Sandy’s storm surge neared 14 feet, driving water into the still-open construction pit at the World Trade Center and flooding parts of the New York subway system. President Barack Obama declared a major disaster in New York and Long Island.
Asian shares advanced on Wednesday, with investors eyeing local earnings results and the impact from super storm Sandy in the U.S. Japan’s Nikkei Stock Average advanced 1% after losing 1% in the previous session. South Korea’s Kospi rose 0.7%, and Australia’s S&P/ASX 200 index also gained 0.7%. In China, Hong Kong’s Hang Seng Index climbed 0.6%, but the Shanghai Composite Index slipped 0.2%.
U.S. markets remained closed Tuesday for the second day after storm system Sandy brought widespread flooding and power outages to New York City, among other places.
Yesterday, Bank of Japan announced near the close of trading that it would expand its asset-buying program by ¥11 trillion to a total of ¥91 trillion. But the Bank of Japan also introduced a new lending facility to stimulate bank loans and issued an unprecedented joint statement with the Finance Ministry, highlighting its commitment to fighting deflation.
COMEX December gold futures are trading up 2 cents at $ 1712.3 per ounce in Asia electronic trades today. Yesterday, it advanced $3.40, or 0.2%, to settle $1,712.10 an ounce.
Floor trading remained closed Tuesday on the New York Mercantile Exchange after Hurricane Sandy triggered an evacuation order Monday. Metals futures prices settled at their usual times.
MCX December gold futures may open today’s session near Rs 31090 levels with resistance near Rs 31140 levels.
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