DEAR WALL STREET: Here's What You Need To Know Before You Go Back To Work

New York Fidi Sandy

Photo: AP

With US financial markets largely closed the last few days, and everyone’s attention homed in on Hurricane Sandy, Wall Streeters need some catching up to prepare for Wednesday’s opening of financial markets. After all, the rest of the world kept on cranking even as New York ground to a halt.Here were the big events:

Economic Data:

  • Case-Shiller Home Prices rose 2.0% from a year ago, slightly outpacing expectations.
  • Personal Income rose 0.4% while Personal Spending rose 0.8% for the month of September.


  • The Bank of Japan initiated a new round of Quantitative Easing on Tuesday. It also announced that Japan would likely miss its forecasts on GDP.
  • The Chinese market rallied on Tuesday after the PBOC did its largest ever one-day liquidity injection.
  • Hong Kong announced a new tax on foreign land buyers, to cool the property boom.
  • Japanese PMI and Korean Industrial output both came in weak.


  • On Monday, Italian markets were rocked by comments from former PM Silvio Berlusconi, who lashed out at the current Mario Monti government in the wake of his own 4-year prison sentence. He gave hints of a return to politics, and a toppling of the current government, something that would be significantly destabilizing.
  • However on Tuesday, Italy had its best 10-year bond auction in well over a year.
  • Parties in the Netherlands announced a plan to form a government.
  • Greece’s government faces a crucial test, as it attempt to pass an austerity bill next week, even as members of the coalition are opposing it.


  • There’s been a major shakeup at Apple, with its retail boss out, and more importantly iOS chief Scott Forstall out.
  • Disney is buying LucasFilm for over $4 billion.
  • UBS officially announced its 10,000 layoffs, a shocking move that confirms that ongoing shrinking of the banking system.
  • Ford posted record Q3 profits.


  • Polling has slowed due to the Hurricane Sandy, however the national polls that are ongoing remain incredibly close.

For a full look at the devastation caused by Hurricane Sandy, see here >

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