29 October 2012 23:05 [Source: ICIS news]
(adds updates throughout)
HOUSTON (ICIS)--Hurricane Sandy began to hammer the US northeast coastline on Monday with life threatening storm surges and winds of up to 90 miles/hour (145km/hour).
With its centre about 40 miles (64km) south of Atlantic City, New Jersey, as of 1700 hours local time (2100 hours GMT), the hurricane was moving northwest about 28 miles/hour, the National Hurricane Center (NHC) said.
The combination of a dangerous storm surge and the tide was expected to cause flooding in normally dry areas, with Long Island Sound and New York Harbor expecting 6-11 feet (1.8-3.4 metres) of water above ground level, a public advisory said.
Hurricane Sandy has caused a number of closures, including the New York Stock Exchange (NYSE) and NASDAQ suspending trading for Monday and Tuesday.
NYSE Euronext (NYX) will also close on Tuesday in coordination with all US equities, bonds, options and derivatives markets.
This year's Atlantic hurricane season, which has been relatively quiet until Hurricane Sandy, could cause up to $20bn (€15.4bn) in economic damages, said Eqecat, a consulting firm that helps manage hurricane risks.
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