New York Storm: Wall Street Looks To Reopen
New York stock markets look set to reopen on Wednesday, after Hurricane Sandy ripped through the East Coast.
Flooding in the financial district closed Wall Street for two days - the first time the New York Stock Exchange (NYSE) has been shut for two consecutive sessions since 1888.
But the capital's two major markets - the NYSE and Nasdaq - said they planned to open on Wednesday, although contingency plans were being tested as a back-up.
If implemented, these measures would see trades made via the electronic NYSE Arca system.
The storm also caused dozens of companies to postpone publishing financial results, and put back the release of some economic data.
The US futures markets have fallen overnight and HFS Research's Ralph Silva warned it is not just the US economy that will be affected.
The volume of trades in London has been very low, he said, adding: "if you want to sell shares in something, and there's no one to buy it, you shouldn't sell it."
"As a result we're seeing a slowdown in Britain as well," he said. "This could amount to hundreds of millions of pounds of economic value lost."
Joe Rundle, head of trading at ETX capital, agreed that volumes had been low.
"Everyone is sitting on the sidelines a little bit, and cautiously optimistic that Sandy hasn't caused too much damage in the US," he said.
"I expect volumes to back up tomorrow and back to business as usual."
It is too early to count the cost of the storm but there has been huge disruption across the US as Sandy battered homes and businesses.
More than 7.3 million buildings along the East Coast are without power, and a number of internet and mobile networks are down.
The storm has also grounded more than 15,000 flights globally, according to flight-tracking service FlightAware.