The Affordable Care Act was meant to provide comprehensive health coverage for Americans while guaranteeing insurers that consumers would buy policies or face a tax penalty. But as President Donald Trump (along with state and Congressional Republicans) chips away at former President Barack Obama’s signature law, parts of it are starting to crumble. Enter the “junk insurers.” —David E. Rovella

Here are today’s top stories

The Federal Reserve took action to calm money markets on Tuesday, injecting billions of dollars in cash to quell a surge in short-term rates that was pushing up its policy benchmark rate and threatening to drive up borrowing costs for companies and consumers. The central bank said it will do it again Wednesday.

Worst-case projections of global warming over the next 80 years were apparently too optimistic, a new study shows. As governments dither over small-bore reforms meant to slow the climate crisis, at least some companies are claiming to do their part to reduce emissions.

But some of those governments are going the other way. In the U.S., Trump is poised to rescind California’s authority to regulate greenhouse gas emissions from automobiles, which it and other states have limited more stringently than the federal government.

After a weekend of saber-rattling and yet-to-be substantiated claims that Iran attacked Saudi Arabia’s oil fields, the White House has shown signs of backing down. In many ways, Iran already had the upper hand.

They poured $45 billion into India’s stock market in the hopes that Narendra Modi would unleash the country’s economic potential. Now, international money managers are unwinding those wagers. 

Mihir Sharma writes in Bloomberg Opinion that India is about to choose between joining a massive Indo-Pacific trading bloc or succumbing to isolationism—and China is the wild card.

What’s Joe Weisenthal thinking about? The Bloomberg news director says the European banking sector has yet to come close to its pre-recession highs. The lack of profitability has been a perpetual source of angst, but Joe opines that the recent ECB decision may provide relief. 

What you’ll need to know tomorrow

• China stopped Juul sales a week after the product debuted there.
• Spain is headed for a new election, its fourth in four years.
• A crazy day for oil left traders dazed from Tokyo to Houston.
• This is the simple strategy that fuels the fortune of Bill Gates.
• The cable industry adds women and minorities but can’t keep them.
• The future of low-cost U.S. housing may be single-room rentals.
• Own a startup and need a lawyer? Now you can rent one.

What you’ll want to read in Bloomberg Pursuits

Airy, 300-Room Castle in Historic Neighborhood

A pair of Downton Abbey fans will soon get the chance to spend the night in Highclere Castle, the main filming location for the Emmy Award-winning drama. The estate in Hampshire, England, is opening its doors to two guests for a one-night stay on Nov. 26, courtesy of Airbnb. The promotion is tied to the upcoming film Downton Abbey, which will premiere on Sept. 20 in the U.S.  

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