31 Oct 2012

Wall Street still shut

8:57 am on 31 October 2012

Wall Street is shut for a second day because of Sandy, but the New York Stock Exchange says it will open on Wednesday. It's the first such closure for two days since 1888.

Analysts say the economic cost of the storm could exceed $US20 billion and fourth quarter GDP could be hurt because of stalled activity.

In Europe: shares rallied on Tuesday, led by UBS after the Swiss bank has confirmed it will cut 10,000 jobs. Meanwhile, BP's dividend rose for the second time in less than a year.

The FTSE in London was up 0.95%, the DAX in Frankfurt was up 1.13% and the CAC-40 in Paris was up 1.48%.

Across the Tasman, the Australian 200 Index closed on Tuesday up 9 points at 4,485 and the NZX50 index fell 10 points, or 0.3%, to close at 3941.

The New Zealand dollar on Tuesday was trading at 82.07 US cents, 79.16 Australian cents, 51.07 pence, 65.34 yen and 0.6332 euro. The Trade Weighted Index was at 73.18.

Brent crude oil was trading at $US110.23 per barrel and gold was trading at $US1709. 63 per ounce.