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Market Buzz: Markets go dark as storm bears down

Market Buzz: Markets go dark as storm bears down
Concerns about the effects of Hurricane Sandy battering the US East Coast and declining oil prices are likely to push Russian stocks downwards on Tuesday.

­Russian markets traded in negative territory Monday amid a negative global background. The MICEX shed 0.1% and the RTS fell 0.5%.

European equities headed south Monday amid worries about the “superstorm” Sandy threatening the US East Coast, with energy stocks and insurers were among the biggest decliners. However, shares of UBS AG bank jumped more than 6% on reports of restructuring. The Stoxx Europe 600 fell 0.4%. The French CAC 40 fell 0.8% and Germany’s DAX 30 index shed 0.4%.

US stock markets were closed on Monday as Sandy approached the East Coast. The New York floors will remain closed Tuesday as well.

Asian stocks traded mixed Tuesday, as investors digested local earnings reports of Japanese banking and Korean automakers. Japan’s Nikkei advanced 0.25%, supported by good earnings of Nomura South Korea’s Kospi advanced 0.4% and Australia’s S&P/ASX 200 rose 0.1%. China’s Shanghai Composite edged up 0.1%, while Hong Kong’s Hang Seng declined 0.5% amid new property taxes.