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Storm Ian’s lasting damages, UK financial crisis and bonds slump.
Ian was downgraded to a tropical storm as it continued to move northeastward across central Florida. The former Category 4 hurricane made landfall west of Fort Myers near Cayo Costa shortly after 3 p.m. Wednesday local time. A massive and deadly surge of water and catastrophic winds are poised to make it one of the costliest storms in US history. It is expected to cause more than $67 billion in damages and losses and global shipping is already diverting from its path. Nearly all of Florida, home to 21 million people, braced for widespread blackouts and floods.