Market Open: Greece, Spain worries may press Hong Kong stocks lower

Hong Kong stocks may open lower as worries over Spain and Greece escalate, with yields on 10-year Spanish government bonds rising to the highest level in almost three weeks amid worsening problems in Spain and Greece.

The debt-plagued Spanish government on Thursday is due to adopt a 2013 austerity budget that could be a precursor to a full-blown bailout. Meanwhile, sales of new homes in the US fell in August even though economists had expected an increase. Sales fell 0.3 per cent to an annualised total of 373,000 following a revised 374,000 rate in July, lagging estimates.

via Business feed http://www.scmp.com/business/money/stock-talk/article/1048298/market-open-greece-spain-worries-may-press-hong-kong