Hong Kong hit by Typhoon Haima as stock markets close

Financial markets in Hong Kong have been closed and flights in the region have been disrupted due to gale-force winds caused by Typhoon Haima.

Public buildings, banks and government offices have also been closed as a result of the storm, which has already battered the Phillipines, leaving eight people dead.

The typhoon has weakened somewhat but is still carrying winds of 90 miles per hour.

Phillipine authroities said they were continuing to asses the damage caused to infrastructure in the country.

"According to the present forecast track, Haima will be closest to Hong Kong around noon, skirting about 100 km (62 miles) to the east of the territory," said the observatory on its website.

According to a statement from the Hong Kong stock exchange, the city's securities and derivatives markets have been suspended for the day.

It's the second time this year that markets in the global financial hub have been stopped due to weather conditions.

On August 2, Typhoon Nida hit the city, causing similar effects to that of Haima.