financial crisis. (CNBC)

It won’t be all smooth sailing for the new Apple Pay system.  CVS and Rite Aid are blocking the new mobile Apple Pay system in their stores. The drugstore chains are supporting a rival payment system. (NY Times)

The U.S. dollar has been getting stronger relative to other currencies. The dollar has risen steadily for over 12 weeks and that’s the longest winning streak for the dollar since our currency became free-floating in 1973. The rising dollar can affect your wallet. The strong dollar affects the price of crude oil driving prices and imports lower.  If you are going to travel abroad or export goods your costs will be going up. (Market Watch)

With just 59 days till Christmas, three of the biggest insurance firms for Sears suppliers are seeking to reduce coverage, prompting at least one medium-sized vendor to halt shipments to the department-store chain. Sears has been unloading assets to generate cash after nine straight quarters of losses. (Bloomberg)

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