European Stocks Decline Sharply On Hurricane Sandy

European Stocks Decline Sharply On Hurricane Sandy

European stocks declined sharply with the start of the first trading session on Monday as the hurricane emergency measures in the United States had forced the U.S. Exchange Commission to shut down as the American east coast is preparing for Hurricane Sandy.

The U.S. Securities and Exchange Commission canceled yesterday evening equity trading on all markets today, in an attempt of protecting worker`s lives as Hurricane Sandy barreled toward New York City, with a diameter of gale force winds of over 1000 miles.

The U.S. securities industry announcement to close floor trading on Monday, may be extended through October 30 while electronic trading would remain open.

Sandy is expected to reach southern New Jersey tomorrow and potentially affect 60 million people.

The New York Stock Exchange, NASDAQ and the Chicago Stock Exchange have decided not to open today.

European shares declined as of 04:16 EST. The French CAC 40 lost 0.81% to 3407.38, and at the same time DAX was hovering around 7194.06, losing 0.52% and FTSE 100 lost 0.40% to trade around 5783.74.

The euro fell as of 11:34 (GMT+3) trading near $1.2892 compared with the opening of $1.2942. The EUR/USD has recorded an intraday high of 1.2942 and low of 1.2886.

As for the Great British Pound, it is trading near $1.6061 compared with the opening of $1.6096. The GBP/USD has reached an intraday high of 1.6097 and low of 1.6057.