U.S. Day Ahead: Sandy closes U.S. equity, bond markets
Monday, October 29, 2012 - 02:32
Oct 29 - Stock market executives, regulators and brokers have agreed to close the U.S. stock markets on Tuesday because of Hurricane Sandy.
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There she blows most US markets expected to close again tomorrow to hurricanes -- with companies delayed earnings reports as well. Forecasters saying the thousand mile wide storm could be the largest to hit the mainland in US history. About fifty million people from the mid Atlantic region to Canada are in its path. Resulting large scale shut down -- mass transit. Catastrophe risk modeling firm -- saying economic damages expected to be between ten to twenty billion dollars. With insurance losses estimated around five to ten billion. We just receipt confirmation -- all in the equities exchanges will we name closed tomorrow and -- to reopen Wednesday. Sigma also recommending a market close for the US bond market tomorrow. Did you Reuters dot com for the latest on hurricane sandy we will be tracking tweeting and blogging its progression. Look for missing and major cost cutting into our overall results picture or at least what's left and it. Many companies rescheduling the beliefs of their third quarter earnings in the hurricane. Bill whether advisor office deep and serious accident rate down. Eight on still sad to report and -- -- saying it could be ugly. One of the biggest predicted this is on this week's earnings docket Avon's already warn investors of shrinking profit margins week's sales. UBS is restructuring will be focused when it reports. Sources telling Reuters chief Sergio I am not an -- up to 101000 job cuts as the Swiss banks slashes its investment banking business as. Investors will also hear from auto industry titans Tuesday with results expected from Ford and Chrysler and the focus will be on board and analysts are likely to look at the US automaker's operations in Europe. Where it has announced significant cost cutting measures storm I'm predicting a rise in earnings at a slight drop in revenue for the automaker. Finally to economic reports -- out tomorrow and today consumer confidence for October. Analysts expected a reading of 72 point five up from seven point three the month prior. The S&P case Shiller home price index also tomorrow. Economists surveyed by Reuters expect to rise again in August home prices are seen up -- percent. Stay with insider and Reuters TV for more on hurricane sandy and click on things I'm Lisa Bernhard this is Reuters.
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