US equity markets were closed and debt markets closed early because of Hurricane Sandy, while trading in Europe and elsewhere was light. From the FT’s markets round-up: “By early afternoon in New York the FTSE All-World equity index was down 0.3 per cent, while the FTSE Eurofirst 300 index had slipped 0.35 per cent. The Asia-Pacific index had dipped 0.2 per cent. The mood across asset classes was mildly “risk off”, with the dollar index up 0.2 per cent, copper down 1.4 per cent to $3.50 a pound and Bunds attracting buyers, pushing 10-year yields down 6 basis points to 1.48 per cent. Gold see-sawed, shedding $3 to $1,707 an ounce after trading as high as $1,713 an ounce.” (Financial Times)
“Wall Street was set to remain closed for a second straight day as the financial industry prepared for hurricane Sandy to make landfall in New Jersey late on Monday,” reports the FT. (Financial Times)
Two senior Apple executives are leaving: Scott Forstall, who is in charge of the iOS mobile operating system will leave next year and John Browett, head of retail operations, is also departing. “Forstall’s departure is very big news and a drastic move for such an important player in the tech space.” (AllthingsD)
Pearson has signed a deal with Bertelsmann to merge their publishing arms, Penguin and Random House respectively, in a joint venture. According to the FT, Pearson chief Marjorie Scardino “said the merged company would have greater resources to invest in digital publishing which could include the development of a web platform selling books direct to consumers”. Bertelsmann will own 53 per cent of the combined company, Pearson the rest. (Financial Times)
Google has unveiled a new $399 tablet, the Nexus 10. It is powered by the Android operating system and manufactured by Samsung. (Wall Street Journal)
US consumer spending climbed more than expected in September, but economists worried that the numbers were undermined by weak income growth, suggesting that the faster spending was coming out of savings. (Reuters)
We remind you that US stock and fixed income markets will be closed on Tuesday because of the hurricane.
FURTHER FURTHER READING
- Why hurricane forecasts have gotten so much better, but could soon get worse.
- The economics of hurricanes.
- Known unknowns in pari passu, by Anna Gelpern.
- Andy Haldane on socially useful banking.
- In the future, everything will be too big to fail.
- America’s founding financiers.
- Catastrophe bond market participants comment on Sandy.