Spreadex Market Update
G20 policy makers meet
While the U.S. needs to bring its deficit under control – its budget gap surpassed $1trillion for the fourth in a row – many G20 countries are more worried about a barrage of tax hikes and spending cuts due to take effect from Jan 1.
Asian stocks swung between gains and losses amid low trading volume as investors awaited he results of the U.S. election.
Alumina Ltd lost 7.9 percent after an Indonesian court reversed its ore export ban, but Asian stocks were buoyed today by gains among utilities including Kansai Electric Power Co.
The MSCI Asia Pacific Index rose 0.2 percent having earlier fallen 0.3 percent.
HSBC Holdings recent money laundering fine could cost significantly more than the $1.5 billion that has been suggested and is likely to lead to criminal charges as well.
HSBC has said that the investigation has damaged the banks reputation and forced it to set aside a further $800 million to cover a potential fine for breaches in anti-money laundering controls in Mexico and other violations.
The provision was on top of the $700 million set aside in July.
British retail sales slowed sharply in October as Brits limited spending to essentials such as food and drink, according to the British Retail Consortium.
The announcement has dampened hopes that consumers will drive the economic recovery. Like for like retail sales fell 0.1 percent in value terms on the year making October one of the worst months for the sector this year.
Total retail sales rose 1.1 percent on the year, slowing form a 3.4 percent growth in September.
Britain has exited the recession with better than expected economic growth of 1 percent in the third quarter.
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