Headlining the FT this morning is a report that says the US stock market will be closed for a t...
Headlining the FT this morning is a report that says the US stock market will be closed for a third day on Thursday in the wake of Tuesday's terrorist attacks despite signs of White House pressure for Wall Street's biggest banks to resume trading. It was decided to reopen the government bond market in New York on Thursday because of concern that another day's closure could undermine confidence in the US markets. The decision to delay reopening stock trading came after investment banks told market regulators they had not yet recovered from the destruction in the heart of New York, and needed the closure to last the rest of the week.
The Times notes that the price of oil fell yesterday as the emotions of traders swung from fear of a Middle East conflict to worries about recession. As the world's gaze remained transfixed by television screens and fleets of aircraft remained grounded, the price of a barrel of Brent crude for delivery in October slumped by almost a dollar to $28.
The Times also reports that the insurance industry is facing a $15 billion (£10.2 billion) bill from Tuesday's terrorist attacks on America. Early estimates of the cost put it within range of the $20 billion cost of Hurricane Andrew in 1992, the biggest insurance loss on record.
The FT says President George W. Bush has called Tuesday's terrorist attacks "acts of war" as the investigation to find the culprits moved ahead on several fronts. As rescue workers and investigators continued to pick over the ruins of New York's World Trade Center and the part of the Pentagon demolished in Tuesday's deadly attacks, the investigation appeared increasingly to focus on individuals associated with Osama bin Laden. The Saudi exile, now thought to be in Afghanistan, is on the FBI's 10 most wanted list.
Canary Wharf, the UK property company, on Thursday beat market expectations with a 30% rise in net asset value per share and announced plans to extend its share buyback programme, writes the FT. The company is focused on the docklands development to the east of the City of London and has become the principal turnaround story of the UK property sector after initial problems.
What made financial headlines over the weekend?
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