Spreadex Market Update
Asian stocks decline for a second day
This tied with a new real estate tax in Hong Kong aimed at foreign buyers caused a decline amongst Hong Kong developers.
Trading volumes across Asia were well below average as the Securities and Exchange Commission cancelled all U.S. stocks trading today as Hurricane Sandy barrels toward New York City.
The MSCI Asia Pacific Index declined 0.2% in Tokyo after gaining 0.3%.
Hurricane Sandy, taking aim at the most densely populated U.S. region, has halted public transport and closed schools, businesses and government departments. As a result all U.S. stock markets will be closed on Monday and possibly Tuesday.
This is after the New York stock exchange operator announced late on Sunday that an earlier plan that would have kept electronic trading going would be reversed.
Business lobby CBI have produced a survey showing that British firms plan on hiring more staff over the next year raising hopes that a strong improvement in the labour market will continue.
The survey, covering 300 firms employing 1.4 million people between them, has shown that 35% of employers expect staffing levels to rise over the next 12 months, while 15% predict contracting numbers.
The number of Britons in work hit a record-high in August and the unemployment rate fell 7.9% despite an economy that only emerged from a nine-month recession in the third quarter.
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