It looks as if the first damage assessments were overblown as the tropical storm weakens. The initial damage estimates now stands on around 7B, which is more or less the same number as the 2011 tropical storm Irene made.
This is the first time in 27 years that the markets are shut down due to sever whether and it is the first unscheduled shutdown since the attack on world business center in September 2001.
Moving back to the markets, early in the morning today, Bank of Japan (BoJ) increased the size of its asset purchase program by JPY 11 trillion yen at Tuesday’s policy meeting, amid concerns over the deteriorating economic outlook and growing political pressure to step up measures to combat deflation.
In a joint statement with the central bank, Economics Minister Seiji Maehara said the new measures were an important step towards defeating deflation.
This move came a few hours after official data showed that industrial production in Japan dropped 4.1% in September, the biggest fall since the March 2011 earthquake.
Also today, Spain’s gross domestic product fell less-than-expected last month, In a report, Spanish GDP fell to -0.3%, from -0.4% in the preceding month.
Analysts had expected Spanish GDP to fall -0.4% last month.
This data gave some wind to the statement Spanish Prime Minister made yesterday that he would request a bailout 'when I think it is in the interests of Spain'.
08:00-EMU-ECB President Draghi's Speech
08:55-DE-Unemployment Change (Oct)
08:55-DE-Unemployment Rate s.a. (Oct)
n/a-IT-10-y Bond Auction
10:00-EMU-Consumer Confidence (Oct)
10:00-EMU-Business Climate (Oct)
23:13-JP-Nomura/ JMMA Manufacturing Purchasing Manager Index (Oct)
GOLD futures edged higher during European morning trade on Tuesday, after the Bank of Japan increased the size of its asset-purchase program, boosting the appeal of the precious metal.
Trading activity was expected to remain thin on Tuesday, as Markets in the U.S. were set to remain closed for a second day on Tuesday due to disruption caused by Hurricane Sandy.
Support: 1705, 1698, 1688
Resistance: 1717, 1729, 1748