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U.S. Morning Call: Hurricane Sandy shutters U.S. markets

Monday, October 29, 2012 - 03:26

Oct 29 - The threat of Hurricane Sandy has forced the NYSE to close for the day and the U.S. bond markets are slated to close at noon.

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Hurricane sandy storms strike the East Coast bringing with it strong winds torrential rain also expected later today here's your morning call for Monday. The -- not -- hit New York City but thousands are feeling the pain residents across low lying areas have been evacuated. While others are stuck at home with the mass transit system under lockdown. Weather advisories warn that the storm surge could potentially be life threatening. They're forecasting -- as the biggest tropical storm ever to hit the US mainland. Sandy also likely to cause financial headaches for US airlines that canceled more than 7000 flights to and from the northeast. That data coming from flight where dot com. On the side hotels not doing too badly they're canceling some bookings but making money on others extending first day. Worried residents have packed stores for supplies anticipating power outages. Risk analyst at core logic estimate nearly 284000. Homes valued at 88 billion dollars are also at risk for damage. Moving on to Wall Street almost everything is closed the NYSE NASDAQ nymex and bats exchanges all in the dark. But futures will continue trading until 915 and you can see they're looking lower at the moment. Most banks closing down their Manhattan offices Goldman Sachs and Citigroup buildings are in the evacuation zone. So they asked quote not critical staff to work from home. JPMorgan hoping to weather the storm in their offices will be open today. On the economic front the Commerce Department will post its personal income and spending data at 8:30 AM. But the federal offices in Washington area including the Central Bank are closed today bonds markets are due to shut down Pat -- Her case and it also raining on Google's parade that web giant was forced to cancel the launch of its new nexus Smartphone and tablet today. -- stocks to watch -- say it will merge penguin books with bertelsmann's random house to create the world's leading consumer publisher. The merger gives 53% of the ventured to Bertelsmann and the opportunity to nominate five directors to the board. The deal came a day after reports that Rupert Murdoch's News Corp. was also interested in penguin. Nomura Holdings posting its fourth straight quarterly profit today results were supported by a boost in bond trading and other fixed income products. The same businesses that have given US banks like Morgan Stanley and JPMorgan elect for their quarterly earnings. Many US companies delaying results this morning Burger King not one of them. The fast food joint -- its quarterly revenue fall 25 point 8% to 451. Million. It also -- a dividend of four cents a share. And finally it big job cuts expected to be announced at UBS. According to media reports the Swiss bank may acts as many as 101000 jobs and split its fixed income operations into a separate unit. Chief executive Sergio -- mighty is expected to announce the radical measures along with third quarter results on Tuesday. Shares jumped over 5% on the news. That's all your stormy Monday morning call for more news follow us on Twitter at Reuters Insider and check out our Reuters YouTube channel. At Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is writers.

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U.S. Morning Call: Hurricane Sandy shutters U.S. markets

Monday, October 29, 2012 - 03:26