US Exchanges are expected to reopen as normal today at 9:30am (ET), following the closure for two days due to hurricane Sandy. The storm has caused considerable destruction and devastation across the North Eastern coast of the US. It is estimated that there has been over 40 deaths and the cost is expected to exceed $10bn. Transportation across the region has come to a standstill as trains and busses were halted and flights grounded to avoid the storm. Sectors to watch are the insurance, industrial and transportation.
The UBS “rogue trader” Kweku Adoboli is currently on trial on charges of fraud and force accounting, which led to the Swiss Bank recording losses of $2.3bn. In court he has repeatedly stated that other traders on the desk new of his umbrella account, where trades were hidden away from the main desk PnL. The trial continues today at Southwark.
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