New York: US financial markets will close Wednesday for a national day of mourning to honour former President George H.W. Bush.

The New York Stock Exchange, Nasdaq Inc.’s US equities and options markets and CME Group Inc.’s US-based equity markets will shut, the companies said. They will also observe a moment of silence on Monday. The Securities Industry and Financial Markets Association has also recommended that fixed-income cash markets close on Wednesday, according to a statement.

US financial markets traditionally close following a presidential death. The most recent observation was 2 January 2007, after the death of President Gerald Ford.

“The President will designate Wednesday, December 5th as a National Day of Mourning. He and the First Lady will attend the funeral at the National Cathedral in Washington, D.C.," White House press secretary Sarah Huckabee Sanders said in a statement.

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