MARKETS BRACE FOR BIG STORMS
Researchers again boosted the number of storms the Atlantic may produce before the hurricane season ends as a missing Pacific El Nino and warm waters present favourable storm conditions. As many as 16 named storms may form in the Atlantic before the hurricane season ends Nov. 30, Colorado State University forecasters said in a report Friday, each with the potential to disrupt agriculture and energy markets. Of those, eight could become hurricanes and three major systems with winds of 179 kilometres per hour or more. Agriculture in Florida, the world’s largest producer of orange juice behind Brazil, is vulnerable, while an estimated US$28.3 trillion worth of homes, businesses and infrastructure are at risk in 18 Atlantic states, according to the Insurance Information Institute. Oil and natural gas rigs in the Gulf of Mexico are also exposed.