Daily Market Review 31 of October
Sandy storm has past and focus turns to the cost of the damage wrecked by Sandy, one of the biggest storms to hit the US. Looking back at Japans 2010 Earthquake and Tsunami we saw that even though it was a disaster, the economy did get a boost after that due to the extensive restructuring.

Experts say that even though Sandy storm is very small with compare to Japan disaster but the US economy is still heading for a significant boost from the spending that will result from the need to rebuild homes and infrastructure.

Early in the morning today, Asian stock markets were broadly higher, as investors reacts to a better than expected data and earnings from some of the region’s biggest companies.

In Tokyo, the Nikkei bounced off a two-week low on the back of upbeat corporate earnings results.

The Australian ASX close at his highest levels since Oct 1st after Official data earlier showed that building approvals in Australia rose by 7.8% in September, far more than the expected 1.1% increase and following an 8.8% jump the previous month.

A separate report showed that private sector credit in Australia rose more-than-expected last month, ticking up 0.3% after a 0.2% increase in August.

Later today,Euro zone finance ministers is expected to hold a meeting to discuss Greece’s progress on meeting austerity targets, but no decision on when the country will receive the next tranche of its bailout was expected.

Meanwhile, investors continued to await any sign that Spain is preparing to request a bailout, which would activate a bond purchasing program by the European Central Bank, aimed at lowering the borrowing costs of distressed euro zone states.

Economic Calendar

10:00-EMU-EUR-Consumer Price Index (YoY) (Oct)Preliminary           
n/a-EMU-EUR-Eurogrup meeting               
12:30-CA-CAD-Gross Domestic Product (YoY) (Aug)   
12:30-CA-CAD-Gross Domestic Product (MoM) (Aug)   
12:30-CA-CAD-Gross Domestic Product Annualized (QoQ)(Aug)2       

23:30-AU-AUD-AiG Performance of Mfg Index (Sep)