Photo: AP Images
Good morning. Here’s what you need to know.
- The U.S. stocks markets will be closed for trading today due to disruptions caused by Sandy. This is the first back to back closure of markets since 1888. It has yet to be determined if markets will reopen Wednesday.
- U.S. futures are trading lower. Dow futures are down by around 30 points. However, they were down by around 90 points when they opened for trading at 6:00 PM EST last night. Futures trading will close at 9:15 AM EST.
- Asian markets closed down, with Japan’s Nikkei sinking 0.98 per cent. Japanese industrial production fell 4.1 per cent in September, which was much worse than the 3.1 per cent decline forecast by economists.
- Meanwhile, the Bank of Japan boosted its asset-purchase program again in its effort to stimulate the economy, this time by 11 trillion yen or around $138 billion. The Bank will also offer unlimited loans to banks.
- China also injected liquidity into its economy. The People’s Bank of China pumped a record net amount of 206 billion RMB into its financial system. Meanwhile, Bank of America’s Ting Lu cranked up his forecast for China’s GDP growth thanks to “across-the-board green shoots.”
- European markets are currently trading higher across the continent. The Euro Stoxx 50 index is up by 1.0 per cent. Italy just sold 10-year bonds at 4.92 per cent, the lowest cost since May 2011.
- At least 20 are dead and 7.5 million people are without power in the wake of Hurricane Sandy. According to early estimates, Sandy has caused around $20 billion worth of damage Here’s What Hurricane Sandy’s Destruction Looks Like >
- The New York Stock Exchange is reportedly testing a new contingency plan to ensure that markets open this week. Here’s Why It’s So Important That Markets Open On Wednesday >
- The August Case-Shiller home price index gets released at 9:00 AM. Economists expect a 1.9 per cent year-over-year increase in the 20-city index. The Conference Board’s Consumer Confidence report, which was scheduled for 10:00 AM today, has been delayed until Thursday, November 1.
- It’s hard to describe the full extent of the destruction caused by Hurricane Sandy. Follow our complete coverage here.