Posted: Oct 29, 2012 11:01 AM by KPAX News Staff
Updated: Oct 29, 2012 10:16 AM
Swiss banking giant UBS is reportedly expected to announce as many as 10,000 job cuts this week. The financial times says the job losses would represent a sixth of the bank's global workforce. Analysts expect the layoffs to be announced Tuesday, when UBS releases its quarterly earnings report.
A fresh batch of economic reports are expected to influence trading this week. We'll get the latest on consumer confidence, auto sales and home prices. But the main event comes Friday when the government releases the October unemployment report, the last jobs report Americans will see before heading to the polls to elect a new president.
Earnings reports continue to pour into Wall Street. Expect reports this week from ExxonMobil, Ford, GM, Starbucks and Sony. Stocks are on pace to record their first October loss in four years. On Friday the Dow Jones Industrial Average rose 3.5 points while the NASDAQ inched up nearly two points.
There won't be any trading in New York on Monday as Hurricane Sandy bears down on New York. The New York Stock Exchange said in a statement late Sunday that it will close its markets Monday. Markets are likely to remain closed on Tuesday as well.
It's another big week for tech gadgets as Microsoft is expected to make an announcement on its Windows phone system. Google is holding an event regarding its Android system for mobile devices, and Barnes & Noble will start shipping new nook devices and apple's new iPads, including a smaller one, will hit store shelves.
A big peanut harvest could result in cheaper peanut butter at the grocery store. Last year's drought prompted farmers to plant more peanuts. Good weather this year has resulted in a bumper crop. Experts say that means peanut butter could fall 10% or more.
- information from CNN included in this report.