Fannie Mae still after Wall Street banks
CNNMoney: Fannie Mae has filed a lawsuit against nine major banks over their alleged manipulation of Libor, a key interest-rate benchmark. The suit comes less than a week after a settlement in which JPMorgan Chase & Co. agreed to pay Fannie and its sister company, Freddie Mac, $4 billion to settle allegations that it misrepresented mortgage securities sold to the firms. Fannie says the banks' alleged manipulation of Libor caused it approximately $800 million in losses.
Factory activity hits one-year low in October
Reuters: The pace of growth in the U.S. manufacturing sector hit a one-year-low in October as factory output slowed sharply, according to an industry report. Financial data firm Markit said today that its final U.S. Manufacturing Purchasing Managers Index stood at 51.8 last month. That was better than an initial estimate of 51.1 but still a point below September's reading and the worst final showing since October 2012. A reading above 50 indicates expansion in the sector. A sharp slowdown in output, which at 50.6 was the lowest in 13 months, was the main drag on growth. The subindex stood at 55.3 in September. New orders from domestic customers also slowed, though overseas demand rose slightly.
Obamacare delay would send rates soaring
CNNMoney: Delaying Obamacare by just a few months could send insurance premiums through the roof. Congressional Republicans and some Democrats are pushing to give individuals more time to sign up for Obamacare after major technical problems have stymied enrollment. But insurers say the consequences of such a move would be heavy. That's because insurers set their rates for 2014 assuming that all Americans would be subject to the individual mandate, which requires them to get health insurance or face penalties.