Global Stocks Fall; NYSE Closes Trading Floor
BANGKOK -- World stock markets fell Monday as a mammoth storm heading toward the eastern U.S. caused the New York Stock Exchange and CME Group to shut trading floors.
Stocks ran out of momentum as traders refrained from bold moves amid global growth woes, while Hurricane Sandy â¿" expected to join up with two other weather systems to combine into a superstorm by Tuesday â¿" brought the potential for havoc as it bore down on major eastern U.S. cities such as New York and Washington.
CME, which operates the New York Mercantile Exchange, and NYSE said they would shut their New York trading floors Monday but electronic trading would continue.Britain's FTSE 100 fell 0.3 percent to 5,786.24. Germany's DAX lost 0.4 percent to 7,200.70. France's CAC-40 shed 0.8 percent to 3,407.32. Stan Shamu, market strategist at IG Markets in Melbourne, said in an email commentary that he expects lackluster trading this week, "until the US election process has run its course and the investing world has a clearer picture as to who will be leading the US." The U.S. holds presidential elections on Nov. 6. President Barack Obama is seeking re-election against Republican challenger Mitt Romney. Asian stock markets shed early gains and closed mostly lower. Japan's Nikkei 225 index fell marginally to 8,929.34 a day before the Bank of Japan's monetary policy committee was to meet, to grapple yet again with the country's longstanding economic doldrums. "The faster-than-expected deterioration in the economy requires further policy support from the central bank," analysts at DBS Bank Ltd. in Singapore said in a market commentary. "Market expectations are building that the BOJ will ease policy again." South Korea's Kospi ended barely changed at 1,891.52. Australia's S&P/ASX 200 gained 0.1 percent to 4,476.90. Hong Kong's Hang Seng fell 0.2 percent to 21,511.05, with property shares leading the way down after the government said it would tamp down prices by imposing a 15 percent tax on nonresident buyers of Hong Kong properties.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts