Typhoon Gaemi closes Markets

Typhoon Gaemi has prompted the closure of financial markets, schools, and offices in both the Philippines and Taiwan on Wednesday, as the storm brings heavy rain and strong winds. In the Philippines, the Stock Exchange suspended trading in stocks and currency markets, while significant flooding in metropolitan Manila stranded commuters. Meanwhile, Taiwan has declared a public holiday, shutting down its $2.4 trillion stock market and advising residents to stay indoors. The typhoon is expected to make landfall on Taiwan's northeast coast and could lead to severe rainfall in some areas, with preparations underway for potential flooding. Emergency measures include curtailing military drills, halting some domestic flights, and closing national parks. Authorities are on alert, having put emergency equipment on standby and prepared food and water supplies for remote areas.